Economy

Duluth-based St. Luke's affiliation with Aspirus Inc. has lifted the prospects for its speculative-grade bonds; S&P placed the hospital on CreditWatch positive.

Municipal Market Analytics reports the most technical defaults in 2023 since it started tracking them, including 24 in the not-for-profit hospital sector.

The amendments add three new scenarios that warrant disclosure under MSRB Rule G-47 on time of trade disclosure.

The state's transportation commission took action to end a comprehensive development agreement for a partially bond-financed toll lane project on State Highway 288.

The eight-year, $1.35 billion property tax levy would have to be approved by the City Council before going to voters in November.

While the number is high, the par amount affected is less than the first quarter of 2023 figures.

Municipal bonds on the rise

The bankruptcy of Iowa City's Mercy Hospital is closer to an end with the resolution of a dispute between unsecured creditors and the trustee and bondholder.

The loan is part of an Inflation Reduction Act program that finances the restart of renewable energy projects that have ceased operations.

Congestion pricing proponents claim it will reduce gridlock, improve air quality in Manhattan and boost ridership on the MTA, which has never recovered its pre-pandemic ridership levels.

The legislation gives up to $8.84 billion in bonding authority to the New Jersey Transportation Trust Fund Authority over a five-year period beginning July 1, about $1.76 billion annually.

"What we're doing is just being prudent managing the risk," said Metropolitan Transportation Authority Chief Financial Officer Kevin Willens.

Chicago Mayor Brandon Johnson's real estate transfer tax change ballot measure – also known as the mansion tax or Bring Chicago Home – was headed for defeat.

The Intermountain Power Agency has warned that the measure, which is aimed at preserving the state's largest coal-fired power plant, poses risks to its bond-financed transition to cleaner fuels.

The new rules are expected to boost bond issuance.

Intermountain Power Agency contends the bill passed by lawmakers, awaiting action by the governor, poses a risk to bonds it sold to finance a transition to cleaner fuels.

The Fortress Investment Group-backed Brightline now anticipates carrying 4.9 million passengers between Miami and the Orlando airport.

In celebration of Women's History Month, The Bond Buyer invited one of the icons of public finance, Suzanne Shank, to talk about the importance of women in the municipal bond business. She reveals what led her into the municipal bond business and discusses her firm's continuing commitment to munis and strategy for growth. 

Gov. Tina Kotek sent a letter to transportation commissioners asking them to scrap a tolling plan for Portland-area highways that was seven years in the making.

Chicago will issue $80.865 million of Series 2024A and 2024B senior lien airport revenue refunding bonds for Midway, with a pricing date to be determined.