Refunding bonds

Fiona Ma has been pushing the state's bond team to explore refundings and to sell new money bonds while rates remain low.

Gary Community School Corp. in Indiana wants to test its access to the bond market with a $5 million bond refunding.

The audit concluded a year and one day after the sports authority received a letter dated April 4, 2018, informing it that the tax-exempt status of the bonds was being examined.

Midwest Fertilizer Co. announced Monday it has settled with the IRS Office of Appeals an audit that originally disqualified the tax-exempt status of $1.259 billion of refunding bonds that will be used to help finance a fertilizer plant in Posey County, Indiana.

Reps. Steve Stivers, R-Ohio and Dutch Ruppersberger, D-Md., are also drumming up support for the muni market's role in infrastructure finance.

The region's 2018 new money bond sales were up 2% year-over-year, but refundings fell 57%.

Refunding volume in the Midwest was down 57% in 2018, while new money deals rose just 1.8%, leaving the region down more than 28%.

Note issuance declined in 2018 as a result of tax reform, rate fears, and ongoing fiscal austerity sparked by state and local revenue growth.

Richard Neal, D-Mass., raised optimism among state treasurers that advance refunding of municipal bonds may be part of "a combination of funding sources."

A top House Democrat warned the Trump administration not to engage in debt limit brinksmanship that could halt trading in state and local government securities.

A continuing disclosure agreement debuted in documents for the state's advance refunding of Build America Bonds.

The $551 million issue wraps up a nearly $3 billion program; $7.7 billion of proposed pension obligation bonds rely on similar structure

The survey of securities firms showed pressures caused by unfunded pension obligations is expected to be the biggest issue for the muni market next year.

Detroit issued bonds Friday to fund the successful tender offer.

In the absence of advance refunding, Arizona plans to lock in rates by pricing $250.7 million of lottery refunding bonds that will not be delivered until next October.

Voters in the Southern California rejected a water and wastewater rate increase, and a subsequent rate hike triggered an unsuccessful recall election.

The lame duck session of Congress that convened this week may include passage of a tax bill released Monday night by Rep. Kevin Brady, R-Texas, the outgoing chairman of the House Ways and Means Committee.

A junk-rated $112 million deal without state backing will test the market's perceptions of the city's recovery from its Chapter 9 bankruptcy.

Detroit will issue $112 million of new money GO bonds and is also considering issuing refunding bonds in December.

The memo appears to respond to a March 29 written request by the National Association of Bond Lawyers to Christie Jacobs, director of the IRS Indian Tribal Governments/Tax Exempt Bonds Office to clarify the new law.