Public finance

The Department of Transportation is soliciting applications from public entities for $500 million of grants to help finance transportation projects across the country and will hold the first of four webinars on the application process on Wednesday.

As cash-strapped governments like Illinois and Chicago eye non-traditional revenues like gambling and marijuana, economists and government officials warned that so-called sin taxes are no panacea for budget shortfalls.

ALASKA

ILLINOIS

A San Francisco-based airline's April Fool's joke triggered a disclosure notice on EMMA; the trustee for bonds issued for the airport in Branson, Mo. Wanted to be sure bondholders new that Virgin America was just kidding about its plans to serve Branson.

Despite the bankruptcy of its current operator, the Indiana Toll Road continues to show the benefits of privatization, as does the new $5.7 billion bid for the road, Wells Fargo says in a new report.

The federal government will run out of money for transportation and other infrastructure projects in late July or August, roughly two months later than expected, Transportation Secretary Anthony Foxx said Thursday.

ARKANSAS

ALABAMA

For the week ended April 2, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, increased two basis points to 4.22% from 4.20% in the week ended March 26.

For the first time in 12 weeks, municipal bond funds reported a cash outflow as retail investors cashed out ahead of the April 15 tax filing date.

As the municipal market was winding down on Thursday ahead of the Good Friday observance, traders and underwriter were preparing for an upcoming $871.26 million sale of revenue bonds from the North Texas Tollway Authority.

State lawmakers have approved more than $1 billion a year of new local transportation funding in 2015 with more to come.

Municipals offer higher quality than corporate bonds, tax advantages, diversity, as well as higher yield and less duration risk than their Treasury counterparts, two municipal analysts said in reports this week.

ARKANSAS

ALABAMA

Indian River County, Fla., Tuesday filed a lawsuit asking a federal judge to block the issuance of $1.75 billion in private activity bonds for the All Aboard Florida private train project.

A group of conservative House Democrats wants a hearing on fixing the Highway Trust Fund when Congress returns from its two-week Easter recess.

Connecticut Gov. Dannel Malloy has formed a panel to explore financing options for overhauling its transportation infrastructure "over the next 30 years and beyond."

CONNECTICUT