Public finance

Income taxes — despite losses due to remote work — and internet gambling revenue are on the rise, giving the Motor City's general fund a boost.

Recent federal laws have provided municipalities with record levels of funding, but may only have a marginal increase in the number of issuances.

“I want to break ground next year,” Kentucky Gov. Andy Beshear said.

North Carolina Treasurer Dale Folwell talks with The Bond Buyer's Chip Barnett about how the state's economy has remained in financially good health despite dealing with the COVID-19 pandemic as well how the state deals with troubled municipalities. As chair of the debt affordability commission, he chats about bond issuance. He also discusses the ways to reform healthcare and increase transparency. (15 minutes)

The U.S. and European Commission moved Saturday to disconnect Russia from a global financial system.

All markets, but particularly municipals, are in uncharted territory once again, with volatility amplified by the crisis in Ukraine and a still somewhat uncertain path for the Federal Reserve and inflation.

A Michigan House Republican plan would direct $1.15 billion of grants to local municipal pensions that agree to abide by certain conditions.

February volume was $26.481 billion in 594 deals versus $37.052 billion in 981 issues a year earlier, bringing total volume for the first two months of the year to $51.426 billion, or 20% less than 2021.

The governor wants the current deal revised and to be able to participate in any mediation talks. Bond insurers, the Unsecured Creditors Committee and authority’s fuel line lenders also want to be included.

The new-issue calendar is $5.45 billion while 30-day visible supply sits at $11.14 billion. The largest deal of the week comes from the New York City Municipal Water Finance Authority with $793.83 million.

The city's current trajectory could drive per-unit costs to $1 million, according to the audit by City Controller Ron Galperin.

Lawmakers are being asked to put off a deadline to consolidate suburban Chicago and downstate police pension assets and extend the deadline for funds to reach a 90% funded ratio by 10 years.

The board also says the bondholders' proposed deadlines for completing a restructuring are too tight.

Investors yanked $1.154 billion out of municipal bond mutual funds in the latest week, Refinitiv Lipper reported.

Some public finance, racial justice, and congressional advocates say baby bonds are needed like never before to combat wealth inequality.

A judge has ordered the state to reconsider its rejection of a bid for a $9 billion P3 for new toll lanes, a move that could delay Gov. Larry Hogan’s priority project.

The Investment Company Institute on Wednesday reported $3.120 billion of outflows in the week ending Feb. 16, up from $993 million of outflows in the previous week.

The Oversight Board also approved a new fiscal plan for the Highways and Transportation Authority.

Between the long holiday weekend and investors trying to absorb the Russia-Ukraine developments, it was a slow start to the week in the municipal market.

The proposal would offset all gas tax losses to the Highway Trust Fund but would still hasten its insolvency.