News and Information from Bond Buyer

The Puerto Rico legislature is debating the venue where bond disputes would be heard.

Detroit said creditors should have until June 9 to review and vote on the controversial debt plan it filed last week in bankruptcy court.

State and local government bond issuers came to market with the lowest amount of debt this month compared to any other February since 2000.

Bank of Tokyo Mitsibushi UFJ continues its efforts to grow its public finance business across the U.S. by hiring Christopher Baron as a managing director in its Los Angeles office.

The governments of Los Angeles plan to issue $5.5 billion in debt over the next year, Los Angeles City Administrative Officer Miguel Santana told Los Angeles' 2nd Regional Investors Conference

Midterm elections to be held in the fall of 2014 are another force pushing against any potential resurgence in municipal bond issuance over the next year.

All of Detroit's major creditors, including bond insurers, Friday asked the federal judge overseeing Detroit's bankruptcy case to delay the fast-track schedule by at least a month or more.

Government

Minnesota raised its projected budget surplus by $400 million to $1.2 billion on Friday providing the state's Democrat-Farmer-Labor Party leaders with room to spend more, bolster reserves and trim taxes in the new legislative session.

Standard & Poor's Ratings Services said it raised its long-term rating to A from A-minus on Dwight Common School District No.232 (Livingston and Grundy Counties), Ill.'s series 2010 taxable general obligation school bonds.

Rep. Dave Camp's proposed tax reform plan would eliminate or modify some of the federal tax code provisions in a way that would discourage nonbank corporations, banks, and property and casualty insurance companies from buying municipal bonds.

Moody's Investors Service said it has assigned a rating of (P) Ba2, with a negative outlook, to the commonwealth of Puerto Rico's planned issuance of up to $3.5 billion 2014 A general obligation bonds.

Alabama Gov. Robert Bentley plans to sign a bill authorizing the use of state gasoline taxes as a backup pledge to bolster future issuances of Garvee bonds.

Standard & Poor's Ratings Services said it lowered its long-term rating to A-plus from AA-minus on Pasadena Unified School District, Calif.'s general obligation debt.

Moody's downgraded Omaha's convention hotel to A1, warning that the city may be forced to step in to cover rising debt payments.

Proposals to pump up the sagging Highway Trust Fund without raising the federal gasoline tax offer a solution to the highway funding impasse.

Clear communication is required for effective monetary policy strategy, Federal Reserve Bank of Chicago President and Chief Executive Officer Charles L. Evans said Friday.

The Federal Open Market Committee must decide what the purpose of forward guidance is going to be, Federal Reserve Bank of Philadelphia President and Chief Executive Officer Charles I. Plosser said Friday.

Connecticut's Bond Commission approved $1 million to fund removal of the state-owned Springborn Dam on the Scantic River in Enfield.

Cypress-Fairbanks Independent School District's call for $1.2 billion of bonds is the largest ballot proposal in Texas this year.