Bonds

After entering 2020 with a $6 billion surplus, and working its way through several harrowing months, California is now in the hopeful phase, said Scott Wu, executive director of the California Infrastructure and Development Bank. “In some ways, the California story of 2020 resembles that of the rest of the country,” said Wu, a speaker
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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
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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
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Puerto Rico’s employment numbers continued to improve in September. According to the U.S. Bureau of Labor Statistics household survey total employment in September was up 0.25% from August and 1.6% from April. The bureau also collects an establishment survey of nonfarm employment, called Current Employment Statistics, which showed employment was up 7% since April. It
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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
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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
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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
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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
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Federal Open Market Committee members agreed the economy was recovering “faster than expected,” while business investment appeared to be rebounding, but saw the overall gain “uneven.” “In particular, with the reopening of many businesses and fewer people withdrawing from social interactions, consumer spending was rebounding sharply and appeared to have recovered about three-fourths of its
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State and local governments will have to deal with many unknowns as 2020 wraps up amid figuring out how to disclose pandemic concerns and conditions deteriorate for vulnerable credits, experts said at a Securities and Exchange Commission’s Fixed Income Market Structure Advisory Committee meeting Monday. FIMSAC met Monday to discuss various issues facing issuers. Former
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The largest health systems in Illinois, Wisconsin, and Michigan cancelled plans to pursue a merger, they announced Friday. Illinois-based Advocate Aurora Health — created with the 2018 merger of Advocate which was Illinois largest system and Aurora which was Wisconsin’s largest — and Michigan-based Beaumont Health had signed non-binding letter of intent to join forces
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Speaker Nancy Pelosi, D-Calif. speaks during a television interview at the Senate Russell Office Building in Washington. “You know what, we’ll find our middle ground,” Pelosi said during an appearance on MSNBC. “We’re legislators. We’ll get the job done.” Bloomberg News A glimmer of hope for another round of direct federal aid to state and
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Chicago-based CommonSpirit Health is eyeing the possible sale of up to $2 billion in the fourth quarter, the Chicago-based system reported in an investor notice. The system reported it was “currently evaluating” the financing to restructure and/or refinance existing debt including outstanding direct purchase bonds and to finance and reimburse itself for up to $750
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