Bonds

Nassau County, New York, Executive Laura Curran’s goal for an early 2021 budget approval has hit a stumbling block: stiff opposition from legislative Republicans toward her debt refinancing proposal that is a key component of her $3.3 billion spending plan. Curran vetoed budget changes the GOP-controlled county legislature sought in her $3.3 billion spending proposal
0 Comments
New Puerto Rico Oversight board member Justin Peterson exercised an exit veto on a proposed central government debt restructuring Friday. More than two hours into a virtually held public board meeting, Justin Peterson left the meeting to remove the board’s quorum. He did this to deny the remaining three board members the right to take
0 Comments
Fitch Ratings cut the outlook to negative from stable Wednesday on Chicago’s BBB-minus general obligation bond rating. The action increases the risk that the city will be saddled with a second speculative-grade bond rating. Moody’s Investors Service cut the city to junk five years ago. Fitch Ratings assigned a negative outlook to Chicago bonds Wednesday.Bloomberg
0 Comments
Long Island’s Suffolk County received authorization to tap a little-used Federal Reserve program for two upcoming note deals, but expects only one will offer better rates than competitive bidding, the county comptroller said. Suffolk Comptroller John M. Kennedy said the county, which is eligible to use the Fed’s Municipal Liquidity Facility, is filing an application
0 Comments
The financial and legal obstacles besetting a long-planned Maryland light rail system could hinder other large-scale transportation public-private partnership projects, analysts said. The Maryland Department of Transportation assumed many contracts from Purple Line Transit Partners this month after the private partner shut down construction of the 16-mile, 21-station light rail line. PLTP is involved in
0 Comments
With interest rates at historic lows and despite its poor credit ratings. New Jersey’s decision to tap the muni market instead of the Federal Reserve’s lending program for a planned $4 billion borrowing is seen as a prudent strategy by analysts. Opting for long-term general obligation bonds to cover coronavirus revenue losses makes more sense
0 Comments
Immediately after the complete list of The Bond Buyer’s fifth class of Rising Stars is revealed at the start of the program, Editor in Chief Mike Scarchilli sits down with three members of the newly minted class of standout municipal finance professionals under the age of 40 to discuss the muni market’s adaptation to and
0 Comments
Chicago’s fix for a $1.2 billion 2021 budget shortfall and remaining 2020 COVID-19 pandemic tax wounds count on $948 million of relief through a $1.7 billion refinancing and restructuring of general obligation and Sales Tax Securitization Corporation debt. Chicago Mayor Lori Lightfoot’s proposed 2021 budget totals $12.76B when counting all funds, including a $4 billion
0 Comments
CommonSpirit Health will price $2 billion of debt Wednesday in a deal that raises some new money while taking the next steps in its tinkering with the combined debt portfolio of Dignity Health and Catholic Health Initiatives. The Chicago-based system took indications of interest Tuesday on the nearly $1.5 billion of index-eligible taxable paper with
0 Comments
As New York City grips with a major financial crisis due to the effects of COVID-19, another call has emerged to overhaul its public pension system. Manhattan Institute recommended a four-pronged approach that includes paring “unusually generous” benefits back to a prevailing standard in the private and public sectors and transitioning new-employee toward a defined-contribution
0 Comments
Puerto Rico Oversight Board member Arthur Gonzalez became the fourth original board member to step down on Friday. On Wednesday President Donald Trump appointed Justin Peterson to sit on the board. Effectively, this ended González’s tenure on the board unless a member of the Congressional leadership recommended him to the president. González’s announcement Friday seals
0 Comments
For five decades, Florida-grown Bryant Miller Olive PA has practiced public finance law across the Sunshine State and the Southeast. BMO’s practice areas also include state and local government law, complex transactions, project finance, and litigation. The offices of Bryant Miller Olive celebrated the firm’s 50th anniversary at a retreat in January.BMO The firm turned
0 Comments
A win by Democratic candidate Joe Biden in the presidential election might create a smoother path toward completing proposed upgrades to a 110-year-old tunnel linking Manhattan and northern New Jersey that have hit roadblocks under President Trump, according to transportation advocates. Philip Howard, chairman of the nonpartisan watchdog group Common Good, said the Trump administration
0 Comments
The coronavirus pandemic, urban unrest, budget strife and climate volatility have widened the scope of crisis management. In the fourth and final podcast segment of our Future of Cities series, University of Illinois at Chicago public affairs dean Michael Pagano examines factors at play, including a deep national divide. Paul Burton hosts. (15 minutes)
0 Comments