President Donald Trump promised the federal government will award $3.7 billion to Puerto Rico for water and sewer infrastructure repairs to recover from Hurricane Maria. Hurricane Maria, which hit Puerto Rico in September 2017, was the most damaging hurricane for the island since the 1930s. Puerto Rico Aqueduct and Sewer Authority’s Vieques treatment plant. The
The South Carolina Jobs-Economic Development Authority has wrapped up the first round of funding for a bond liquidity program to aid local governments impacted by the COVID-19 pandemic. JEDA created RecoverSC in June as Congress struggled and ultimately failed to provide financial aid to local governments to follow up the original March CARES Act while
Puerto Rico legislators in the party with a plurality of seats in both legislative bodies are seeking changes to labor laws, such as raising the minimum wage and increasing the number of vacation and sick days for workers, which some say may negatively affect the local economy. Popular Democratic Party lawmakers in the Puerto Rico
“For too long, much-needed help has been stalled or diluted by a Republican-led Senate and President Trump,” New York Sen. Chuck Schumer said Wednesday. “That will change with a Democratic Senate, Democratic House, and a Democratic president.”Brian Tumulty, The Bond Buyer A Senate vote on federal emergency aid to state and local governments could come
Federal Reserve officials unanimously backed holding the pace of asset purchases steady when they met last month. “All participants judged that it would be appropriate to continue those purchases at least at the current pace, and nearly all favored maintaining the current composition of purchases,” according to minutes of their Dec. 15-16 meeting published Wednesday.
Revenue Procedure 2021-10 will be published in the Internal Revenue Bulletin dated January 25.Bloomberg News The Internal Revenue Service unexpectedly issued guidance Monday on procedures for appealing adverse rulings on audits involving tax-advantaged bonds. Bond attorneys said the new rules fill in some holes because the IRS previously only had a process for tax-exempt bonds.
The process of getting $25 billion to renters and landlords is expected to be easier and faster compared to past federal aid, creating housing and utility stability for revenue and property tax-backed bonds. The U.S. Treasury listed cities and counties eligible for the Emergency Rental Assistance Program as well as a Jan 12 deadline for
On a day when a pro-Trump mob breached the U.S. Capitol and overtook the House and Senate chambers, markets were still digesting what was transpiring in Washington. As of press time, the National Guard was headed to the Capitol that was still occupied. Municipal bond yields rose one to two basis points on triple-A scales
Denver Public Schools on Thursday will price $450 million of new money bonds authorized by voters two months ago. The school building bonds, pricing through negotiation with book runner RBC Capital Markets, are listed under the name School District 1 of the City and County of Denver. Fiscal Strategies Group and Public Resources Advisory Group
The Puerto Rico Oversight Board announced Wednesday that Pres. Donald Trump would name David Skeel and Arthur González to serve three-year terms on the Puerto Rico Oversight Board. The board made the announcement late Wednesday. The announcement wasn’t on the White House press site at 5:30 p.m. Wednesday. Earlier in the day The El Nuevo
Rhode Island’s $12.8 billion budget bill, which Gov. Gina Raimondo signed on Monday, includes $400 million in bond measures in seven ballot questions that voters will decide in a March 2 special election. The pared-down, six-months-late spending plan for fiscal 2021 restores funding to cities and towns, uses federal COVID-19 relief funds from the CARES
Oregon lawmakers approved $800 million in COVID-19 aid and wildfire relief for communities decimated by the fire during a special session held Monday. Senate Bill 5731 included $600 million to allow the state to continue to fund critical pandemic-related programs into the first few months of 2021 and to provide support for Oregonians impacted by
The Securities and Exchange Commission does not expect to extend a temporary conditional exemption that allows municipal advisors to facilitate certain private placement deals. In a letter sent to Rep. French Hill, R-Ark., late last week, SEC Chair Jay Clayton told the lawmaker that the SEC would pull the plug on the TCE at its
Consumer confidence unexpectedly plunged in December, although the expectations index improved, while the rest of Tuesday’s economic data came in around expectations. The consumer confidence index fell in December to 88.6 from a downwardly revised 92.9 in November, first reported as 96.1, The Conference Board reported Tuesday. The present situation sank to 90.3 from an
There will be pressure on the incoming Biden administration to persuade Congress to quickly approve direct aid to state and local governments.Bloomberg News State and local governments will need to focus their efforts on getting additional federal aid from the Biden administration now that Congress has completed its budget work for the year. President Trump
Private-activity bonds backing the long-planned Purple line light rail system in Maryland received a credit boost following approval of a financial settlement that contains protections for bondholders of the beleaguered public-private partnership. Fitch Ratings upgraded Purple Line Transit Partners’ senior-lien revenue bonds issued through the Maryland Economic Development Corporation (MEDC) by one notch to BB-minus
Municipal bonds remained unchanged Tuesday as the market looked positively at the passage of a federal stimulus bill even as a new strain of COVID-19 began to be felt around the world. Yields on top-rated muni bonds were flat, remaining steady across the AAA scale. Treasury bonds were slightly stronger as equities traded narrowly mixed.
Even with the novel coronavirus pandemic taking a hit on Florida’s revenues, the state projects it will have debt capacity available to finance capital needs over the next decade. The Sunshine State can borrow up to $6.6 billion in fiscal 2022 and up to $34.1 billion over the next 10 years if Revenue Estimating Conference
This article is part of a series spotlighting The Bond Buyer’s ten 2020 Deal of the Year award winners, running from December 9 through 15. One of these honorees will be chosen as our national Deal of the Year at a virtual event taking place December 16. For more information on the Deal of the
As we contemplate the state of the municipal market today, issuance and the strong demand for many types of municipal bonds provide an “all is well” feeling. Many of us recall that scene from Animal House where Chip Diller (aka Kevin Bacon), dressed in his auxiliary police uniform, implored all to “remain calm, all is
President Donald Trump said Monday he planned to appoint Antonio Medina Comas to the Puerto Rico Oversight Board. Medina Comas served as Executive Director to the Puerto Rico Industrial Development Company from 2012 to 2016. He spent 20 years at pharmaceutical company Merck Sharp & Dohme, starting as an industrial engineer and advancing to be
“Undoubtedly, depending on the course of this pandemic, we may have to do more,” Sen. Susan Collins, R-Me., said Monday at a news conference held by a group of bipartisan lawmakers.Bloomberg News Emergency federal aid for coronavirus vaccine distribution, schools, transit, airports, small business and the unemployed are contained in a $748 billion bipartisan congressional
Florida’s elected Cabinet has authorized seven bond issues that combined represent one of the largest amounts of new debt approved by the panel at one time. The Cabinet at its last meeting of the year Tuesday unanimously granted requests to issue more than $2.06 billion of bonds made by Division of Bond Finance Director Ben
The Illinois Sports Facilities Authority is sounding alarms over its dismal fiscal picture heading into fiscal 2022 in the absence of a strong economic recovery that fuels a big pickup in hotel tax revenues or a debt restructuring to eases near-term pressures. Bolstered by the use of a special reserves, the junk-rated authority has sufficient
While manufacturing in the New York region was slower in December, respondents to the Empire State manufacturing survey were more optimistic about six months ahead. The current general business conditions index fell to 4.9 in December from 6.3 in November, suggesting expansion at a slower pace, but the six months ahead general business condition index
Municipal yields were steady Tuesday as investors were handed billions of New York, Connecticut and Texas paper with deals re-pricing to lower yields, pre-sold totals high and sub-5% coupons a dominant theme. Meanwhile, as expected, Illinois sold $2 billion of notes to the Federal Reserve through the Municipal Liquidity Facility. The notes yield 3.42% and
The Port Authority of New York and New Jersey’s scaled down 2021 $7.3 billion budget includes plans to sell $3.6 billion of bonds in 2021, as it deals with massive revenue losses caused by the COVID-19 pandemic. The bi-state agency’s fiscal plan will be voted on Thursday. Debt service payments would increase by $160 million
Illinois began chipping away at a nearly $4 billion budget hole this week by slashing $711 million in spending and the expected closing this week of a $2 billion loan through the Federal Reserve’s Municipal Liquidity Facility. Illinois Gov. J.B. Pritzker announced the fiscal 2021 cuts Tuesday. He also called on lawmakers to lay out
Municipals ended the week little changed ahead of an at least $9 billion new-issue calendar led by a Puerto Rico Aqueduct and Sewer Authority $1.4 billion refunding deal and a Massachusetts $1.2 billion of taxable general obligation revenue anticipation notes, among an eclectic mix of credits. Triple-A benchmarks held steady with some curves showing minor
Joe Biden’s election as president has raised the specter of a federal public works program designed to boost climate resilience. Nonprofit think tank Center for an Urban Future wants New York City to get a running start. A report by the center lists recommendations for project ideas by leaders in coastal resilience and renewable energy.