Public finance

"Preserving a livable planet and a thriving economy will require a collective global commitment both to the phase-out of fossil fuels and to massive new investments," said New York Comptroller Brad Lander.

The county said this action will reduce its debt service costs by $115.9 million over the next six years.

The reserve should have enough to cover bond payments for a year, according to an observer.

The Investment Company Institute reported more outflows from municipal bond mutual funds for the week ending Dec. 13, with investors pulling $588 million from the funds.

"It's important that we start to move rates down," Harker said Wednesday in a local radio interview. "We don't have to do it too fast, and we're not going to do it right away."

The upgrade affects $2.3 billion in debt. The commission also had its outlook revised to stable from positive.

The county plans to sell $2.5 billion of tax-exempt sewer revenue warrants to refund the debt issued to finance its 2013 exit from Chapter 9 bankruptcy.

A gain of more than 4,000 residents came amid population gains in much of the Bay Area and as a counterpoint to a "doom loop" narrative about San Francisco.

The Bloomberg Municipal Index has returned 1.90% so far in December and 5.96% year-to-date, while the High-Yield Index is up 2.75% this month and 8.94% in 2023. Taxable munis are returning 3.98% in December bringing year-to-date returns to 7.83%.

SIFMA, which also filed a brief, said the District Court judge's rejection of a bondholder lien on PREPA's revenues "grossly misreads the underlying bond documents."

States have taken a wide variety of approaches to their uses of pandemic aid.

The bill would require government agencies to undertake an independent audit and a public comment period before entering into P3s among other provisions.

So far, the temporary Bally's casino in Chicago has brought in about a quarter of the tax revenue it needs to generate to keep up with budget expectations.

The rebound in the cruise industry, which has now more than recovered all the ground it lost during the pandemic, lifted the Canaveral Port Authority's rating.

The Philadelphia-based financial advisory firm has used BVAL for several years, but once the full interpolated curve and the intraday hourly changes were released on the EMMA, PFM decided to use BVAL as its primary pricing curve.

The suit contends PREPA's fiscal plans and budgets were manipulated to deprive bondholders of their claim on the authority's revenues and depress the value of the bonds.

With fears of further Fed hikes subsided, Birch Creek strategists said with "loads of cash still sitting on the sidelines, and expectations that cash will no longer earn 5%+, we believe the muni market will benefit in 2024 from a return of investors looking to allocate to the asset class."

Administering Covid relief funds was hampered by communication hurdles

The stars are starting to align for the long-awaited bridge replacement which received a $600 million federal grant toward the project expected to cost up to $7.5 billion.

The nation's fourth-largest city will have new officials at the helm of its government and finances for the first time in eight years.