Public finance

Phoenix asked a state court to prohibit residential housing on the site of the Tempe Entertainment District due to its proximity to Sky Harbor International Airport.

The bond parties want the appeals court to immediately consider their liens on revenue but getting this heard before an approved plan of adjustment may be an uphill battle.

Comptroller Thomas DiNapoli noted state law requires salary payments to legislators be withheld after March 31 if a budget is not in place.

"Folks are aware of possible pressure that could weigh on the market, but attitudes are still generally more constructive than negative at this time," says Tom Kozlik of HilltopSecurities. 

Total volume for the month was $31.795 billion in 515 issues, down from $45.555 billion in 985 issues a year earlier, according to Refinitiv data.

The authority hopes to have solar and wind provide 30% of the islands' electricity within two years.

Fitch Ratings affirmed Illinois GO bonds at BBB-plus and lifted the rating outlook as the state prepares to sell up to $2.5 billion of general obligation debt.

Lawmakers resurrected a bill vetoed by Gov. Brad Little after amending it to remove a clause that jeopardized a transportation bond deal.

Outflows continued as Refinitiv Lipper reported $194.097 million was pulled from municipal bond mutual funds in the week that ended Wednesday after $427.082 million of outflows the week prior.

In his annual address to Puerto Rico's legislature Pedro Pierluisi hailed the growth of Puerto Rico's economy.

The Irvine Facilities Finance Authority will price $455 million in special tax bonds to develop the Great Park in the Orange County, California, city.

Tioga Independent School District, located north of Dallas, has a state-appointed monitor to develop and implement "a corrective action plan."

Part of the problem may be the lack of a muni finance tax expert in Treasury, a position that has been vacant since 2019.

Iowa Wesleyan University's pitch to the state government for federal COVID-19 relief funds fell short, and the school plans to close its doors.

Outflows continued, with the Investment Company Institute reporting investors pulled $693 million from mutual funds in the week ending March 22, after $684 million of outflows the previous week.

The amendments seek to align the Rules with the Securities and Exchange Commission's recent approval of T+1 clearing across bond markets.

The state's reliance on tourism makes airports essential to its economy, Fitch said.

The bill would create a state investment fund and establish a debt reduction program to be administered by the Division of Bond Finance.

Massive transit projects have funding momentum, and traditional road and bridge projects are advancing as well despite political opposition and some shaky funding.