Investments

Goldman Sachs Asset Management LP plans to launch a new municipal closed-end fund as part of its existing lineup of tax-exempt mutual funds, according to an Oct. 24 registration with the Securities and Exchange Commission. The addition, which is to be called the Goldman Sachs Municipal Opportunity Fund, will bring the firm's number of tax-free mutual funds to six.

As a result of the credit crisis, Valley Forge, Pa.-based Vanguard Group yesterday said it will merge its $3.2 billion Vanguard Insured Long-Term Tax-Exempt Fund into its $2.8 billion Vanguard Long-Term Tax-Exempt Fund effective Dec. 12, 2008.

ARIZONAMaricopa County Industrial Development AuthorityOct 27, 2008 . . . . . . $30,000,000

ARKANSASDermott Special School District of Chicot CountyNov 4, 2008 . . . . . . $215,000

WASHINGTON - An insufficient number of institutional investors agreed to tender at less than par roughly $6 billion of outstanding taxable student-loan-related securities issued on behalf of the Brazos Higher Education Service Corp. before a preliminary deadline on Friday, casting a cloud over a proposed restructuring of the securities into term floating-rate notes.

Regents of the University of Oklahoma have approved $63.5 million of general, limited, and special obligation bonds for a number of projects at the main campus in Norman.

CALIFORNIABrea Public Financing AuthorityOct 22, 2008 . . . . . . $20,925,000

IOWAAnkeny Community School DistrictNov 3, 2008 . . . . . . $10,000,000

Weekly reporting municipal bond mutual funds had a net outflow of $134 million during the period ending Oct. 29, AMG Data Services reported.

The municipal market will see a slight decline in new-issue volume this week as some issues remain postponed due to unsettled market conditions, and as some issuers await the Election Day outcome of an estimated $66 billion of bond referendums before proceeding with their deals.

WASHINGTON - Disruption in the short-term market, failed remarketings of variable-rate bonds, and the credit deterioration of counterparties, combined with the U.S. housing market's woes, pose challenges in the coming months for state housing finance agencies, Moody's Investors Service said in a report released Friday.

ARIZONAPhoenix Industrial Development AuthorityOct 29, 2008 . . . . . . $10,500,000

INDIANANorth Newton School Building CorporationOct 30, 2008 . . . . . . $1,000,000

CALIFORNIABerkeley (City)Oct 20, 2008 . . . . . . $25,000,000

ARKANSASFort Smith School District No. 100 of Sebastian CountyOct 30, 2008 . . . . . . $9,500,000

While taxable money market funds are still seeing healthy inflows, tax-exempt funds suffered outflows of $1.96 billion for the week ending Oct. 27 - a stark comparison to last week's inflows of $7 billion and the gains of the last three weeks in general, according to the Money Fund Report, a service of iMoneyNet.com of Westborough, Mass.

As the government weighs bold steps to aid homeowners facing foreclosure, new data shows how big the problem has become.

Most of The Bond Buyer's weekly yield indexes increased this week, as last week's rally ebbed Monday and was followed by several mostly weaker sessions.

WASHINGTON - Four nonprofit student loan lenders are urging the Treasury Department to provide issuers of student loan-backed debt with liquidity facilities, such as standby purchase agreements, so that the issuers can convert their existing auction-rate securities into variable-rate demand obligations.

The Dormitory Authority of the State of New York approved $501 million of tax-exempt bond issuance at its monthly board meeting on Wednesday.