Subject Root Tag

Daily report for May 18, 2022

NOTICE IS HEREBY GIVEN to the holders of the bonds set forth below (the “Refunded Bonds”) of the defeasance of such bonds. In accordance with the General Bond Resolution of the South Central Connecticut Regional Water Authority (the “Authority”), there have been deposited with the Trustee on May 3, 2022, monies, which have been invested by U.S. Bank National Association in direct obligations of the United States of America, the principal of and the interest on which when due will provide moneys which shall be sufficient to pay (i) interest on the Refunded Bonds due and to become due on or prior to the Redemption Dates or maturity date, and (ii) the principal or the Redemption Price of the Refunded Bonds and accordingly the Refunded Bonds are deemed to be paid in accordance with Section 1101.B of the General Bond Resolution.

NOTICE IS HEREBY GIVEN that, pursuant to the applicable provisions of the governing documents of the above captioned bonds (the "Bonds"), $236,185,000 principal amount of the Bonds will be redeemed on June 1, 2022, at a Redemption Price of 100.00%, together with interest accrued to June 1, 2022 interest on the Bonds shall cease to accrue.

St. Louis County will take competitive bids on the $114 million issue Wednesday, amid concerns about rising construction costs for the project.

The authority currently projects $169 million in losses over three months, though FAFAA says it won't be that bad.

On the buy-side, weakness, outflows, supply issues, and poor liquidity are making life challenging for municipal bond investors. The same could be said for issuers.

Coordinated national efforts to share firefighters and other resources could be stretched thin this year as drought hammers the West.

Federal Reserve Bank of St. Louis President James Bullard said he supports the central bank’s plan to raise interest rates in half-percentage-point steps at coming meetings.

Federal Reserve Chair Jerome Powell said no one should doubt the U.S. central bank’s resolve to curb the highest inflation in decades, including pushing rates into restrictive territory if needed.

While only 12% to 15% of municipal bond trading volume is performed electronically, various market participants say the time to embrace new technologies is now.

Commercial PACE loans facilitated through the Illinois Finance Authority and Cook County supported hotels, a historic theater, an indoor vertical farm, and rental kitchens.

Governance is the single most important ESG factor in public finance ratings, given the impact of governance structure, Fitch said.

Laura Rabinow of the Rockefeller Institute of Government talks with Chip Barnett about New York State’s $4.2 billion environmental bond referendum. Find out how the Clean Water, Clean Air and Green Jobs Environmental Bond Act of 2022 got on November's ballot and what it will actually do. (20 minutes)

California has received the most, at $9.7 billion, followed by New York. Transportation is the top spending category nationally followed by climate, energy and environment.

Daily report for May 17, 2022

Deep-in-the-red municipal returns are not helping assuage investor concerns, creating a negative feedback loop that has yet to see a pause.

FHN Financial Capital Markets hired Rene Moreno to establish a banking presence in Arizona while Melanie Shaker will launch the firm's new Midwest effort.

Rising construction costs coupled with the Great Resignation means New Orleans is receiving fewer bids on its RFPs, Mayor LaToya Cantrell said.

The airport was heavily exposed to the now-defunct JetBlue airline, but Southwest has filled the gap.

Assuming the taxable and tax-exempt rates are highly correlated (and in fact they are), we can show that the expected cost of a fairly priced callable bond exceeds that of an optionless bond.