Public finance

President Biden's proposed budget contains a change that many affordable housing advocates say would help make PAB financing go further.

The Australian toll road operator couldn't agree on terms with the state for the first phase of the project, which has been dogged by controversy and delays from the start.

A $3.52 billion Texas Natural Gas Securitization Finance Corp. deal includes a make-whole redemption over three years to call bonds if the state appropriates funds to pay them off.

A project to retrofit the Port of Camden in New Jersey for larger cargo vessels is getting a boost of federal support.

Fitch said revenues improved significantly in fiscal 2022, more than doubling the prior fiscal year total and exceeding the pre-pandemic peak recorded in fiscal 2018.

Governance decisions and rapidly escalating deficits contributed to Moody's decision to cut Illinois Tech's rating two notches to speculative grade.

Outflows continued as Refinitiv Lipper reported $307.815 million was pulled from municipal bond mutual funds in the week that ended Wednesday after $905.030 million of outflows the week prior.

On the policy front, the budget would allow large urban transit agencies to use federal capital grants for operating costs and gives states more private activity bond volume flexibility for housing.

Fitch said the action "reflects the recent enactment of legislation clarifying the future operational profile of the district," formerly controlled by Disney.

The $750 million in state grants will go to eligible local government public pension funds that have funded ratios under 60%.

The bill passed through the committee on a 21 to 17 vote, over fierce Democratic opposition.

The state approved further cuts next year with provisions for possible additional cuts annually, starting in 2025, paving the way for the elimination of the personal income tax.

The income tax filing deadline for 51 of California's 58 counties was moved to October, which means the usual April read on revenues may be less informative.

Outflows lessened, with the Investment Company Institute reporting investors pulled $344 million from mutual funds in the week ending March 1, after $1.148 billion of outflows the previous week.

Voters in several Vermont cities approved capital proposals backing wastewater system improvements.

After a brisk 2021 that saw a record number of P3 deals reach financial close, last year slowed to only 16 closings, according to Husch Blackwell's sixth annual P3 trends report.

Wildfires in western states are becoming more severe and costing more to fight.

With strong reserve levels, states will be able to weather a revenue shortage this year, analysts said.

Nossaman renames its pension practice to reflect a broader service offering as Michelle McCarthy comes on board.

A U.S. default would trigger a cascade of downgrades, including of municipalities, Moody's Analytics says.