Refunding bonds

The state will sell $182.2 million of highly rated general obligation bonds in three separate offerings.

LACMA, one of Los Angeles' most prominent museums, will refund debt and move forward on construction of a building for its permanent collection.

Public finance groups are optimistic 2021 will be a breakthrough year for federal tax law changes to help spur the use of tax-advantaged bonds.

The state will use debt service savings from the refunding side of the deal for near-term budget relief; the deal includes its first taxable refunding bonds.

Such moves could reduce costs by up to $180 million in present-value savings, Joe Torsella said.

TMI Trust agreed to a settlement that allows bondholders to be paid interest during the Chapter 11 case of the Roman Catholic Archdiocese of New Orleans.

The public finance industry would gain from the reinstatement of tax-exempt advance refunding and other muni-friendly measures under a Democratic sweep of the White House and both chambers of Congress.

Tax changes sought by the municipal bond industry are likely to be embedded into infrastructure legislation.

"We have no need for cash-flow relief or restructuring," said the treasurer of Dallas Area Rapid Transit, which continues to expand its rail services.

The Louisiana State Bond Commission will refinance $424 million of variable-rate bonds; the deal isn't expected to include the termination of underwater swaps.