The Bond Buyer articles from February 2004

The Bond Buyer archives from February 2004

NFMA: Disclosure White Paper, Internet Gateway Page on Agenda.
February 2, 2004... The National Federation of Municipal Analysts is preparing a white paper on the application of the federal securities laws to disclosure that it hopes will encourage municipal issuers to provide more bond-related information to investors,...

N.Y.'s MAC Fight Goes On: Pataki, Bloomberg Still Differ on Refunding.
February 2, 2004... Despite opposition from Mayor Michael R. Bloomberg, Gov. George E. Pataki is still pressing for an alternative to the New York Legislature's plan to refinance debt left over from New York City's fiscal crisis in the 1970s. In his latest...

Bush Backs Extending Liberty Bonds for 5 Years.
February 2, 2004... Bush Backs Extending Liberty Bonds for 5 Years Municipal bonds made modest gains Friday, reflecting some of the luster of higher Treasuries in a market that lacked conviction. Complete market coverage by Nicholas Chesla and Anastasija...

Volume Fell To $17.1B In January: Rate Predictions Slow Issuance.
February 2, 2004... Municipal bond issuance got off to a slow start in 2004 as borrowers tapped the market in January less frequently and for smaller amounts than a year earlier. The results are not a shock to market participants, since indicators have been...

News In Brief: Advance 4th-Quarter GDP Grows 4.0%.
February 2, 2004... Slowing from last quarter's brisk pace, real gross domestic product - the broadest measure of the economy's performance - rose at a 4.0% seasonally adjusted annual rate in the fourth quarter, according to advance figures released by the...

News In Brief: Chicago PMI 65.9 Vs. 61.2 in Dec.
February 2, 2004... The Chicago Purchasing Manager's Business Barometer jumped to 65.9 in January from 61.2 in December, the eighth straight month of expansion, the Purchasing Management Association of Chicago said Friday. The reading was the highest since the...

News In Brief: NAPM-NY Index Up to 257.3 in Jan.
February 2, 2004... The New York Business Conditions Index in the National Association of Purchasing Management-New York's Report on Business posted a monthly gain in January, the fifth straight monthly rise. The BCI jumped to 257.3 in January from 242.6 in...

News In Brief: Consumer Sentiment Stronger in January.
February 2, 2004... The University of Michigan's final January consumer sentiment index reading was 103.8, up from the preliminary January tally of 103.2 and the final December reading of 92.6, according to market sources. Economists polled by IFR BondData...

Friday's Market: Munis Gain a Bit With Treasuries On Weak Economic Growth Data.
February 2, 2004... Municipal bonds made modest gains Friday, reflecting some of the luster of higher Treasuries in a market that lacked conviction. Governments rose after the advance gross domestic product report showed that the pace of economic growth slowed...

Chicago Board of Education Offers to Tender Bonds at Premium.
February 2, 2004... The Chicago Board of Education last week extended a tender offer to investors who own the School Finance Authority's 1992 and 1993 bonds under a complex restructuring of the authority's outstanding debt, which could generate roughly $12 million...

California's Backup Recovery Bond Plan Shrinks to $8.6 Billion.
February 2, 2004... The backup plan to finance California's existing budget deficit just got smaller -- assuming it's legal at all. In a letter to legislative budget committees Thursday, state finance director Donna Arduin said the size of the proposed fiscal...

St. Louis Voters Poised to Decide on $500M Authority for Sewer District.
February 2, 2004... Local voters will determine whether the Metropolitan St. Louis Sewer District will soon join the ranks of major local bond issuers tomorrow when they cast their decision on a special referendum that would give the district $500 million of...

Tax Enforcement: Scott Wants More IRS Agents in 2005; Abuse Cases Growing.
February 2, 2004... Mark Scott, the director of the Internal Revenue Service's tax-exempt bond division, wants the agency to increase the number of enforcement field agents assigned to municipal bond deals by up to 40% in fiscal 2005 to help investigate the rising...

Transportation: Senate Bill Would Cost $172B Over Six Years, CBO Report Says.
February 2, 2004... A pending Senate bill that would authorize spending $311 billion over six years for highway and transit projects would cost $172 billion to enact over the same period, including an estimated $52 million loss in revenues resulting from two...

District of Columbia: 'Clean' Fiscal '03 Audit Shows Higher Surplus as GO Plans Balloon.
February 2, 2004... A District of Columbia official unveiled plans last week to issue $400 million of general obligation debt this year, $100 million above previous estimates, as an independent audit showed the city generated a $32 million general fund operating...

The Week Ahead: Washington State Dominates Slow Calendar With $678M Sale.
February 2, 2004... February will start off a bit slow, with few sizable offerings on tap this week, but municipal players say that is a blessing in disguise, given the low absolute rate environment facing investors. A Washington state fuel tax and...

Closed-End Funds Pioneer Investment Management Starts 1st Joint Stock and Muni Portfolio.
February 2, 2004... Pioneer Investment Management Inc. last week launched what it said is the first closed-end fund to invest in both stocks and municipal bonds, spotting common ground between the two sectors following last year's federal tax cut on stock...

Sarbanes-Oxley Adoptions Put Schools in Raters' Good Graces.
February 2, 2004... In a move viewed favorably by rating analysts, many higher education institutions have been adopting key provisions of the Sarbanes-Oxley Act of 2002, although those actions are not currently required for colleges and universities. "Fitch...

As N.J. Colleges Look to Bond Market, Some Find Debt a Burden.
February 2, 2004... Ramapo College of New Jersey, a small liberal arts university in Mahwah which opened in 1969, was long thought of as a commuter school. But in recent years, more students are choosing to live on campus and, as applications surge, school...

Competitive Bond Offerings.
February 2, 2004... 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.
February 2, 2004... ISSUER ST DESCRIPTION AMOUNT($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING INSURER MDY'S S&P FITCH BANK-QUAL. LATEST DETAILS Monday, February 2 Gardner KS...

Negotiated Bond Offerings.
February 2, 2004... Tentative dates for negotiated sales of $5 million or more. Week Of February 2 Alaska Hsg Fin Corp AK Rev 85,085 Merrill Lynch --- MBIA --- --- --- Jan 30 Fowler ESD #45 AZ Sch Imp 3,200 RBC Dain Rauscher --- --- --- --- --- Jan...

Results of Negotiated Sales.
February 2, 2004... ALASKA Matanuska-Susitna Borough Jan 29, 2004 $32,010,000 General Obligation School Bonds, Series 2004A (2015-21 Priced to Par Call) (Ambac Insured) (book entry) $15,895,000. Dated Feb 12, 2004. Due Apr 1, 2005 to 2024....

SEC Proposes 2 New Mutual Fund Rules.
February 2, 2004... The Securities and Exchange Commission proposed two new rules Friday that would require broker-dealers selling mutual fund shares, unit investment trusts, and municipal fund securities in college savings programs to provide costumers with...

NIFA Veteran Carol Kostik Set to Join New York City HDC.
February 2, 2004... After three and half years with the Nassau County Interim Finance Authority, public finance veteran Carol Kostik is set to join the New York City Housing Development Corp. as chief financial officer. "NIFA has not yet completed its mission,...

District of Columbia: Women's Museum.
February 2, 2004... Legislation to make available the Old Post Office Pavilion Annex downtown for a National Women's History Museum may receive a rough ride in the House Transportation and Infrastructure Committee, where lawmakers referred the bill Jan. 28, the...

Massachusetts: Nichols Boost.
February 2, 2004... Standard & Poor's raised its rating for debt issued on behalf of Nichols College to BBB-minus from BB-plus last week, returning the credit to investment-grade status. The debt was issued by the Massachusetts Health and Educational...

Massachusetts: Out-of-State Gambling.
February 2, 2004... The state is losing more than $116 million in potential taxes to Connecticut casinos, according to a University of Massachusetts-Dartmouth report released last week. The report, which was conducted by the UMass Center for Policy Analysis,...

New Jersey: IMAGE Investigation.
February 2, 2004... A resolution sponsored by Sen. Thomas H. Kean Jr. that calls for an investigation into alleged no-bid contracts on state bond work was introduced last week in the Budget and Appropriations Committee but has not been assigned a committee, said...

New York: Dorm Deal.
February 2, 2004... The New York State Dormitory Authority board met Jan. 21 and approved $1 billion in bond sales. The conduit issuer will sell up to $525 million in personal income tax bonds to fund capital improvement at state facilities and promote local...

New York: School Successes.
February 2, 2004... Voters in three school districts approved sizable bond issues last Tuesday. The largest was in Schenectady City School District, where 74% of voters in a very light turnout approved a $30.5 million issue to repair 18 aging buildings....

Pennsylvania: Philly Swap.
February 2, 2004... Taking advantage of a new state law that allows local governments to use interest rate swap agreements, the Philadelphia School District is exploring entering a fixed-to-floating rate swaption in the coming weeks. The state's largest...

U.S. Securities Prices.
February 2, 2004... 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 -- 2/26/2004 0.850/820 0.850/840 0.865 3M -- 4/29/2004 0.900/895...

Short-Term Tax-Exempt Yields.
February 2, 2004... Jan 30, 2004 Jan 29, 2004 Jan 31, 2003 Selected MIG-1/SP-1+ Notes California Raws Ser A 2s (MIG-1) (June 04) 1.55 1.75 1.50 Los Angeles Co Trans 2s (June 04) 0.93 0.95 1.01 Texas Trans 2s (Aug 04) 0.96 1.00 1.03 ...

Municipal Market Data General Obligation Yields.
February 2, 2004... Aaa Aaa (pure) (ins) Aa A Baa 2005 1.10 1.14 1.15 1.27 1.77 2009 2.45 2.56 2.55 2.78 3.31 2014 3.54 3.66 3.64 3.89 4.43 2019 4.10 4.23 4.21 4.46 4.99 2024 4.49 4.59 4.58 4.77 5.25 2029 4.57 4.67 4.66 4.85 5.34...

Market Indicators.
February 2, 2004... Dollar amounts are in millions Day's 2004 2004 Daily Yesterday Change High Date Low Date Municipal Bond Index 112-17 +13/32 113-27 (1/15) 111-16 (1/5) 40 Average Dollar Price 102.12 +0.38 103.41 (1/15) 101.29 (1/5) ...

Visible Supply.
February 2, 2004... Competitive Negotiated Total ($000s) ($000s) ($000s) Weekly Averages 1/30/04 2,119,593 5,236,758 7,356,758 1/23 1,563,488 4,714,603 6,278,091 1/16 1,623,645 4,829,126 6,452,771 1/9 987,677 4,674,116 5,661,793 1/2...

General Obligation Bond Prices for January 30, 2004.
February 2, 2004... Intermediate Long-Term Bond and Ratings (Moody's/S&P's) Dated Cpn & Maturity Yield Price Prev Chg Cpn &Maturity Yield Price Prev Chg STATES California Series 2003 (Baa1/BBB) 11/1/03 3 1/8% 11/1/09 3.15 99 7/8 100 3/4 - 7/8 5 1/4%...

Placement Ratio.
February 2, 2004... No. Total Amt. Sales from Placement New New Accts. New Accts. Ratio Accts. ($000s) ($000s) (%) 2004 01/30 17 622,955 544,195 87.4 01/23 16 741,925 651,865 87.9 01/16 15 1,198,490 1,003,480 83.7 01/09 8 388,930...

Municipal Market Yields.
February 2, 2004... Values at 1/30/2004 -- Basis Point Change from 1/23/2004 Aaa Aa A Baa 2005 1.10 -07 1.23 -07 1.45 -07 1.75 -07 2009 2.45 -15 2.59 -15 2.83 -15 3.11 -15 2014 3.55 -15 3.71 -15 3.95 -15 4.24 -15 2019 4.15 -14 4.31 -14 4.55...

Reoffering Yields.
February 2, 2004... 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 1/27 10.0 New Caney I.S.D., Tex. (PSF gtd.) 1.10 2.40 3.50 NRO NRO... .... ...

New-Issue Balances.
February 2, 2004... (,000 Omitted) * Since initial reoffering + Revised upward since last report Amount Date NEW OFFERINGS Sold Balance $10,600 1/27 * Florida Hsg. Fin. Corp. $10,600 All Sold RECENT OFFERINGS $269,300 1/27 Port of...

Municipal Bond Prices.
February 2, 2004... These 40 Bonds are evaluated and priced daily by Standard & Poor's Securities Evaluations. 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.
February 2, 2004... Yesterday Previous Day Week Ago The Bond Buyer Municipal Bond Index 112-17 112-04 113-11 Friday, January 30, 2004 Maturity Par Call Dollar Conversion Converted Date Date Price Factor Price 1 Texas Turnpike Authority 5s...

New York City's $950M Refunding to Start Friday.
February 2, 2004... New York City announced Friday that it is planning to sell $950 million in general obligation refunding bonds starting this Friday with a two-day retail order and finishing next Tuesday with an institutional pricing. Morgan Stanley will be...

Municipal Bond Index Update.
February 2, 2004... The list of bonds used to calculate the Municipal Bond Index was revised after the Jan. 30 pricing. The new coefficient is 1.0182. It was derived by dividing the Jan. 30 index (112.535022) by the average converted price of the new set of...

LARGEST ISSUES: January 2004.
February 2, 2004... Amount Issuer Date $1,173.9 Massachusetts (Commonwealth), GOs Jan 15 650.0 New Jersey Economic Development Authority, school GOs (cpt) Jan 15 509.7 Ohio Water Development Authority Jan 8 494.5 Port Authority of New York...

LONG-TERM BONDS: January.
February 2, 2004... 2004 2003 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $17,092,000 659 $27,094,000 972 -36.9 % Development 175,700 6 586,000 30 -70.0 Education 6,039,700 262 6,541,000 362 -7.7 Electric...

BOND SALES BY STATE: January.
February 2, 2004... 2004 2003 State Rank Volume Rank Volume Pct Chg Alabama 41 $16,500 34 $76,100 -78.3 % Alaska 40 20,300 47 9,300 +118.3 Arizona 18 330,400 12 628,000 -47.4 Arkansas 22 207,200 41 42,900 +383.0 California 3...

Michigan Hospital's Accounting Woes Spark Rating Concerns.
February 2, 2004... Ratings officials on Friday voiced concern that a Michigan subsidiary of Bon Secours Health Systems Inc. could be subject to federal and state investigations after a review of seven years of finances revealed accounting irregularities. ...

Utah in Hurry-Up-and-Wait Mode For Its $348 Million Refunding.
February 3, 2004... The state of Utah has tentatively scheduled a $348.12 million general obligation refunding deal for tomorrow but is watching the market to determine whether the issue will net enough savings to make it cost-effective. "We don't have a hard...

Bush Would Cut Grants: Localities Face 0.4%, $1.6B Aid Reductions.
February 3, 2004... The Bush administration proposed a 0.4% cut in grants to state and local governments in fiscal 2005 -- a $1.6 billion decrease from the $418.1 billion the president sought last year -- while boosting funding for homeland security and defense,...

The Digest.
February 3, 2004... Municipal bonds were little changed yesterday as the market idled while Citigroup Global Markets Inc. received $55 million in retail orders on $132 million of Vermont general obligation bonds with a top yield of 4.05% in 2018. Complete market...

Calif. Agency Would Sell $4B for Roads: Plan Pushes Toll Consolidation.
February 3, 2004... A $3.9 billion deal to refinance two troubled toll roads in Orange County, Calif., could hit the market soon, following release of a report supporting the plan. The new Transportation Corridor System would issue $3.9 billion of revenue...

News In Brief: ISM Index Gains To 63.6 in Jan.
February 3, 2004... The overall economy expanded for the 27th straight month in January, while the manufacturing sector expanded for the seventh time in as many months, the Institute for Supply Management reported yesterday. According to the ISM's monthly...

News In Brief: Personal Income, Spending Up in Dec.
February 3, 2004... Personal income increased 0.2% and personal consumption expenditures increased 0.4% in December, the Commerce Department reported yesterday. Personal income increased $18.8 billion to slightly more than $9.33 trillion, after a revised 0.3%...

News In Brief: Construction Outlays Rise to Record High.
February 3, 2004... Construction spending increased 0.4% in December, as total construction and one of its major components - private construction - rose to all-time highs, Commerce Department figures released yesterday show. Total construction spending was...

News In Brief: Treasury Estimates $177B 1Q Borrowing.
February 3, 2004... The Treasury Department announced yesterday it expects to borrow a record $177 billion in marketable debt during the January-March 2004 quarter and to have a cash balance of $20 billion on March 31. The latest borrowing plans compare with...

News In Brief: Pennsylvania Has Has New AG.
February 3, 2004... Gerald "Jerry" Pappert was sworn in as Pennsylvania's attorney general in Harrisburg yesterday after being nominated by Gov. Ed Rendell and unanimously confirmed for the post by the Pennsylvania Senate in January. Since Dec. 15, Pappert...

News In Brief: Weekly T-Bills Go At 0.920%, 1.000%.
February 3, 2004... Tender rates for the Treasury's latest 91-day and 182-day discount bills were higher, as the three-months incurred a 0.920% high rate, up from the previous auction's rate of 0.890% and as the six-months incurred a 1.000% high rate, up from the...

News In Brief: Treasury to Raise New Cash With 4-Weeks.
February 3, 2004... The Treasury Department said it will sell $19 billion of four-week discount bills today. The four-week, or 28-day, bills will raise $10 billion new cash by auctioning $19 billion to refund $9 billion of maturing bills. Copyright 2004...

Monday's Market: Munis Unchanged in Idle Market; Retail Grabs $55M of Vermont GOs.
February 3, 2004... Municipal bonds were little changed yesterday as the market idled while Citigroup Global Markets Inc. received $55 million in retail orders on $132 million of Vermont general obligation bonds with a top yield of 4.05% in 2018. Treasuries...

A Correction.(Correction Notice)
February 3, 2004... Standard & Poor's rates Bon Secours Health Systems Inc. A minus with a negative outlook. A back page story Friday on a Standard & Poor's outlook change had an incorrect rating for the system. Copyright 2004 Thomson Media Inc. All Rights...

Moody's: San Diego's Outlook Is Negative.
February 3, 2004... Citing the potential for increased pension contributions and continued revenue diversions from the state government, Moody's Investors Service yesterday revised its outlook on San Diego's Aa1 general obligation debt rating to negative from...

N.Y. HFA to Consider Bonds for Troubled Bronx Development.
February 3, 2004... The board of the New York State Housing Finance Agency may approve a deal Thursday to sell around $475 million in bonds for the troubled Co-op City housing complex in the Bronx. The bond sale would refund outstanding debt and raise new money...

Tax Exemption on Muni Interest Will Cost $33B in 2005.
February 3, 2004... Driven by an inflation-adjusted increase in private-activity bond issuance, coupled with a slower and occasionally fluctuating rise in the issuance of public-purpose bonds, the tax exemption for the interest paid on all municipal bonds will...

Senate Panel OKs Taxes In $311 Billion Road Bill.
February 3, 2004... The Senate Finance Committee yesterday overwhelmingly approved the tax portion of legislation that would set spending for highway and transit projects around the nation at $311 billion over six years. "What we have before us is a...

Bush Plan Offers a Mixed Bag for Muni Programs, Taxes.
February 3, 2004... President Bush's $2.4 trillion budget plan for fiscal year 2005 contains no surprises for the municipal bond market. As expected, the White House budget plan calls for a scaled-down version of last year's proposed savings plans, which...

Bush Bullish on SEC, Would Increase Budget to $913 Million.
February 3, 2004... The Securities and Exchange Commission would be allowed to spend $913 million in fiscal 2005 under President Bush's budget request -- a 12.5% increase over the $811.5 million that Congress provided for this fiscal year under the omnibus...

Bush Budget Includes $556 Million For D.C., Tax Provision Extensions.
February 3, 2004... President Bush's proposed $2.4 trillion budget for the fiscal year that begins Oct. 1, calls for a $556 million payment to the District of Columbia, according to budget documents. At the same time, the administration is also requesting...

Proposed 2005 HUD Budget Up 2.9% to $31.3 Billion.
February 3, 2004... President Bush yesterday unveiled a $31.3 billion fiscal 2005 Department of Housing and Urban Development budget plan that proposes restructuring the huge section 8 housing voucher program, creating a new program to attack chronic homelessness,...

Competitive Bond Offerings.
February 3, 2004... 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.
February 3, 2004... ISSUER ST DESCRIPTION AMOUNT($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING INSURER MDY'S S&P FITCH BANK-QUAL. LATEST DETAILS Tuesday, February 3 Groton CT...

Negotiated Bond Offerings.
February 3, 2004... Tentative dates for negotiated sales of $5 million or more. Week Of February 2 Alaska Hsg Fin Corp AK Rev 85,085 Merrill Lynch --- MBIA --- --- --- Jan 30 Fowler ESD #45 AZ Sch Imp 3,200 RBC Dain Rauscher --- --- --- --- --- Jan...

Results of Negotiated Sales.
February 3, 2004... ALABAMA Alabama Housing Finance Authority Jan 28, 2004 $5,330,000 Weekly Variable Rate Multi-Family Housing Revenue Bonds, Series 2004A (Phoenix Apartments Project) Letter of Credit issued by Union Planters Bank, N.A. (book...

Results of Competitive Sales.
February 3, 2004... KANSAS Gardner (City) Feb 2, 2004 $810,000 General Obligation Temporary Notes, Series 2004C (book entry). Dated Feb 1, 2004. Due Sep 1, 2004. Purchased $810,000.00 by Commerce Cap Mkts, at 1.0%, discount $915.30...

ARKANSAS: Racking Up the Millage.
February 3, 2004... Saline County quorum court members on Wednesday implemented a 7.55-mill property tax increase for homeowners in the Fountain Lake School District, after residents failed to approve a tax election for that purpose. The action came on the...

COLORADO: Good TABOR Policy.
February 3, 2004... A nonpartisan think tank last week filed a ballot proposal with Secretary of State Donetta Davidson that, if approved, would make sweeping changes to Colorado's Taxpayer's Bill of Rights. The Bell Policy Center needs to get 67,829 valid...

COLORADO: Pension Merger Problem.
February 3, 2004... State Treasurer Mike Coffman last week said that a planned merger of the Colorado Public Employees' Retirement Association and the Denver Public Schools Retirement System should be postponed until the state agency "gets its act together." ...

NEW MEXICO: Budget Cut and Paste.
February 3, 2004... Legislators last week began making adjustments to Gov. Bill Richardson's proposed budget, boosting spending by about $47 million and giving teachers a 2% raise. In the second week of a 30-day budget session, the House Appropriations and...

Oklahoma: Gambling for Schools.
February 3, 2004... All of Oklahoma's share of the revenue from Indian-owned gambling facilities would go toward education under a proposal from Gov. Brad Henry's administration. Finance Secretary Scott Meacham estimates the state could make $70 million to...

TEXAS: Medical Downgrade.
February 3, 2004... With a $55 million expansion plan in development, a ratings downgrade from Standard & Poor's was not exactly what Richardson Regional Medical Center was hoping for last week. But hospital officials said the one-notch drop to BBB will not affect...

UTAH: Ballpark Bonds.
February 3, 2004... The Utah County Commission voted last week to issue up to $3.8 million of revenue bonds to help finance a 2,400-seat ballpark for the Utah Valley State College. The stadium would be home to both the UVSC Wolverines baseball team and the...

New Hampshire Eyes Taxable Bonds for Pension Program.
February 3, 2004... New Hampshire may fund its new pension program for state judges with a $42.8 million taxable bond sale tentatively planned for July. Legislators last year authorized the state to sell bonds as a potential way to fund benefit payments to...