Investments

Oklahoma State University’s credit rating was increased last week by Standard & Poor’s to AA-minus from A-minus with a stable outlook. The new rating applies to OSU’s outstanding athletic facility revenue bonds, recreational facility bonds and student union revenue bonds.

CALIFORNIAArtesia Redevelopment AgencyJun 18, 2009 . . . . . . $3,470,000

Municipal bond mutual funds, it seems, can do no wrong.

After accommodating some heavy June volume, the municipal market could see its first dose of summer doldrums this week as a pair of airport revenue offerings are priced amid a relatively light calendar, estimated at $1.97 billion, of primary market offerings ahead of the July 4 holiday, according to Ipreo LLC and The Bond Buyer.

CALIFORNIAAlbany Unified School DistrictJun 25, 2009 . . . . . . $17,355,000

ALABAMAFlorence (City)Jun 4, 2009 . . . . . . $7,250,000

Nearly all of The Bond Buyer’s weekly yield indexes declined this week, as the market firmed up in most of the week’s sessions.

Outflows among tax-exempt money market funds increased to $3.03 billion for the week ending June 22, as total assets fell to $459.98 billion, according to the Money Fund Report, a service of iMoneyNet.com.

When asked why anybody would buy a corporate bond now that a taxable municipal bond alternative is available, Peter Coffin offered an inspired answer: “I don’t know.”

ARKANSASDermott Special School District of Chicot CountyJun 24, 2009 . . . . . . $520,000

ARIZONARegional Public Transportation AuthorityJun 23, 2009 . . . . . . $100,075,000

New York could sell $192 million of qualified school construction bonds this year through the Dormitory Authority of the State of New York, according to a resolution adopted by the agency at its monthly board meeting yesterday.

ARKANSASLittle Rock School District of Pulaski CountyJun 23, 2009 . . . . . . $21,390,000

ALABAMAFoley Utilities BoardJun 10, 2009 . . . . . . $21,960,000

DALLAS - Louisiana State University System's governing board on Monday rejected a proposed management agreement for a new academic and charity hospital in New Orleans to avoid sharing power with Tulane University.

Legislation authorizing the U.S. Food and Drug Administration to regulate cigarettes beat back a rally in tobacco bonds this month.

INDIANAHamilton Southeastern SchoolsJun 22, 2009 . . . . . . $12,000,000

ARIZONAGoodyear (City)Jun 22, 2009 . . . . . . $325,000

University Medical Center in Tucson opened a new emergency room last week, part of the hospital’s $200 million capital improvement program financed with proceeds from $137 million of revenue bonds sold in 2005 and another $55 million of bonds sold in March of this year.

WASHINGTON - The Internal Revenue Service is conducting audits of $38.2 million of revenue bonds issued by Howard County, Md., for a continuing-care retirement community and $49.3 million of revenue bonds issued by the Tompkins County, N.Y., Industrial Development Agency for Ithaca College.