Bonds

West Virginia had its best tourism year ever in 2022, with visitors to the state boosting the industry’s economic impact by more than $7 billion, Gov. Jim Justice announced. The increase in spending translated into a 17% gain compared to pre-pandemic levels, far higher than the United States’ overall 1% post-pandemic tourism recovery, Justice said

Virginia lawmakers have passed a final budget for fiscal year 2024, finding compromises on tax cuts and new spending initiatives after months of debate between the state’s politically divided government. The state’s Democratic-controlled state Senate and GOP-led House of Delegates failed to agree on a budget at the end of their legislative session in February,

Responding to a migrant influx estimated to cost New York City about $12 billion over the next three fiscal years. Mayor Eric Adams directed every agency to implement a 5% cut in future spending for the next financial update. The cuts will be accomplished through the so-called “program to eliminate the gap” (PEG) with a

Just eight years ago, BondLink Co-Founder and CEO Colin MacNaught left his post as assistant deputy treasurer for debt management in the Massachusetts’ treasurer’s office to build a firm that would bring greater transparency to the municipal bond markets and aid issuers in reaching more investors to attain better pricing. Today, the firm he started

Voters in Maine will have a lot of material to chew over before they decide later this year if a public agency should take over service provided by investor-owned electric utilities. What they won’t necessarily get is a slam-dunk yes or no recommendation. Maine’s Office of the Public Advocate, a state office created to represent

Justin Erbacci, head of Los Angeles World Airports has announced he is leaving to run NEOM Airports, a regional airport being developed in northwest Saudi Arabia. The city airport department is in the midst of a massive $12 billion capital improvement program underway to make Los Angeles International Airport accessible to public transportation and improve

Moody’s Investors Service revised its credit outlook on Pennsylvania to positive from stable and affirmed the state’s Aa3 issuer and general obligation bond ratings. There are about $10.7 billion of GOs outstanding. Additionally, Moody’s affirmed the state’s A1 and A2 ratings on its outstanding appropriation backed debt, the A1 rating on the Pennsylvania School District

Municipals were steady Friday ahead of a smaller new-issue calendar. U.S. Treasuries and equities ended mixed. The two-year muni-to-Treasury ratio Friday was at 63%, the three-year was at 64%, the five-year at 65%, the 10-year at 70% and the 30-year at 90%, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had the two-year

Proposed cuts to state revolving funds could be devastating for water utilities, lawmakers heard Thursday. The Senate Committee on Environment & Public Works heard testimony from local water officials highlighting triumphs and ongoing challenges in the drinking and wastewater arena. A spotlight was also focused on the evolving tug of war over Clean Water and

Municipals were weaker in spots Thursday amid an active primary market that included two billion-dollar pricings for institutions and the return of outflows. U.S. Treasury yields fell and equities were mixed. The two-year muni-to-Treasury ratio Thursday was at 63%, the three-year was at 64%, the five-year at 66%, the 10-year at 70% and the 30-year

Municipals were weaker in secondary trading, but the primary market took focus with billion-dollar retail pricings on deals from California and the Port Authority of New York and New Jersey. U.S. Treasury yields rose 10 years in, while equities ended the session in the red. In the primary market, Citigroup Global Markets held a one-day

Starting in October, New Jersey motorists will pay almost a penny more per gallon for gas following a worse-than-expected year for state fuel tax revenue, officials announced. State Treasurer Elizabeth Maher Muoio said in a statement on Friday that an adjustment of the state’s Petroleum Products Gross Receipt tax rate was necessary following depressed taxable

Airports are reviving plans to tap the $4 trillion municipal bond market to build and renovate runways, concourses and terminals as passenger traffic rebounds to levels last seen before the pandemic. During the first half of 2023, sales of airport bonds dropped to roughly $3 billion — less than a third of the amount seen

The Huntsville Healthcare Authority issued $190 million of hospital revenue bonds as it saw a financial rebound from tough post-pandemic conditions. The North Alabama-based public hospital operator, whose flagship Huntsville Hospital is the state’s second largest, structured the deal with a 2053 maturity and a mandatory tender date of June 1, 2030. Bond proceeds will

The guilty plea this month by Anaheim, California’s former mayor underscores the long slog the city faces in restoring its image and finances after an FBI corruption probe became public amid the city’s efforts to recover financially from the COVID-19 pandemic. Harry Sidhu, the ex-mayor, agreed to plead guilty to federal felony charges for obstructing

Although Oregon’s tax collections have stabilized after several quarters of unexpectedly rapid growth, the state expects to pay out a record-breaking $5.6 billion through its “kicker” rebate, according to state economists, while lawmakers expect to have more to spend on infrastructure and social programs. The previous record kicker was $1.9 billion in 2022. Taxpayers will

Pension obligation bonds may be on a list of options for Dallas officials as they tackle a persistent funding problem in the city’s retirement system. During a presentation to the city council last month on debt capacity for a 2024 general obligation bond referendum, Dallas Chief Financial Officer Jack Ireland said $400 million of available

The Federal Aviation Authority expects to release its latest airport terminal grant opportunity as soon as next week. The Airport Terminal Program offers up $1.2 billion in fiscal 2024 for projects that address the aging infrastructure of the nation’s airports. It’s a popular and competitive program that’s now in its third year of funding under

Oregon’s third-largest city is about to lose its only hospital, illustrating the fallout of pressured health-care systems across the country.  Operator PeaceHealth announced last week its plan to shutter University District hospital because of underutilization. The hospital in Eugene, which is home to the University of Oregon, loses an average of $2 million a month,

The Biden administration’s revised rule on the definition of polluted waterways threatens to delay transportation projects and drive up costs, road infrastructure groups warned last week after the Environmental Protection Agency released a revised rule that attempts to conform to a recent opinion from the U.S. Supreme Court. The EPA’s revised Waters of the United