News and Information from Bond Buyer

A former top official for the $3 billion bond-funded Cancer Prevention and Research Institute of Texas has been indicted on felony charges.

Consumer credit increased by $18.1 billion, or 7.1%, in October to $3.076 trillion, the Federal Reserve reported Friday.

Standard & Poor's Ratings Services said it lowered its long-term rating to A from A-plus on bonds issued for Yeshiva University, N.Y., by the New York State Dormitory Authority.

Illinois Gov. Pat Quinn signed the sweeping overhaul of the state's pension system into law on Thursday, calling it a "serious solution to address the most dire fiscal challenge of our time." The legislation will soon face a legal challenge from unions.

Law firm Greenberg Traurig LLP added Jamey Tesler as of counsel to its government law and policy practice group.

Washington State Treasurer James McIntire is urging the Internal Revenue Service not to adopt its proposed issue price rules, warning they would increase issuers' borrowing costs.

New York City's comptroller-elect will explore how much internal asset management the city's five pension funds can assume as a means of minimizing investment fees, he said Friday, Paul Burton of The Bond Buyer writes. "Other large institutional investors have expanded asset management in-house and we're working on that," Scott Stringer told reporters after delivering the keynote address at a Citizens Budget Commission conference on financial challenges facing the new city administration.

Puerto Rico Electric Authority's primary effort right now is replacing oil in the generation of electricity, PREPA executive director Juan Alicea Flores said.

State investment portfolios are seeing an uptick in alternative investments with less focus on fixed income.

New York City comptroller-elect Scott Stringer will explore expanded in-house asset management of five public-employee pension funds as a means of curbing investment fees.

Municipal bond investors and traders are mostly holding their positions on light activity Friday as they prepare for next week's anticipated uptick in volume.

Virginia Gov.-elect Terry McAuliffe is reluctant to go ahead with a $1.4 billion toll road until the project receives final environmental approval from the Corps of Engineers.

Federal Reserve Bank of Philadelphia President Charles Plosser, who has opposed additional stimulus, said better-than-expected job growth bolsters the case for the central bank to wind down its asset purchases.

Standard & Poor's Ratings Services said it raised its long-term rating, school issuer credit rating and underlying rating to AA from AA-minus on Northwestern Lehigh School District, Pa.'s general obligation bonds.

Potential volume for next week is $11,334.6 million, down from total sales of $6,228.4 million this week.

Munis largely sidestepped a stronger-than-expected unemployment report and mixed Treasuries to perform modestly Friday morning.

Lehigh County Authority general manager Aurel Arndt says the award-winning water and sewer concession with Allentown, Pa., changes the face of P3 transactions.

Philadelphia Federal Reserve Bank President Charles Plosser Friday stressed the importance of maintaining the independence of the Fed while also emphasizing the need for "constraints" on its money-creating power.