The Bond Buyer articles from March 2005

The Bond Buyer archives from March 2005

We Can Rebuild Them: Scottsdale, Ariz., Schools Selling $100 Million.
March 1, 2005... DALLAS -- The Scottsdale, Ariz., Unified School District No. 48 will go to market this week with a $100 million offering of general obligation bonds, the first tranche to be sold from a $217 million school improvement authorization approved by...

The Digest.
March 1, 2005... The municipal bond market finished lower yesterday as Treasuries sold off after breaking through technical support levels and participants were concerned that the heavy new-issue supply would hurt the market. Complete market coverage by...

Virginia Puts Out Feelers: Eyes Tobacco Deal as U.S. Prepares Appeal.
March 1, 2005... WASHINGTON -- Virginia took a tentative step towards reviving a stalled $700 million tobacco bond deal by releasing a request for proposals seeking underwriters for the potential transaction, as the federal government unveiled plans to seek...

Issuers Sold $35.27B in February: Low Rates Spur Borrowing Boom.
March 1, 2005... States and localities sold $35.27 billion of long-term debt in February - the highest volume ever for the month, according to preliminary data from Thomson Financial. The previous record was $30.28 billion in 2003. "People are concerned...

News In Brief: Personal Income Off Spending Unchanged.
March 1, 2005... WASHINGTON -- Personal income dropped 2.3% in January, while personal consumption was virtually unchanged, the Commerce Department of reported yesterday. Personal income fell $238.6 billion to $9.970 trillion, after an unrevised 3.7% gain...

News In Brief: Chicago PMI Up to 62.7 in Feb.
March 1, 2005... The Chicago Purchasing Manager's Business Barometer rose to 62.7 in January from a 62.4 in January, the 21st straight month of expansion as defined by a reading above 50.0, the Purchasing Management Association of Chicago said yesterday. ...

News In Brief: New Home Sales Fall to 1.106M Rate.
March 1, 2005... WASHINGTON -- Sales of new single-family homes in the United States fell 9.2% to a 1.106 million seasonally adjusted annual rate in January, according to data released by the Commerce Department yesterday. The rise in new home sales follows...

News In Brief: NAPM-NY BCI Rises To 340.4 in Feb.
March 1, 2005... The New York Business Conditions Index in the National Association of Purchasing Management-New York's Report on Business posted a monthly gain in February, the 18th straight monthly rise in the index, and again a record high. The BCI grew...

News In Brief: Weekly T-Bills Go At 2.715%, 2.925%.
March 1, 2005... WASHINGTON -- Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were higher yesterday, as the three-months incurred a 2.715% high rate, up from 2.615% last week, and as the six-months incurred a 2.925% high...

News In Brief: Treasury 4-Weeks To Raise New Cash.
March 1, 2005... WASHINGTON -- The Treasury Department yesterday said it will sell $24 billion of four-week discount bills today. The 28-day bills will raise $12 billion new cash and refund $12 billion of maturing bills. Copyright 2005 Thomson Media...

News In Brief: Treasury to Sell Cash Managements.
March 1, 2005... The Treasury Department said it will auction $11 billion of 12-day cash management bills on Wednesday. The bills are dated March 3 and due March 15. Copyright 2005 Thomson Media Inc. All Rights Reserved. http://www.thomsonmedia.com...

Monday's Market: Concern With Heavy New-Issue Supply Leads Municipals Down.
March 1, 2005... The municipal bond market finished lower yesterday as Treasuries sold off after breaking through technical support levels and participants were concerned that the heavy new-issue supply would hurt the market. Traders said yields rose as...

North Texas Tollway Authority Ready to Roll With $305M Sale.
March 1, 2005... DALLAS -- The Dallas-based North Texas Tollway Authority will go to market this week with an offering of approximately $305 million of toll revenue bonds. Proceeds from the bond issue will finance an extension of the Dallas North Tollway...

University of Connecticut Readies $100M Deal for Campus Upgrade.
March 1, 2005... The University of Connecticut plans to sell $100 million of state-backed university bonds next week as part of the university's 20-year, $2.6 billion campus improvement program. J.P. Morgan Securities Inc. is scheduled to price the bonds on...

Fitch Downgrades Florida's Lakeland Energy System Bonds to A-Plus.
March 1, 2005... BRADENTON, Fla. -- Citing questionable past management decisions at Florida's third-largest public electric utility, Fitch Ratings on Friday downgraded Lakeland Energy System's revenue bonds to A-plus from AA-minus. In addition to the...

Virginia Passes Mid-Biennial Budget With No New Bonding.
March 1, 2005... WASHINGTON -- The Virginia General Assembly over the weekend approved a mid-biennium budget amendment package for fiscal 2005-2006 that provides an extra $848 million in one-time funding for transportation projects, but no new bond authority....

State & Local Finance: Medicaid Reform a Top Concern for Governors.
March 1, 2005... Although the nation's governors believe that Medicaid must be reformed, they have yet to agree on specific reform proposals to present to Congress, and expect that getting any major changes made to the joint federal-state health care program...

Federal Reserve Board: Banks Ending Some Services to Depository Institutions.
March 1, 2005... Starting in September, Federal Reserve banks will terminate their service of accepting municipal bearer bonds, coupon envelopes, or returned items from depository institutions and then passing them onto paying agents. The Federal Reserve Board...

Regulation: MSRB to Hold Teleconference on Real Time.
March 1, 2005... The Municipal Securities Rulemaking Board plans to hold a series of teleconference calls this month to answer broker-dealers' questions about the new real-time transaction reporting system. "It's our way to trying to help the industry get...

Health Care: N.J. Conduit Issuer to Choose Managers Directly.
March 1, 2005... The New Jersey Health Care Facilities Financing Authority last week amended its executive order 26, which will change the procedure the authority uses in the selection of financial professionals used in the issuance of its bonds, primarily...

New Hires: Fitch Ratings Adds Three New Executives to Public Finance Unit.
March 1, 2005... Fitch Ratings recently hired Laura Porter, Kelly McGary, and Karen Anne Ribble as executives in its public finance group. Porter joins Fitch from Morgan Stanley's public finance group, where she was a vice president. She is a director in...

Yaffa Rattner Leaves Moody's for Powell Capital.
March 1, 2005... After nearly 12 years at Moody's Investors Service, Yaffa Rattner started a new job yesterday at Roseland, N.J.-based Powell Capital Markets Inc. Rattner had most recently managed Moody's northeast ratings team as a senior vice president and...

Competitive Bond Offerings.
March 1, 2005... 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.
March 1, 2005... ISSUER ST DESCRIPTION AMOUNT($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING INSURER MDY'S S&P FITCH BANK-QUAL. LATEST DETAILS Tuesday, March 1 Brookfield...

Negotiated Bond Offerings.
March 1, 2005... Tentative dates for negotiated sales of $5 million or more. ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER FINANCIAL ADVISER INSURER MDY'S S&P FITCH FIRST APPEARED Week Of February 28 Scottsdale...

Results of Negotiated Sales.
March 1, 2005... ALABAMA Jamison (City) Feb 25, 2005 $1,505,000 General Obligation Warrants, Series 2005 (Ambac Insured) (bank qualified) (book entry). Dated Mar 1, 2005. Due Mar 1, 2020 to 2026. First coupon Aug 1, 2005. ...

Results of Competitive Sales.
March 1, 2005... ILLINOIS Indian Prairie Community Unit School District No. 204 Feb 28, 2005 $76,535,000 General Obligation Refunding Bonds, Series 2005 (FSA insured) (book entry). Dated Mar 23, 2005. Due Dec 30, 2005 to 2013. ...

ARIZONA: Phoenix Clears Audit.
March 1, 2005... An audit of the Phoenix Finance Department prompted by the suicide of finance director Kevin Keogh in December 2004 has concluded that all is well in the office. City officials said they decided shortly after Keogh's death to review their...

ARIZONA: Pima's Purchase.
March 1, 2005... Pima County will take control of nearly 10,000 acres near the rural town of Arivaca when it buys Rancho Seco, the largest of nine properties the county has agreed to purchase with its May 2004 authorization of $174 million of general obligation...

Arkansas: School Aid Bill.
March 1, 2005... Lawmakers last week unveiled a proposal that would give school districts $150 million over the next biennium to finance school facilities. Under the proposal, which is expected to be filed as a bill this week, all but 11 of Arkansas' 254...

NEW MEXICO: Governor vs. House.
March 1, 2005... The House last week approved a nearly $4.7 billion state budget that was promptly assailed by Gov. Bill Richardson, who said it shortchanged his proposals for tax cuts, public safety, and a pre-kindergarten program. Rep. Henry "Kiki"...

OKLAHOMA: Butkin Resigns.
March 1, 2005... State Treasurer Robert Butkin, who has been in the office for more than 10 years and ran unopposed in his last two elections, has resigned effective May 31 to become dean of the University of Tulsa College of Law. His term would have expired in...

OKLAHOMA: Infrastructure Question.
March 1, 2005... Officials in the Oklahoma City suburb of Nichols Hills are asking voters today to approve a $12.5 million, five-part general obligation bond issue to pay for street improvements, a water plant and wells, sanitary sewer system renovations,...

OKLAHOMA: Moore Requests.
March 1, 2005... Voters in Moore Independent School District No. 2, Oklahoma's third-largest school district, are going to the polls today to consider the district's largest bond proposal - $47.4 million of general obligation bonds to fund construction of a new...

NEW-ISSUE VOLUME NOTES.
March 1, 2005... The new-issue volume tables are based on information compiled by The Bond Buyer from Thomson Financial's data base on Monday, Feb. 28, 2005. All figures are preliminary and subject to revision. Long-term bonds have final stated maturities...

LONG-TERM BONDS: January-February.
March 1, 2005... 2005 2004 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $58,138,000 1,755 $47,921,400 1,923 +21.3 % January 22,870,500 795 20,789,200 850 +10.0 February 35,267,500 960 27,132,200 1,073 +30.0...

LARGEST ISSUES: February 2005.
March 1, 2005... Amount Issuer Date $950.8 New York City, GOs Feb 17 950.0 Harris County Health Facilities Development Corp., Tex. Feb 8 944.1 California (State), GOs (NM/ref) (cpt) Feb 16 777.4 Massachusetts Bay Transportation Authority...

LONG-TERM BONDS: February.
March 1, 2005... 2005 2004 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $35,267,500 960 $27,132,200 1,073 +30.0 % Development 407,300 20 236,900 24 +71.9 Education 12,458,400 398 9,248,900 387 +34.7 ...

BOND SALES BY STATE: January-February.
March 1, 2005... 2005 2004 Volume Volume Percentage State Rank ($000s) Rank ($000s) Change Alabama 21 $888,200 41 $158,500 +460.4 % Alaska 37 218,400 38 254,600 -14.2 Arizona 12 1,308,200 5 1,969,400 -33.6 Arkansas 41 137,600 35...

U.S. Securities Prices.
March 1, 2005... 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 -- 3/24/2005 2.450/445 2.470/450 2.488 3M -- 5/26/2005 2.695/680...

Short-Term Tax-Exempt Yields.
March 1, 2005... Feb 28, 2005 Feb 25, 2005 Mar 1, 2004 Selected MIG-1/SP-1+ Notes California Rans 3s (June 05) 2.07 2.05 1.40 Los Angeles Co Trans 3s (June 05) 2.07 2.05 0.93 New Jersey Trans 3s (June 05) 2.08 2.09 n.a. Texas Trans 3s...

Municipal Market Data General Obligation Yields.
March 1, 2005... Aaa Aaa (pure) (ins) Aa A Baa 2006 2.35 2.42 2.41 2.52 2.80 2010 3.02 3.14 3.13 3.30 3.65 2015 3.65 3.78 3.76 3.96 4.35 2020 3.98 4.10 4.08 4.28 4.66 2025 4.27 4.37 4.36 4.52 4.85 2030 4.47 4.57 4.56 4.69 4.98...

Market Indicators.
March 1, 2005... Dollar amounts are in millions Day's 2005 2005 Daily Yesterday Change High Date Low Date Municipal Bond Index 114-00 -16/32 116-07 (2/9) 112-11 (1/4) 40 Average Dollar Price 103.58 -0.44 105.59 (2/9) 102.05 (1/4) ...

New-Issue Balances.
March 1, 2005... (,000 Omitted) * Since initial reoffering + Revised upward since last report Amount Date NEW OFFERINGS Sold Balance $10,000 2/28 East Stroudsburg Area Sch. Dist., Pa. $10,000 All Sold RECENT OFFERINGS $209,535 2/24...

Municipal Market Data Total Returns.
March 1, 2005... Maturities 15 Years and Longer -- Periods Ending February 25, 2005 Previous Month Year Week To Date To Date General obligation (composite) +0.127% -0.575% +2.402% Aaa (pure) +0.217 -0.441 +2.433 Aaa (insured) +0.224...

Reoffering Yields.
March 1, 2005... 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 2/1 46.1 Cambridge, Mass.... 2.78 3.46 4.94 NRO....... 2/1 1.2 Travis Co,...

Municipal Bond Prices.
March 1, 2005... 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.
March 1, 2005... Current Day Previous Day Week Ago Month Ago Year Ago The Bond Buyer Municipal Bond Index 114-00 114-16 114-12 114-20 114-26 Monday, February 28, 2005 Maturity Par Call Dollar Conversion Converted Date Date Price Factor Price ...

Municipal Bond Index Update.
March 1, 2005... The list of bonds used to calculate the Municipal Bond Index was revised after the Feb. 28 pricing. The new coefficient is 1.0225. It was derived by dividing the Feb. 28 index (114.006710) by the average converted price of the new set of...

Washington State Readies Three GO Series Worth $450M.
March 1, 2005... SAN FRANCISCO -- The state of Washington plans to price three series of bonds this morning that will together amount to nearly $450 million of new general obligation debt. Series 2005D consists of $319.77 million that will pay or reimburse...

Travis County, Tex., Readies $95 Million GO Refunding.
March 1, 2005... DALLAS -- Highly rated Travis County will be one of the players in a slew of refundings expected in Texas in coming days, as issuers throughout the municipal market rush to take advantage of current interest rates. Travis County plans to...

Deloitte's Policy Issues: Firm's 'Discretionary' Audits Come Under Fire.
March 2, 2005... CHICAGO -- Eight Chicago-area issuers have asked their auditor, Deloitte & Touche, to end a policy that the firm must review offering statements for bond sales that include a completed audit from the firm, an issue that will be on the agenda...

The Digest.
March 2, 2005... Municipal bonds edged lower yesterday, with participants cutting prices on their offerings in order to move paper as supply began to weigh on the market, with New York and Washington selling $516 million and $492 million of bonds, respectively,...

Dolphin & Bradbury to Appeal Judge's Securities Fraud Ruling.
March 2, 2005... WASHINGTON -- Dolphin & Bradbury Inc. and its chairman plan to appeal an administrative law judge's decision ordering them to pay almost $1 million for violating the securities fraud laws by allegedly misleading investors in connection with...

N.J. Governor Pushes 2% Spending Cut: Budget Also Targets Property Tax Rebates.
March 2, 2005... New Jersey acting Gov. Richard Codey said yesterday the state's "day of reckoning" had arrived as he proposed a budget that included a more than 2% cut in spending, and proposed suspending the state's property tax rebate for all homeowners...

News In Brief: Construction Outlays A Record $1.047 Trillion.
March 2, 2005... WASHINGTON -- Spending on construction projects climbed in January to a record high as both private and public construction also increased to all-time high levels, Commerce Department figures released yesterday show. Total construction...

News In Brief: ISM Index Dips To 55.3 in Feb.
March 2, 2005... The overall economy expanded for the 40th straight month in February, while the manufacturing sector expanded for the 21st time in as many months, the Institute for Supply Management reported yesterday. According to the ISM's monthly report...

News In Brief: Treasury 4-Weeks Go at 2.510% High.
March 2, 2005... WASHINGTON -- The Treasury Department yesterday auctioned $24 billion of four-week bills at a 2.510% high yield, a price of 99.804778. The coupon equivalent was 2.550%. The bid-to-cover ratio was 2.04. Tenders at the high rate were allotted...

News In Brief: Hendrix College, Ark. Lowered to A by S&P.
March 2, 2005... Standard & Poor's lowered its rating to A from A-plus on Arkansas-based Hendrix College's outstanding debt. In addition, it assigned an A rating to the Conway, Ark., Public Facilities Board's $13.495 million of Series 2005A bonds and $21.665...

Tuesday's Market: Sizeable Sales From Washington And New York Push Munis Down.
March 2, 2005... Municipal bonds edged lower yesterday, with participants cutting prices on their offerings in order to move paper as supply began to weigh on the market, with New York and Washington selling $516 million and $492 million of bonds, respectively,...

Stem Cells, New Agency Await Illinois Lawmakers' Consideration.
March 2, 2005... CHICAGO -- While Illinois lawmakers are still digesting a partially bond-financed $9.4 billion capital budget, several other substantial new bonding proposals also await their attention, including a $1 billion borrowing program for stem cell...

Cost-Cutting Seen by New Missouri Budget Director.
March 2, 2005... CHICAGO -- When Missouri's newly elected Gov. Matt Blunt took office in January, construction of the fiscal 2006 state budget was well underway and it wasn't until two weeks after the spending plan was released that Larry Schepker was named to...

Ex-Member of California Water District Board Gets 24 Months.
March 2, 2005... WASHINGTON -- Tyrone Smith, a former board member for California's West Basin Municipal Water District, was sentenced to 24 months in prison on Monday after pleading guilty to criminal charges in late 2003 in connection with an interest rate...

NABL, TBMA Want Proposed Circular 230 Amendments Clarified.
March 2, 2005... WASHINGTON -- The National Association of Bond Lawyers and The Bond Market Association asked the Treasury Department and the Internal Revenue Service yesterday to clarify some of the key proposed amendments to Circular 230 that would require...

Tax System: Reform Panel Sets A Second Meeting.
March 2, 2005... President Bush's Advisory Panel on Federal Tax Reform will meet for the second time on Thursday to discuss perspectives on tax reform and problems presented by complexity in the tax system, the panel announced yesterday. Witnesses include...

State & Local Finance: NGA Chairman: Medicaid Talks Progressing.
March 2, 2005... The nation's governors, the Bush administration, and Congress are making progress in negotiations over restructuring the joint state-federal Medicaid program, whose costs have skyrocketed in recent years, the chairman of the National Governors...

Fund Flows: With '04 Behind Them, Muni Funds Gain $870M in January.
March 2, 2005... Municipal bond mutual fund inflows grew to $870 million in January and equity fund inflows slowed to $8.718 billion, according to Investment Company Institute data. The sizeable inflows into muni funds contrasted with a dismal 2004, in...

Local California Governments Get Cash Infusion From $455M VLF Deal.
March 2, 2005... SAN FRANCISCO -- Many local governments in California will get a cash infusion with an unusual deal slated to price today. In 2003, the state government held back $1.3 billion in vehicle license fee payments that were to have been...

Miami-Dade Commissioners Vote To Approve Marlins Ballpark Deal.
March 2, 2005... BRADENTON, Fla. -- Miami-Dade County Commissioners voted 11 to 1 yesterday to approve an agreement with the city of Miami and the Florida Marlins to build a $420 million, largely bond-financed ballpark adjacent to the Orange Bowl near downtown...

Tempers Flare Over Texas School District's $349M Bond Vote.
March 2, 2005... DALLAS -- Supporters and opponents of a $349 million bond package for the Round Rock, Tex., Independent School District have charged each other with deliberately misleading taxpayers. District officials said the bonds are necessary to keep...

Competitive Bond Offerings.
March 2, 2005... 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.
March 2, 2005... ISSUER ST DESCRIPTION AMOUNT($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING INSURER MDY'S S&P FITCH BANK-QUAL. LATEST DETAILS Wednesday, March 2 Marlborough...

Negotiated Bond Offerings.
March 2, 2005... Tentative dates for negotiated sales of $5 million or more. ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER FINANCIAL ADVISER INSURER MDY'S S&P FITCH FIRST APPEARED Week Of February 28 Colorado Hlth Facs Auth...

Results of Negotiated Sales.
March 2, 2005... ARKANSAS Clark County Feb 22, 2005 $1,055,000 General Revenue Promissory Notes (Jail Facilities Project), Series 2005 (bank qualified) (book entry). Dated Mar 1, 2005. Due Mar 1, 2006 to 2010. First coupon Sep 1,...

Municipal Bond Elections.
March 2, 2005... This table lists bond elections involving $500,000 or more and gives the dates when voters are scheduled to cast their ballots (,000 omitted). Saturday, March 05, 2005 $28,750 Dripping Springs ISD, TX $53,300 Hutto ISD, TX ...

Results of Competitive Sales.
March 2, 2005... CONNECTICUT Brookfield (Town) Mar 1, 2005 $12,000,000 General Obligation Bond Anticipation Notes (book entry). Dated Mar 15, 2005. Due Sep 15, 2005. Purchased $12,000,000.00 by Eastern Bank, at 3.0%, plus $47,640.00,...

Highly Rated Maryland Hits Market With $650M Offering.
March 2, 2005... Strong demand is expected for Maryland's competitive sale of $650 million of general obligation bonds today. Maryland is "triple-A, triple-A, triple-A," said Bruce Smith, first vice president in institutional trading at Legg Mason Wood...

Puerto Rico Facing $800M General Fund Gap, Moody's Says.
March 2, 2005... Puerto Rico's fiscal 2005 general fund may face a gap of up to $800 million, according to a report Moody's Investors Service published after receiving that information from commonwealth officials. The potential deficit will weigh on next...

ILLINOIS: Big Skyway Bid Spread.
March 2, 2005... Chicago last week disclosed the dollar amounts on the losing bids for the 99-year concession lease to operate the 7.8-mile Chicago Skyway toll road, which showed a more than $1 billion difference between the top bidder and the next highest. ...

ILLINOIS: Chicago Revenue Rise.
March 2, 2005... Chicago collected an additional $57 million last year over 2003 in fine and non-property tax revenues, the Department of Revenue announced last week. However, those figures were already factored into the 2005 budget. "The Department of...

ILLINOIS: Tollway Underwriters.
March 2, 2005... The Illinois State Toll Highway Authority has extended for one year the term that a prequalified list of underwriters may be used for tollway deals. The group of senior managers includes Bear, Stearns & Co., Citigroup Global Markets Inc.,...

INDIANA: Colt Stadium Funds.
March 2, 2005... A House committee approved legislation last week that includes about $44 million of public and private financing for a new Indianapolis Colts stadium. The full House was set to vote on the plan yesterday. The proposal would increase a...

IOWA: New Triple-A City.
March 2, 2005... Standard & Poor's on Monday upgraded West Des Moines to AAA from AA-plus as the city prepares to sell $3 million of general obligation bonds this month. Analysts attributed the upgrade to the city's strong management of both its growth and...

MICHIGAN: Hospital Debt Upgrade.
March 2, 2005... Moody's Investors Service on Friday upgraded its rating for $20.5 million of bonds to be issued through the Michigan State Hospital Finance Authority to refund 1997 debt on behalf of Bay Regional Medical Center. The upgrade is based on the...