Investments

The construction manager of the beleaguered mall/entertainment complex in New Jersey says it is owed more than $30 million for unpaid work and accrued interest.

Due to the Fed meeting-induced lighter new-issue calendar last week, and a holiday-shortened week this week, Birch Creek strategists said, "buyers had no qualms about putting cash to work."

New or increased fees on electric vehicles are the second-most popular category among transportation state legislation so far this year, per ARTBA.

There is a growing likelihood that the July 17 plan of adjustment hearing will be postponed.

Clare Oaks' history of fiscal struggles resulted in two bankruptcy filings, the most recent leading to a bond exchange in 2020.

The measure would have prevented state and local public entities from requiring a company to implement an ESG policy to get a government contract.

Market participants agree issuance will not hit the highs seen in 2020 and 2021, but they are split on whether issuance will surpass the $384.086 billion of debt issued in 2022.

The nonprofit, which provides low-interest loans to public charter schools, aims to offer another $3 billion in loans by 2030 and price more bonds in August.

The fiscal 2024 budget proposal leans on federal funds, better-than-expected tax collections, and a drawdown on reserves to bankroll a wide array of capital work and a boost to state employee salaries.

Investors will be greeted with a new-issue calendar estimated at $5.031 billion led by several New York issues.

The Illinois case is part of several state-level lawsuits brought by Minnesota-based municipal advisor Johan Rosenberg, accusing banks of conspiring to set the interest rates of state-issued VRDOs artificially high.

The Oklahoma Supreme Court is considering the turnpike's application to jumpstart funding for a $5 billion extension project with $500 million of revenue bonds.

Easing drought conditions are not stopping states from restricting water use and investing in future supplies.

The Florida Department of Economic Opportunity said the state unemployment rate in May was steady at 2.6% for the fifth straight month, the lowest among the 10 largest states in the nation.

Typhoon Mawar's impact on the service area is the rating agency's biggest concern.

Those "holding out for wider yields or relative value" are frustrated due to an extremely tight muni range, but FHN Financial's Kim Olsan said, "the reality is that supply has yet to materialize to force that change."

States and local governments should prepare for fewer federal funds, higher borrowing costs and market volatility as a result of turmoil in Washington.

Public gas utilities are supportive, but not optimistic.

The controversial idea has taken on more urgency as transit agencies nationally struggle with low ridership.

The IBO is a publicly funded city agency that provides nonpartisan information about the budget and economy but has no policymaking role.