Public finance

The Advance Act is expected to shorten the timeline for project approvals

Puerto Rico's financial oversight board is seeking to reopen a confirmation hearing on a debt-restructuring plan for the island's power utility after an appeals court last week ruled that bondholders have a claim to the agency's future net revenue.

The state's new law requires companies like investment banks to provide written verification of their positions, part of a trend among similar bills aimed at preventing Wall Street banks from lying about their positions, said a firearms industry lobbyist.

Undersubscribed funding opportunities are blocked by regulation.

Issuance this year is "well on its way" to $450 billion, mostly from the tax-exempt supply of new money projects, said Matt Fabian, a partner at Municipal Market Analytics.

The city and its Austin Transit partnership are seeking court validation for bonds to help finance the multi-billion-dollar project.

Columbus' technology modernization push has embedded artificial intelligence functionality into its payroll, revenue and accounting and operations systems.

Investors may want to consider non-disclosure of climate hazards as a symbol of non-resilient projects and limited planning.

The legislature addressed the cost of a $329 million property tax refund in the state's largest county as well as passed a fiscal 2025 budget.

Despite some slight weakness Monday, munis continued an "impressive start to June," with yields falling 10 to 13 basis points last week, Birch Creek strategists said.

The City of Angels is the latest in recent days to score a ratings upgrade as Fitch reviews its local government ratings using amended criteria.

According to the board, the addition is an important means to enhance market transparency and is in line with its FY24 priority to expand the EMMA platform.

The Philadelphia Fed president said there can be as few as no cuts or as many as two this year, but if his projections are accurate, one decrease would be appropriate this year.

"We need to see more evidence to convince us that inflation is well on our way back down to 2%," Federal Reserve Bank of Minneapolis President Neel Kashkari said.

The county hopes one-time revenues will help it "live to fight another day" as it awaits a state-assisted financial plan.

The new-issue calendar is led by the New York Transportation Development Corp. with $1.5 billion of green AMT special facilities revenue bonds for the John F. Kennedy International Airport New Terminal One project,

"I think the risks to inflation are still on the upside," Federal Reserve Bank of Cleveland President Loretta Mester said. "I think the risk to the labor market is dual-sided."

Ten other pension obligation bonds are under review by Fitch Ratings as a result of the agency's new local government criteria.

House Transportation and Infrastructure Committee lawmakers urged new bills and new ways for transit authorities to deal with the post-COVID dynamics.

Observers and participants said the ruling sends a message that the municipal revenue bond pledge is strong and the Oversight Board's plan of adjustment for PREPA as it currently is proposed is unlikely to be able to stand.