Investments

Phil Fischer, for decades one of the predominant voices in public finance, is retiring.

The Bond Buyer’s weekly yield indexes declined this week, as gains experienced through Wednesday withstood yesterday’s losses.

For the first time since early October, tax-exempt money market funds generated inflows for the week ending Dec. 7 as total assets rose by $2.59 billion and settled at $408.73 billion for the week ending Dec. 7, according to the Money Fund Report, a service of iMoneyNet.com.

ALASKAUniversity of AlaskaDec 8, 2009 . . . . . . $14,045,000

ALABAMABirmingham Water Works BoardDec 8, 2009 . . . . . . $73,890,000

DALLAS — The Texas A&M University System has called off a plan to issue $106.7 million of revenue financing system refunding bonds, citing market conditions that precluded sufficient savings.

In raising more cash to placate the rating agencies, Assured Guaranty Ltd. also pleased bondholders.

ARKANSASFort Smith School District No. 100 of Sebastian CountyDec 8, 2009 . . . . . . $6,980,000

ALABAMATarrant (City)Dec 7, 2009 . . . . . . $535,000

Table as of: 12/08/2009 15:01 PM Invisible Supply Issuer and purpose Amount* Approval

Moody’s Investors Service last week upgraded the Community College District 509 in Elgin to Aaa from Aa1 in conjunction with its upcoming sale this week of $45 million of general obligation bonds that were approved by voters last month. The deal includes taxable Build America Bonds.

ILLINOISClinton Community Unit School District No. 15Nov 30, 2009 . . . . . . $3,275,000

ILLINOISJohnsburg Community Unit School District No. 12Dec 7, 2009 . . . . . . $3,365,000

Reality has set in for municipal closed-end funds. And reality is not so bad.

Wayne Godlin, a municipal veteran with 26 years of experience, has joined the global investment management firm AllianceBernstein LP as a member of its municipal bond portfolio management team.

The Arizona Sports and Tourism Authority last week said it would make fiscal 2010’s $16 million debt-service payment on the $275 million of revenue bonds it issued to finance the $455 million University of Phoenix Stadium in Glendale.

INDIANACity of JonesboroDec 3, 2009 . . . . . . $600,000

ALASKAAnchorageDec 3, 2009 . . . . . . $49,680,000

In a year that has seen nearly $58 billion of Build America Bond issuance, this week might afford one of the last opportunities in 2009 for investors to buy into sizeable offerings of the taxable debt.

Each passing week confirms the “new normal” in municipal bond mutual funds.