The U.S. Supreme Court declined to consider a teachers’ union appeal of the Puerto Rico plan of adjustment, rejecting the petition for certiorari Monday morning. The plan of adjustment, which went into effect in March, freezes future accruals under the teachers’ defined retirement benefit plan held by those in the plan prior to August 2014
Bonds
PFM this week hired Nathaniel Singer, whose career spans nearly four decades in the municipal derivatives and advisory space, as a senior director and financial advisor. Singer, who started Wednesday, reports to Dan Hartman, chief executive officer of PFM. Singer will collaborate with professionals and practice groups across the firm and focus on all financial
Despite the impact from Hurricane Ian in Florida, the state’s labor force increased by 36,000 in October with Florida’s private sector adding 35,000 of those jobs. This was the 30th straight month that jobs were created in Florida, while private-sector job growth has exceeded the national pace for the past 19 months, the Department of
Evidence shows that the states are collecting and spending more money due to federal action and a tax collection boon, a trend that started two years ago. “Over the past two years total state spending has been heavily impacted by federal COVID-19 aid and rising state tax collections,” said Brian Sigritz, director of State Fiscal
Construction will begin early next year on a public-private partnership to build a $4.2 billion terminal at John F. Kennedy International Airport after the team locked in financing and federal environmental approvals this week. “This has been a long and difficult road,” said Port Authority of New York and New Jersey Executive Director Rick Cotton
Triple Five, owner of the American Dream mall in New Jersey, has struck a deal with a group of creditors led by JP Morgan that grants the developer a four-year extension on overdue construction debt. The agreement has the potential to ease pressure on $1.1 billion of tax-exempt bond debt taken on separately to finance
Municipals were steady to firmer in spots Friday ahead of a holiday-shortened week and a light new-issue calendar. U.S. Treasuries closed out weaker and equities ended the week with small gains. Triple-A yields were little changed to bumped by up to four basis points, depending on the curve, while U.S. Treasuries saw yields rise by
A $3.4 billion bond issue to securitize costs incurred by Texas natural gas providers during 2021’s Winter Storm Uri appears to be on track for pricing at the end of this month. Members of the state’s Bond Review Board, who have until the end of Friday to call for a full review of the transaction,
Municipals improved again Thursday pushing the 10-year triple-A yield firmly below 3% while inflows into municipal bond mutual funds returned after 14 consecutive weeks of outflows. U.S. Treasuries saw losses and equities ended down after Federal Reserve officials tempered expectations of a slowdown in rate hikes. Triple-A yields fell by three to six basis points,
Municipals rallied across the yield curve Wednesday, outperforming U.S. Treasuries and seeing the greatest gains out long after stronger retail sales data signaled the Fed’s tightening is not yet over, pushing equities into the red. Retail sales increased 1.3% in October, slightly above the consensus forecast of 1.0% and a significant improvement from the flat
Utah ended fiscal 2022 with a $1.365 billion revenue surplus and most of its budgetary reserve funds at their highest levels since at least fiscal 2013 as the state mulls safeguards in the event of a future decrease in federal funding. Gov. Spencer Cox and legislative leaders announced Tuesday the legislature will have an additional
The Puerto Rico Electric Power Authority fuel line lenders said they have a document to stop the Oversight Board from getting its proposed restructuring approved. The document, the board’s agreement with former PREPA fuel provider Vitol for its support of the restructuring, will make it very difficult for the judge to accept Vitol as a
Voters in South Carolina mandated permanent contribution increases to the state’s reserve accounts by approving two ballot measures in last week’s election. Both, passed with just over 60% of the popular vote,amendthe state’s constitution.. The first ballot measure requires annual contributions to the General Reserve Fund to increase to 7% of the previous year’s revenue
The Missouri Highways and Transportation Commission heads into the market Tuesday with a $489 million new money deal with a new AAA rating attached to the third-lien paper. The commission will take competitive bids on the offering of third-lien state road bonds. PFM Financial Advisors LLC is advising. Gilmore & Bell PC and Bushyhead LLC
Municipals were steady to firm in spots to kick off the week, while U.S. Treasuries were weaker and equities were mixed as markets digested the latest Fedspeak. Triple-A yields fell one to four basis points while UST saw losses of five to seven basis points across the curve. Muni-UST ratios fell on the day’s moves.
Fitch Ratings has revised the outlook on Miami-Dade County, Florida’s A-rated senior lien seaport revenue bonds issued for PortMiami to stable from negative. Thursday’s action affects $800.3 million of Series 2021A-1, 2021A-2, and 2021A-3 senior lien seaport revenue bonds the county issued on behalf of its seaport department. Fitch said the outlook revision “reflects the
Amarillo, Texas, will appeal a state judge’s ruling rejecting the city’s plan to issue $260 million of tax anticipation notes for a civic center project. Mayor Ginger Nelson said the move was needed to clarify conflicts between the ruling and current Texas law, particularly when it comes to debt issuance. The city filed a notice
Arizona’s water financing agency should think big when it comes to the state’s hunt for new water supplies amid a persistent drought. That was the message from board members of the relaunched Water Infrastructure Finance Authority at its inaugural meeting Thursday. State lawmakers passed legislation in June making WIFA, which dates back to 1989 and
Most members of the House Municipal Finance Caucus appear to have won re-election in Tuesday’s tight midterm elections, while key advocates of state and local tax reform will be exiting the stage next year. As results continued to trickle in Friday, Republicans were on track to gain a narrow majority in the House and Democrats
Chicago could win an upgrade into the single-A category if its new pension funding policy remains on track, S&P Global Ratings said in shifting the city’s general obligation outlook to positive from stable. S&P revised the outlook on the city’s BBB-plus general obligation rating Thursday, the same day Kroll Bond Rating Agency lifted the outlook
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