Bonds

California and Illinois are the largest contributors to an expected $1.3 trillion in unfunded pension liabilities for the 50 states in fiscal 2023, according to a Reason Foundation study. California’s public pension systems are projected to be $245 billion short of where they need to be after 2023, the largest miss in the nation, followed

Federal Reserve Bank of Cleveland President Loretta Mester said Friday’s jobs report didn’t change her view that the labor market remains strong, and that further interest-rate hikes will depend on additional incoming data. “The inflation rate is still too high, the level of inflation remains high, but at least we’re seeing progress on it,” Mester

Connecticut Green Bank launched its eighth sale of Green Liberty Notes, seeking up to $350,000 for a state-wide small business energy loan program. The one-year notes are on sale through October 26 on Green Bank’s online platform, offered through its subsidiary CGB Green Liberty Notes LLC. They feature a 5.25% interest rate and, with buy-in

Texas’ coffers will continue to overflow, with a nearly $18.3 billion balance projected at the end of the current biennium, according to a state revenue estimate released Thursday. State Comptroller Glenn Hegar said while the legislature approved $176.28 billion in general-purpose spending for the fiscal 2024-25 biennium that began Sept. 1, his office estimates revenue

The abrupt ouster of House Speaker Kevin McCarthy and the battle for his former position now underway carry little direct or immediate effect on the municipal market, but participants agree that the repercussions tilt negative for everyone from issuers to investors and bankers. With the ink barely dry on Saturday’s continuing resolution to keep the

Bond ratings sank deeper into junk territory for financially troubled Wise Health System in Texas as it eyes closing a deal later this quarter to be acquired by a division of HCA Healthcare. S&P Global Ratings on Sept. 15 dropped its rating five notches to B-minus from BB-plus with a negative outlook due to the

Oklahoma City is looking at short-term financing for an at least $900 million arena for the National Basketball Association’s Thunder if voters approve the continuation of a one-cent sales tax for six years. The city council last week set a Dec. 12 election on the tax and approved a letter of intent with the team,

California Democratic leaders are asking the state Supreme Court to remove a business-backed measure from the November ballot that would require voter approval for any increase in state or local taxes. Senate President Pro Tempore Toni Atkins, D-San Diego and Assembly Speaker Robert Rivas, D-Hollister, filed an emergency petition with the state Supreme Court Tuesday

Californians say jobs, the economy, and inflation are the most important issues facing the state today, according to a new poll. Two out of three Californians said they expect bad economic times in the next 12 months; and that California is going in the wrong direction, according to a Public Policy Institute of California poll

A court decision on Monday cleared the way for the Oklahoma Turnpike Authority to head to the municipal market with $500 million of bonds to start financing a controversial expansion program. The Oklahoma Supreme Court, which validated the bonds Aug. 1 in a 6-3 decision, denied a petition for a rehearing requested by property owners

Billions of dollars in tax incentives are under scrutiny in Georgia this legislative offseason. In the three months since the state legislature adjourned for 2023, the General Assembly’s Joint Tax Credit Review Panel has met three times in the city of Rome to evaluate the effectiveness of wide-ranging tax incentives that have helped fuel the

Federal Reserve Bank of Chicago President Austan Goolsbee said it’s possible for the U.S. to avoid a recession even as the central bank raises interest rates to cool inflation. “I’ve been calling that the golden path and I think it’s possible, but there are a lot of risks and the path is long and winding,”

Oklahoma lawmakers will meet in a special session next month called by Gov. Kevin Stitt, who wants to put the state on a path to zero income taxes and proposed a trigger law related to the state’s future ability to tax certain Native Americans.   In a post on X, the message platform formerly known as Twitter,

California State Controller Malia Cohen has agreed to chair a task force to establish audit criteria and best practices to detect and curtail charter school fraud following a case that cost the state hundreds of millions of dollars. Cohen said she stepped forward when she learned of the prosecution of the San Diego charter school

As high-speed rail project sponsors across the country compete for federal infrastructure funds, Republican lawmakers Wednesday urged U.S. transportation chief Pete Buttigieg to reject California’s request for its long-struggling project. “We should work together, you and I, to conduct a full audit of the project before any high-speed grant decisions are made,” Rep. Troy Nehls,

Voters will determine if Polk County, Iowa will issue up to $350 million of general obligation bonds to help fund a terminal project at the Des Moines International Airport. The county board of supervisors on Tuesday unanimously approved placing a bond referendum on the Nov. 7 ballot.  The Des Moines Airport Authority, which can issue

California’s revenues for August came in $1.3 billion above projections putting the state $75 million above the $21.9 billion expected for the first two months of the fiscal year, according to the Department of Finance. The revenues of $1.3 billion were 11.1% above the forecast of $12.16 billion, as receipts from nearly all revenue sources

An Iowa state law adopted this year means local governments and school districts will face a new hurdle in issuing municipal bonds. House File 718, which Gov. Kim Reynolds signed into law in May, decreased the options for municipalities and school districts to hold bond elections. Until now, cities and school districts in Iowa had

Georgia Gov. Brian Kemp has suspended his state’s gasoline tax for one month as prices at the pump continue to increase. Kemp cited high fuel costs and persistent inflation when he declared a legal state of emergency last week and signed an executive order suspending Georgia’s 31.2 cents-per-gallon tax on gas and 35-cents-per-gallon tax on

Moody’s Investors Service rated the Oklahoma Turnpike Authority’s controversial issuance of initial debt for a $5 billion, 15-year expansion program Aa3 with a stable outlook.  The rating agency, which previously considered a debt increase for the ACCESS (Advancing and Connecting Communities and Economies Safely Statewide) Oklahoma program a negative credit factor for OTA, was the