News and Information from Bond Buyer

Many states will likely be able to issue more tax-exempt private activity bonds next year with the increased per capita and minimum volume cap amounts the Internal Revenue Service has released for 2014.

There are signs of steady economic recovery in states across the U.S. even as things at the local government level improve a bit more slowly, Treasury Undersecretary for Domestic Finance Mary Miller said at the recent Bloomberg State & Municipal Finance Conference in New York. “If we look at the state sector in particular, we see a recovery in revenue at the state level. And we’ve seen same type of progress in the Federal picture,” Miller said, adding that “If I look at tax collections and I look at the recent news on the deficit for Fiscal ’13, we’ve shown a lot of improvement, particularly in the last year. “

Volume will slow this week due to the observance of Veteran's Day as deals from California and New Jersey head to a market that weakened after Friday's stronger-than-expected employment report.

Fitch Ratings late Friday socked Chicago's general obligation rating with a triple-notch downgrade over its mounting pension woes and lack of a solution to date.

Government

Ocala in north-central Florida is pursuing "Project Homerun," the city's plan to steal the New York Yankees' Class A Minor League Team from Tampa.

Municipal bond yields ended almost 10 basis points higher on Friday, following an even bigger selloff in the Treasury market, after a better-than-expected October employment report was released.

Before 67% of voters in Utah's Jordan School District defeated the largest school bond proposal in the state's history on Nov. 5, district officials and those from the city of Bluffdale exchanged angry letters over alleged use of public money during the campaign.

Standard & Poor's on Friday raised its rating on general obligation debt for Coffeyville, Kan., one notch to A-plus from A based on revised local GO criteria.

A week after voters elsewhere in the country decided billions of dollars worth of bond issues, those in Tulsa will decide whether to issue a record $918.7 million on Tuesday.

Texas voters approved about 75% of the bond proposals on the Nov. 5 ballot, representing $3.92 billion of new money for cities, counties, schools and other special districts, results show.

Illinois lawmakers wrapped up their annual veto session Thursday without acting on a state pension fix, but they did pass a pension overhaul for the Chicago Park District that is being labeled a framework for potential city changes.

The Port Authority of New York and New Jersey reached a financial closing on a $1.5 billion P3 to replace the Goethals Bridge with a cable stayed design bridge.

By most measures the wealthiest of states, Connecticut has faced big economic challenges post-recession, Janney Capital Markets said in a report on the state's debt.

Yields on municipal bonds ended higher for the week as primary deals were priced to sell and secondary prices improved as the week progressed.

Florida-based Bryant Miller Olive PA hired three new attorneys to expand the firm's public finance practice.

The Texas Department of Transportation is again considering tolling the Interstate 35 freeway in Austin and lifting tolls on a troubled tollway skirting the city's eastern edge.

The Internal Revenue Service has closed an audit of about $171 million of bonds issued by the East Baton Rouge, La. Sewerage Commission in 2006 without changing the bonds' tax-exempt status.

In a faltering economic environment where philanthropy often falls short, museums and memorials are looking to innovative bond structures and star-studded fundraising campaigns to finance their projects.

The better-than-expected October non-farm payrolls report released Friday morning continued to pressure fixed income markets with municipal and Treasury yields jumping as investors sold safe haven credits for riskier assets.