Public finance

Innovative businessman James A. Lebenthal — whose family was often referred to as the first family of New York City municipal bonds — is widely credited as the first broker to use the media to sell tax-exempt investments to individual investors. He coined such phrases in his ads as "bonds are my babies" and championed the debt of projects like the World Trade Center.

The Metropolitan Washington Airports Authority approves a $1 billion capital construction program at Reagan National Airport.

In a bid to boost its sagging economy, Puerto Rico is contemplating its biggest tax overhaul in decades.

CALIFORNIA

ARKANSAS

Virginia's Commonwealth Transportation Board tightens the rules on how the state deals with public-private partnerships.

CALIFORNIA

ARKANSAS

An influential Chicago area planning agency will press state lawmakers to establish a regional infrastructure fund supported by a quarter-cent sales tax increase with its eye on financing transportation, water, and open space projects.

More investment is needed in U.S. transportation infrastructure to ensure all systems are connected to each other, Vice President Joe Biden said Wednesday.

The federal judge overseeing Detroit's bankruptcy has ordered mediation to resolve a dispute over the city's legal bills, which total $140 million and are climbing.

CONNECTICUT

The fall meeting of the Municipal CFO Forum slated for Thursday and Friday in Chicago will focus on "financial communications."

A renewed interest in subdivisions that stalled during the recession is likely the main reason the California Debt and Investment Advisory Commission reported doubling of refunding volume in land-secured Mello-Roos bonds from fiscal year 2011-12 to 2012-13, according to government consultant Larry Kosmont.

Michigan Gov. Rick Snyder has hired public finance veteran and former New York Lt. Gov. Richard Ravitch to act as senior financial advisor for a new financial review board that will oversee Detroit's finances as the city emerges from bankruptcy.

COLORADO

Virginia lawmakers likely will reverse a plan to kill a $50 million transfer to the state's transportation fund that imperiled a proposed $100 million road bond issue.

While taxable century bond deals have recently gained in popularity among select issuers, they are less likely to become a household name in the municipal market due to their longer-than-usual lifespan and limited liquidity in the secondary market, muni experts said.

The outcome of Detroit's high-profile bankruptcy highlights the growing tension between pension obligations and bond debt for distressed governments while leaving a lack of legal clarity on the treatment of general obligation bonds.

INDIANA