Bonds

The Illinois Supreme Court will have the final say on the constitutionality of the state’s 2019 consolidation of suburban and downstate police firefighter pension fund assets. A group of police funds challenged the legislation, which has so far cleared two legal hurdles. Kane County Circuit Court Judge Robert Villa upheld the law in May 2022 and

Illinois lawmakers expect to cast a final vote early Saturday on a nearly $50.7 billion budget that preserves scheduled deposits into the rainy day fund, Gov. J.B. Pritzker’s proposed $200 million pension supplemental pension payment and pay off of the state’s tobacco bonds. Some of those plans appeared in possible jeopardy in recent weeks over

Tennessee is betting nuclear energy will make a comeback. The state, which hosted labs that helped split the atom during World War II, has joined the race to develop and deploy the first commercial-grade variant of a scalable nuclear reactor that promises to provide an important piece of the nation’s green energy network. After appropriating

The secondary market has yet to react to California’s negative outlook from Moody’s Investors Service, as credit spreads have generally tracked the recent market selloff. While Municipal Market Analytics acknowledged that California faces some economic headwinds, the firm was surprised at how quickly Moody’s revised the outlook after the governor’s May budget revisions were announced.

California lawmakers are betting voters have had a change of heart regarding the need for a statewide school bond measure. The state Senate approved on Wednesday a $15.5 billion school construction bond measure that would go before voters in March that is similar to the $15 billion Proposition 13, a failed school bond measure that

Minnesota lawmakers ended their 2023 session after passing a two-year budget with new funding for schools and social services, a $2.6 billion capital package, and a tax package that raises some taxes and fees on top earners and corporations while providing rebates for others and paying off debt for the NFL Vikings’ stadium. The budget

Cities and states may start to pause borrowing plans as the nation heads toward a breach of its debt limit as soon as next week. “If the debt ceiling is not raised, it’s going to be a brave new world,” said David Womack, deputy director at New York City’s Office of Management and Budget. “It

Chicago-based CommonSpirit Health’s third quarter financial results highlight the persistent strain inflation poses on not-for-profit hospital balance sheets, with cascading effects on borrowing plans and operational strategies. The sector’s struggles have led to calls in Illinois to increase the Medicaid hospital reimbursement rate and at the federal level advocacy groups say more support is needed.

A financing plan for a multi-billion-dollar Austin light-rail project, already under attack in the Texas Legislature, now faces concerns about its legality raised by the state attorney general.  The controversy involves the Austin Transit Partnership, a corporation created by the city and Capital Metro Transportation Authority, and its ability to help finance the Project Connect

Governor Brian Kemp of Georgia on Thursday announced the recipients of $225 million of federal health and public facilities development grants funded by the American Rescue Plan Act of 2021. The state selected142 projects from a crowded field of proposals submitted by local governments and nonprofit organizations as per federal regulation that would help “improve

Federal Reserve Bank of Minneapolis President Neel Kashkari said it’s a “close call” for him if the central bank should raise interest rates next month or pause while it monitors the outlook for inflation. “I think right now it’s a close call, either way, versus raising another time in June or skipping. What’s important to

Michigan trimmed its revenue estimates Friday to account for tax changes that carry a multi-billion-dollar price tag. The new projections could require roughly $600 million in reduced spending over what Gov. Gretchen Whitmer proposed earlier this year in the fiscal 2024 budget that would take effect Oct. 1. It relies on available revenue from what

The Kroll Bond Rating Agency upgraded Connecticut’s long-term general obligation rating to AA-plus from AA on Thursday. The upgraded rating continues Kroll’s stable outlook and reflected Connecticut’s “strong credit profile and significant and continuing progress in improving its financial position over the last six fiscal years,” the agency said. KBRA pointed in particular to the extension

Federal Reserve Bank of Dallas President Lorie Logan said the case for pausing interest rate increases at the central bank’s June meeting isn’t yet clear, while her colleague Gov, Philip Jefferson sounded ready to be patient. “After raising the target range for the federal funds rate at each of the last 10 FOMC meetings, we

California’s rating outlook was revised to negative from stable Thursday by Moody’s Investors Service amid the state’s revenue uncertainty. The rating agency also affirmed the Aa2 rating on the state’s general obligation bonds, citing the state’s massive economic base and healthy budget reserves and liquidity. The Aa2 rating on the state’s general obligation bonds is

A committee formed by the California treasurer’s office has developed investor-driven guidelines for disclosure on green bond issuance. The thrust of the guidelines, created by the California Green Bond Market Development Committee, was to help issuers provide more uniform disclosure. It dovetails with the International Capital Market Association’s guidelines, but provides information more specific to

Two Federal Reserve officials signaled they favored pausing interest rate increases, while a third policymaker said the central bank’s task in subduing inflation was not complete. “We at the Federal Reserve probably have more work to do on our end to try to bring inflation back down,” Minneapolis Fed President Neel Kashkari said Monday during

Texas school districts, flush with new bond authorizations over the last year, are breathing a sigh of relief now that a cost-saving state guarantee program for their debt is fully back in business after the Internal Revenue Service increased its capacity for the first time since 2009.  In a notice of intent last week, the

President Joe Biden has tapped Philip Jefferson for the number two position on the Federal Reserve Board of Governors.  If confirmed, Jefferson, who joined the board last year, will succeed former Gov. Lael Brainard as the Fed’s vice chair. Brainard vacated the position to lead the National Economic Council in February.  A former administrator at

Massachusetts Gov. Maura Healey’s tax relief package is one step closer to passage despite slumping revenue figures. On Tuesday, the state Senate Ways and Means Committee unanimously passed a $55.8 billion budget for fiscal ’24, forwarding along to the Democratic-controlled chamber a $575 million tax cut plan that preserves many of the proposals the governor