Public finance

NEW YORKDelhi VillageDec 29, 2010 . . . . . . $3,169,000

CALIFORNIACalifornia Pollution Control Financing AuthorityDec 22, 2010 . . . . . . $4,850,000

Tax-free money market funds commanded new money from investors last week — the second straight week of inflows — possibly marking an ebb, or at least a slowdown, to the rush of cash away from money funds the past two years.

Holiday doldrums coupled with a Sunday blizzard that buried much of the Northeast conspired to keep the secondary market very quiet.

Table as of: 12/28/2010 13:32 PM Invisible Supply Issuer and purpose Amount* Approval

PENNSYLVANIAYork County Industrial Development AuthorityDec 27, 2010 . . . . . . $3,400,000

MFS Investment Management's Municipal High Income Fund is a gem of consistency. In late December 2010, it was sporting a 4.57% year-to-date return — good enough to lead the average performance of its peers by three-quarters of a percentage point.

MISSISSIPPIMississippi Development BankDec 21, 2010 . . . . . . $10,395,000

Record municipal bond mutual fund redemptions have emerged as a threat to the rally most market participants expected to kick off early next year, as the anticipated slowdown in the supply of new bonds is met with a wave of selling by mutual funds.

CALIFORNIAABAG Finance Authority For Nonprofit CorporationsDec 23, 2010 . . . . . . $3,855,000

The municipal bond market will be asked to digest a single small deal this week as a welcome lull in new supply continues through the holidays.

INDIANAHighland (Town)Dec 22, 2010 . . . . . . $2,950,000

CALIFORNIAABAG Finance Authority For Nonprofit CorporationsDec 22, 2010 . . . . . . $7,000,000

All The Bond Buyer’s long-term weekly yield indexes declined this week in the wake of Friday’s rally, during three lightly traded sessions in advance of the upcoming Christmas closure.

The tax-free money market fund industry continues to shrink rapidly, squeezing what had been a major source of short-term credit for municipalities and arguably leading to higher borrowing costs for state and local governments.

MASSACHUSETTSLawrence (City)Dec 21, 2010 . . . . . . $3,362,450

ALABAMATuscaloosa County Industrial Development AuthorityDec 21, 2010 . . . . . . $50,000,000

Municipal credit analysts are spending more time evaluating a risk few used to give much thought to: a municipality's loss of market access for refinancing short-term debt.

ARKANSASFouke School District No. 15 of Miller CountyDec 20, 2010 . . . . . . $660,000

DISTRICT OF COLUMBIADistrict of ColumbiaDec 17, 2010 . . . . . . $26,000,000