The Bond Buyer articles from June 2006

The Bond Buyer archives from June 2006

Thursday.
June 1, 2006... Regions WITHIN A WEEK, THE HONOLULU CITY COUNCIL, which governs the entire island of Oahu, could approve over $525 million in bonding as part of the $629 million capital budget for the fiscal year beginning July 1. 3 THE...

Issuance Down 10% In May: Analysts See Promise In New-Money Totals.
June 1, 2006... State and local government borrowers marketed roughly $32.39 billion of debt through 1,032 deals last month, about 10% less than the volume posted in May 2005, according to preliminary statistics released yesterday by Thomson Financial. ...

Illinois Holds Hearing on Leasing Toll Road.
June 1, 2006... CHICAGO -- Illinois risks higher tolls and losing good jobs but stands to collect a massive windfall in a potential privatization of the Illinois Toll Highway Authority, according to testimony yesterday during a state legislative hearing on the...

Florida Cat Fund's $1.5B Deal Gets Go-Ahead.
June 1, 2006... BRADENTON, Fla. -- The Florida Cabinet yesterday approved the issuance of up to $1.5 billion in revenue bonds by the Florida Hurricane Catastrophe Fund Finance Corp. to pay for reinsurance losses incurred last year. The approval clears the...

Auction-Rate Violations Result in $13M Penalty: SEC Announces Settlement With 15 Firms.
June 1, 2006... WASHINGTON -- The Securities and Exchange Commission yesterday announced a $13 million global settlement with 15 broker-dealer firms for engaging in industry-wide practices that violated the securities laws in the municipal, corporate, and...

Munis Lose Ground Over FOMC Minutes.
June 1, 2006... The municipal and Treasury markets lost ground yesterday, as a hawkish tone in the minutes of the May 10 Federal Open Market Committee meeting led investors to nudge their interest rate expectations upward. Traders said tax-exempt yields...

In Brief: FOMC at May 10 Meeting: More Hikes Could Come.
June 1, 2006... WASHINGTON -- Federal Open Market committee members unanimously voted at their May 10 meeting to increase a key interest rate by 25 basis points to 5% - marking their 16th hike since June 2004 - but they were unsure how much additional policy...

In Brief: Chicago PMI Rises To 61.5 in May.
June 1, 2006... The Chicago Purchasing Managers' Business Barometer jumped to 61.5 in May from 57.2 in April, the 36th month out of 37 when the index showed economic expansion as defined by a reading above 50.0, the National Association of Purchasing...

In Brief: NAPM-NY BCI Grows To 388.6 in May.
June 1, 2006... The New York Business Conditions Index in the National Association of Purchasing Management-New York's Report on Business increased in May to 388.6 from 387.2 in April. The report's outlook/expectations index jumped to 70.8 in May from...

In Brief: Treasury 4-Weeks Go At 4.645% High Yield.
June 1, 2006... WASHINGTON -- The Treasury Department yesterday auctioned $16 billion of four-week bills at a 4.645% high yield and a price of 99.638722. The coupon equivalent was 4.727%. The bid-to-cover ratio was 2.14. Tenders at the high rate were...

Honolulu Council Weighs $525M of Bonds, Mostly for Sewers.
June 1, 2006... SAN FRANCISCO -- Within a week, the Honolulu City Council, which governs the entire island of Oahu, could approve over $525 million in bonding as part of the $629 million capital budget for the fiscal year beginning July 1. Valid through...

D.C. in Talks Over Possibility of Another Bond Issue for Stadium Parking Facility.
June 1, 2006... WASHINGTON -- The District of Columbia is expected to conclude negotiations today that could lead to an additional bond issue associated with the $535 million stadium that Washington is building for its Major League Baseball team. Mayor...

Law Opens Up Tax-Exempt Mortgage Bonds for Vets in 3 States.
June 1, 2006... SAN FRANCISCO -- Veterans in three states are now eligible to take advantage of low-interest mortgages financed by tax-exempt bonds, as the result of provisions in the $70 billion tax reconciliation bill President Bush signed two weeks ago. ...

Lack of Communication Plagues $3B Grand Canyon Project.
June 1, 2006... DALLAS -- Officials in northern Arizona are concerned about the lack of communication with the promoter of a proposed $3 billion amusement park near the Grand Canyon that could qualify for up to $1 billion in revenue bonds to finance the...

Bond Insurers: CIFG Announces 392% Rise in First-Quarter Business.
June 1, 2006... In yet another sign that the smaller bond insurers are becoming more entrenched in the financial guarantor landscape, triple-A rated municipal insurer CIFG announced yesterday its first-quarter public finance production totals grew by a nearly...

Finance Chief Ferreri Quits MBIA; Prudential SVP Tapped as Successor.
June 1, 2006... MBIA Inc., the parent company of triple-A rated municipal bond insurer MBIA Insurance Corp., announced late Tuesday that Nicholas Ferreri, MBIA's current chief financial officer, is leaving the Armonk-based insurer for personal reasons, but...

North Carolina Lawmakers Weigh Bond Bills Worth a Total of $3 Billion.
June 1, 2006... ATLANTA -- North Carolina lawmakers are considering two pieces of legislation that could lead to more than $3 billion of debt from the state in the coming years. The largest issuance could come from HB 2830, which would allow the state to...

Competitive Bond Offerings.
June 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.
June 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.
June 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 May 29 Quail Creek Comm...

Negotiated Note Offerings.
June 1, 2006... ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER FINANCIAL ADVISER INSURER MDY'S S&P FITCH FIRST APPEARED Thursday, June 1 Lakewood OH Bond Antic 18,353 A.G. Edwards --- --- --- --- --- May 31 Week...

Results of Negotiated Sales.
June 1, 2006... ARKANSAS Bryant Municipal Property Owners' Multipurpose Improvement District No. 62 May 16, 2006 $265,000 Improvement Bonds - Series 2006 (Lombard Development Project) (bank qualified) (book entry) Dated Jun 1, 2006. Due...

Results of Negotiated Sales.
June 1, 2006... ARIZONA Glendale Municipal Property Corporation May 31, 2006 $32,920,000 Excise Tax Revenue Bonds, Series 2006A (book entry). Dated Jun 14, 2006. Due Jul 1, 2008 to 2026. Callable Jul 1, 2016 at par. Winning...

Municipal Bond Activities.
June 1, 2006... June 5-9 NASD will a host a weeklong program on recent regulatory topics at the Coleman Center in New York City. For more information or to register contact Jerome McKinney at 858-4119 or jerome.mckinneynasd.com. June 8-10 The...

Moody's Downgrades Hackensack, N.J., Hospital to A3 With Negative Outlook.
June 1, 2006... Moody's Investors Service yesterday downgraded Hackensack University Medical Center in New Jersey to A3 from A2 in response to increasing debt over the past two years and its impact on operations. The downgrade affects about $382 million of...

Middlesex County, N.J., Selling $81 Million of Bonds and Notes.
June 1, 2006... Middlesex County, N.J. will sell about $80.5 million of bonds and notes in two separate transactions today. The county will use Grant Street Group's MuniAuction electronic bidding system to competitively sell more than $42 million of bonds in...

Senate Confirms Capka as Federal Highway Administrator.
June 1, 2006... After resolving concerns from three lawmakers, the Senate approved President Bush's nomination of J. Richard Capka - the former chief executive officer of the Massachusetts Turnpike Authority - to take over the Federal Highway Administration....

Regulation: TBMA Issues Draft Best Practices for Auction-Rate Securities.
June 1, 2006... The Bond Market Association yesterday issued draft best practices for broker-dealers of auction-rate securities in the wake of the Securities and Exchange Commission's announcement that it had reached a $13 million settlement with 15...

N.Y. Needs Fiscal Reform, Better Interaction With Local Governments, Survey Says.
June 1, 2006... New Yorkers want the state to change the way it borrows, budgets, and gets along with its local governments, according to a survey conducted by a nonpartisan civic group that monitors New York City and New York State. The Citizens Budget...

ALABAMA: Regions, AmSouth to Merge.
June 1, 2006... Regions Financial Corp. and AmSouth Bancorp., both based in Birmingham, announced last week that they will merge to form one of the top 10 bank holding companies in the U.S.. The new company, which will retain Regions' name, will have...

FLORIDA: Development Plan Launched.
June 1, 2006... Gov. Jeb Bush on Tuesday signed into law a series of economic development initiatives to bolster and diversify Florida's economy, including new sales tax exemptions on the purchase of certain equipment, creating a $200 million fund to lure...

LOUISIANA: New Orleans Mails Tax Bills.
June 1, 2006... Hurricane-ravaged New Orleans took another step this week in righting its financial ship with the mailing out of 2006 ad valorem tax bills. The move is key because much of the city's roughly $530 million of outstanding general obligation...

MISSISSIPPI: Settlement Stubbed Out.
June 1, 2006... Jackson County Chancery Judge Jaye Bradley on Tuesday overturned a court order that sent $20 million a year from the state's tobacco settlement to the Partnership for a Healthy Mississippi, a private nonprofit antismoking group led by former...

SOUTH CAROLINA: Last-Minute Budget Work.
June 1, 2006... Today marks the last day of the South Carolina Legislature's session, but lawmakers were still working yesterday on passing a budget for fiscal 2007, which begins July 1. While Gov. Mark Sanford commended lawmakers for passing legislation...

WEST VIRGINIA: First Sales-Tax Bond Sale.
June 1, 2006... A county in West Virginia's northern panhandle completed a $100 million issuance yesterday that was the state's first bond sale backed by sales tax. Ohio County sold $100 million in special district excise tax revenue refunding and...

Long-Term Bond Sales: January-May.
June 1, 2006... 2006 2005 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $133,817,200 4,517 $165,550,900 5,861 -19.2 % January 18,767,300 715 ...

New-Issue Volume Notes.
June 1, 2006... The new-issue volume tables are based on information compiled by The Bond Buyer from Thomson Financial's database on Wednesday, May 31, 2006. All figures are preliminary and subject to revision. Long-term bonds have final stated maturities...

Long-Term Bond Sales: May.
June 1, 2006... 2006 2005 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $32,393,500 1,032 $35,901,900 1,361 -9.8 % Development 231,200 22 575,000 30 -59.8 Education 8,610,400 371 9,868,500 511 -12.7 ...

Bond Sales by State: January-May.
June 1, 2006... 2006 2005 Volume Volume Percentage State Rank ($000s) Rank ($000s) Change Alabama 28 $1,431,500 28 $1,482,900 -3.5 % Alaska 36 $857,900 40 $682,900 +25.6 Arizona 23 $1,974,600 16 $3,184,300 -38.0 Arkansas 42...

Largest Issues: May 2006.
June 1, 2006... Amount Issuer Date $2,805.4 New Jersey Transportation Trust Fund Authority, mass transit May 24 1,000.0 Illinois State Toll Highway Authority May 25 1,000.0 Pennsylvania Higher Education Assistance Agcy., student loans (TAX/TE)...

Market Indicators.
June 1, 2006... Dollar amounts are in millions Day's 2006 2006 Daily Yesterday Change High Date Low Date Municipal Bond Index 112-31 -4/32 115-13 (2/28) 112-10 (5/12) 40 Average...

Short-Term Tax-Exempt Yields.
June 1, 2006... May 31, 2006 May 30, 2006 Jun 1, 2005 Selected MIG-1/SP-1+ Notes California Rans 4Z\xs (June 06) 3.50 3.42 2.70 Los Angeles Co Trans 4s (June 06) 3.50 3.44 2.70 New Jersey Trans 4s (June...

U.S. Securities Prices.
June 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 - 6/22/2006 4.673/663 4.665/655 4.750...

Municipal Market Data General Obligation Yields.
June 1, 2006... Aaa Aaa (pure) (ins) Aa A Baa 2007 3.55 3.59 3.59 3.69 3.87 2011 3.66 3.77 3.75 3.91 4.06 2016 4.02 4.15 4.13 4.32 4.51 2021 4.24 4.37 4.35 ...

New-Issue Balances.
June 1, 2006... (,000 Omitted) * Since initial reoffering + Revised upward since last report Amount Date NEW OFFERINGS Sold Balance $151,555 5/31 Las Vegas Valley Wtr. Dist., Nev. $151,555 All Sold 49,225 5/31 Durham, N.C. 49,225 All...

Reoffering Yields.
June 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 5/31 12.2 Durham Co., N.C. (Aaa/AAA).... 3.67 4.00 4.40......... RECENT OFFERINGS Aaa...

One-Year Note Index.
June 1, 2006... 2006 May 31 3.55% 24 3.57 17 3.60 10 3.65 3 3.66 Apr 26 3.70 19 3.65 11 3.58 5 3.54 Mar 29 3.52 22 3.51 15 3.47 8 3.42 1 3.37 ...

Municipal Bond Index Update.
June 1, 2006... The list of bonds used to calculate the Municipal Bond Index was revised after the May 31 pricing. The new coefficient is 1.0254. It was derived by dividing the May 31 index (112.969177) by the average converted price of the new set of 40...

Municipal Bond Prices.
June 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 Change...

Municipal Bond Index.
June 1, 2006... Current Day Previous Day Week Ago Month Ago Year Ago The Bond Buyer Municipal Bond Index 112-31 113-03 113-12 112-18 116-13 Wednesday, May 31, 2006 Maturity Par Call Dollar Conversion Converted Date Date Price Factor Price 1...

New York MTA to Sell $550M; May Seek New Credit to Finance Capital Program.
June 1, 2006... New York's Metropolitan Transportation Authority will sell about $550 million of bonds in two deals next week and said it may seek the creation of new credit to help finance its capital program, according to documents released yesterday. ...

Friday.
June 2, 2006... Regions THE SCRIPPS RESEARCH INSTITUTE PROJECT in Florida's Palm Beach County is moving to a new location thanks to approvals by county, state, and institute officials during the past two weeks. 6 TWO CONGRESSMEN FROM TEXAS who...

Escondido High Makes the Grade: S&P Gives California Charter a BBB-Minus.
June 2, 2006... SAN FRANCISCO -- A charter school in San Diego County will take an investment-grade rating to the market this month as it issues $26 million in debt. The deal for Escondido Charter High School and the Heritage K-8 Charter School carries a...

Raters: St. Louis' Credit Is Looking Up.
June 2, 2006... CHICAGO -- St. Louis received a trifecta of good credit news this week as one agency upgraded its general obligation debt rating and two others assigned the city a positive outlook. But St. Louis' recent decision to grant workers a 3% pay raise...

FSA Ruling Significant, Experts Say: Panel: Insurers Can Bring Fraud Claims.
June 2, 2006... WASHINGTON -- In a potentially far-reaching decision for the municipal market, a federal appeals court panel in Atlanta ruled Wednesday that bond insurer Financial Security Assurance Inc. can sue underwriter Stephens Inc. under the federal...

Munis Shrug Off Data, Weaken in Spots.
June 2, 2006... Largely ignoring bond-friendly data that spurred some minor gains in Treasuries, the municipal market was little changed or slightly weaker yesterday. Traders lacked conviction in their opinions of market direction, with several...

Correction.(Correction notice)
June 2, 2006... Yesterday's front-page story on municipal issuance volume mistakenly included two figures that were incorrect. For the year to date, total issuance was $133.81 billion and refunding volume was $27.9 billion, according to Thomson Financial. ...

In Brief: Jobless Claims Rose 7,000 to 336,000.
June 2, 2006... WASHINGTON -- First-time applications for state unemployment benefits rose 7,000 to 336,000 in the week ended May 27, according to data released by the Labor Department yesterday. The seasonally adjusted figure was above the 320,000 level...

In Brief: 1Q Productivity Up 3.7%; Unit Labor Costs Up 1.6%.
June 2, 2006... WASHINGTON -- Non-farm productivity grew more than initially expected in the first quarter, while unit labor costs increased a tad less than reported earlier, according to revised first-quarter statistics released by the Bureau of Labor...

In Brief: Construction Spending Falls 0.1% to $1.196T.
June 2, 2006... WASHINGTON -- Spending on construction projects declined in April for the first time in 10 months, falling 0.1% as private and public construction declined slightly, according to Commerce Department figures released yesterday. Total...

In Brief: ISM Index at 54.4 in May, Down From 57.3 in April.
June 2, 2006... The overall economy expanded for the 55th straight month in May, while the manufacturing sector expanded for the 36th time in as many months, the Institute for Supply Management reported yesterday. According to the ISM's monthly report on...

In Brief: Pending Home Sales Slid 3.7% in April.
June 2, 2006... Pending home sales slipped 3.7% in April, its third straight monthly decline, according to the National Association of Realtors' index, which dropped to 111.8 from 116.1 in March, and is 11.7% below April 2005. The index is based on...

In Brief: Weekly T-Bill Auction To Pay Down $8B.
June 2, 2006... WASHINGTON -- The Treasury Department yesterday said it will pay down $8 billion at its weekly auction of 91-day and 182-day discount bills Monday by selling $29 billion to refund $37 billion in maturing securities. To be sold are $15...

Panel: Community Support Vital to TIF District Success.
June 2, 2006... AUSTIN -- While tax increment finance districts have become a popular tool to help rid communities of blight and spur economic development, they are still often resisted by those unfamiliar with their complexities. For that reason,...

Texas' Perry Signs School Finance Bill That Cuts Maximum Property Tax Rate.
June 2, 2006... DALLAS -- Texas Gov. Rick Perry on Wednesday signed into law HB 1, a major component of a school finance reform package approved last month by the state Legislature. The measure provides, over three years, a reduction in the maximum...

Indexes Mostly Higher as Munis Take Cue From Treasuries.
June 2, 2006... Nearly all of The Bond Buyer's weekly yield indexes rose this week as tax-exempts followed Treasuries, which weakened on a hawkish read of the minutes of last month's Federal Open Market Committee meeting. "The muni market was taking a cue...

State & Local Finance: NGA Warns of $6B Loss From Business Tax Curbs.
June 2, 2006... States would lose more than $6 billion in tax revenue annually if Congress enacts pending legislation that would limit state and local governments' ability to impose business-activity taxes on out-of-state businesses, the National Governors...

Bond-Funded Scripps Institute Project Moving to New Location in Jupiter, Fla.
June 2, 2006... BRADENTON, Fla. -- The Scripps Research Institute project in Florida's Palm Beach County is moving to a new location thanks to approvals by county, state, and institute officials during the past two weeks. Scripps, a La Jolla, Calif.-based...

Colorado Charter School Deal Marks a First for the State.
June 2, 2006... DALLAS -- The Colorado Educational and Cultural Facilities Authority will go to market later this month with an $8.2 million offering of unrated charter school revenue bonds -- a deal that will finance the state's first true developer-driven...

Mutual Funds: Outflows Hit $249 Million in April, First Negative Month of Year.
June 2, 2006... Municipal bond mutual funds suffered a monthly net outflow for the first time in 2006 during April, losing $249 million, the Investment Company Institute reported. The outflow followed an exceptionally strong first quarter in which the...

Money Market Funds: Tax-Frees Lose $1B on Redemptions.
June 2, 2006... Tax-free money market fund assets fell $1.03 billion due to redemptions from institutional investors during the week ended Monday, iMoneyNet Inc. reported. The decline left total assets in the funds at $348.34 billion, according to the...

Competitive Bond Offerings.
June 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.
June 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.
June 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 Friday, June 2 Quail Creek Comm...

Negotiated Note Offerings.
June 2, 2006... ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER FINANCIAL ADVISER INSURER MDY'S S&P FITCH FIRST APPEARED Week Of June 5 Los Angeles County CA Tax & Rev Antic 500,000 Goldman Sachs --- --- --- --- --- May...

Results of Negotiated Sales.
June 2, 2006... ARIZONA Nogales Municipal Development Authority, Inc. May 31, 2006 $8,700,000 Municipal Facilities Revenue Bonds, Series 2006 (2036 Priced to Call) (book entry) Dated Jun 22, 2006. Due Jun 1, 2020 to 2036. First...

Results of Competitive Sales.
June 2, 2006... ALABAMA Henry County Board of Education Jun 1, 2006 $3,135,000 Tax Anticipation Warrants Series 2006 (bank qualified). Dated Jun 1, 2006. Due Dec 1, 2011 to 2033. Callable Dec 1, 2015 at 101.0%, declining to par Dec...

Rating Changes.
June 2, 2006... Dollar amounts represent the amount of bonds outstanding in the issue. Rating changes that result from the purchase of the letters of credit or bond insurance for issues in the secondary market are not included. ISSUER AMOUNT ...

Congressmen to Revisit Attempts to Repeal Wright Amendment.
June 2, 2006... DALLAS -- Two congressmen from Texas who last year filed legislation to repeal the Wright Amendment yesterday said they will resume their efforts to convince Congress to abolish the law that was written in 1979 to protect bondholders who bought...

ALASKA: Murkowski: I'll Run Again.
June 2, 2006... With less than three months to go before the Aug. 22 Republican primary, incumbent Gov. Frank Murkowski broke his silence last week and announced that he would run for a second term. Before Friday's announcement, the 73-year-old governor...

CALIFORNIA: Eskaton Upgrade.
June 2, 2006... Standard & Poor's Tuesday raised its underlying rating on debt issued for Eskaton Properties Inc. to BBB from BBB-minus. Eskaton is a nonprofit organization that operates more than 25 senior-care facilities and programs in northern...

CALIFORNIA: S.F. Mayor's Budget Revise.
June 2, 2006... San Francisco Mayor Gavin Newsom announced his June 1 budget proposal, including over $135 million in public health, safety, street, park, and government facility improvements. The second half of the mayor's proposed budget for the fiscal...

CALIFORNIA: S&P Gives BART a Boost.
June 2, 2006... Standard & Poor's this week upgraded the San Francisco Bay Area Rapid Transit District to AA from AA-minus ahead of a $64.7 million sale of senior sales tax revenue bonds later this month. The upgrade affects $699 million in outstanding...

HAWAII: Akaka Pushing Tribal Bill.
June 2, 2006... Undaunted by recent criticism, Democratic U.S. Sen. Daniel Akaka is reintroducing a bill that would grant native Hawaiians tribal status, including the same tax exemptions currently enjoyed by Indian reservations and native Alaskan communities....