News and Information from Bond Buyer

ARKANSAS

ARKANSAS

Tempe, Ariz., has allocated $40.8 million to build the nation’s largest steel dam on Town Lake three years after the original inflatable rubber version collapsed and released nearly a billion gallons of water downstream.

Government

The Port Authority of New York and New Jersey is advancing a major renovation of LaGuardia Airport that may lead to $1.1 billion in bonds being sold.

Eliminating the tax exemption for new qualified private-activity bonds beginning in 2014 would increase federal revenues by $31 billion through 2023, the Congressional Budget Office said in a report released Wednesday.

Standard & Poor's raised its rating to AAA from AA-plus with a stable outlook on Mesa Water District, Calif.'s subordinate-lien series 2010 revenue certificates of participation.

New deals auctioned in the competitive market were well received Wednesday, with richer prices offered than the general benchmark scales and little balances remaining.

Investors in municipal bonds are mostly pleased that hedge funds have increased their bets recently in distressed state and local government debt.

The New York City Municipal Water Finance Authority sold $397 million of second resolution, fixed-rate, tax-exempt new money bonds on Tuesday.

The Puerto Rico Aqueduct and Sewer Authority’s first quarter net revenues were 17% higher than what had been projected.

A meticulous worker and clever humorist, John "Pat" Sheehan, a managing director in Wells Fargo Securities' healthcare public finance team, died Saturday. He was 54.

Detroit's mayor-elect Mike Duggan introduced the core of his transition team even as he said it remains unclear how much power he will have under the city's state-appointed emergency manager.

More than $5 billion in private activity bond capacity remains available from DOT to fund P3’s that invest in large surface transportation projects.

New York's MTA intends to cut nearly in half the size of its planned fare and toll increases for 2015 and 2017, chief financial officer Robert Foran said.

The Chicago Infrastructure Trust approved its inaugural financing -- a $27.5 million tax-exempt private placement to finance city energy efficiency projects – advancing it to the City Council.

Detroit emergency manager Kevyn Orr redirected $95 million meant for debt-service payments into a fund for restructuring costs, according to a budget memo obtained by the Detroit City Council.

Issuers can take advantage of the independent municipal advisor exemption in order to get the advice of underwriters and other professionals who would otherwise be unable to offer it, according to a paper the Government Finance Officers Association has published about the Securities and Exchange Commission's final MA registration rule.

Bankrupt Jefferson County, Ala.'s $1.7 billion of new sewer warrants should be rated in the speculative grade B category, Moody's Investors Service said in a special comment.

Desert Hot Springs, Calif. officials avoided steps that would lead to its second Chapter 9 bankruptcy during a special meeting, but the city hasn't resolved its fiscal crisis yet.