The Bond Buyer articles from July 2009

The Bond Buyer archives from July 2009

Indiana, Illinois and Ohio All Scramble to Pass Budgets.(News)
July 1, 2009... Byline: Yvette Shields CHICAGO -Indiana lawmakers reached agreement on a new balanced budget, averting a government shutdown, while Illinois Gov. Pat Quinn vowed to keep lawmakers through the summer to reach a balanced budget and Ohio...

Midwest Bond-Watch.(Midwest)
July 1, 2009... Byline: Yvette Shields ILLINOIS Schools Get Debt Options IllinoisGov. Pat Quinn last week signed legislation that gives school districts greater flexibility in borrowing for cash-flow purposes. The law allows a district to...

Correction.(Market News)(Correction notice)
July 1, 2009... Yesterday's story about the expiration of the local finance law that allows New York City to sell bonds through negotiation misstated its impact on the Transitional Finance Authority. Expiration of the law would prohibit the TFA from selling...

Rhode Island Governor Blasts $7.8B Budget, Signs It Anyway.(The Regions)
July 1, 2009... Byline: Ted Phillips Calling the fiscal 2010 budget passed by the Rhode Island General Assembly "ill-conceived," Gov. Donald Carcieri nonetheless signed the $7.8 billion taxing and spending package into law yesterday. "This budget is...

Developers Plead Guilty to Bribing Dallas Officials for Bond Projects.(The Regions)
July 1, 2009... Byline: Jim Watts DALLAS - Two developers pleaded guilty to federal charges that they bribed Dallas officials to approve low-income apartment projects financed with tax-exempt private-activity bonds. The guilty pleas by Brian Potashnik...

DEAL IN FOCUS: Kansas City on Track to Sell $53M For Performing Arts Center Garage.(Midwest)
July 1, 2009... Byline: Yvette Shields CHICAGO - After clearing its plate of more complicated variable-rate restructurings related to its downtown redevelopment projects over the last year, Kansas City, Mo., plans to enter the market next week with $53...

FINRA Launches Muni Fact-Finding Sweeps.(News)
July 1, 2009... Byline: Andrew Ackerman The Financial Industry Regulatory Authority yesterday announced that it has launched three fact-finding sweeps tied to the municipal securities market, including an enforcement sweep to examine firms' potential...

IRS Tax-Exempt Bond Office Taking On New BAB Challenges.(GFOA Conference)
July 1, 2009... Byline: Peter Schroeder SEATTLE - Processing applications and distributing payments to issuers that have sold Build America Bonds present a "significant challenge" for the Internal Revenue Service tax-exempt bond office, an official said...

Bank of NY Mellon Will Push for Jefferson Receiver in State Court.(The Regions)
July 1, 2009... Byline: Shelly Sigo BRADENTON, Fla. - The Bank of New York Mellon said in a court filing late Monday that it would file suit in Alabama state court to push for a receiver for Jefferson County's sewer system, which is plagued by more than...

Munis Slightly Firmer Amid Few New Issues.(Market News)
July 1, 2009... Byline: Michael Scarchilli Amid a smattering of new issues, the municipal market finished yesterday's session slightly firmer in light to moderate trading activity. Traders said tax-exempt yields were lower by one or two basis points....

Chicago PMI Rose to 39.9 In June From 34.9 in May.(News In Brief)
July 1, 2009... Byline: Yong Lim The Chicago Purchasing Managers' Business Barometer rose to 39.9 in June from 34.9 in May, the National Association of Purchasing Management-Chicago said yesterday. Economists polled by Thomson Reuters predicted a 39.0...

June NAPM-NY Index Drops to 44.8 From 61.3.(News In Brief)
July 1, 2009... Byline: Yong Lim New York City business activity decreased in June, according to the National Association of Purchasing Management-New York's report on business. The current business conditions index fell to 44.8 in June from 61.3 in...

Treasury Four-Week Bills Go At 0.160% High Yield.(News In Brief)
July 1, 2009... Byline: Yong Lim The Treasury Department yesterday auctioned $35 billion of four-week bills at a 0.160% high yield, a price of 99.987556. The coupon equivalent was 0.162%. The bid-to-cover ratio was 3.06. Tenders at the high rate were...

Treasury 364-Day Bills Go At 0.545% High Yield.(News In Brief)
July 1, 2009... Byline: Yong Lim The Treasury Department yesterday auctioned $27 billion of 364-day bills at a 0.545% yield, a price of 99.448944. The bid-to-cover ratio was 2.94. Tenders at the high yield were allotted 60.39%. The median yield...

Consumer Confidence Falls to 49.3 in June.(News In Brief)
July 1, 2009... The Conference Board consumer confidence index, which had improved considerably in May, retreated in June. The index now stands at 49.3, down from 54.8 in May. The present situation index decreased to 24.8 from 29.7, while the expectations...

Pennsylvania Starting Fiscal 2010 Without Budget as Talks Continue.(The Regions)
July 1, 2009... Byline: Michelle Kaske Pennsylvania today will begin fiscal 2010 without an approved spending plan as Democratic Gov. Edward Rendell and the Republican-controlled Senate have yet to agree on how best to address a $3.2 billion deficit. ...

Puerto Rico Lawmakers Poised to Pass $7.6 Billion Spending Plan.(The Regions)
July 1, 2009... Byline: Michelle Kaske Puerto Rico legislators yesterday were set to pass a $7.6 billion spending plan for fiscal 2010, which begins today, with the budget then heading to Gov. Luis FortuAA[+ or -]o's desk for his consideration. ...

Moody's Plays Defense on Scale Delay.(GFOA Conference)
July 1, 2009... Byline: Andrew Ackerman SEATTLE - Issuer officials put a representative of Moody's Investors Service on the defensive here Monday afternoon as they questioned the credibility of the three major rating agencies, which they faulted for...

Infrastructure Bank Plan Scrutinized.(News)
July 1, 2009... Byline: Audrey Dutton WASHINGTON - A legislative proposal to establish a system of metropolitan infrastructure banks included in the $450 billion multi-year transportation bill making its way through the House is drawing questions about...

With $2B on Tap, Toll Issue Could Extend Special Session in Texas.(The Regions)
July 1, 2009... Byline: Richard Williamson DALLAS - A bill to authorize a $2 billion bond issue for the Texas Department of Transportation is already in the hopper, awaiting debate at today's special session of the Legislature. But the contentious issue...

June Issuance Down 18.5% Over Last Year; Figures Show Mix of Good and Bad News.(News)
July 1, 2009... Byline: Dan Seymour The municipal bond market continues to name winners and losers. Muni issuers sold $41.38 billion in bonds in June, according to Thomson Reuters, an 18.5% decline from June 2008. The number tells an incomplete...

BOND INSURERS: Assured Wraps Up FSA Purchase, Cements Hold on Industry.(Underwriters & Dealers)
July 2, 2009... Byline: Dan Seymour Assured Guaranty Ltd. completed its $822.1 million purchase of Financial Security Assurance Holdings Ltd. yesterday, creating a dominant bond insurer in a decimated industry. After closing the deal, which was...

Arizona's Budget Finally Arrives As Brewer Keeps Her Cards Close.(The Regions)
July 2, 2009... Byline: Richard Williamson DALLAS -Arizona Gov. Jan Brewer yesterday left lawmakers guessing what she would do with the $8.4 billion budget that arrived on her desk a day late and almost a month after winning passage. Climaxing an...

El Monte, Calif., Says No to Bankruptcy.(The Regions)
July 2, 2009... Byline: Andrew Ward SAN FRANCISCO - The El Monte, Calif., City Council decided not to declare bankruptcy after winning concessions from public employees to balance its 2009-2010 budget on Tuesday. The council had a motion on its agenda...

Municipal Bond Activities.(News)
July 2, 2009... July 16-17 The Council of Development Finance Agencies will hold a Fundamentals of Economic Development Finance Course at the DoubleTree Hotel in Washington, D.C. For more information or to register visit www.cdfa.net. August 2-6 ...

Southeast Bond-Watch.(Southeast)
July 2, 2009... Byline: Shelly Sigo, Jim Watts, Patrick Temple-West FLORIDA State Sees Big BAB Savings Florida officials yesterday said the state's first Build America Bond sale - a $255 million taxable deal - would save $56.1 million for the...

California Ready to Hand Out IOUs; Deadline Passes for Balanced Budget.(The Regions)
July 2, 2009... Byline: Rich Saskal SAN FRANCISCO - California is poised to begin paying some bills with IOUs today after efforts to pass budget-balancing legislation before a Tuesday night deadline failed. Facing a $24 billion deficit for the fiscal...

Correction.(Market News)(Correction notice)
July 2, 2009... The headline and top of Tuesday's front-page story on the Government Finance Officers Association's debt committee meeting last weekend incorrectly suggested that the group had altered its position on disclosure. While some prominent members of...

DEAL IN FOCUS: Birmingham Sets Variable-Rate Refinancing With $20 Million Sale.(Southeast)
July 2, 2009... Byline: Shelly Sigo BRADENTON, Fla. - Birmingham, Ala., is preparing to price this month nearly $20 million of fixed-rate general obligation debt to refinance variable-rate GO capital improvement warrants, which are similar to bonds. ...

Illinois Calls Special Session as Fiscal Year Begins Without Spending Plan.(The Regions)
July 2, 2009... Byline: Yvette Shields CHICAGO -Illinois' legislative leaders yesterday called a special session for July 14 to address budget matters as the state entered the new fiscal year without a spending plan following Gov. Pat Quinn's decision to...

YIELDS: Most Indexes Up Despite Declining Yields and Firmer Tone.(Investors & Investing)
July 2, 2009... Byline: Michael Scarchilli Most of The Bond Buyer's weekly yield indexes increased this week, despite tax-exempt yields declining slightly in the majority of the week's sessions and the market carrying an overall firmer tone. "The muni...

Despite S&P Doubts, California Town Redeems Notes.(The Regions)
July 2, 2009... Byline: Rich Saskal SAN FRANCISCO - Mammoth Lakes, Calif., has redeemed short-term notes that matured yesterday, a town official said, despite Standard & Poor's stated concern about its ability to do so. The town's $2 million 2008...

MONEY MARKET FUNDS: 2Q Ends With $3.87B Outflow, Bringing Assets to $456.1 Billion.(Investors & Investing)
July 2, 2009... Byline: Christine Albano Tax-exempt money market funds closed the second quarter with outflows of $3.87 billion, which caused total assets to settle at $456.11 billion for the week ending June 29, according to the Money Fund Report, a...

Munis Slightly Firmer Amid Light Secondary.(Market News)
July 2, 2009... Byline: Michael Scarchilli The municipal market was slightly firmer yesterday amid light secondary market trading activity. Traders said tax-exempt yields were lower by about two basis points overall "There's not a whole lot going...

North Carolina OKs Budget Extension as Talks Go On.(The Regions)
July 2, 2009... Byline: Patrick Temple-West WASHINGTON - North Carolina passed a two-week budget continuation on Wednesday as legislators continue to debate the biennial budget for fiscal 2010 and 2011. The temporary budget extends state agency...

Pending Home Sales Index Gains to 90.7 in May: NAR.(News In Brief)
July 2, 2009... Byline: Yong Lim Pending home sales increased 0.1% to a reading of 90.7 in May from 90.6 in April, according to an index released yesterday by the National Association of Realtors. Thomson Reuters' poll of economists had predicted a...

ISM Index at Grows to 44.8 In June From 42.8 in May.(News In Brief)
July 2, 2009... Byline: Yong Lim According to the Institute for Supply Management's monthly report on business, the ISM index gained to 44.8 in June from 42.8 in May. Economists polled by Thomson Reuters predicted the index would rise to 44.5. ...

Construction Spending Fell 0.9% to $964B in May.(News In Brief)
July 2, 2009... Byline: Yong Lim Spending on construction projects fell 0.9% to a seasonally adjusted annual rate of $964.0 billion in May as private construction decreased 1.0% and public construction slid 0.6%, according to Commerce Department figures...

Treasury 339-Day Bills Go At 0.540% High Yield.(News In Brief)
July 2, 2009... Byline: Yong Lim The Treasury Department yesterday auctioned $30 billion of 339-day bills at a 0.540% high yield, a price of 99.491500. The coupon equivalent was 0.550%. The bid-to-cover ratio was 2.74. Tenders at the high rate...

Puerto Rico Governor Signs $7.6 Billion Budget.(The Regions)
July 2, 2009... Byline: Michelle Kaske Puerto Rico's fiscal challenges may loom large, but the government successfully moved legislation to address a $3.2 billion structural deficit and help offset declining revenue with temporary tax measures, as Gov....

Citi at the Top in 2d Quarter; Senior Managed $18.53B of Deals.(News)
July 2, 2009... Byline: Dan Seymour Citi overtook Bank of America-Merrill Lynch for the top spot in municipal bond underwriting in the second quarter, according to Thomson Reuters. The New York-based bank was senior manager on $18.53 billion of munis...

STIMULUS: Rep. Hoekstra Asks Treasury for Recovery Zone Bond Clarification.(Washington)(Correction notice)
July 2, 2009... Byline: Peter Schroeder Rep. Pete Hoekstra has asked the Treasury Department whether a manufacturer in his western Michigan district can relocate operations from abroad to the United States and take advantage of the recovery zone bond...

Wisconsin Seeking Qualifications for Senior and Co-Managers.(The Regions)
July 2, 2009... Byline: Yvette Shields CHICAGO - Broker-dealers interested in serving as a senior or co-manager on Wisconsin's negotiated bond sales or as dealers on its commercial paper issues over the next two years have until July 15 to submit their...

Bad Blood Amid GOP as Arizona Session Reopens Fiscal Wounds.(The Regions)
July 6, 2009... Byline: Richard Williamson DALLAS - Arizona lawmakers open a special session today amid recriminations between Republican leaders and deep divisions over Gov. Jan Brewer's proposed sales tax increase. The special session on education...

MSRB: BABs Trade Strong in Their First 2 Months.(News)
July 6, 2009... Byline: Andrew Ackerman WASHINGTON - Primary and secondary market trading for Build America Bonds totaled $23 billion on 30,633 trades, according to a report released Thursday by the Municipal Securities Rulemaking Board. BABs...

Northeast Bond-Watch.(Northeast)
July 6, 2009... Byline: Patrick Temple-West, Michelle Kaske, Ted Phillips MARYLAND Anne Arundel to Take Bids Anne Arundel County expects to take bids for $49 million of refunding general obligation bonds on Thursday. The bonds are rated...

California IOUs to Pay 3.75% Annualized Rate; Warrant Issuance Will Start on Thursday.(News)
July 6, 2009... Byline: Rich Saskal SAN FRANCISCO - California IOUs will pay a 3.75% annualized interest rate to the creditors who receive them, the state's Pooled Money Investment Board decided last week. The interest is tax-exempt. The rate was set...

GUEST WORDS: What's Behind the Disclosure Curtain? Just Ask EMMA.(Commentary)
July 6, 2009... Byline: Lynnette Kelly Hotchkiss Municipal bonds, issued by state and local governments to build the infrastructure of our nation, historically have been among the safest investments available to the public. Yet public disclosures about...

TO THE EDITOR: Don't Scapegoat NRMSIRs for Failures in Muni Disclosure.(Commentary)
July 6, 2009... We read with interest the comments of the Government Finance Officers Association's debt committee, reported in The Bond Buyer article "GFOA Shifts on Muni Disclosure" in the June 30 edition. In particular, we note the statements by an...

Mixed Reactions to Draft Syndicate Proposals.(News)
July 6, 2009... Byline: Andrew Ackerman WASHINGTON - The Securities Industry and Financial Markets Association is concerned that rule changes drafted by the Municipal Securities Rulemaking Board that would speed up deadlines for syndicate managers to...

Munis Trade Quietly Ahead of July 4 Holiday.(Market News)
July 6, 2009... Byline: Michael Scarchilli The municipal market was unchanged with a slightly firmer tone Thursday, in quiet trading, as participants remained largely on the sidelines ahead of the July 4 holiday weekend. e_SDLqThere's a firmer tone,...

Jobless Claims Fell 16,000 To 614,000 in June 27 Week.(News In Brief)
July 6, 2009... Byline: Market News International Initial claims for state unemployment benefits in the June 27 week fell 16,000 to 614,000, roughly in line with analysts' expectations, especially given the 3,000 upward revision to the previous week's...

June Payrolls Fall 467,000; Unemployment Hits 9.5%.(News In Brief)
July 6, 2009... Byline: Market News International June employment data confirms a lesser recent pace of deterioration in the economy, as payrolls fell 467,000, though the unemployment rate continued to rise to its highest level since August 1983, hitting...

May Factory Orders +1.2%; Ex-Transportation +0.8%.(News In Brief)
July 6, 2009... Byline: Yong Lim New factory orders for manufactured goods climbed 1.2% in May, the Commerce Department said Thursday. The factory order increase, to $347.850 billion, was larger than the 0.8% increase projected by Thomson Reuters and...

PUBLIC POWER: DOE Offering $32M of Stimulus Funds for Hydroelectric Projects.(Washington)
July 6, 2009... Byline: Audrey Dutton Competitive federal funding is now available for public power utilities and could be used in conjunction with bonds, thanks to funds from the American Recovery and Reinvestment Act. The Department of Energy...

TRENDS IN THE REGION: Northeast Tackles Bond-Related Matters.(Northeast)
July 6, 2009... Byline: Ted Phillips From New York to Maine, states in the Northeast took up a range of borrowing-related issues in their recently concluded legislative sessions. Lawmakers in Maine expanded the use of tax increment financing, New...

THE WEEK AHEAD: N.Y. Thruway's $700M Note Sale Leads Post-Holiday Slate.(Investors & Investing)(Calendar)
July 6, 2009... Byline: Christine Albano With most of the municipal market still in holiday mode this week, the short-term market will dominate the official first full week of the third quarter with a planned $700 million note sale from the New York State...

Appetite for Risk Wanes Slightly; Inflows in Funds Slow Down a Bit.(News)
July 7, 2009... Byline: Dan Seymour Municipal bond mutual funds just missed setting the record for assets under management last week as a tempered appetite for risk slowed the river of cash inundating the industry. The pace of flows into muni funds...

Fayetteville, Ark., Plans State's Most Expensive School, Pending Tax.(The Regions)
July 7, 2009... Byline: Jim Watts DALLAS -Fayetteville, Ark., will build the most expensive public high school in the state if voters approve a property rate increase to support $110 million of general obligation bonds for the project. Trustees of...

Southwest Bond-Watch.(Southwest)
July 7, 2009... Byline: Jim Watts ARIZONA Ballpark Accord Reached The Phoenix City Council will divide with the suburb of Glendale the taxes generated at a Major League Baseball spring training complex located within the Phoenix city limits on...

PEOPLE: Dan Champeau Leaves FSA, Heads Back to Fitch.(Underwriters & Dealers)
July 7, 2009... Byline: Richard Williamson Former Financial Security Assurance director Dan Champeau has rejoined Fitch Ratings as head of business development for the U.S. public finance group and the global infrastructure and project finance group, the...

Fitch Drops Calif. GOs To BBB; Lease-Backed Debt Falls to BBB-Minus.(News)
July 7, 2009... Byline: Andrew Ward SAN FRANCISCO - Fitch Ratings downgraded California's general obligation bonds two notches to BBB from A-minus yesterday, pushing the state's lease-backed debt to the lowest investment grade, BBB-minus. Fitch kept...

S&P Raises Texas' Irving ISD to AA-Plus Ahead of $65 Million Sale.(The Regions)
July 7, 2009... Byline: Jason Philyaw DALLAS - Standard & Poor's raised the underlying credit rating of the Irving Independent School District to AA-plus from AA as the suburban Dallas district prepares to issue $65 million of school building bonds. ...

Jefferson County's Other Crisis: S&P Highlights Bankruptcy Fears.(The Regions)
July 7, 2009... Byline: Shelly Sigo BRADENTON, Fla. - Standard & Poor's Monday continued its negative watch on Jefferson County, Ala.'s outstanding debt, though not including the county's troubled sewer bonds. "The CreditWatch reflects our opinion of...

Moody's Puts $2.2B of Maryland Residential Debt on Negative Watch.(The Regions)
July 7, 2009... Byline: Audrey Dutton WASHINGTON - Moody's Investors Service has placed $2.2 billion of the Maryland Community Development Administration's Aa2-rated residential revenue bonds on watch for a possible downgrade. The action is mostly due...

REGULATION: MSRB Puts Out Interpretative Letter on G-38.(Washington)
July 7, 2009... Byline: Andrew Ackerman Employees of a joint-venture broker-dealer, who previously worked for and remain "associated persons" with the two legacy firms that created and control the joint venture, may solicit municipal securities business...

Munis Unchanged as Traders Return to Work.(Market News)
July 7, 2009... Byline: Michael Scarchilli The municipal market remained unchanged yesterday as participants eased their way back from the three-day holiday weekend. "It's going to take a while for people to get back into the swing of things, and...

ISM Non-Manufacturing Index Rises to 47.0 in June.(News In Brief)
July 7, 2009... Byline: Yong Lim The Institute for Supply Management's non-manufacturing business activity composite index was 47.0 in June, up from 44.0 in May, on a seasonally adjusted basis, the group said yesterday. Economists polled by Thomson...

Treasury to Sell $34 Billion Of 4-Week Discount Bills.(News In Brief)
July 7, 2009... Byline: Yong Lim The Treasury Department yesterday said it will sell $34 billion of four-week discount bills today. There are currently $94.007 billion of four-week, or 28-day, bills outstanding. The bills settle July 9 and are due...

Weekly T-Bills Go At 0.190%, 0.285% Highs.(News In Brief)
July 7, 2009... Byline: Yong Lim Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were lower, as the three-months incurred a 0.190% high rate, down from 0.195% the prior week, and the six-months incurred a 0.285% high...

Treasury Indexed 10-Years Sell at 1.920% High Yield.(News In Brief)
July 7, 2009... Byline: Yong Lim The Treasury Department yesterday sold $8 billion of inflation-indexed 10-year TIPs at a 1.920% yield, an adjusted price of 99.592335, with a 1 7/8% coupon. The bid-to-cover ratio was 2.51. Tenders at the...

N.J. on the Hook for Bankrupt Hospital's Debt-Service Payment.(The Regions)
July 7, 2009... Byline: Michelle Kaske New Jersey's coffers will feel the effects of St. Mary's Hospital's bankruptcy proceedings, as the state will pay on Sept. 1 a $1.06 million debt service payment on $45.4 million of state contract bonds, with no...

TRENDS IN THE REGION: Texas Schools Hit Market Without PSF.(Southwest)
July 7, 2009... Byline: Jason Philyaw DALLAS - Texas school districts must build new facilities to keep pace with population growth at a time when the state's triple-A rated bond guarantee program remains on hiatus awaiting a federal tax ruling. In...

Texas Lawmakers Bring TTC and $2B of Bonds Back From the Brink.(The Regions)
July 7, 2009... Byline: Richard Williamson DALLAS - The Texas Transportation Commission has a new lease on life and $2 billion more in bonding capacity available after a two-day special legislative session that ended Thursday, but some funding methods...

Atlanta OKs $1.4B, Mostly for Airport.(The Regions)
July 8, 2009... Byline: Shelly Sigo BRADENTON, Fla. - The Atlanta City Council on Monday approved the sale of $1.4 billion of new-money and refunding bonds, with most of the proceeds going toward completion of the new international terminal at...

Arizona Refills School Budget, Ponders Remaining Gap.(The Regions)
July 8, 2009... Byline: Richard Williamson DALLAS - Arizona lawmakers resolved a crisis in education funding by replenishing the $3.7 billion budget for public schools, and then began mapping a strategy to close a remaining $2.1 billion budget shortfall...

NEW HIRES: Blumenfeld Joins Kutak Rock in Philly.(Washington)
July 8, 2009... Byline: Andrew Ackerman Kutak Rock LLP last month hired Jeffrey Blumenfeld in its Philadelphia office. Blumenfeld has 26 years of experience as bond counsel, underwriters' counsel, and counsel to conduit borrowers, credit enhancers,...

Midwest Bond-Watch.(Midwest)
July 8, 2009... Byline: Yvette Shields ILLINOIS RTA Slashes Budget 12% The Regional Transportation Authority will cut internal spending in its $36.7 million budget by 12% and work with its transit service boards - the Chicago Transit Authority,...

Report: Colorado Will Need to Change How It Allocates Money.(The Regions)
July 8, 2009... Byline: Richard Williamson DALLAS - Colorado is facing a growing fiscal crisis that will require a structural change in how the state matches revenue with expenditures, according to a report yesterday from the Center for Colorado's...

DEAL IN FOCUS: Iowa Sets $600 Million; Sale Intended to Support Jobs Program.(Midwest)
July 8, 2009... Byline: Yvette Shields CHICAGO - Iowais ready to enter the market next week with $600 million of special obligation bonds to support the new $750 million jobs program proposed by Gov. Chet Culver to jump-start the state's economy and...

REGULATION: Calif. IOUs Spark Questions Over Regulatory Jurisdiction.(Washington)
July 8, 2009... Byline: Andrew Ackerman As California officials begin to issue as much as $3.2 billion of IOUs, there is growing interest in whether the registered warrants should be considered securities or some other type of state obligation. The...

Judge Says Jefferson County Trustee, Insurers Can Seek a Sewer Receiver.(The Regions)
July 8, 2009... Byline: Shelly Sigo BRADENTON, Fla. - A federal judge in Birmingham late Monday said that Jefferson County, Ala.'s bond insurers and trustee are free to file suit July 20 in state court seeking to have a receiver take over the county's...

Kansas Panel Approves $700 Million Transfer to Pay Schools, Taxpayers.(The Regions)
July 8, 2009... Byline: Jim Watts DALLAS - The Kansas Finance Council on Monday approved a request by Gov. Mark Parkinson to transfer $700 million from various government accounts into the general budget fund so the state can make scheduled payments to...

Munis Firmer; MTA Sells $600M of Rans.(Market News)
July 8, 2009... Byline: Michael Scarchilli Municipals finished slightly firmer yesterday in light trading activity, while in the new-issue market New York's Metropolitan Transportation Authority sold $600 million of revenue anticipation notes. Traders...