News and Information from Bond Buyer

Week Of February 24 Issuer St Description Amount

Friday, February 21 Issuer St Description Amount

CALIFORNIA

CALIFORNIA

Legislative limits on pension increases for retired judges and elected officials violate Arizona's constitution, the state Supreme Court ruled.

The municipal bond market was quiet Thursday as a lack of new issuance kept many investors either out of the market or trading in the secondary.

The weekly average yield to maturity of the Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, was down one basis point this week, at 4.88% for the week ending Feb. 6.

Municipal mutual funds gained $320.03 million of new cash in the week ended Feb. 19, Lipper FMI reported.

Government

Why is Proposed Rule G-47 pending approval by the Securities and Exchange Commission, and how will it differ from the existing rule? Why is this well-intentioned and, as some believe, needed rule the subject of an SEC order that has delayed its implementation?

House Ways and Means Committee Chairman Dave Camp plans to release a "comprehensive discussion draft" of tax reform next week, the Michigan Republican said in a note to republican members of his committee.

El Rancho Unified School District lost its A-plus rating from Fitch, which cited concerns over financial projections, one month after the Los Angeles County Office of Education appointed a fiscal advisor to the school board. Such an appointment is often a first step before the state takes over a troubled school district.

Budget season in Illinois kicked into gear this week with Democrats and Republicans trading barbs over the shape of the next budget and the how the state should deal with an projected $3 billion deficit due to the looming rollback of an income tax hike.

Congress must show political courage in expanding federal transportation funding as the Highway Trust Fund dwindles, DOT Secretary Foxx said Thursday.

Detroit plans to file its long-awaited debt adjustment plan Friday.

The Michigan Senate was poised Thursday to approve a plan to give local governments $100 million to help with road repairs needed after the long winter.

The Treasury Department Thursday sold $9 billion of inflation-indexed 30-year bonds at a 1.495% yield, an adjusted price of 97.106083, with a 1 3/8% coupon.

Municipal bond yields were steady Thursday afternoon as the value of Treasuries weakened following a weekly U.S. jobless claims report.

Standard & Poor's has downgraded the ratings on Northern Inyo Local County Hospital District's revenue bonds to junk.

Tax-exempt money market funds posted $2.08 billion of outflows, reducing total net assets to $268.04 billion in the week ended Feb. 17, according to The Money Fund Report, a service of iMoneyNet.com.