Public finance

The Ohio House's proposed cap on school districts' carryover balances at 30% of their annual operating costs has drawn praise and criticism.

Responses to an MSRB request for comment indicated broad support for an option designed to modernize delivery of municipal fund securities disclosure documents, but there was less unanimity regarding the need for a stand-alone time of trade disclosure rule.

Bond parties say the board's failure to settle the PREPA bankruptcy has contributed to the system's unreliability.

The lawsuit argues the International Emergency Economic Powers Act that Trump invoked to impose tariffs does not grant the president the ability to unilaterally adopt tariffs on goods imported to the U.S.

Investors pulled $1.258 billion from municipal bond mutual funds in the week ending Wednesday, following $3.302 billion of outflows the prior week, according to LSEG Lipper data.

Photos from The Bond Buyer's Texas Public Finance conference.

The Osceola School District sales tax revenue bonds got strong ratings despite the county's economy facing headwinds from a weakening tourism sector.

The Investment Company Institute reported larger outflows for the week ending April 9 of $3.714 billion, following $1.15 billion of outflows the previous week.

The MSRB's rate card RFI and municipal fund securities will be among agenda topics at next week's quarterly board meeting.

S&P Global Ratings cited longer-term concerns on Palisades wildfire-related liabilities in shifting its CreditWatch on Los Angeles Department of Water and Power to a negative outlook.

Citi's exit may have aggravated illiquidity last week, but even the traditional leader in times of stress wouldn't have been able to calm the wild market moves.

Mayor John Whitmire said phased-in funding under an agreement with plaintiffs who successfully sued the city will help address a budget shortfall.

If the muni market "stays here at these new relationships, we'll find its footing," said John Flahive, head of fixed income at BNY Wealth.

"Settlor's remorse" is no justification for upsetting a settled order, SEC says.

Jason Appleson of PGIM Fixed Income chats with Caitlin Devitt to break down the biggest factors shaping the muni market today, and how institutional investors are preparing for what's next.

The firmness in the market Monday came from a "settling down" after one of its most volatile weeks since the pandemic, said Cooper Howard of Charles Schwab.

States could face some difficult times ahead, experts say.

Chris Hollins, the city's chief financial officer, said Texas anti-ESG laws are raising costs at the same time the city faces a structural budget deficit.

Congress leaves town for a two-week recess without settling a financial dispute with the District of Columbia over which budget they are allowed to use as the mayor's financial team announces plans to exercise a 2009 law that will boost a supplemental budget by 6%.

New York's capital needs mean the city cannot afford to be picky about market timing for bond deals, said Jay Olson, deputy comptroller for public finance.