Investments

The flow of new cash into municipal bond mutual funds continued to recede last week as investors began to rediscover their appetite for risk.

WASHINGTON — The Virginia College Building Authority expects on Tuesday to competitively price $337.5 million of bonds for higher education projects, beginning a season of heavy issuance for the state.

The Dormitory Authority of the State of New York plans to begin institutional pricing on $1.36 billion of new-money personal income tax bonds on Monday. DASNY took retail orders on Thursday and Friday on the tax-exempt portion of the deal, which also includes traditional taxable bonds and taxable Build America Bonds.

CALIFORNIALos Gatos Union School DistrictSep 30, 2010 . . . . . . $28,190,000

ARKANSASArkansas Development Finance AuthoritySep 30, 2010 . . . . . . $4,140,000

Nearly all The Bond Buyer’s weekly yield indexes rose slightly as an influx of new-issue supply weighed on municipals.

CHICAGO — The continuing-care retirement community sector is starting to show signs of stabilization after suffering through two years of hardship, according to credit analysts.

Tax-exempt money market funds experienced significant outflows during the week ending Sept. 27, virtually mirroring the previous reporting period, as $2.73 billion fled the market, leaving the funds with $331.62 billion in total net assets, according to the Money Fund Report, a service of iMoneyNet.com.

Table as of: 09/29/2010 15:42 PM Invisible Supply Issuer and purpose Amount* Approval

ARKANSASGuy-Perkins School District No. 34 of Faulkner CountySep 29, 2010 . . . . . . $2,810,000

ARIZONAArizona Transportation BoardSep 28, 2010 . . . . . . $180,000,000

CHICAGO — Municipal investors shouldn’t automatically shun an issuer’s debt due to a severe unfunded pension obligation without a more in-depth review that includes an issuer’s ability to address the liability, Nuveen Investments suggests in a new report on state and local pensions for investors.

Municipal issuers that are more likely to have trouble renewing bank guarantees supporting floating-rate debt face greater scrutiny from Moody’s Investors ­Service, the rating agency said in a report Wednesday.

The Manhattan Institute for Policy Research Wednesday released a report arguing that higher interest rates on taxable bonds issued by Illinois and California indicate they are more likely than other states to default on their debts.

Table as of: 09/28/2010 16:22 PM Invisible Supply Issuer and purpose Amount* Approval

ARKANSASHector School District No. 59 of Pope CountySep 28, 2010 . . . . . . $3,145,000

ARIZONAPima County Industrial Development AuthoritySep 28, 2010 . . . . . . $100,000,000

State and local government tax receipts grew modestly in the second quarter of 2010 as an acceleration in consumer spending boosted sales tax revenue.

ILLINOISEvanston/Skokie Community Consolidated School District No. 65Sep 27, 2010 . . . . . . $2,865,000

ILLINOISHarvey (City)Sep 27, 2010 . . . . . . $5,000,000