Public finance

Changes to the direct-pay system provides opportunities for nonprofits to cash in tax credits

Road projects make up more than half of the winning applicants, with transit accounting for another 16%.

John Di Stasio, president of the Large Public Power Council, said while the industry faces some pressures, public power systems are stable with growing revenues and healthy cash coverages.

Getting project grant agreements in place, which formally releases the federal funds, is taking more time than expected.

Judge Laura Taylor Swain said she found the Oversight Board expert's calculations more convincing than those of the bondholders.

While supply has started to pick back up with an outsized primary market calendar this week, it's still not enough to meet demand, said Cooper Howard, a fixed income strategist at Charles Schwab.

The Brent Spence Bridge and Hudson Tunnel were among last year's winners of the sought-after federal Mega grants.

State lawmakers passed bills aimed at the city's home-rule powers and a union contract impasse, as well as funding for a convention center expansion.

A $100 million offering of voter-authorized general obligation bonds will speed up blight removal and fund parks and transportation projects.

California Gov. Gavin Newsom and lawmakers struck a budget agreement just days before the start of the fiscal year.

Virginia Wong, a partner in Nixon Peabody's public finance group, talks with Chip Barnett about effective mentorship and building successful teams. (15 minutes)

The FAA's reauthorization is facing trubulence before its expiration in September, but the enormous amount of cash airports have received from recent legislation situates them well regardless.

"I got cut," he told The Bond Buyer. "I'm looking for a new job now."

The Police and Fire Retirement System lacks authority to shift to a 20-year amortization of unfunded legacy liabilities from the 30-year term laid out in the city's bankruptcy exit plan, according to a judge's ruling that eases one fiscal pressure point for the city.

Despite a slow start to the week, "buyers are becoming more constructive, and there's increased buying going on," said Pat Luby, a CreditSights strategist.

The Florida Insurance Guaranty Association, which handles the claims of insolvent insurers, plans to borrow $600 million in the municipal bond market.

"His key role in the financial rescue of New York City following its near-bankruptcy in 1975 set Dick on a nearly five-decade path making sure such an event would never happen again in the city and elsewhere," said William Glasgall of the Volcker Alliance.

The board is offering $2.4 billion to all bondholders while $8.5 billion of par value is outstanding.

Some in the industry already use AI to help determine fair bid and offer prices and to summarize new-issue offering statements, but full integration into all aspects of the market is a ways away.

The $6.9 billion new-issue calendar features high-grade deals from Georgia, Washington and Massachusetts, among other frequently traded credits, which should provide direction for scales.