Republicans have finalized their roster of subcommittee chairs for the powerful House Ways and Means committee, one of the municipal market’s key panels. Pennsylvania Republican Rep. Mike Kelly will lead the newly-renamed tax subcommittee, formerly known as the Select Revenue Measures subcommittee, which writes tax policy and oversees tax collections. The position puts him in
Bonds
The city of Miami and the county of Miami-Dade continue to rebound from the pandemic with unprecedented economic growth coupled with record low unemployment rates. Miami-Dade County Mayor Daniella Levine Cava unveiled plans to create an authority to fund innovation while Miami City Mayor Francis Suarez focused on the environment and housing affordability. The Miami-Dade
Loma Linda University Children’s Hospital was awarded $135 million in grant funding by the California Health Facilities Financing Authority that it will use to expand pediatric programs in several counties. The grants are funded by issuing bonds through the Children’s Bond Act of 2018, a voter-approved bond measure that authorized the state to issue $1.5
Municipals were steady Thursday in the secondary market while an $830 million deal from the Triborough Bridge and Tunnel Authority took focus in the primary. U.S. Treasuries yields rose after the fourth-quarter gross domestic product report was better than expected and equities ended up. The three-year muni-UST ratio was at 54%, the five-year at 57%,
After five years of growth that followed a relaunch of its municipal business, UBS Financial Services cut from its banking ranks this week in the aftermath of a down year for issuance and headwinds for 2023. The firm slashed 20% of its overall municipal team — which includes banking, sales, trading and underwriting — with
York County, South Carolina, priced $24.6 million of revenue bonds Wednesday to recoup costs incurred by the county to take over of a private water utility operation. The proceeds will cover a portion of the $36 million price tag York County paid to take over private firm Blue Granite Water’s water utility operations in the
Genera PR was approved to oversee Puerto Rico’s electricity generation. Gov. Pedro Pierluisi and the Puerto Rico Oversight Board both announced Wednesday they approved the selection. Genera PR is a subsidiary of New Fortress Energy. The company is a liquefied natural gas company, which, among other things, builds LNG import facilities. It plans to transform
Roger Millar, AASHTO’s new president and chief of Washington’s Department of Transportation, joins Caitlin Devitt to talk about the rollout of the Bipartisan Infrastructure Law, how a tight labor market and inflation are impacting capital plans, what a divided Congress means for transportation and an update on the Pacific Northwest’s high speed rail project. (24
Municipal bond issuers are worried about what the recently passed Financial Data Transparency Act is going to cost them to implement, they said at a recent industry gathering. “We are concerned about having to purchase new equipment or new software packages,” said Barry Fick, executive director of the Minnesota Higher Education Facilities Authority. “You get
Connecticut’s surplus projection for the current fiscal year received a $324.7 million boost. The Connecticut Office for Policy and Budget Management’s recently announced forecast for fiscal 2023, which runs through June, projects general fund revenue of $23.2 billion. Compared to December’s projections, revenues are up $265.3 million and expenses are down $59.4 million. That $324.7
Bloomberg Finance LP will pay $5 million to settle charges from the Securities and Exchange Commission that the firm’s pricing service misled investors about its fixed-income bond valuations, the regulator announced Monday. Bloomberg agreed to the cease-and-desist order without admitting or denying the findings, which cover several fixed-income asset classes, including municipal bonds, but do
The Puerto Rico Electric Power Authority approved a contract Thursday with a consortium to run its electric generating facilities, despite observers raising some concerns about one member of the group. The consortium, Genera PR, would include New Fortress Energy, the El Nuevo Día and El Vocero web sites reported. New Fortress is a liquified natural
A suburban Chicago hotel and conference center working to get back on track from COVID-19-induced operating struggles made a partial payment on overdue interest owed to some holders of $142 million of restructured bonds. Breathing room still remains through this year for the Westin hotel and conference center complex in Lombard from a bondholder-provided loan
Municipals were weaker in spots Friday, outperforming a U.S. Treasury selloff, while equities ended up. The three-year muni-UST ratio was at 55%, the five-year at 58%, the 10-year at 64% and the 30-year at 87%, according to Refinitiv MMD’s 3 p.m. ET read. ICE Data Services had the three at 55%, the five at 59%,
Bondholders controlling more than two-thirds of the $180 million outstanding Puerto Rico Industrial Development Co. bonds filed suit against the Puerto Rico Oversight Board and the Fiscal Agency and Financial Advisory Authority seeking full payment. Affiliates of GoldenTree Asset Management LP complained that PRIDCO’s bonds have not paid since the passage of the Puerto Rico
Federal Reserve Governor Christopher Waller said roughly $2 trillion of reserves could be taken out of the banking system without disrupting banks. Waller discussed monetary policy and his views on the economy during an hourlong event Friday afternoon hosted by the Council on Foreign Relations. During the event, he said the Fed could reduce its
The state of California is expected to see more than twice the demand for its private activity bonds than what is available under the $4.7 billion cap allowed by the IRS for 2023, according to the California Debt Limit Allocation Committee. On Wednesday, the committee, chaired by Treasurer Fiona Ma approved the $4.7 billion PAB
Minnesota-based Fairview Health Services lost its A-level rating from Moody’s Investors Service and could fall further on the credit scale as it copes with worsening operating struggles that began before the COVID-19 pandemic. Moody’s lowered the rating Wednesday to Baa1 from A3 and assigned a negative outlook. Further downgrades raises the risk that Fairview — which
Figuring out the long-term effects of the pandemic on public finance issues attached to the urban cores of major US cities still requires a dartboard and a crystal ball, especially while municipalities are currently flush with cash. The comments came during a Thursday panel discussion hosted by the Volcker Alliance to explore the still unfolding
Growth in U.S. prices is expected to ease in the year ahead, contacts surveyed in the Federal Reserve’s latest Beige Book said. “Selling prices increased at a modest or moderate pace in most districts, though many said that the pace of increases had slowed from that of recent reporting periods,” the Fed said Wednesday in
On Tuesday the U.S. Supreme Court revealed that it would not hear the case brought by the state of Missouri regarding an ongoing effort that would allow pandemic funds to be used to finance tax cuts. “Orders for declining to hear a case do not usually include reasoning,” said Joe Bishop-Henchman, EVP, National Taxpayers Union.
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