Investments

DALLAS — Amid tightening finances, the Arizona Board of Regents will issue $34 million of taxable and tax-exempt bonds this week as part of the state “Speed” stimulus program.

Table as of: 06/25/2010 16:22 PM Invisible Supply Issuer and purpose Amount* Approval

MASSACHUSETTSHolyoke (City)Jun 25, 2010 . . . . . . $1,000,000

ARKANSASBenton County Public Facilities BoardMay 28, 2010 . . . . . . $7,740,000

Municipal bond mutual funds commanded a modest sum of new money last week. Muni funds reported $151.5 million in new money from investors during the week ended June 23, according to Lipper FMI.

Los Angeles serves up a $1.2 billion tax and revenue anticipation note sale in the short-term market this week while issuers in New York deliver a pair of substantial deals in the long-term market.

The New York Court of Appeals ruled last week that the state can seize private property on behalf of Columbia University, which wants to expand its campus into Harlem.

Proposed legislation that would allow the State University of New York and City University of New York to set their own tuition rates would have positive credit effects, Moody's Investors Service said last week in a special comment.

CALIFORNIACaliforniaJun 23, 2010 . . . . . . $25,000,000

ALABAMAGadsden Waterworks and Sewer BoardJun 24, 2010 . . . . . . $38,710,000

CHICAGO — Yields on floating-rate municipal prepaid gas bonds with ties to BP have spiked to nearly 9% from less than 0.5% as credit analysts continue to cut their ratings on the oil giant.

The Bond Buyer’s weekly yield indexes were narrowly mixed this week as municipals remained unchanged through much of the week, with the tone shifting from negative to positive.

Tax-exempt money market funds rebounded slightly the week ending June 21 to post inflows of $485.3 million after losing nearly $3 billion in the prior reporting period, according to the Money Fund Report, a service of iMoneyNet.com. The influx caused total assets to rise to $352.34 billion from $351.84 billion.

Vanguard is jumping into the municipal bond exchange-traded fund fray, proposing to launch three muni ETFs with the lowest fees in the industry.

ARKANSASStuttgart School District No. 22 of Arkansas CountyJun 23, 2010 . . . . . . $11,915,000

ALABAMACottonwood (Town)Jun 23, 2010 . . . . . . $1,505,000

Table as of: 06/23/2010 17:20 PM Invisible Supply Issuer and purpose Amount* Approval

The Dormitory Authority of the State of New York gave final and preliminary approval to six bond transactions totaling more than $245 million at its monthly board meeting Wednesday.

ARIZONAYuma Municipal Property CorpJun 22, 2010 . . . . . . $29,530,000

ARIZONAPima County Industrial Development AuthorityJun 21, 2010 . . . . . . $4,000,000