Public finance

The U.S. District Court for the Southern District of California entered a final judgment against Matthias O'Meara and Choice Advisors, fining them $312,572 and $187,337, respectively.

The Ohio Water Development Authority planned to sell $400 million of new money bonds in addition to a refunding driven by a tender offer.

The larger supply calendar should be "taken down well given the persistent inflows into our market and investors are still sitting on plenty of cash," said Daryl Clements, a municipal portfolio manager at AllianceBernstein.

The California State School Board Association has sued over an education funding work-around included as a trailer bill in the budget.

The Texas city expects to finance 72% of the expansion program, which includes an arrivals and departures hall, with general airport revenue bonds.

With supply ballooning, reinvestment dollars at lows of the year, J.P. Morgan's Peter DeGroot argues the next few weeks could offer the best opportunity to buy bonds of the year – and possibly the rate cycle. DeGroot talks about this, plus potential impacts of shifting investor behavior on market liquidity, and what the upcoming election might mean for tax policy and the muni market. Lynne Funk hosts.

Disruption was on the minds of those gathered in Chicago last week for MuniTech, a conference billed as a magnet for the "tech-forward" in public finance.

"As September draws to a close, some dynamics may prevail in October but others could undergo a shift," said NewSquare Capital's Kim Olsan. "One aspect that will continue is the level of supply coming to market." 

September volume came in over $44 billion leading volume year-to-date to hit more than $380 billion, just shy of 2023's full-year total issuance.

Puerto Rico's electric reliability is likely to continue to deteriorate without access to the capital markets, the investors said.

Bonds will finance construction of the South Coast Rail Project, which will restore commuter rail service between Boston and southeastern Massachusetts.

The MTA's biggest-ever capital plan focuses mostly on upkeep for the system. But it's more than $33 billion short of funding for the five-year program.

Municipal triple-A yield curves closed out the week with few changes, valuations were little changed, but at attractive levels, and the forward calendar climbs to more than $10 billion to open the fourth quarter.

Minneapolis will sell $123.6 million of Series 2024 general obligation bonds via competitive sale on Tuesday, buoyed by triple-A bond ratings.

Florida's catastrophe fund will weather the storm and shouldn't need reinforcements yet. Two Florida-related sales are still expected next week.

The Chicago Board of Education adopted a nonbinding resolution declaring a moratorium on school closures during a heated public meeting on Thursday.

The commission also made changes to planned Louisiana State gas and fuel tax bonds of up to $1 billion

High-yield muni issuance totals $20 billion year-to-date, "reflecting normalization from relatively depressed levels in 2023 ($7.6 billion over the comparable period), and now virtually equal to the trailing five-year average for the period ($20.1 billion)," said J.P. Morgan strategists, led by Peter DeGroot.

Mayor Eric Adams was indicted on federal bribery, campaign finance and conspiracy charges, the U.S. Attorney's Office announced Thursday.

The privately placed taxable bonds to be issued through Bernalillo County will help finance a manufacturing facility for Ebon Solar.