Public finance

Missouri auditor Scott Fitzpatrick released an audit report on St. Louis Public Schools, finding the district will run out of funds in fiscal year 2031.

In a 2-1 vote, county commissioners approved an Oct. 8 competitive general obligation bond sale to keep funding a jail project amid escalating costs.

The Southeast Pennsylvania Transportation Authority implemented drastic cuts and warned that more cuts and fare hikes are on the way without state funding.

Big changes made by the House to a high-priority bill targeting cities and counties were rejected by the Senate, sending the measure to a conference committee.

"I have been very fortunate to contribute to a fascinating sector of the financial industry that is full of ambiguous issues and data," said Tom Doe. "I am flattered to be included in the Hall of Fame, it is a wonderful capstone to my career."

While issuance is up year-over-year, weeks like this can be difficult to find the right deals, said Whitney Fitts, director of municipal portfolio management at Appleton Partners.

The memo, which was sent to members of Congress, recommends a second round of reconciliation that would include the repeal of the municipal bond "tax exclusion."

PREPA bondholders who back the Oversight Board's proposed deal say it will lose their support if not confirmed by Oct. 1.

Proceeds of the sale are expected to fund the purchase of the non-gambling businesses at Genting Group's Resorts World Catskills in Sullivan County.

Over nearly 40 years, investment banker Diana Hoadley built a legacy of far-ranging vision and collaboration that left a trail of professional admirers.

The state authority building the passenger rail project says it has a clear path to "achieving commercial success at the earliest stage."

"We expect subdued activity again [this] week heading into the Labor Day holiday," Birch Creek strategists said.

Revenue generated by the bureau's 10 managed lane projects is, on average, exceeding original projections by 63%.

"Rural hospitals were already uninvestible, in our mind," Columbia Threadneedle's Shannon Rinehart said. "What this has done is blow up any chance they have."

"The careers of most financial advisors are transactional. They make money on bond deals. The more they do, the more money they can make," James Martling said. "But we got into long-term counseling for clients on long-term infrastructure projects." 

The relative rarity of the credit was compounded by their source of funds, the deal's size, and bond ratings slightly lower than New York state and city. 

Ryan's selection may indicate an SEC aiming to resolve more violations by other means than enforcement actions, one lawyer said.

Munis underperformed a UST rally, which had everything to do with Powell's speech at the Jackson Hole symposium and future Fed action, said Cooper Howard, a fixed income strategist at Charles Schwab.

San Francisco Bay Area Rapid Transit has struggled to regain ridership after the pandemic.

The University of Chicago went to market this week, as the Trump administration has targeted higher education and faculty criticize budget and program cuts.