Munis

An outlook revision to positive for the state's Aa2 general obligation rating comes as a methodology update led to downgrades for certain revenue bonds.

With the Municipal Securities Rulemaking Board's new amendments to Rule G-27 and the future of the tax-exempt status afforded to municipal bonds in the balance, there are many noteworthy policy developments.

The Los Angeles Unified School District bonds carry a sustainability label with a third party opinion from Kestrel.

Moody's has raised the senior bonds to Aa1 from Aa2 and assigned a stable outlook to them.

Litigation filed by environmental groups aims to reverse actions taken by the agency's board since it was restructured by the state legislature in 2022.

The three new hires, two from Nuveen and one from Lord Abbett, will report directly to the fund's manager John Miller.

The top five bond financings came in above $8 billion.

"That's great news, and it reflects the outstanding work and commitment of our city council and my administration to keep Tampa on rock-solid financial footing," said Tampa Mayor Jane Castor.

Two former Congressional staffers offered insight into how the debate may play out, but said the industry needs to be vocal and educate lawmakers how bonds help their district.

Carbon capture and broadband funding stalemated by questions over regulations

The city of Clyde defaulted in August and recently revealed it used debt proceeds for debt payments in a manner that "disguised the deficit cash flow."

The record pace of municipal bond supply this year is driven in part by cities and states realizing projects won't get any cheaper if they wait.

The ratio of local government municipal debt to GDP in aggregate has fallen to around 10% from 20% in 2010.

The University of the Arts, a private college in Philadelphia that abruptly closed its doors in June, filed for Chapter 7 bankruptcy.

"It's great people are thinking about creative solutions, but don't forget the rules still apply," said the SEC's Dave Sanchez.

Up to $182 million of bonds will be issued by a city of Frisco entity to renovate Toyota Stadium, home to Major League Soccer's FC Dallas.

The $105 million of power project revenue refunding bonds deal for Plum Point Energy Station in Arkansas comes amid tighter emission regulations.

The Franklin County Convention Facilities Authority will issue $138.2 million of lease revenue anticipation refunding bonds to refund or redeem outstanding Build America Bonds.

The commission charged the municipal advisors $1.3 million in penalties due to recordkeeping failures stemming from use of unmonitored communications, such as text messages, to conduct business.