News and Information from Bond Buyer

A Chapter 9 process works well when there is a positive partnership between stakeholders, the bankruptcy attorney for formerly bankrupt Central Falls, R.I. emphasized during the recently held Bloomberg State & Municipal Finance Conference in New York.Ted Orson, the Central Falls bankruptcy attorney and a name partner in the Providence, R.I.-based law firm Orson and Brusini Ltd., explained during a panel discussion about distresses municipalities how just prior to filing for Chapter 9, a negotiation with retirees to slash their pensions by 50% was unsuccessful. Orson said however that once the city went into bankruptcy protection, he was able to negotiate up to 55 percent cut in retiree pension expenses that included an appropriation from the state that their benefits would not be slashed by more than 25 percent within the first five years. What resulted Orson explained was a planned debt adjustment where Central Falls emerged with five years of balanced budgets by court order along with sustainable pension and other-post-employment benefit liabilities (OPEB).

The Conference Board's Employment Trends Index (ETI) slipped to 113.65 in September from a downwardly revised 114.68 in September, initially reported as 114.78, and is up 4.9% from a year ago, the group announced Tuesday.

The Chicago Fed National Activity Index for September grew to positive 0.14 from a revised positive 0.13 reading in August, while the three-month moving average (CFNAI-MA3) improved to negative 0.03 from a revised negative 0.15 in August, the Federal Reserve Bank of Chicago reported Tuesday.

Moody's Investors Service said it downgraded to Aa2 from Aa1 the rating on the city of Green Bay, Wis.'s general obligation debt, and to A1 from Aa3 the city's outstanding 2010 lease revenue bonds.

On November 7, 2013, it was widely reported that the FBI has begun an investigation into the Grand Junction Regional Airport Authority, Colo., (Baa2/stable) for financial fraud.

Tuesday, November 12 Issuer St Description Amount

Tuesday, November 12 Issuer St Description Amount

Week Of November 12 Issuer St Description Amount

Week Of November 12 Issuer St Description Amount

ALABAMA

Jackson County, Missouri voters overwhelmingly rejected a sales tax hike aimed at raising $800 million over the next two decades to fund the establishment of a new research institute.

Moody's Investors Service downgraded Dutchess County, N.Y. general obligation rating to Aa2 from Aa1 on Nov. 8, affecting $108 million in debt.

Moody's Investors Service has revised its outlook on the University of Chicago Medical Center's Aa3 rating to negative over declines in is operating margins over the last two fiscal years.

Standard & Poor's has revised its outlook on Chicago-based Presence Health Network's BBB-plus rating to negative from stable over its operating losses.

Philadelphia charter schools face growing credit risks, Standard & Poor's reports.

Fitch expects to assign a BBB-minus rating to bankrupt Jefferson County, Ala.'s upcoming sale of $105 million in GO warrants.

Large U.S. cities continue to face fiscal challenges four years after the Great Recession officially ended, according to a report from the Pew Charitable Trusts.

Many U.S. cities are still recovering from the effects of the Great Recession but they remain burdened by massive unfunded liabilities, according to a new five-year survey of 30 cities done by the Pew Charitable Trusts. The study found that the cities face more than $225 billion in unfunded liabilities as of Fiscal 2010, consisting of $121 billion of unfunded pension liabilities and $104 billion of OPEB liabilities. Moreover, Pew said that less than half of the cities surveyed were making their recommended annual contributions to fund the plans.

A majority of St. Louis convention center hotel bondholders who took ownership after a bond default agreed to a deal to sell the larger of the complex's two hotels.

The California Public Employees' Retirement System wants to skip steps in its appeal of the order granting San Bernardino, Calif., the eligibility to be in Chapter 9 bankruptcy.