News and Information from Bond Buyer

Nov. 18, 2013 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA/AA 0.19 1.31 2.94 4.47 Delaware Aaa/AAA/AAA 0.15 1.16 2.61 4.13 Maine Aa2/AA/AA 0.19 1.23 2.75 4.25 Maryland Aaa/AAA/AAA 0.17 1.16 2.61 4.13 Massachusetts Aa1/AA+/AA+ 0.19 1.24 2.82 4.37 New Hampshire Aa1/AA/AA+ 0.19 1.23 2.75 4.23 New Jersey Aa3/AA+/AA+ 0.23 1.32 2.9 4.45 New York Aa2/AA/AA 0.21 1.22 2.73 4.29 Pennsylvania Aa2/AA/AA 0.17 1.27 2.86 4.37 Rhode Island Aa2/AA/AA 0.25 1.44 3.06 4.63 Vermont Aaa/AA+/AAA 0.17 1.21 2.67 4.18 Dist. of Columbia Aa2/A+/AA+ 0.22 1.46 2.98 4.5 Puerto Rico Baa3/BBB+/BBB+ 6.67 8.16 8.81 7.78

11/15/2013 11/1/2013 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 3 $39,010 3 $39,010 $0 Delaware 0 0 0 0 0 Maine 0 0 0 0 0 Maryland 3 303,705 5 634,400 -330,695 Massachusetts 4 104,370 5 153,163 -48,793 New Hampshire 0 0 0 0 0 New Jersey 6 414,750 10 320,142 94,608 New York 8 1,601,875 7 479,481 1,122,394 Pennsylvania 12 427,305 11 414,955 12,350 Rhode Island 6 304,345 0 0 304,345 Vermont 0 0 0 0 0 District of Columbia 0 0 0 0 0 Puerto Rico 0 0 0 0 0

The $1.8 billion Jefferson County, Ala. Sewer warrant deal raised eyebrows on Friday when it thundered into the market for the first day of its retail order period where yields on some of the subordinated debt were offered at close to 8%.

Manhattan, Kan., home of Kansas State University, will have about $145 million of general obligation debt outstanding after it issues $21 million of bonds and notes in a competitive sale Tuesday.

Government

Legislation recently introduced in Congress would transfer nearly all authority over federal highway and transit programs to states and substantially reduce federal motor fuel taxes over a five-year period.

The municipal bond market ended firmer for a third session on Friday as Jefferson County, Ala., began a retail order period on $1.8 billion of sewer warrants and traders saw higher bids for bonds in the secondary.

New York's MTA will receive $30.5 million for its capital program through the sale of Bronx property for a retail complex and possibly senior housing.

Georgia competitively priced $173 million of general obligation bonds Nov. 13 with a blended true interest cost of 3.16%.

The tax-exempt market ended firmer for the week as investors put in more orders for bonds than were available on deals in the primary market. The secondary was firmer as the week progressed with dealers unloading balances from deals to customers at higher prices.

Texas voters' approval of a $2 billion state fund for water projects across the state is a positive credit factor for local utilities, Moody's Investors Service said in a Friday report.

An adverse vote from the California Coastal Commission will delay Poseidon Water's plans for a Huntington Beach desalination plant by up to a year.

As Jefferson County, Ala., began to sell sewer warrants on Friday, analysts said they remained concerned about the rate increases needed to repay the debt.

The Financial Industry Regulatory Authority fined five firms $255,500 and fined and suspended an individual for violations of municipal securities rules.

Morgan Hill, Calif., is implementing special tactics in its $88 million refunding sale of tax allocation bonds in order to make the redevelopment debt more attractive for investors.

The tax-exempt market was firmer Friday afternoon as secondary bids were well received and Jefferson County issued a first retail pricing for $1.8 billion of sewer revenue bonds.

Standard & Poor's Ratings Services said it raised its underlying rating on Perth Amboy Board of Education, N.J.'s series 2009 certificates of participation two notches to A from BBB-plus.

Parking meters that print coupons from businesses could start to become the norm for municipalities in the near future.Mastercard and parking services provider Parkeon unveiled a new partnership this fall for a first of kind program that features coupon-printing parking meters offering deals from area merchants. A three-month pilot for this program kicked off in the Village of Rockville Centre, N.Y. on Oct. 7 with MasterCard’s couponing platform being integrated with existing Parkeon terminals. Parkeon Marking Director Sean Renn said there are plans in 2014 for 300 U.S. municipalities and 4,000 cities around the world to incorporate the coupon-printing parking meters including in New York City, Las Vegas, Seattle, Miami, Paris, Milan and Madrid.

Standard & Poor's Ratings Services said it has lowered its school issuer credit rating on Clinton Central 2009 School Building Corp., Ind.'s (Clinton Central School Corp.) series 2010 ad valorem property tax first mortgage refunding bonds by one notch to A from A-plus.

Tolls from managed traffic lanes can be an effective way to fund expensive highway projects, but investors need to consider revenue volatility.