Bonds

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

The City of Rochester, New York, and its former finance director Rosiland Brooks-Harris have denied all wrongdoing following the Securities and Exchange Commission’s June complaint that the city, Brooks-Harris and the former Rochester City School District CFO mislead investors and provided outdated financials in connection with a $119 million bond offering in 2019. In a separate complaint,

Chester, Pennsylvania, has filed for Chapter 9 bankruptcy. The petition was filed Thursday in the United States Bankruptcy Court for the Eastern District of Pennsylvania. In its Chapter 9 filing, the city’s receiver listed estimated liabilities of between $100 million and $500 million with assets of between $10 million and $50 million. The city has

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

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

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

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

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

Municipals rallied hard Thursday with the greatest gains seen out long after a lower-than-expected consumer price index report showed inflation is cooling, boosting all markets. U.S. Treasuries rallied out of the gates seeing yields close the session up to 31 basis points lower on the short end of the curve, while equities made massive gains,

The National Association of Bond Lawyers recently responded to a request for comments on new Internal Revenue Service regulations resulting from the transition from the London Interbank Offered Rate to alternative rates, making seven major requests of the IRS. Joseph “Jodie” Smith, the president of NABL, replied via a letter sent to Charles P. Rettig,

Democrats Erick Russell and James Diossa won open-seat campaigns for the state treasurer’s offices in Connecticut and Rhode Island. Russell will replace Connecticut State Treasurer Shawn Wooden, who didn’t seek re-election, and Diossa will replace Rhode Island General Treasurer Seth Magaziner, who ran for and won a seat in the U.S. House of Representatives. Russell,

For the first time in almost 30 years, the Louisiana Insurance Guaranty Association is coming to market with a municipal bond deal. Senior manager Wells Fargo Securities is set to price the Louisiana Local Government Environmental Facilities and Community Development Authority’s $458 million of tax-exempt Series 2022B insurance assessment revenue bonds for LIGA on Nov.

Republicans appeared poised to take control of the House of Representatives but the Red Wave many expected heading into the midterm elections seemed to fade as results trickled in late Tuesday. While many House races won’t be called for a day or two, Republicans were projected to have gained at least six seats late Tuesday,

Chicago’s City Council signed off on a $16.4 billion 2023 budget package and $1.85 billion of general obligation borrowing against a backdrop of debate over the city’s fiscal progress and efforts to combat crime and climate change. The council’s action Monday came after several hours of debate with the budget winning approval in a 32

Municipals were little changed and lightly traded ahead of the midterm elections while U.S. Treasuries were weaker across the curve and equities improved. Triple-A yields were little changed to a basis point or two firmer 10 years and out while the U.S. Treasury two-year climbed to another high not seen since 2007. Muni to UST

Investors will have a range of state of Ohio-related credits with a mix of taxables, tax-exempts and sustainability-labeled bonds to choose from over the next two weeks with three separate deals hitting the market. A $617 million taxable JobsOhio transaction is first up Tuesday.    The state established JobsOhio in 2011 as a privatized not-for-profit economic

A Rhode Island charter school plans to upgrade and expand with proceeds from a $12.7 million Rhode Island Health and Educational Building Corporation bond sale that closed Oct. 26. Proceeds from the sale are destined for Blackstone Valley Prep Mayoral Academy, a private charter school based in Cumberland seeking capital to purchase and renovate a

Municipals were little changed Friday as the market shifts its focus to next week’s midterm elections and a larger new-issue calendar. U.S. Treasuries were weaker out long and equities ended up as markets digested a better-than-expected October jobs report that may validate the Fed’s more hawkish tone on rate hikes this week. Muni to UST

Failure of the U.S. Congress to raise the rum cover rate has a Virgin Islands senator concerned about its finances and its retirement fund. The Virgin Islands government refinanced matching fund bonds in March, planning to use some of the savings to prop up the faltering retirement system, which would have otherwise run out of

St. Joseph’s University in Philadelphia will borrow $200 million in the municipal market as it implements a new operational and strategic vision sped up by this year’s merger with the nearby University of the Sciences. The tax-exempt bonds will price through conduit issuer Philadelphia Authority for Industrial Development next week, according to an online slide

The Internal Revenue Service’s Tax Exempt, Government Entities office is making clear there will be a beefier IRS presence in the coming year, which may be both a boon and a hindrance to issuers and their attorneys. The TE/GE 2023 Program Letter was recently released online Nov. 4 and lists the agency’s priorities for the