The Bond Buyer articles from February 2006

The Bond Buyer archives from February 2006

Wednesday.
February 1, 2006... REGIONS VIRGINIA GOV. TIMOTHY M. KAINE has appointed municipal finance veteran Sheryl D. Bailey as the new executive director of the Richmond-based Virginia Resources Authority. 6 FLORIDA, WHICH HAS MORE THAN $22.5 BILLION of...

Municipals Breaking From the MOB: CBOT to De-List Futures Contract.
February 1, 2006... After more than 20 years, it's finally official: the municipal bond market will soon no longer be married to the MOB. The truth was, their relationship had been crumbling for years. At the close of trading on March 22, the Chicago Board...

Bloomberg Plan Authorizes $31.6B of GO, Water Debt.
February 1, 2006... New York City Mayor Michael R. Bloomberg unveiled his preliminary, $52.2 billion operating budget for fiscal 2007 yesterday and updated a four-year capital plan that authorizes $31.6 billion of general obligation and Municipal Water Finance...

Volume Drops 21% In January: Lightest Month Since Sept. 2001.
February 1, 2006... Municipal issuance fell nearly 21% year-over-year last month, as tax-exempt borrowers sold $4.7 billion less debt than they did in January 2005. It was the biggest percentage decline since July 2004, and at $17.82 billion in volume the lightest...

With No Fed Shocks, Munis Finish Little Changed.
February 1, 2006... The municipal bond market finished little changed yesterday after the last policy-setting meeting chaired by Alan Greenspan brought no surprises - the Federal Reserve Board hiked its overnight lending rate for the 14th consecutive time in 19...

Corrections.(Correction Notice)
February 1, 2006... Yesterday's story about a bond sale for the Lifespan Obligated Group, a consortium of four Rhode Island hospitals, included incorrect rating information. Standard & Poor's rates Lifespan A-minus; Fitch Ratings does not rate the credit. *...

In Brief: FOMC Hikes Fed Funds Target 25 Bps to 4.50%.
February 1, 2006... WASHINGTON -- In the 14th interest rate hike in a year and a half, Federal Reserve Board policymakers yesterday raised the federal funds rate 25 basis points to 4.50% and signaled that inflation remains a concern. The Federal Open Market...

In Brief: 4Q Employment Cost Index Rose 0.8%.
February 1, 2006... WASHINGTON -- Employee compensation costs rose 0.8% in the fourth quarter of 2005, according to Labor Department data released yesterday. The 0.8% increase in the seasonally adjusted employment cost index for all civilian workers compared...

In Brief: Consumer Confidence At Highest Level Since '02.
February 1, 2006... The consumer confidence index improved to its highest level in more than three years in January, climbing to 106.3 from an upwardly revised 103.8 last month, the Conference Board reported yesterday. The December index reading was originally...

In Brief: Chicago PMI Drops To 58.5 in January.
February 1, 2006... The Chicago Purchasing Managers' Business Barometer dipped to 58.5 in January from 60.8 in December, the 32nd month out of 33 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 356.7 in January.
February 1, 2006... The New York Business Conditions Index in the National Association of Purchasing Management-New York's Report on Business increased in January to 356.7 from 352.4 in December. "Local economic conditions remain favorable," according to the...

In Brief: Treasury 4-Week Bills Go at 4.290% High Yield.
February 1, 2006... WASHINGTON -- The Treasury Department yesterday auctioned $18 billion of four-week bills at a 4.290% high yield, a price of 99.666333. The coupon equivalent was 4.364%. The bid-to-cover ratio was 2.51. Tenders at the high rate were allotted...

Moody's Outlines Ways Cities Can Weather Ford Closings.
February 1, 2006... CHICAGO -- Moody's Investors Service in a report laid out the unique characteristics that could help local communities mitigate the impact of the announcement by Ford Motor Co. that it would close plants by 2008. While the communities...

Enforcement: NASD Fines Berean, Top Official for G-37 Lapses.
February 1, 2006... NASD censured and imposed a $100,000 fine on Berean Capital Inc., now part of Jackson Securities, and Dudley Brown Jr., a top official, for violating the Municipal Securities Rulemaking Board's Rule G-37 by contributing to the St. Louis...

Legislation: Senate Banking Committee to Draft Credit Rating Agency Bill.
February 1, 2006... The Senate Banking Committee plans to draft legislation on credit rating agencies later this year that addresses concerns about possible conflicts of interest and too little competition, the committee announced yesterday. The committee...

State and Local Government Series: Falling SLGS Issuance Partly to Blame For Planned Rise in Treasury Borrowing.
February 1, 2006... A decline in the issuance of State and Local Government Series securities is a significant reason behind the U.S. Treasury's announcement Monday that its borrowing needs will rise to a record $188 billion level in the first quarter of 2006. ...

Virginia Gov. Kaine Taps Muni Veteran to Head VRA.
February 1, 2006... WASHINGTON -- Virginia Gov. Timothy M. Kaine has appointed municipal finance veteran Sheryl D. Bailey as the new executive director of the Richmond-based Virginia Resources Authority. Kaine, who was inaugurated Jan. 14, last week quietly...

Peabody, Mass., to Sell $29.3 Million in Bans for Schools.
February 1, 2006... Peabody, Mass., will competitively sell about $29.3 million of general obligation bond anticipation notes tomorrow, with proceeds largely going to local schools. The fixed-rate Bans will be sold through i-Deal's Parity electronic bidding...

Kansas Panel Looking Into Latest School Finance Study.
February 1, 2006... DALLAS -- The select school finance committee of the Kansas House will conduct three hearings this week into the Legislature's own study of public education costs. The nine-member committee -- six Republicans and three Democrats -- will...

Competitive Bond Offerings.
February 1, 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.
February 1, 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.
February 1, 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 January 30 Pinal Co...

Results of Negotiated Sales.
February 1, 2006... CALIFORNIA Southern California Home Financing Authority Jan 20, 2006 $35,000,000 Variable Rate Single Family Mortgage Revenue Bonds, 2006 Series A (book entry) (AMT) Dated Feb 2, 2006. Due Aug 1, 2035. First coupon...

Results of Competitive Sales.
February 1, 2006... CALIFORNIA Soquel Union Elementary School District Jan 31, 2006 $2,000,000 General Obligation Bonds, 2002 Election, Series C (bank qualified) (book entry). Dated Feb 15, 2006. Due Aug 1, 2008 to 2030. Callable Aug...

Municipal Bond Elections.
February 1, 2006... Saturday, February 04, 2006 $39,000 Canutillo ISD, TX $24,500 Carroll ISD, TX $19,500 Carroll ISD, TX $44,000 Conroe ISD, TX $28,000 Lago Vista ISD, TX $62,550 Rockwall ISD, TX $10,851 Rockwall ISD,...

Florida Tries Out Variable-Rate Debt on Everglades Deal.
February 1, 2006... BRADENTON, Fla. -- Florida, which has more than $22.5 billion of outstanding fixed-rate debt, sold its first-ever variable-rate deal last week in a $100 million offering that brought a new credit to the bond market. The Florida Department...

Ways & Means' Thomas Moves to Strike Bond Provision From Rail Legislation.
February 1, 2006... WASHINGTON -- Repeating action he took three years ago, House Ways and Means Committee chairman Bill Thomas, R-Calif., moved yesterday to strike a bond provision from legislation to be considered by the panel today that would authorize states...

Missouri Education Agency Sells Assets to Fund Governor's Initiative.
February 1, 2006... CHICAGO -- In a move that saves the agency from being sold, the Missouri Higher Education Loan Authority agreed yesterday to sell about half of its assets to raise the at least $425 million Gov. Matt Blunt wants to finance higher education...

Indiana Health Care System AimsTo Stay Competitive With $677M Sale.
February 1, 2006... CHICAGO -- Sisters of St. Francis Health Services Inc. in Indiana plans to bring about $677 million of debt -- a combination of new-money and refunding bonds -- to market as soon as mid-February as it works on a five-year capital plan aimed at...

ILLINOIS: Keno a No Go.
February 1, 2006... Gov. Rod Blagojevich last week dropped plans to allow the electronic gambling game of keno in restaurants and bars to finance $500 million in new borrowing for public education. Blagojevich said the plan had become too controversial and...

INDIANA: Clarian's Expansion Plans.
February 1, 2006... Clarian Health Partners and Arnett Health System said last week they had finalized an agreement to build a $180 million hospital in Lafayette, an announcement that had been anticipated when Clarian sold bonds last month. The Indiana Health...

IOWA: House Boosts Schools 4%.
February 1, 2006... The Republican-controlled House last week approved an increase of 4%, or $103 million, in education funding for the 2007-2008 school year. The figure is about $50 million short of the 6% increase Iowa Democrats sought in the basic public...

MICHIGAN: See Willow Run.
February 1, 2006... Standard & Poor's withdrew its BBB issuer credit rating for Willow Run Community School District at the issuer's request. The agency said Monday that the district asked for the rating to be withdrawn after Standard & Poor's lowered it to...

MINNESOTA: Tallying Up the Fees.
February 1, 2006... Fee collections increased by $446 million annually during the tenure of Gov. Tim Pawlenty, who turned to fee increases instead of tax increases as the state struggled financially between 2003 and 2005. The findings were included in a report...

MISSOURI: Loudon vs. Salci.
February 1, 2006... State Sen. John Loudon, R-Chesterfield, last week called for Larry Salci, the head of the Bi-State Development Agency of Missouri and Illinois, to resign because of cost overruns on the agency's light-rail expansion project. The project is...

OHIO: Port Seeks More Authority.
February 1, 2006... The Port of Greater Cincinnati Development Authority plans to seek additional powers to issue bonds for economic development. The authority is currently limited to issuing bonds for projects that are developed on the riverfront and in...

Bond Sales by State: January.
February 1, 2006... 2006 2005 Volume Volume Percentage State Rank ($000s) Rank ($000s) Change Alabama 37 $54,100 14 $553,400 -90.2 % Alaska 26 127,700 31 182,700 -30.1 Arizona 27 117,100 18 429,200 -72.7 Arkansas 41 38,900 44...

Long-Term Bond Sales: January.
February 1, 2006... 2006 2005 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $17,825,400 551 $22,522,000 816 -20.9 % Development 38,000 7 123,100 12 -69.1 Education 5,541,000 236 7,775,600 353 -28.7 Electric...

Largest Issues: January 2006.
February 1, 2006... Amount Issuer Date $850.0 Clark County, Nev., airport (AMT) Jan 3 600.3 New York City Municipal Water Finance Authority Jan 20 599.9 South Carolina Public Service Authority, electric power (TAX/TE) Jan 13 496.0 Washington...

Municipal Market Data General Obligation Yields.
February 1, 2006... Aaa Aaa (pure) (ins) Aa A Baa 2007 3.20 3.24 3.24 3.34 3.54 2011 3.42 3.53 3.51 3.72 3.96 2016 3.78 3.92 3.89 4.11 4.33 2021 4.03 4.17 4.14 4.36 4.58 2026 4.23 4.34 4.34 4.54 4.75 2031 4.40 4.50 4.50 4.69 4.92...

U.S. Securities Prices.
February 1, 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 -- 2/23/2006 4. -- /120 4.080/040 4.188 3M -- 4/27/2006 4.360/355...

Short-Term Tax-Exempt Yields.
February 1, 2006... Jan 31, 2006 Jan 30, 2006 Feb 1, 2005 Selected MIG-1/SP-1+ Notes California Rans 4 1/2s (June 06) 3.15 3.18 1.99 Los Angeles Co Trans 4s (June 06) 3.15 3.17 1.98 New Jersey Trans 4s (June 06) 3.18 3.19 2.02 Texas Trans...

Market Indicators.
February 1, 2006... Dollar amounts are in millions Day's 2006 2006 Daily Yesterday Change High Date Low Date Municipal Bond Index 113-24 unch 114-25 (1/18) 113-24 (1/26) 40 Average Dollar Price 102.34 +0.03 103.24 (1/18) 102.31 (1/30) ...

Merrill Lynch Corporate Bond Indexes.
February 1, 2006... Performance Comparisons for Jan. 30, 2006 Aaa-Baa Rated Corporates Index Avg. Pct. of Total Return % Close Yield Market Prior Wk. Y-T-D ML Corporate Master 1542.04 5.50 100.00 -0.80 -0.29 Intermediate (1-10 years) 1091.98...

New-Issue Balances.
February 1, 2006... (,000 Omitted) * Since initial reoffering + Revised upward since last report Amount Date NEW OFFERINGS Sold Balance $91,375 1/31 Howard Co., Md. $91,375 All Sold 22,185 1/31 Forsyth Co., N.C. 22,185 All Sold 19,406...

Reoffering Yields.
February 1, 2006... NRO - Not Reoffered; S.B. - Sealed Bid; SNA - Sold, Not Available Offer Amount Date ($Mil) NEW OFFERINGS 1 Year 5 10 15 20 25 30 1/31 22.5 Forsyth Co., N.C. (Aaa/AAA) 3.24 3.46 3.88 4.18......... RECENT OFFERINGS Aaa...

Municipal Bond Index.
February 1, 2006... Current Day Previous Day Week Ago Month Ago Year Ago The Bond Buyer Municipal Bond Index 113-24 113-24 114-20 114-09 114-23 Tuesday, January 31, 2006 Maturity Par Call Dollar Conversion ...

Municipal Bond Prices.
February 1, 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...

Recent Tables.
February 1, 2006... Weekly Bond Buyer Indexes Friday Bond Elections Wednesday Credit Calendar Friday General Obligation Bond Prices Monday Legislative Status Report Monday Merrill Lynch Corporate Bond Indexes Wednesday ...

Municipal Bond Index Update.
February 1, 2006... The list of bonds used to calculate the Municipal Bond Index was revised after the Jan. 31 pricing. The new coefficient is 1.0244. It was derived by dividing the Jan. 31 index (113.764643) by the average converted price of the new set of...

Post-Katrina, Louisiana Road Project Faces Rising Costs.
February 1, 2006... ATLANTA -- Months after putting a major Louisiana road under six feet of water, Hurricane Katrina continues to affect the important artery as skyrocketing construction costs outstrip the amount of bond sold to improve the road. The...

States Look Stable for 2006 Despite Spending Pressures, Moody's Says.
February 1, 2006... WASHINGTON -- The credit outlook for state governments in 2006 is stable despite growing spending pressures, according to an upbeat new report by Moody's Investors Service. "The outlook for states - big picture - is good," said Bob...

In California, Subordinate Bondholders Seeking Payment in Ritter Ranch Default.
February 1, 2006... SAN FRANCISCO -- Holders of junior-lien bonds issued by the Palmdale Community Facilities District 93-1 are taking their complaints to a California court today. The bonds defaulted after the bankruptcy of the developer that was trying to...

Thursday.
February 2, 2006... REGIONS THE DISTRICT OF COLUMBIA ended fiscal 2005 very strongly with a $370 million general operating surplus and a record $1.6 billion cumulative general fund balance, an independent audit released yesterday showed. 6 ...

Carolina Health System to Sell $478M: But Credit Concerns Prompt Downgrades.
February 2, 2006... ATLANTA -- The University Health Systems of East Carolina is readying a roughly $478 million deal for next week - the first bond issue from the North Carolina credit since 1998. While officials hope the use of the proceeds from the deal...

Hawkins Partner Cross to Join Treasury's Office of Tax Policy.
February 2, 2006... WASHINGTON -- John J. Cross 3d, a partner with Hawkins Delafield & Wood LLP here, will succeed Stephen J. Watson as an attorney in the tax legislative counsel's office of the Treasury Department's Office of Tax Policy next month. The move...

Minnesota Gov. Eyes $2.5B Plan: Funding to Focus On Transportation.
February 2, 2006... CHICAGO -- Urging voters to embrace a constitutional amendment on the November ballot that would end the diversion of motor vehicle taxes to the general fund, Minnesota Gov. Tim Pawlenty unveiled a $2.5 billion bond-financed transportation...

Munis Weaken But Outperform Treasuries.
February 2, 2006... Municipal bonds weakened yesterday but outperformed their taxable counterparts after mixed economic data failed to provide definitive clues about the future direction of monetary policy and supply concerns continued to weigh on Treasuries. ...

Correction.(Correction Notice)
February 2, 2006... The last line in yesterday's story on the municipal bond futures contract was cut off due to a production error. The full sentence should read as follows: "But first, the product would serve for years as an effective hedging instrument for...

In Brief: Treasury Details Record Borrowing Plans for 1Q.
February 2, 2006... WASHINGTON -- The Treasury Department yesterday announced additional details this morning about its plans to borrow a record $188 billion in the first quarter of 2006 that include the return this month of the 30-year bond. Treasury said...

In Brief: Construction Spending Up To Record $1.161 Trillion.
February 2, 2006... WASHINGTON -- Spending on construction projects surged 1.0% in December as both private and public construction rose to all-time records, according to Commerce Department figures released yesterday. Total construction spending rose to a...

In Brief: January ISM Index Shows Continued Expansion.
February 2, 2006... The overall economy expanded for the 51st straight month in January, while the manufacturing sector expanded for the 32d time in as many months, the Institute for Supply Management reported yesterday. According to the ISM's monthly report...

Oklahoma Democrats' Higher Ed Plan Adds $15 Million for Debt Service.
February 2, 2006... DALLAS -- The leaders of the Democratic majority in the Oklahoma Senate have proposed an $87 million increase in higher education funding that includes $15 million to make provision for debt service over a full 12-month period on higher...

Plaintiffs File for New Hearing in Illinois Philip Morris Case.
February 2, 2006... DALLAS -- The lead attorney representing a class of plaintiffs whose $10.1 billion judgment against Philip Morris USA was overturned by the Illinois Supreme Court last month filed a new motion Tuesday asking the high court to rehear the case....

Lawsuits: Holmes Harbor Investors Appeal Verdict.
February 2, 2006... Bondholders in a class action case involving the Holmes Harbor Sewer District have appealed to the Washington State Supreme Court to review and possibly overturn a state court jury's dismissal of securities fraud charges against Prudential...

State of the Union: President Skirts Issue of Federal Tax Reform in Address to Congress.
February 2, 2006... Avoiding a topic he pushed a year ago, President Bush surprised the municipal market by steering clear of broad recommendations for federal tax reform Tuesday night in his fifth State of the Union address. In fact, he hardly mentioned it,...

Transportation: House Tax Panel Excises Bonding Provisions from Rail Bill.
February 2, 2006... Citing a need to protect its jurisdiction over tax issues, the House Ways and Means Committee yesterday voted to remove language from pending legislation that would have authorized states to issue as much as $24 billion in tax-exempt and...

D.C. Finishes FY 2005 With Big Surplus, Record Fund Balance.
February 2, 2006... WASHINGTON -- The District of Columbia ended fiscal 2005 very strongly with a $370 million general operating surplus and a record $1.6 billion cumulative general fund balance, an independent audit released yesterday showed. The $370...

Financial Advisers: PRAG Targets Northern California With New Oakland Office.
February 2, 2006... Public Resources Advisory Group opened a new office yesterday in Oakland in an effort to expand its footprint into Northern California. Former West Coast banker Jo Mortensen will head the Bay Area efforts. The new office represents the...

New Hires: George K. Baum Adds Senior VP in Minneapolis.
February 2, 2006... Kansas City, Mo.-based George K. Baum & Co. recently announced that Judith Harvey has joined its public finance research department. Harvey comes aboard as a senior vice president and will be based in Minneapolis, where she will be responsible...

Name Changes: Kirkpatrick Pettis to Sail Under Davidson Banner.
February 2, 2006... CHICAGO -- The Kirkpatrick Pettis name will cease to exist on Feb. 18 when the broker-dealer will take the name of its parent D.A. Davidson & Co., which acquired the Omaha-based firm from the Mutual of Omaha Cos. last year. Kirkpatrick...

Municipal Bond Activities.
February 2, 2006... February 2-3 The Bond Buyer will host a conference on Financing Military Housing Privatization at the Hilton San Diego/Del Mar Hotel in Del Mar, Calif. For more information call 800-803-3423 or visit www.sourcemediaconferences.com. ...

Competitive Bond Offerings.
February 2, 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.
February 2, 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.
February 2, 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 January 30 Los Angeles...

Results of Negotiated Sales.
February 2, 2006... ALABAMA Birmingham-United Cerebral Palsy Special Care Facilities Financing Authority Jan 27, 2006 $5,000,000 Variable/Fixed Rate Revenue Bonds (United Cerebral Palsy of Greater Birmingham, Inc. Project) Letter of Credit Issued by...

Results of Competitive Sales.
February 2, 2006... ARKANSAS Waldron School District No. 45 of Scott County Feb 1, 2006 $2,000,000 Refunding Bonds (bank qualified) (book entry). Dated Mar 1, 2006. Due Jun 1, 2007 to 2033. Callable Jun 1, 2011 at par. Winning bid:...

Election Results.
February 2, 2006... APPROVED Wednesday, Jan 25, 2006 NEW YORK Eastport-South Manor Ctrl HSD-$6,570,000 Repairs to elementary school Saturday, Jan 28, 2006 WEST VIRGINIA Cabell County-$60,000,000 School consolidation and...

Univ. of Illinois Advance Refunding $53M of Campus Bonds.
February 2, 2006... CHICAGO -- The University of Illinois Board of Trustees yesterday priced $53 million of variable-rate bonds to advance refund its 1999 south campus project revenue bonds for present-value savings of about $5 million. The university began...

Fitch Drops Rating on Cherry Hill, N.J.'s GO Debt to A-Plus.
February 2, 2006... Fitch Ratings downgraded Cherry Hill, N.J.'s general obligation debt to A-plus from AA-minus late Tuesday, citing a weakening in the township's financial flexibility over the past five years. The downgrade affects about $106 million of...

Fitch Downgrades Wisconsin's Beloit Memorial Hospital to A-Minus.
February 2, 2006... CHICAGO -- Fitch Ratings this week dropped Beloit Memorial Hospital's rating by two notches to A-minus from A-plus because of the strain an additional $46 million of new debt will place on the hospital's balance sheet. The downgrade...

Senate Considering Amendments to House Reconciliation Bill.
February 2, 2006... WASHINGTON -- Action was pending yesterday on tax reconciliation, a process left unfinished when Congress recessed last year, as the Senate considered possible amendments to a House bill that could eventually affect market demand for munis and...

ALABAMA: Into the Pool!
February 2, 2006... Thanks to an innovative pooled financing program that recently completed its first deal, more of Alabama's smaller municipalities will be able to achieve lower borrowing costs to help fund their capital needs. Sterne, Agee & Leach Inc. and...

FLORIDA: Expensive Legacies.
February 2, 2006... High-interest bonds sold by predecessor agencies and assumed by Citizens Property Insurance Corp. have cost the insurer of last resort more than $277 million in expenses, a state audit released last week said. When CPIC was created by the...