Bonds

Abundant oil and natural gas taxes are pouring into New Mexico’s general fund, boosting revenue projections and sparking concerns over the fiscal impact of a future downturn in the state’s fossil fuel industry.  The state’s latest consensus forecast lifted general fund revenue for fiscal 2023, which began July 1, $928 million above an August forecast

The Puerto Rico Oversight Board defended its latest actions in the Puerto Rico Electric Power Authority bankruptcy and rejected bondholder and unsecured creditor challenges to its proposals. The urgent motion filed Dec. 16 was “purely administrative in nature,” requesting the scheduling of a disclosure statement hearing, deadlines for briefing on the disclosure statement and the

Georgia backers of an economic development deal with electric automaker Rivian are meeting continued resistance from a group of residents suing to stop its planned factory. In October, a county judge denied validation of the up to $15 billion in payment in lieu of taxes revenue bonds planned as part of the incentive structure for

Municipals were steady Friday ahead of a week with no new deals slated. U.S. Treasuries sold off out long and equities were up near the end of the session. Muni-UST ratios were steady Friday. The three-year muni-UST ratio was at 60%, the five-year at 64%, the 10-year at 68% and the 30-year at 92%, according

Municipals were weaker in spots Wednesday as outflows from mutual funds intensified. U.S. Treasury yields fell, and equities ended higher. The three-year muni-UST ratio was at 62%, the five-year at 66%, the 10-year at 69% and the 30-year at 93%, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had the three at 63%,

Sen. Pat Toomey, R-Pa., introduced legislation Wednesday that would eliminate more than half of the regional Federal Reserve banks and subject the remaining banks to additional federal rules and restrictions. The bill, titled the Federal Reserve Accountability Act, would reduce the number of regional Federal Reserve banks from 12 to five; require bank presidents to

PNC Capital Markets has been added to the newly-formed list of underwriters who failed to meet the exemption requirements in connection with 36 limited offerings in violation of Securities and Exchange Commission Rule 15c2-12 and Municipal Securities Rulemaking Board Rule G-27 on supervision. Without admitting or denying the findings, PNC agreed to be censured and

Placer County, California, has been a leader in creating public finance solutions. Much of that, according to public finance professionals and county leaders, can be attributed to one person: Jenine Windeshausen, the county’s long-serving treasurer-tax collector, who is retiring at year-end. “Jenine gained a reputation for bringing creative financial solutions, and innovative entrepreneurial programs and

In the past five years, debt issuance by state and local authorities in New York has risen by 23%, state comptroller Thomas DiNapoli said. Total debt outstanding at state and local public entities hit more than $329 billion, an increase of $61.5 billion since 2017, according to the report issued Wednesday. “Many of New York’s

The Michigan Department of Transportation has delayed plans to sell $1.9 billion of trunk line road bonds as it confronts “project cost changes and other pressures.” In September, the departmentsaid it would tap all $1.9 billion of its remaining borrowing authority under the $3.5 billion Rebuilding Michigan road program with an eye to entering the

The Board of Governors of Citizens Property Insurance Corp. voted Thursday to approve a transition plan as President and CEO Barry Gilway prepares to step down next year after more than a decade at the helm of the state-sponsored insurer. Gilway, 77, will work with chairman Carlos Beruff on to find a successor as the

Puerto Rico Electric Power Authority bondholders objected to the Oversight Board’s proposed plan of adjustment and asked that the discovery process begin immediately. “There is no conceivable benefit to interested parties or the court from forcing all parties to sit on their hands for more than two months before plan-related discovery begins, only then to

Municipals were little changed Thursday, while U.S. Treasuries were weaker and equities sold off. The three-year muni-UST ratio was at 61%, the five-year at 65%, the 10-year at 69% and the 30-year at 94%, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had the three at 63%, the five at 66%, the 10

West Virginia municipalities will receive fresh federal funds to address dated waste infrastructure networks long overdue for upgrades. The U.S. Department of Agriculture’s Rural Development Program will provide $2.2 million for “18 critical projects across West Virginia,” the state’s two senators said Tuesday in a news release, supporting efforts ranging from upgrades to telecommunications technology

Massachusetts plans to bring $2.7 billion of taxable business-tax backed special obligation revenue bonds with a social designation, marking the largest environmental, social and governance deal to date in the municipal market. The deal is also one of the larger taxable deals in 2022 in a year that has seen a significant drop in taxable

Los Angeles International Airport received a $50 million grant from the federal infrastructure bill for terminal road improvements, among the largest dispersed from the $1 billion allocated to 85 airports nationally. The grants are the first allotment in a five-year, $5 billion airport terminal grant program funded by the Infrastructure Investment and Jobs Act, Transportation

The Supreme Court decision in Carson v. Makin may render unconstitutional issuer statutes that prohibit the use of bond proceeds for religious purposes. The court ruled last month that if a state chooses to subsidize private education, it cannot disqualify some private schools solely because of religious affiliation. The ruling could change the way some

Municipals were mixed to close out a quiet summer Friday session ahead of a larger new-issue calendar that sees several billion-dollar deals. Triple-A benchmark yields once again largely ignored a selloff in U.S. Treasuries after a robust jobs report indicated the Federal Reserve will likely hike interest rates another 75 basis points at its next

Puerto Rico’s economic activity index increased 0.5% in May from April and 3.3% from May 2021. , according to data released from the Economic Development Bank for Puerto Rico Thursday. Over the last six months the index has gone up four times from month to month, stayed the same once, and gone down once.  May was

Municipals were steady to firmer in secondary trading Thursday as a large airport revenue bond offering from the City and County of Denver, Colorado, and the Triborough Bridge and Tunnel Authority’s MTA deal took the focus. Municipals continued to ignore the movements of U.S. Treasuries, which saw yields rise for the second day, while equities