Austin, Texas, officials are heading to court to seek validation for a controversial issuance of bonds to help fund a multi-billion-dollar light-rail project. The Austin City Council on Thursday authorized the move, as well as amendments to an agreement with the Austin Transit Partnership (ATP), a corporation created by the city and its Capital Metro
The Alameda Transportation Authority sold over $216 million in revenue refunding bonds to restructure ACTA’s debt through a combined tender offer and debt restructuring plan. The bond sale allowed ACTA to reshape its profile to avoid projected debt service shortfalls and match anticipated revenue growth. The rail corridor consists of a 20-mile multi-track rail system
Oklahoma’s credit quality is looking up, rating agencies say, with Fitch Ratings joining Moody’s Investors Service and S&P Global Ratings in revising the state’s rating outlook to positive from stable. Fitch, which rates Oklahoma AA, said Friday the revision reflects sustained improvements in expenditure flexibility and overall fiscal management, “particularly its adherence to conservative budgeting
A four-day atmospheric river-fueled storm that walloped California caused estimated damages of up to $11 billion and put the state’s aging infrastructure to the test. The preliminary damage estimate of up to $11 billion by AccuWeather accounts for damage to homes, businesses, infrastructure, facilities, roadways and vehicles, as well as over 900,000 reported power outages
Illinois’ Commission on Government Forecasting and Accountability on Thursday released its Special Pension Briefing on the state-funded retirement systems’ fiscal 2023 actuarial reports. The report said the five pension systems’ unfunded liability climbed to a market value of $142.2 billion at the end of fiscal 2023 on June 30 from $139.8 billion in 2022, with
Pennsylvania Gov. Josh Shapiro announced a new economic development plan that he says will guide the priorities when he releases his budget this week. The 10-year program is Pennsylvania’s first economic development plan in nearly two decades and targets areas including site readiness, workforce development and housing and community development. “For too long, Pennsylvania’s neighboring
Florida lawmakers are asking Congress to expand the use of tax-exempt private activity bonds to include commercial spaceports. “The push for Congress to grant spaceport bonds tax-exempt status has been a conversation for many years,” said a spokesperson for Space Florida, the state’s aerospace finance and development authority, which oversees the development of the Florida’s
The Oklahoma Senate will not take up an income tax cut during a special legislative session next week as it waits for more information about the state’s financial position. The Republican-controlled chamber will commence and immediately adjourn the session that starts Monday just like it did for an October special session on tax cuts Gov.
Dealer groups representing firms of all sizes are urging the Securities and Exchange Commission to adopt the Municipal Securities Rulemaking Board’s 2024 rate card for fear that reverting back to 2023 levels would cause significant disruption. That’s according to a joint letter signed by the Bond Dealers of America and the Securities Industry and Financial
Arizona should be able to tackle a growing shortfall given the state’s improved reserves, low debt burden, and budget flexibility, Moody’s Investors Service said this week.  The state’s general fund faces projected shortfalls of $835 million in fiscal 2024 and nearly $879 million in fiscal 2025, according to the Joint Legislative Budget Committee’s latest projections,