Bonds

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A company building a novel factory in California that has defaulted on its debt payments is seeking the state’s approval to sell an additional $53 million in tax-exempt bonds. CalPlant I LLC, constructing the world’s first facility converting rice cultivation debris into fiberboard, will appear before the California Pollution Control Financing Authority on Tuesday for
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Massachusetts Treasurer Deborah Goldberg and the state’s Pension Reserves Investment Management board have begun a collaborative project to improve measurement of environmental, social and governance data in the investment and financial sector. The effort with Massachusetts Institute of Technology’s Sloan School of Management, called the Aggregate Confusion Project, aims to build on research by scholars
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New Jersey Gov. Phil Murphy’s administration faces a fast-approaching deadline to finalize its borrowing strategy for the next fiscal year to combat expected revenue losses caused by the COVID-19 pandemic. Murphy has proposed a $32.4 billion budget for a shortened nine-month 2021 fiscal year starting Oct. 1 that would include $4 billion of borrowing either
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New York’s Metropolitan Transportation Authority received its latest hit from Wall Street on Friday when Moody’s Investors Service downgraded its primary transportation revenue bond credit to A3 from A2. The downgrade affects $24.4 billion of transportation revenue bonds. The outlook is negative. The MTA has scheduled the sale of $900 million in transportation revenue green
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Congressional lawmakers are showing an increased interest in what they think is the poor functioning of the Federal Reserve’s Municipal Liquidity Facility, and some lawmakers believe changes should be made to expand it to more local governments. During a Municipal Analysts Group of New York webinar, Emily Brock, director of the Government Finance Officers Association’s
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The more than three year process of negotiating a new Puerto Rico central government $35 billion debt deal has reached a turning point. On Tuesday the Puerto Rico Oversight Board submitted a status report to the court overseeing the bankruptcy that said “only a brief respite is required” to determine if the board could reach
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Any authority for New York City to borrow for operating budget gaps related to COVID-19 should come only with oversight from a reactivated New York State Fiscal Control Board, the watchdog Citizens Budget Commission said. City leaders have better options to balance this year’s budget, according to CBC President Andrew Rein. “Borrowing should be a
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Municipals were little changed on Tuesday and off to a slow start post the Labor Day holiday. Triple-A benchmarks showed steady levels from last week while trade volume rermained light ahead of the week’s $7 billion new-issue slate. With the “fall fling” about to occur with municipal issuance, yields have reset back to levels of
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While municipalities will clearly have more budgetary flexibility thanks to a recently enacted New York law that allows municipalities to extend rollover periods on bond anticipation notes by two years, its impact on long-term issuance will be determined largely by the length the COVID-19 pandemic. “When the economy can recover will dictate what happens with
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Rhode Island’s Department of Transportation is weighing a controversial plan to break up its main Kennedy Plaza bus hub in downtown Providence and create smaller hubs around the city. Bond money that voters approved six years ago would fund the project. A rendering of the proposed bus hub in the Providence Innovation and Design District.Rhode
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Austin will price $271 million of debt next week after losing one of its three triple-A ratings. Moody’s Investors Service on Thursday downgraded the city’s general obligation bonds to Aa1 with a stable outlook, citing “high leverage and fixed costs attributable to the city’s pension and other post employee benefit plans.” Moody’s had rated Austin
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A big decline in the unemployment rate in August is “worth celebrating,” but could take the pressure off lawmakers to help the economy, according to economists. The unemployment rate fell to 8.4% from 10.2% the month prior, while nonfarm payrolls climbed by 1.4 million, according to the Labor Department. Economists polled by IFR Markets expected
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Municipals were little changed on Friday ahead of the holiday-shortened trading week. Markets are closed Monday in observance of Labor Day. Munis yields remained steady along most of the AAA GO scale as the day’s trading action was focused on California and New York paper. Primary marketIHS Ipreo estimates supply for the upcoming week at
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Orange County, Florida, officials pulled the plug on a major bond-financed expansion of the second-largest convention center in the country amid a five-month-long, double-digit plunge in tourist tax collections, which support the plan. Since the pandemic-induced downturn, the county had used tourist development tax revenues to continue designing the $605 million capital improvement plan at
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Puerto Rico Gov. Wanda Vázquez nominated Efran Paredes Maisonet to be the new executive director of the Puerto Rico Electric Power Authority on Friday. The governor made the nomination to the authority’s board of directors, which normally approves the governor’s nomination. PREPA power plant in Guayanilla, Puerto Rico Paredes Maisonet has been serving as interim
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Texas began its 2021 fiscal year on Sept. 1 with the prospect of $1 billion of budget cuts amid lost revenue due to the coronavirus pandemic, but the shortfall for the fiscal year that ended Aug. 31 was not as bad as expected, according to state Comptroller Glenn Hegar. “Yearly revenues were slightly ahead of
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Thomas Johnsen, 67, a retired California municipal advisor and former National Association of Municipal Advisors board member, died Tuesday. Johnsen had battled cancer off and on for 10 years, but succumbed to sepsis, an infection that attacks the immune system. He retired in 2018 after nearly 31 years with Irvine-based Fieldman, Rolapp & Associates. He
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Economic activity will likely remain suppressed, especially while Americans are waiting for more and sufficient support fiscally, according to president of the Federal Reserve Bank of Chicago Charles Evans. “More adequate, fiscal relief is needed for us to get through this and it could be late 2022 before we reach pre-pandemic economic levels,” he said
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New Jersey local governments gain new bonding capabilities to offset COVID-19-related revenue losses after Gov. Phil Murphy signed a revised municipal borrowing bill that addressed his previous debt concerns when he vetoed an earlier version of the measure. Murphy signed the legislation Monday three weeks after issuing a conditional veto noting opposition to the proposed
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During World War II, more than 80 million Americans purchased Series-E War Bonds to support their country and their troops in the fight for liberty and freedom. The war was an expensive effort, both in terms of the loss of human life and financial costs. Through the purchase of War Bonds, individual investors contributed the