Bonds

A default on debt issued by a Texas town struggling with water scarcity led to multi-notch downgrades into junk by S&P Global Ratings and heightened concern about the impact of climate change on public finance.  Clyde, a city of less than 4,000 in central Texas, failed to make debt service payments due Aug. 1 on

Nine public and private Chicago-area firms Friday joined the Equity in Infrastructure Project to hire more historically underserved firms for capital projects. The firms include the Illinois Tollway, Regional Transportation Authority and Metra, whose infrastructure programs together total tens of billions. They joined leaders of private firms like Loop Capital Chairman and CEO Jim Reynolds;

The Louisiana State Bond Commission approved up to $1 billion of gas and fuel tax bonds, $175 million of sewer revenue bonds, and $100 million of New Orleans port bonds Thursday. The refunding of state gas and fuel tax bonds will feature a tender offer to holders of $750 million first-lien bonds and holders of

Last month, California became the first state to win funds from the Department of Energy’s prominent program to create a series of regional hydrogen hubs to kickstart a new national energy economy. The California Hydrogen Hub received an initial $30 million to begin planning and design phase and will eventually receive up to $1.2 billion

Colorado Gov. Jared Polis on Thursday called a special legislative session for Aug. 26 on further property tax cuts to circumvent proposed ballot initiatives that could negatively impact public financing and education and local government funding in the state. The Democratic governor said “the cost of inaction is too high” and pledged he won’t sign into

Missouri’s Kansas City Public Schools is looking to take its modernization plan to voters and seek approval for a $474 million general obligation bond measure next April.  The district plans to devote $424 million of the bond proceeds to facilities upgrades for KCPS schools and $50 million to participating charter schools, according to Shain Bergan,

The debt Tennessee expects will help pay for new highway “Choice Lanes” will be the first municipal bonds to be used for state highway construction there in more than 45 years, though they won’t be traditional state-issued debt. The state government in recent decades paid for highways on a pay-as-you-go basis, using already collected funds

Underwriting spreads for all bonds surged in the first half of 2024, rising above $7 for the first time in 25 years. Underwriting spreads rose to $7.11 in the first half of 2024 from $3.70 in the first half of 2023. Spreads on negotiated bonds rose to $6.55 in 1H 2024 from $3.78 in 1H

A proposed constitutional amendment on Colorado’s Nov. 5 ballot aimed at curbing property taxes would roil municipal financing in the state and harm metropolitan districts in particular, by boosting borrowing costs and sparking litigation, according to bond dealers and attorneys. Initiative 50, a proposed constitutional amendment that requires a 55% majority vote for passage, would

As governor of Minnesota, Tim Walz has proposed some sweeping investments, including a $3.3 billion bonding bill that would have been the largest in the state’s history, and a $1 billion infrastructure package earlier this year. Some who’ve watched the evolution of the governor’s approach say the new Democratic nominee for vice president is a

California and Oregon are experiencing yet another record-setting year of wildfires. The still-raging Park Fire in northern California, the largest of 12 active fires, has consumed more than 426,000 acres, and is the state’s fourth-largest fire in the past two decades. More than two weeks after an arsonist started the conflagration, it is only 34%

Arizona reactivated a bond program to help rural communities and tribal governments finance infrastructure projects.  The Greater Arizona Development Authority (GADA), which had been dormant for nearly 10 years, began offering financial assistance this month, Gov. Katie Hobbs announced this week.   “By reinvigorating this tool, we are providing an opportunity to leverage existing funds to

When Wisconsin priced $253.755 million of general obligation refunding bonds for forward delivery on July 23, it was the state’s second forward delivery deal in recent months.  On Feb. 27, Wisconsin had priced $89.02 million of GO refunding bonds, 2025 Series 1, for forward delivery. The state taxable and federally tax-exempt bonds, to be delivered

Kamala Harris’ selection of Minnesota Governor Tim Walz to be her vice president in the 2024 race catapults the former geography teacher, veteran and former Congressman to the national stage and with it, his long track record as a champion for local issues. Walz follows Walter Mondale, vice president to Jimmy Carter, and Hubert Humphrey

As the market lurches from the effects of possible rate cuts to a less than stellar employment report, some industry leaders are dubious about negative forecasts for the near future. “Many economists on the street are now penciling in a 50-basis point fund rate cut in September and November, with 25 point cuts thereafter,” said

The California Supreme Court has extended to Sept. 6 its decision to deny or grant review in a case challenging San Jose’s pension obligation bond validation. The high court has at least 60 days to make a decision after a request for review is filed, and that deadline was drawing near in the San Jose

The Louisiana Public Facilities Authority expects to price $1.33 billion in Baa3-rated toll bonds next week, in a public-private partnership to replace the Calcasieu River Bridge, but with the bonds backed by toll revenues, there remains some concerns about drivers using alternate routes to avoid the charge. JPMorgan and Wells Fargo will manage the deal.

The League of California cities will host a webinar to help potential applicants tap $3.3 billion in funding being fast-tracked by the governor from a bond measure approved by voters in March. The funding being released in August is the first tranche from the $6.4 billion Proposition 1 bond measure. No bonds have been issued

Connecticut sold a routine $214 million general obligation deal last week, with Wells Fargo placing the winning bid. Although the deal was unremarkable, Assistant Treasurer for Debt Management Bettina Bronisz made sure the occasion didn’t go unnoticed.  “She invited all the interns and other members of our executive staff to participate and learn about it

California’s fiscal 2025 budget dealt with the revenue gap that emerged in fiscal 2024, but further actions will be needed to achieve fiscal balance in out years, according to a Fitch Ratings commentary. “While further adjustments may be necessary to align spending with the lower revenue trajectory, Fitch believes this budget allows California to retain