Bonds

The Puerto Rico Oversight Board’s proposed Puerto Rico Electric Power Authority plan of adjustment can be approved in its current form despite a recent appeals court ruling undermining the assumptions that underlies it, said board Executive Director Robert Mujica Jr. “We believe that the current plan that we have is confirmable as it is and

States continue to chip away at income taxes by lowering rates or adopting tax credits, with Arkansas and Kansas enacting reductions last month that will reduce collections by hundreds of millions of dollars in fiscal 2025. But the overall trend of large tax cuts, which reached a peak in 2022, has slowed considerably, according to

Michigan’s $82.5 billion fiscal 2025 budget — which Gov. Gretchen Whitmer is expected to sign — includes investments in roads and bridges financed by the $700 million final tranche of Rebuilding Michigan Plan bonds, which will be issued later this year. According to a press release from the governor’s office, projects funded by the bonds

Fitch Ratings gave Children’s Health System of Texas a negative outlook on its AA rating, citing financial pressure from a plan to build a partly bond-financed $5 billion pediatric health campus in Dallas. Fitch noted the project will be funded by Children’s Health and UT Southwestern Medical Center and will be “supported by philanthropy and

Davis Polk has hired infrastructure finance lawyer Elena Millerman to join the firm in New York as a co-leader as it builds out its infrastructure practice. Millerman joins as partner and co-head of the infrastructure finance group. She was previously at White & Case LLP, where most recently she served as the global head of

Municipals were steady Tuesday as U.S. Treasury yields fell and equities ended higher. The muni market will see few deals this week as issuers usually “take a breather” on coming to market during holiday-shortened weeks, noted senior vice president and director of strategic planning and fixed income research at SWBC Chris Brigati. Along with the

Miami-Dade County, Florida, was upgraded to AA-plus from AA by Fitch Ratings, which attributed the change to its new local government ratings criteria. The outlook is stable. Fitch cited the county’s “expected resilience to cyclical and noncyclical economic stressors due to its position as the primary anchor of the Miami-Fort Lauderdale-Pompano Beach [metropolitan statistical area],

Another $289 million in Airport Infrastructure Grants is flowing to 129 airports across 40 states as air travel in the US breaks new records. “This latest round of funding will support key improvements to terminals, runways, and baggage systems and build on the work this administration is doing to modernize our aviation infrastructure,” said Transportation Secretary

The credit quality of issuers that do not disclose climate-related vulnerabilities, or their plans to address such risks, should be examined more closely by investors and considered riskier long-term investments than their public ratings may imply. Given the “constant, widespread reporting of climate change perils, and the current abundance of free, public data,” bondholders can

Columbus, Ohio, recently embarked on a technological modernization push that employs artificial intelligence in its payroll, revenue and accounting and operations systems. Columbus Auditor Megan Kilgore said her office now uses AI for everything from reconciling differences between sets of data to visualizing city finances for the mayor or City Council members with almost real-time

Brightline train’s proposed extension to Tampa won a vote of confidence Friday from a coalition of planning and transportation organizations, two months after the sale of $925 million of high-yield municipal bonds to finance the planned extension. The Suncoast Transportation Planning Alliance and Central Florida Metropolitan Planning Organization Alliance, which together represent 10 metropolitan planning

The start of a trial to determine whether bonds could be issued to finance a multi-billion-dollar light-rail project in Austin was halted Monday after Texas Attorney General Ken Paxton’s office filed an emergency motion with a state appeals court. A Travis County District Court judge planned to commence the trial before ruling on the attorney

Federal regulations are putting the brakes on U.S. Department of Transportation funding designed to boost transit-oriented development projects near public transit.  “We need to make it easier to build in any way we can,” said Sen. Brian Schatz, D-Hawaii. “Providing low interest capital through TIFIA and RRIF is one means, but for it to work

Municipals were steady in secondary trading Tuesday as a heavy new-issue calendar took focus in the primary, led by an upsized $2.55 billion deal for the John F. Kennedy International Airport New Terminal One Project that saw yields bumped upon repricing. U.S. Treasury yields fell and equities were up near the close. The two-year muni-to-Treasury

The Internal Revenue Service has settled with the Port of Port Arthur Navigation District of Jefferson County, Texas regarding the tax-exempt status of a 2017 $55 million bond issuance.   The issuer disclosed the recent settlement on EMMA Monday, concluding the matter after it was first disclosed months ago. “As a result, there is no change

Municipals were firmer Tuesday amid a busy primary market with several large deals, as U.S. Treasury yields fell and equities ended up. The two-year muni-to-Treasury ratio Monday was at 68%, the three-year at 69%, the five-year at 71%, the 10-year at 70% and the 30-year at 86%, according to Refinitiv Municipal Market Data’s 3 p.m.

A surprise primary result means Puerto Rico will have a new governor next year. Puerto Rico Resident Commissioner Jenniffer González Colón upset Gov. Pedro Pierluisi in the race for the New Progressive Party nomination for governor. The New Progressive Party supports statehood for Puerto Rico. As resident commissioner González Colón represents, without being able to

St. John’s Lutheran Church sits three blocks from the Capitol in Madison, Wisconsin, in the heart of the up-and-coming East Washington corridor, where development is booming. Many of the developments cater to a well-heeled clientele, such as the Moxy Madison, a boutique Marriott hotel where weekend rates start at $341 a night. Or Archipelago Village,

With the municipal market’s prized tax exemption possibly in play next year as Congress tackles tax policy, the National Football League is getting into the game by lobbying to protect the financing tool for the controversial and niche stadium market. The use of tax-exempt bonds to build sports stadiums, which have been subject to several

New York Gov. Kathy Hochul is considering delaying the congestion pricing plan to charge motorists driving into midtown Manhattan and potentially replacing it with a tax on New York City businesses, according to a person familiar with the situation who requested anonymity because the proposal hasn’t been made public. The tolling plan, set to begin