Bonds

When Wisconsin priced $253.755 million of general obligation refunding bonds for forward delivery on July 23, it was the state’s second forward delivery deal in recent months.  On Feb. 27, Wisconsin had priced $89.02 million of GO refunding bonds, 2025 Series 1, for forward delivery. The state taxable and federally tax-exempt bonds, to be delivered

As the market lurches from the effects of possible rate cuts to a less than stellar employment report, some industry leaders are dubious about negative forecasts for the near future. “Many economists on the street are now penciling in a 50-basis point fund rate cut in September and November, with 25 point cuts thereafter,” said

Kamala Harris’ selection of Minnesota Governor Tim Walz to be her vice president in the 2024 race catapults the former geography teacher, veteran and former Congressman to the national stage and with it, his long track record as a champion for local issues. Walz follows Walter Mondale, vice president to Jimmy Carter, and Hubert Humphrey

The wagons are circling around anti-environmental, social, and governance laws enacted in Texas and Oklahoma amid a flurry of studies on their financial impact and congressional scrutiny. The two states were early enactors of laws that led to the blacklisting of more than 20 financial firms, including municipal bond underwriters, for “boycotting” or “discriminating” against

The California Supreme Court has extended to Sept. 6 its decision to deny or grant review in a case challenging San Jose’s pension obligation bond validation. The high court has at least 60 days to make a decision after a request for review is filed, and that deadline was drawing near in the San Jose

The Louisiana Public Facilities Authority expects to price $1.33 billion in Baa3-rated toll bonds next week, in a public-private partnership to replace the Calcasieu River Bridge, but with the bonds backed by toll revenues, there remains some concerns about drivers using alternate routes to avoid the charge. JPMorgan and Wells Fargo will manage the deal.

The League of California cities will host a webinar to help potential applicants tap $3.3 billion in funding being fast-tracked by the governor from a bond measure approved by voters in March. The funding being released in August is the first tranche from the $6.4 billion Proposition 1 bond measure. No bonds have been issued

Connecticut sold a routine $214 million general obligation deal last week, with Wells Fargo placing the winning bid. Although the deal was unremarkable, Assistant Treasurer for Debt Management Bettina Bronisz made sure the occasion didn’t go unnoticed.  “She invited all the interns and other members of our executive staff to participate and learn about it

California’s fiscal 2025 budget dealt with the revenue gap that emerged in fiscal 2024, but further actions will be needed to achieve fiscal balance in out years, according to a Fitch Ratings commentary. “While further adjustments may be necessary to align spending with the lower revenue trajectory, Fitch believes this budget allows California to retain

California Gov. Gavin Newsom issued an executive order instructing state agencies to adopt policies to clear homeless camps on state properties and asked local governments to use the “substantial funding” provided by the state to take similar action. The executive order issued Thursday comes a month after the U.S. Supreme Court’s sweeping Grants Pass decision

An Oklahoma court ruling against a state anti-ESG law could help undermine similar laws in Louisiana, Florida, and elsewhere, attorneys said. Oklahoma County District Court District Judge Sheila Stinson late last week issued a permanent injunction against the enforcement of a 2022 state law that led to investment banks being banned from underwriting municipal bonds

A coalition organized by New York City Comptroller Brad Lander has filed three lawsuits to allow the launch of congestion pricing.  Lander and his allies hope the lawsuits will force the defendants — New York Gov. Kathy Hochul, state Department of Transportation Commissioner Marie Therese Dominguez, and the Metropolitan Transportation Authority — to begin the

The Louisiana State Bond Commission approved three bond issues totaling more than $3 billion on Wednesday. The commission approved a $1.33 billion to $2 billion bond to be backed by tolls on the I-10 Calcasieu River Bridge, a state general obligation bond of up to $1 billion, and gave preliminary approval to a state gas

Costly plans to tackle climate and water supply challenges in the Southwest may be stalling amid concerns over funding.  Austin, Texas, officials tapped the brakes last week on seeking voter approval for general obligation bonds that would help finance a comprehensive climate implementation program, pushing a potential ballot measure for the debt beyond this November’s

The Texas Water Development Board approved an up to $1.8 billion State Water Implementation Revenue Fund for Texas (SWIRFT) bond issue on Tuesday, along with nearly $3 billion in requests to use the fund to finance local water projects, including seawater desalination in Corpus Christie and a reservoir and pump station expansion in Brazoria County

Erlanger Health of Chattanooga, Tennessee, was upgraded by Moody’s Ratings to Baa1 from Baa2 and by Fitch Ratings to A-minus from BBB-plus. Both ratings agencies have positive outlooks on their rating. The Chattanooga Health, Educational and Housing Facility Board will issue $322 million of bonds on behalf of Erlanger, in a negotiated deal the week

Tejon Ranch, the largest stretch of private land in California, is tapping the municipal bond market for $61.6 million to expand the commercial center roughly 83 miles north of downtown Los Angeles. Encompassing roughly 270,000 acres, or about 420 square miles, the mixed-use property owned by the publicly traded Tejon Ranch Co. has long been

Texas general fund revenue so far in fiscal 2024 remains on target with the state’s October estimate forgoing the need for a July revision in the forecast, while a projection for the yearend balance could fluctuate, state Comptroller Glenn Hegar reported Wednesday. An $18.3 balance projected in October for the end of the triple-A-rated state’s

An Oklahoma court has canceled an election next month on a proposition to create two tax increment financing districts in Norman to help finance a University of Oklahoma sports arena as part of a $1 billion proposed entertainment development. Cleveland County District Court Judge Jeff Virgin issued a temporary restraining order last week enjoining the

Pennsylvania became the final state in the country to pass its 2024-2025 budget last week, as the commonwealth’s divided legislature wrapped up its $47.6 billion spending plan two weeks past its July 1 deadline, with several new initiatives.  The budget spends big on economic development and education, but provides only one-time funding for transit. And