The Bond Buyer articles from April 2006

The Bond Buyer archives from April 2006

Monday.
April 3, 2006... REGiONS THE DISTRICT ATTORNEY IN ORANGE COUNTY, Calif. last week announced the indictment of two former Placentia city officials on conflict of interest charges related to their roles in a railway grade separation project that put severe...

Louisiana Insurer to Price $1B Deal.
April 3, 2006... ATLANTA -- The Louisiana Citizens Property Insurance Corp. tomorrow will begin pricing a roughly $1 billion deal so it can pay claims from Hurricanes Katrina and Rita, which devastated the southern portions of the Bayou State last year. ...

Raters Don't Expect Immediate OPEB Effects.
April 3, 2006... CHICAGO -- Rating agencies are bracing for the onslaught of local and state governments' disclosure of their non-pension post-employment benefit liabilities in the next two years as new accounting rules take effect, but analysts don't expect...

D.C. Ballpark Debt to Sell This Month.
April 3, 2006... WASHINGTON -- The District of Columbia intends to sell $535 million in baseball stadium construction bonds in late April, instead of mid-May as a district official said previously, sources close to the transaction said late last week. The...

Monthly Muni Issuance Continues to Decline: March Saw 41.8% Slide From Last Year.
April 3, 2006... Following a trend that began in December 2005, monthly municipal issuance totals continued to decline as tax-exempt borrowers sold 41.8% less debt in March than they did over the some period in 2005, according to preliminary data released...

Munis Little Changed Despite Economic Data.
April 3, 2006... Finally gaining traction after a tailspin sparked by an "ominous" monetary policy statement by central bankers earlier in the week, the municipal and Treasury markets were little changed Friday despite a flurry of economic data. Traders...

In Brief: Income Grew Faster Than Spending in February.
April 3, 2006... WASHINGTON -- Personal income rose faster than personal consumption in February for the first time in four months, but it still came in lower than analysts expected, according to Commerce Department data reported Friday. February personal...

In Brief: Chicago PMI Increases To 60.4 in March.
April 3, 2006... The Chicago Purchasing Managers' Business Barometer gained to 60.4 in March from 54.9 in February, the 34th month out of 35 when the index showed economic expansion, as defined by a reading above 50.0, the National Association of Purchasing...

In Brief: NAPM-NY BCI Rises To 378.9 in March.
April 3, 2006... The New York Business Conditions Index in the National Association of Purchasing Management-New York's Report on Business increased in March to 378.9 from 369.4 in February. The report's outlook/expectations index slipped to 58.3 in March...

In Brief: Feb. Factory Orders Up; Inventories Decline.
April 3, 2006... WASHINGTON -- New factory orders for manufactured goods rose a modest 0.2% in February, much lower than expectations, the U.S. Commerce Department said Friday. The $800 million increase to $401.9 billion was still far below IFR Markets'...

In Brief: Consumer Sentiment Index Gains to 88.9 in March.
April 3, 2006... The University of Michigan's final March consumer sentiment index reading was 88.9, up from 86.7 earlier this month, which matched the final February reading, according to market sources. Economists polled by IFR Markets had predicted an...

Two Former Placentia, Calif., Officials Indicted Over Railway Project Conflicts.
April 3, 2006... SAN FRANCISCO -- The district attorney in Orange County, Calif. last week announced the indictment of two former Placentia city officials on conflict of interest charges related to their roles in a railway grade separation project that put...

Honolulu Council Member Calling for Review of Debt Practices.
April 3, 2006... SAN FRANCISCO -- Ann H. Kobayashi, chair of Honolulu City Council's budget committee, said she will ask Mayor Mufi Hannemann's review committee to examine the bond underwriting and debt service practices of the city's Department of Budget and...

New $299 Million Road Bond Plan Surfaces in Virginia Legislature.
April 3, 2006... WASHINGTON -- Virginia Del. Charles W. Carrico Sr., R-Independence, introduced legislation in the General Assembly last week that would authorize the state's Commonwealth Transportation Board to issue $299 million in revenue bonds for road...

Regulation: MSRB Backs Off New Suitability Standard for 529s.
April 3, 2006... The Municipal Securities Rulemaking Board has strengthened and clarified the disclosure, suitability, and other customer-protection requirements that broker-dealers must meet when selling 529 college savings plans, but has backed off tougher...

Mutual Funds: Weekly Reporting Munis See $272M Inflow.
April 3, 2006... Weekly reporting municipal bond mutual funds had a net inflow for a 14th straight week, as they took in $272.15 million during the period ended March 29, AMG Data Services reported. The total was up from $194.32 million the previous week,...

The Week Ahead: Municipal Volume Swells as Second Quarter Kicks Off.(Calendar)
April 3, 2006... Analysts who predicted municipal volume would begin to swell with the arrival of the second quarter were right on target judging by the appearance of two billion dollar-plus offerings on the new-issue calendar that will usher in the first...

Competitive Bond Offerings.
April 3, 2006... Letter F next to the issuer's name signifies the Official Notice of Sale is available on the internet! Go to www.bondbuyer.com ISSUER ST DESCRIPTION AMOUNT ($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING...

Competitive Note Offerings.
April 3, 2006... Tentative dates for negotiated sales of $1 million or more. ISSUER ST DESCRIPTION AMOUNT($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING INSURER MDY'S S&P FITCH BANK-QUAL....

Negotiated Bond Offerings.
April 3, 2006... Tentative dates for negotiated sales of $1 million or more. ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER FINANCIAL ADVISER INSURER MDY'S S&P FITCH FIRST APPEARED Week Of April 3 Birmingham...

Results of Negotiated Sales.
April 3, 2006... ARIZONA Catalina Foothills Unified School District No. 16 Mar 31, 2006 $4,500,000 School Improvement Bonds, Project of 2004, Series B (2006) 2017-18; Priced to Par Call (book entry) Dated Apr 18, 2006. Due Jul 1, 2008 to...

Results of Negotiated Sales.
April 3, 2006... NEW YORK Whitehall Central School District Mar 30, 2006 $500,000 Bond Anticipation Notes for School District Purposes-2006 (bank qualified). Dated Apr 6, 2006. Due Jul 20, 2006. Purchased $500,000.00 by T.D. Bank...

NEW JERSEY: EDA Approves Debt.
April 3, 2006... The New Jersey Economic Development Authority last month approved the issuance of $3.6 million of tax-exempt debt and $15 million of taxable debt at its board meeting. According to authority documents, the board approved the sale of $2.1...

New York: WTC Talks Continue.
April 3, 2006... The Port Authority of New York and New Jersey's chairman last week said the bi-state authority hopes to reach an agreement in the next "several" weeks with developer Larry Silverstein over the redevelopment of the World Trade Center. Talks...

New York: Debt Outlook Drops.
April 3, 2006... Fitch Ratings last week lowered the outlook for its BBB rating for Syracuse to negative from stable. The action came ahead of the city's competitive offering tomorrow of $1.4 million of Series 2006A general obligation airport improvement bonds....

New York: IBO Evaluates Budget.
April 3, 2006... New York City's Independent Budget Office last week released its analysis of Republican Mayor Michael Bloomberg's $53.6 billion budget proposal, calling the fiscal 2007 spending plan cautious. Although Bloomberg projects a $3.1 billion...

VERMONT: Five Vie for FA Spot.
April 3, 2006... Vermont received five bids by last Monday's deadline from firms applying for a two- to four-year term as financial adviser to the state. Current financial adviser Government Financial Associates was among the applicants, which also...

N.J., Agency Reach Deal With Teams Over Stadium.
April 3, 2006... New Jersey and the New Jersey Sports and Exposition Authority agreed Friday to a deal that will create a new stadium complex for the New York Giants and Jets football franchises, but will eliminate the need for the state to sell bonds to fund...

Kansas Senate Fails to Pass School Finance Measures; Regular Session Ends.
April 3, 2006... DALLAS -- The Kansas Senate failed to pass a school finance plan on Thursday after debating three measures for more than six hours. Some legislators said afterward that a special session is the most likely result of the Senate's failure to...

Arkansas Governor Calls Special Session Today on Schools.
April 3, 2006... DALLAS -- The Arkansas General Assembly will meet today for a special session on school finance -- a special session Gov. Mike Huckabee called on Friday. In addition to school finance reforms, the session -- which begins at 1 p.m. -- will...

Long-Term Bond Sales: January - March.
April 3, 2006... 2006 2005 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $69,631,000 2,473 $98,345,800 3,266 -29.2 % January 18,875,300 704 22,525,900...

New-Issue Volume Notes.
April 3, 2006... The new-issue volume tables are based on information compiled by The Bond Buyer from Thomson Financial's database on Friday, March 31, 2006. All figures are preliminary and subject to revision. Long-term bonds have final stated maturities...

Largest Issues: March 2006.
April 3, 2006... Amount Issuer Date $1,106.0 US Education Loan Trust IV LLC, Del. (TAX) (pvt) Mar 13 950.0 Long Island Power Authority, N.Y. Mar 10 841.9 Energy Northwest, Wash., electric power (NM/ref) (TAX/TE) Mar 23 800.0 California...

Bond Sales by State: January - March.
April 3, 2006... 2006 2005 Volume Volume Percentage State Rank ($000s) Rank ($000s) Change Alabama 24 1,082,800 27 $1,090,400 -0.7 % Alaska 31 658,200 35 490,800 +34.1 Arizona 26 772,900 16 1,659,800 -53.4 Arkansas 38 386,200 38...

Long-Term Bond Sales: March.
April 3, 2006... 2006 2005 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $26,208,500 923 $45,006,800 1,440 -41.8 % Development 319,800 20 1,037,800 39 -69.2 Education 8,198,500 358 15,607,000 594 -47.5 ...

Municipal Market Data General Obligation Yields.
April 3, 2006... Aaa Aaa (pure) (ins) Aa A Baa 2007 3.49 3.53 3.53 3.63 3.83 2011 3.63 3.74 3.72 3.88 4.04 2016 3.99 4.12 4.10 4.27 4.45 2021 4.17 4.30 4.28 4.45 4.65 2026 4.32 4.43 4.42 4.60 4.80 2031 4.43 4.53 4.53 4.70 4.90...

U.S. Securities Prices.
April 3, 2006... Prices as of 3 p.m. ET. Source: GovPx Inc. Treasury Bills Yesterday's Prev. Day's Yesterday's (in percent of discount) Bid/Offer Bid/Offer Bid Yield 1M -- 4/27/2006 4.565/555 4.600/575 4.643 3M -- 6/29/2006 4.515/510...

Short-Term Tax-Exempt Yields.
April 3, 2006... Mar 31, 2006 Mar 30, 2006 Apr 1, 2005 Selected MIG-1/SP-1+ Notes California Rans 4 1/2s (June 06) 3.35 3.37 2.25 Los Angeles Co Trans 4s (June 06) 3.35 3.35 2.15 New Jersey Trans 4s (June 06) 3.50 3.50 2.20 Texas Trans...

Market Indicators.
April 3, 2006... Dollar amounts are in millions Day's 2006 2006 Daily Yesterday Change High Date Low Date Municipal Bond Index 113-24 -2/32 115-13 (2/28) 113-22 (2/1) 40 Average Dollar Price 102.06 -0.08 104.11 (2/28) 102.06 (3/31) ...

Placement Ratio.
April 3, 2006... No. Total Amt. Sales from Placement New New Accts. New Accts. Ratio Accts. ($000s) ($000s) (%) 2006 03/31 15 437,094 374,742 85.7 03/24 23 911,565 784,910 89.1 03/10 16 1,010,666 903,686 89.4 03/03 22 2,576,890...

Visible Supply.
April 3, 2006... Competitive Negotiated Total ($000s) ($000s) ($000s) Weekly Averages 3/31/06 2,479,249 5,101,440 7,580,689 3/24 2,176,471 3,841,858 6,018,329 3/17 2,218,485 4,591,521 6,810,006 3/10 1,921,164 3,668,466 5,589,630 ...

General Obligation Bond Prices.
April 3, 2006... For Friday, March 31, 2006 Intermediate Long-Term Bond and Ratings (Moody's/S&P's/Fitch) Dated Cpn & Maturity Yield Price Prev Chg Cpn &Maturity Yield Price Prev Chg STATES Alabama Series 2005A (Aa2/AA/AA) 2/1/05 3% 2/1/11...

New-Issue Balances.
April 3, 2006... (,000 Omitted) *Since initial reoffering +Revised upward since last report Amount Date RECENT OFFERINGS Sold Balance $23,425 3/22 Hot Springs Sch. Dist. #6, Ark. $11,155 All Sold 14,485 ...

Reoffering Yields.
April 3, 2006... NRO - Not Reoffered; S.B. - Sealed Bid; SNA - Sold, Not Available Offer Amount Date ($Mil) RECENT OFFERINGS 1 Year 5 10 15 20 25 30 Aaa AAA 3/28 33.8 Collin Co., Tex. ...

Municipal Market Yields.
April 3, 2006... Values at 3/31/2006 Basis Point Change from 3/24/2006 Aaa Aa A Baa 2007 3.46 -07 3.60 -07 3.79 -07 4.04 -05 2011 3.65 -08 3.79 -08 3.98 -08 4.22 -08 2016 ...

Municipal Bond Prices.
April 3, 2006... These 40 Bonds are evaluated and priced daily by Standard & Poor's Securities Evaluations Inc. All figures are rounded to the nearest eighth when reported in this table. "Change in Bid" is rounded after calculation. Dollar Change...

Municipal Bond Index.
April 3, 2006... Current Day Previous Day Week Ago Month Ago Year Ago The Bond Buyer Municipal Bond Index 113-24 113-26 114-29 114-16 113-00 Friday, March 31, 2006 Maturity Par Call Dollar Conversion Converted Date Date Price Factor Price 1...

Municipal Bond Index Update.
April 3, 2006... The list of bonds used to calculate the Municipal Bond Index was revised after the March 31 pricing. The new coefficient is 1.0269. It was derived by dividing the March 31 index (113.740089) by the average converted price of the new set of...

Texas' Alliance Airport Authority To Refund $245 Million for FedEx.
April 3, 2006... DALLAS -- The Alliance Airport Authority Inc., Tex., will go to market Wednesday with $245.15 million of special facility revenue bonds to current refund bonds that were initially issued in 1996 to finance an express cargo sorting facility for...

Tuesday.
April 4, 2006... REGIONS AURORA HEALTH CARE Inc. tomorrow will price $150 million of new money, variable-rate demand bonds to finance projects across the 13-hospital system, but plans to also use cash to retire outstanding bank loans will leave the...

Texas-Sized Health Deal: Houston-Area System Readies $950M Sale.
April 4, 2006... DALLAS -- The Harris County Health Facilities Development Corp. will go to market this week with a $950 million offering of variable-rate revenue bonds on behalf of Houston-based Methodist Hospital System a refunding deal that will be...

Philip Morris Makes Full '06 MSA Payment.
April 4, 2006... DALLAS -- In a move that bodes well for tobacco bonds, Philip Morris USA on Friday made its full 2006 payment to states $3.4 billion under the terms of the 1998 Master Settlement Agreement. However, officials from R.J. Reynolds Tobacco...

Panelists: No Flood of OPEB Debt Coming.(Discussion)
April 4, 2006... CHICAGO -- Bond issuance is a tool, not a solution, for municipalities addressing so-called other post employment benefit costs. That was the message from speakers at The Bond Buyer's OPEB Liability Conference here Friday who urged patience in...

UBS Back In Number One Spot: Firm Underwrote $7.88 Billion in 1Q.
April 4, 2006... UBS Securities LLC reclaimed the top spot among tax-exempt senior underwriters in the first quarter of this year, selling $7.88 billion in municipal debt through 156 issues and edging out Citigroup Global Markets Inc. by a mere $144 million,...

Munis Soften As Eyes Shift to Heavy New Calendar.
April 4, 2006... The municipal market softened modestly yesterday, as dealers looked ahead to one of the heaviest new issue calendars of 2006 and wrestled with continued losses in the Treasury market. Traders said yields increased by one to two basis points...

A Correction.(Correction notice)
April 4, 2006... An item in yesterday's Northeast Bond-Watch section misidentified one of the five firms vying to be Vermont's financial adviser. The firm is Wayne, N.J.-based Lamont Financial Services Corp., not Vermont Financial Advisers. (c) 2006 The...

In Brief: Construction Spending Up To a Record $1.185 Trillion.
April 4, 2006... WASHINGTON -- Spending on construction projects grew by 0.8% in February as private construction rose to an all-time record and public construction declined, according to Commerce Department figures released yesterday. Total construction...

In Brief: March ISM Index Slips To 55.2 From 56.7 in Feb.
April 4, 2006... The overall economy expanded for the 53rd straight month in March, while the manufacturing sector expanded for the 34th time in as many months, the Institute for Supply Management reported yesterday. According to the ISM's monthly report on...

In Brief: Chicago Fed: CFMMI Rose 0.6% in February to 114.3.
April 4, 2006... The Chicago Fed Midwest Manufacturing Index increased 0.6% in February to a seasonally adjusted level of 114.3 after the January index was revised up to a 0.7% gain to 113.7 from the originally reported 0.6% rise to 113.7, the Federal Reserve...

In Brief: Weekly T-Bills Go At 4.535%, 4.670% Rates.
April 4, 2006... WASHINGTON -- Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were higher, as the three-months incurred a 4.535% high rate, up from 4.495% last week and as the six-months incurred a 4.670% high rate, up from...

In Brief: Treasury 4-Week Bills To Pay Down $8B.
April 4, 2006... WASHINGTON -- The Treasury Department yesterday said it will sell $10 billion of four-week discount bills tomorrow. The 28-day bills will pay down $8 billion and refund $18 billion of maturing bills. (c) 2006 The Bond Buyer and...

In Brief: Treasury to Offer $13B Cash Managements Thursday.
April 4, 2006... WASHINGTON -- The Treasury Department said it will auction $13 billion of 11-day cash management bills, Wednesday, April 5. The bills are dated April 6 and due April 17. (c) 2006 The Bond Buyer and SourceMedia, Inc. All rights reserved....

Milwaukee's Aurora Health Care to Price $150M in Variable-Rate Bonds.
April 4, 2006... CHICAGO -- Aurora Health Care Inc. tomorrow will price $150 million of new money, variable-rate demand bonds to finance projects across the 13-hospital system, but plans to also use cash to retire outstanding bank loans will leave Wisconsin's...

Transportation: Fitch: Ratings for Transit Authorities Should Remain Stable.
April 4, 2006... Credit ratings on bonds issued by the nation's public transportation authorities are expected to remain stable as demand for transit services increases, according to a report Fitch Ratings released today. "Overall, we expect the credit...

Penn. Agency Selling $15M for Children's Home.
April 4, 2006... The Allegheny County, Pa., Hospital Development Authority will issue $15 million of new money and $45 million of refunding debt in two separate deals scheduled to come to market later this month. The authority will issue the new money on...

Calif. AG Lockyer Says Experience Strengthens His Candidacy for Treasurer.
April 4, 2006... SAN FRANCISCO -- California Attorney General Bill Lockyer touted his long tenure in government, his ability to balance budgets, and several new revenue streams to fund government, when he promoted his candidacy for state treasurer yesterday....

Kansas Legislature Recesses Without Consensus on School Funding Issues.
April 4, 2006... DALLAS -- The Kansas Legislature adjourned its 78-day regular session late Friday, with lawmakers unable to reach a consensus on how to finance public education in the state. The school issue will be the main topic of the Legislature's...

Mississippi Legislative Session Ends With Passage of Budget.
April 4, 2006... BRADENTON, Fla. -- The Mississippi Legislature ended its session on Friday having passed a $4.5 billion budget as well as a number of bond bills, many of which await Gov. Haley Barbour's signature. Barbour already has signed general...

People: Oklahoma Banker Facing Newest Challenges.
April 4, 2006... DALLAS -- Longtime Oklahoma banker Bob Lewis, who has been a fixture of the firm now known as Oppenheim, a Division of BOSC Inc. for more than 40 years, says that his job as a public finance banker has been one of the most rewarding experiences...

Competitive Bond Offerings.
April 4, 2006... Letter F next to the issuer's name signifies the Official Notice of Sale is available on the internet! Go to www.bondbuyer.com ISSUER ST DESCRIPTION AMOUNT ($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING...

Competitive Note Offerings.
April 4, 2006... Tentative dates for negotiated sales of $1 million or more. ISSUER ST DESCRIPTION AMOUNT($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING INSURER MDY'S S&P FITCH BANK-QUAL....

Negotiated Bond Offerings.
April 4, 2006... Tentative dates for negotiated sales of $1 million or more. ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER FINANCIAL ADVISER INSURER MDY'S S&P FITCH FIRST APPEARED Week Of April 3 Birmingham...

Results of Negotiated Sales.
April 4, 2006... ALABAMA Alabaster (City) Mar 27, 2006 $2,085,000 General Obligation Variable Rate Warrants, Series 2006 (book entry) Dated Mar 30, 2006. Due Apr 1, 2026. First coupon May 1, 2006. Purchased through negotiation by...

Results of Competitive Sales.
April 4, 2006... ILLINOIS Highland (City) Apr 3, 2006 $6,250,000 General Obligation Bonds (Electric System Revenue Alternate Revenue Source) Series 2006 (bank qualified) (book entry). Dated Apr 1, 2006. Due Jan 1, 2008 to 2016. ...

California's Angelides Urges Pension Systems to Invest $15B in Infrastructure.
April 4, 2006... SAN FRANCISCO -- State Treasurer Phil Angelides yesterday called for up to $15 billion in infrastructure investments by the state's two public employee pension plans, the California Public Employees' Retirement System and the California State...

ARIZONA: Funds Tapped for Seating.
April 4, 2006... The Arizona Sports and Tourism Authority voted last week to spend nearly $4.3 million in bond proceeds to buy 8,613 temporary seats for the new Cardinals Stadium under construction in Glendale. The extra seats will be used during major...

ARKANSAS: Bi-State Bridge Backing.
April 4, 2006... Arkansas officials in coming months will work to determine a funding source for the proposed Great River Bridge, a $715 million project that would link the state with Mississippi and, as residents put it, "open up" the region to economic...

ARKANSAS: College Bonds OK'd.
April 4, 2006... Trustees for the University of Central Arkansas last week gave the school's administration the go-ahead to issue $43 million of bonds for housing, parking, and other facilities for the growing campus. Included in the issue is $11 million of...

COLORADO: House Settles on Budget.
April 4, 2006... The House last week approved a $16.5 billion state budget plan after a marathon session punctuated by lengthy debates and pranks by members. The Senate is expected to take up the 680-page bill this week. The bill includes funding for...

TEXAS: El Paso ISD Targets Fall.
April 4, 2006... The El Paso Independent School District is gearing up for a multimillion-dollar bond election on Nov. 7. Trustees last week unanimously approved a preliminary timeline that calls for a bond election this fall rather than in May 2007 as had...

TEXAS: Gap-Closing Strategy.
April 4, 2006... The board of trustees for the Houston Community College District last week approved a series of financial maneuvers that will help bridge a $67 million gap in funding for projects approved in 2003 as part of a $151 million bond package. ...

TEXAS: Panel's Leaders Picked.
April 4, 2006... The board of trustees for the Round Rock Independent School District near Austin last week named Rodney Howard and Charlie Roth as the co-chairs of a citizens' bond committee that will create a bond proposal to put before voters Nov. 7. ...

Kentucky Lawmakers Expected to OK Budget, Governor to Review Bonding.
April 4, 2006... ATLANTA -- Key leaders in Kentucky's General Assembly came to an agreement on the state's 2006-08 budget last week, but it remains to be seen if Gov. Ernie Fletcher will sign off on it in its entirety because it includes $2 billion of borrowing...

Top Senior Managers: All Issues.
April 4, 2006... First Quarter 2006 - Full Credit to Bookrunner (Equal to Each) Rank Firm Amount Issues 1 UBS Securities LLC $7,879.1 156 2 Citigroup Global Markets Inc. 7,735.9 103 3 Merrill Lynch & Co....