Investments

While not the most scientific measure of foreign interest in municipal debt since the advent of Build America Bonds, Sylvan Feldstein, in his keynote address Wednesday at the National Federation of Municipal Analysts annual conference in Santa Ana Pueblo, N.M., noted more foreigners buying copies of the Handbook of Municipal Bonds.

Among the many changes to the municipal bond market wrought by the financial crisis, one may be the factors that drive muni mutual fund returns.

Long-term municipal bond yields fell across the board this week, according to the Bond Buyer’s weekly yield indexes. The strengthening did not keep pace with Treasury yields, however, which fell much more sharply.

Outflows from tax-exempt money market funds for the week ending May 3 were $1.92 billion, nearly half of last week’s amount, leaving assets at $356.73 billion, according to the Money Fund Report, a service of iMoneyNet.com.

ALABAMALauderdale County Board of EducationMay 4, 2010 . . . . . . $3,780,000

ALABAMAWest Morgan-East Lawrence Water and Sewer AuthorityMay 5, 2010 . . . . . . $4,965,000

SANTA ANA PUEBLO, N.M. — The short-term fiscal outlook for states is bleak. The long-term outlook is even bleaker.

ARKANSASEngland School District No 2 of Lonoke CountyMay 4, 2010 . . . . . . $4,195,000

CALIFORNIAPalm Drive Health Care DistrictMay 4, 2010 . . . . . . $11,000,000

It is not often one hears someone nicknamed “Wild” Bill exhorting patience.

IOWAAnkeny (City)May 3, 2010 . . . . . . $7,920,000

ALABAMALimestone County Water and Sewer AuthorityApr 26, 2010 . . . . . . $12,250,000

The Indiana Finance Authority Wednesday will sell $20 million of tax-exempt revenue bonds on behalf of the National College Athletic Association.

WASHINGTON — Congress could save billions of dollars by prohibiting tax-exempt colleges and universities from earning arbitrage indirectly through endowments that are invested at higher interest rates than what they are paying on their tax-exempt bonds, the Congressional Budget Office concluded in a report.

Michigan State University today will price $229 million of general revenue bonds to refund outstanding variable-rate debt and commercial paper and pay termination fees related to interest rate swaps.

NEW JERSEYEnglewood Cliffs BoroughApr 30, 2010 . . . . . . $4,557,125

CALIFORNIAABC Unified School DistrictApr 29, 2010 . . . . . . $10,670,000

Table as of: 04/30/2010 16:21 PM Invisible Supply Issuer and purpose Amount* Approval

Fitch Ratings completed its recalibration of municipal bond ratings on Friday, raising their marks on more than 2,200 credits, according to its updated scale.

State and local governments spent less in the first quarter of 2010 on infrastructure projects and new equipment despite a windfall of federal aid, figures released by the Bureau of Economic Analysis on Friday showed.