News and Information from Bond Buyer

School districts that impose COVID-19 related mitigation measures face state lawsuits and can't participate in the Missouri's bond enhancement program.

The proposal would offset all gas tax losses to the Highway Trust Fund but would still hasten its insolvency.

Oregon Gov. Kate Brown called the availability of the surplus "a pivotal moment" for the state.

Municipal bond issuance in the Midwest reversed course last year, falling by 7.4% to $77.5 billion.

Federal aid propped up municipalities’ already strong revenue and credit conditions, making them less apt to need short-term funding in 2021.

Education and utilities were the municipal sectors that shrank the most.

As issuance hit $480.03 billion in 2021, the insurance industry wrapped 7.8%, up slightly from 7.1% in 2020. Deals with insurance totaled $37.522 billion, more than the $34.428 billion in 2020, according to Refinitiv data.

2021 comes in just shy of the all-time record in 2020, as the muni industry showed its resilience in the second year of the pandemic.

Municipals have been resilient throughout the pandemic — with the help of federal aid — keeping the Golden Age for public finance alive.

They say a Plan B that does not involve local legislative approval must be negotiated.

At issue is about $400 million the board would like Puerto Rico's government to retain.

The new-issue calendar for the holiday-shortened week is $4.98 billion, with $3.633 billion of negotiated deals and $1.347 billion of competitive loans.

The Puerto Rico Fiscal Agency and Financial Advisory Authority has requested pre-qualified investment banks to provide ideas and opportunities for refunding for savings.

Michigan State, supported by a better bond rating outlook, will join the small club of higher education institutions using a 100-year taxable bond structure.

Much of the new infrastructure funding can't flow to states until a full FY22 bill is enacted.

High material costs and labor shortages are expected to persist through 2022 just as states and localities are planning how to spend the Infrastructure Investment and Jobs Act money.

Municipal bond issuers in the Southwest sold $90.8 billion of debt in 2021, down 3.2% from 2020 as lost refunding volume outpaced a gain in new-money sales.

Refinitiv Lipper reported outflows after inflows of $216 million the previous week.

Credit strengths include strong market position and service area economic fundamentals and an expected continued strong finance performance.

To help the city recover faster, former Lt. Gov. Richard Ravitch has proposed a dedicated state-approved revenue stream to provide additional funding for the transit system.