News and Information from Bond Buyer

States have appropriated 72% of the ARPA funds they have received so far and many state legislatures are developing plans to spend the rest.

Minnesota's February forecast adds $1.5 billion to the $7.7 billion forecast just a few months ago.

Income taxes — despite losses due to remote work — and internet gambling revenue are on the rise, giving the Motor City's general fund a boost.

Recent federal laws have provided municipalities with record levels of funding, but may only have a marginal increase in the number of issuances.

Sponsors of the Supporting American with Lower Taxes Act see it as a potential compromise on the contentious state and local tax deduction cap issue.

“I want to break ground next year,” Kentucky Gov. Andy Beshear said.

North Carolina Treasurer Dale Folwell talks with The Bond Buyer's Chip Barnett about how the state's economy has remained in financially good health despite dealing with the COVID-19 pandemic as well how the state deals with troubled municipalities. As chair of the debt affordability commission, he chats about bond issuance. He also discusses the ways to reform healthcare and increase transparency. (15 minutes)

The U.S. and European Commission moved Saturday to disconnect Russia from a global financial system.

All markets, but particularly municipals, are in uncharted territory once again, with volatility amplified by the crisis in Ukraine and a still somewhat uncertain path for the Federal Reserve and inflation.

A Michigan House Republican plan would direct $1.15 billion of grants to local municipal pensions that agree to abide by certain conditions.

February volume was $26.481 billion in 594 deals versus $37.052 billion in 981 issues a year earlier, bringing total volume for the first two months of the year to $51.426 billion, or 20% less than 2021.

The governor wants the current deal revised and to be able to participate in any mediation talks. Bond insurers, the Unsecured Creditors Committee and authority’s fuel line lenders also want to be included.

SIFMA had argued that the SEC's temporary exemption order for municipal advisors was arbitrary and capricious.

Oklahoma joins Texas, Arkansas and Louisiana in allowing utilities to float securitized bonds to recover spending on fuel price spikes during Winter Storm Uri.

The new-issue calendar is $5.45 billion while 30-day visible supply sits at $11.14 billion. The largest deal of the week comes from the New York City Municipal Water Finance Authority with $793.83 million.

The city's current trajectory could drive per-unit costs to $1 million, according to the audit by City Controller Ron Galperin.

Lawmakers are being asked to put off a deadline to consolidate suburban Chicago and downstate police pension assets and extend the deadline for funds to reach a 90% funded ratio by 10 years.

The board also says the bondholders' proposed deadlines for completing a restructuring are too tight.

Fitch also affirmed the city’s AA-minus general obligation bond and issuer default ratings.

Municipal bond issuance in the region was down 11.7% year-over-year in 2021, as new money, refunding, taxable and tax-exempt volume all slipped.