The Bond Buyer articles from November 2004

The Bond Buyer archives from November 2004

Pennsylvania CCRC Issuance Drops Nearly 97% Since 1999.
November 1, 2004... Bond issuance by the continuing care industry in Pennsylvania is on life support. Since 1999, there has been a nearly 97% drop in the amount of debt sold for the state's continuing care providers. According to figures provided by Thomson...

Volume and Frequency Of Debt Fall: October Issuance At $32.71 Billion.
November 1, 2004... Issuers in the long-term municipal bond market in October came to market fewer times and borrowed less overall than in the same period last year, but low rates did prompt a rise in refundings. Going forward, issuers are keeping an eye on the...

The Digest.
November 1, 2004... The municipal bond market finished mixed Friday as some bond prices were quoted higher in reaction to firmer Treasuries, but most buyers preferred to stay on the sidelines ahead of an event-packed week. Complete market coverage by Anastasija...

The United Settlement: Judge Holds Fate of Airline, Bondholder Pact.
November 1, 2004... A federal bankruptcy court judge may approve as soon as next month a settlement between United Airlines and the four trustees that represent holders of the airline's $600 million of special facilities revenue bonds at O'Hare International...

News In Brief: Advance 3Q GDP Shows 3.7% Growth.
November 1, 2004... Real gross domestic product - the broadest measure of the economy's performance and the last big data to be made available before Election Day - accelerated at a 3.7% seasonally adjusted annual rate in the third quarter, according to advance...

News In Brief: Employment Costs Rose 0.9% in 3Q.
November 1, 2004... Employee compensation costs rose 0.9% in the third quarter of this calendar year, according to Labor Department data released Friday. The 0.9% increase in the seasonally adjusted employment cost index for all civilian workers matched an...

News In Brief: Consumer Sentiment Slipped in October.
November 1, 2004... The University of Michigan's final October consumer sentiment index reading was 91.7, up from the mid-month reading of 87.5, and off from the final September 94.2 reading, according to market sources. Economists polled by IFR BondData...

News In Brief: Chicago PMI Soars To 68.5 in October.
November 1, 2004... The Chicago Purchasing Manager's Business Barometer rose to 68.5 in October from 61.9 in September, the 17th straight month of expansion as defined by a reading above 50.0, the Purchasing Management Association of Chicago said Friday. The...

News In Brief: NAPM-NY BCI Rises To Another Record.
November 1, 2004... The New York business conditions index in the National Association of Purchasing Management-New York's Report on Business posted a monthly gain in October, the fourteenth straight monthly rise in the index, and again a record high. The BCI...

Friday's Market: Munis Finish Mixed; Buyers Stay on Sidelines Ahead of Eventful Week.
November 1, 2004... The municipal bond market finished mixed Friday as some bond prices were quoted higher in reaction to firmer Treasuries, but most buyers preferred to stay on the sidelines ahead of an event-packed week. "Where professionals are playing it,...

Texas Transportation Agency OKs Local Plans Worth $136B.
November 1, 2004... The Texas Transportation Commission on Thursday gave final approval to plans submitted earlier this year by local agencies, paving the way for up to $136 billion of transportation projects over the next 20 years. Although plans submitted...

Train Consortium Eyes Loan for Florida Rail Line.
November 1, 2004... Global Rail Consortium -- a coalition of over 30 Korean, European and American firms -- has notified the U.S. Department of Transportation that it is considering applying for an $800 million direct loan under the Transportation Infrastructure...

Florida Gov. Bush Rallies for High-Speed Rail Repeal.
November 1, 2004... Florida Gov. Jeb Bush and chief financial officer Tom Gallagher revved up their efforts to raise support for repealing a voter-mandated high-speed rail initiative by flying from the capital in Tallahassee to rallies in Tampa and Orlando late...

People: Changes Afoot as NABL Aims to Be More Proactive in D.C.
November 1, 2004... The National Association of Bond Lawyers is looking for a new governmental affairs director as part of a move to beef up its presence in Washington, D.C. Bill Larsen, who has served in that role since 1999, resigned earlier this month and...

The Week Ahead: It's Another Big-Apple Week: N.Y.C. Selling $1.25B of GOs.
November 1, 2004... New York City will open the retail order period today for another $1.25 billion of general obligation bonds in what could be one its last hefty sales in 2004, following its super-sized Sales Tax Asset Receivables Corp. deal last week. The...

Texas School District Superintendent Indicted for Destroying Audit Evidence.
November 1, 2004... Two top officials of the financially troubled Wilmer-Hutchins Independent School District were arrested Friday on felony charges of attempting to destroy evidence relevant to an audit by the Texas Education Agency. Superintendent Charles...

Court Rules Utah GOP Can Remove Candidate From Ballot.
November 1, 2004... The Utah Supreme Court on Thursday ruled that the Republican Party could list Salt Lake County mayoral candidate Ellis Ivory as its candidate after reviewing a letter submitted by the former GOP candidate and deciding it met state standards for...

Competitive Bond Offerings.
November 1, 2004... Letter F next to the issuer's name signifies the Official Notice of Sale is available on the internet! Go to www.bondbuyer.com ISSUER ST DESCRIPTION AMOUNT ($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING...

Competitive Note Offerings.
November 1, 2004... ISSUER ST DESCRIPTION AMOUNT($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING INSURER MDY'S S&P FITCH BANK-QUAL. LATEST DETAILS Tuesday, November 2 Hilton Ctrl...

Negotiated Bond Offerings.
November 1, 2004... 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 November 1 Rogers AR...

Negotiated Note Offerings.
November 1, 2004... ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER FINANCIAL ADVISER INSURER MDY'S S&P FITCH FIRST APPEARED Week Of November 1 Iowa IA Tax & Rev Antic 375,000 Morgan Stanley --- --- --- --- --- Today ...

Results of Negotiated Sales.
November 1, 2004... ALABAMA Vestavia Hills (City) Oct 21, 2004 $1,800,000 Variable Rate General Obligation Warrants, Series 2004B (book entry). Dated Oct 21, 2004. Due Feb 1, 2024. First coupon Feb 1, 2005. Purchased through...

Results of Competitive Sales.
November 1, 2004... INDIANA Pierceton (Town) Oct 28, 2004 $1,645,000 Tax Increment and Sewage Works Revenue and Refunding Revenue Bonds of 2004 (bank qualified) (book entry). Dated Nov 11, 2004. Due Jul 1, 2005 to 2024. Callable Jan 1,...

Connecticut: Deficit Bonds Unlikely.
November 1, 2004... With its finances slowly improving, Connecticut will probably be able to plug any gaps in its 2005 operating budget without selling deficit recovery bonds, as it has done in the past two years. The state projects a $67 million surplus of...

District of Columbia: Barry: No Bonds.
November 1, 2004... Former mayor Marion Barry denounced Mayor Anthony Williams' current plan to build a new Major League Baseball stadium that envisions the sale of as much as $500 million of municipal bonds at a marathon public hearing that District Council held...

Maryland: DOT Debt.
November 1, 2004... The Maryland Department of Transportation plans to competitively sell $30 million of uninsured transportation revenue bonds on Nov. 17, according to MDOT officials. The borrowing will benefit eligible counties and transportation projects...

New Jersey: Voters and Machines.
November 1, 2004... No, the new voting machines won't be here by tomorrow, but they will be in place the next time residents of Cumberland County go to polls if a bond sale scheduled for later this month goes according to plan. The county is planning to...

New Jersey: Revived Refunding.
November 1, 2004... The New Jersey Economic Development Authority plans to issue $37.6 million of revenue refunding bonds this week in a deal postponed from March due to market conditions. NW Financial Group aims to price the bonds on Nov. 4. Financial...

New York: MTA's Fare Play.
November 1, 2004... The board of the state's Metropolitan Transportation Authority is more inclined to enact a large subway fare increase to cover sizable deficits that the authority faces rather than a smaller hike that would also require the authority to make...

Potential Delta Deal with Pilots Helps Lift Munis in Secondary.
November 1, 2004... Reports that Delta Air Lines on Wednesday had reached a tentative wage reduction agreement with its pilots union boosted prices for $1.8 billion of outstanding special facilities revenue bonds issued for the airline by various municipal...

S&P Upgrades Providence Power Plant Bonds to Investment Grade.
November 1, 2004... Standard & Poor's on Friday upgraded to investment grade status approximately $28 million of special obligation tax increment bonds that Providence, R.I., sold for a power plant. The upgrade, to BBB-minus from B, follows an upgrade to...

NEW-ISSUE VOLUME NOTES.
November 1, 2004... The new-issue volume tables are based on information compiled by The Bond Buyer from Thomson Financial's data base on Friday, Oct. 29, 2004. All figures are preliminary and subject to revision. Long-term bonds have final stated maturities...

LONG-TERM BONDS: January-October.
November 1, 2004... 2004 2003 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $300,638,900 11,061 $326,154,800 12,614 -7.8 January 20,414,900 843 27,103,200 973 -24.7 February 26,635,900 1,063 30,282,000 1,102...

BOND SALES BY STATE: January-October.
November 1, 2004... 2004 2003 State Rank Volume Rank Volume Pct Chg Alabama 35 $1,800,200 24 $4,259,900 -57.7 % Alaska 42 1,051,600 37 1,674,400 -37.2 Arizona 13 6,116,000 15 5,627,500 +8.7 Arkansas 36 1,621,500 31 2,147,100 -24.5 ...

LONG-TERM BONDS: October.
November 1, 2004... 2004 2003 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $32,712,700 968 $34,849,800 1,269 -6.1 Development 923,200 21 342,900 23 +169.2 Education 7,827,300 289 7,316,100 383 +7.0 Electric...

LARGEST ISSUES: October 2004.
November 1, 2004... Amount Issuer Date $2,551.4 Sales Tax Asset Receivable Corp., N.Y., (ref) (TAX/TE) Oct 28 1,461.0 New Jersey Economic Development Authority Oct 07 1,029.7 Brazos Higher Education Authority, Tex., student loan Oct 20 1,000.0...

U.S. Securities Prices.
November 1, 2004... Prices as of 3 p.m. ET. Source: GovPx Inc. Treasury Bills Yesterday's Prev. Day's Yesterday's (in percent of discount) Bid/Offer Bid/Offer Bid Yield 1M -- 11/26/2004 1.700/695 1.675/650 1.726 3M -- 1/27/2005 1.870/865...

Short-Term Tax-Exempt Yields.
November 1, 2004... Oct 29, 2004 Oct 28, 2004 Oct 31, 2003 Selected MIG-1/SP-1+ Notes California Rans 3s (June 05) 1.75 1.83 1.35 Los Angeles Co Trans 3s (June 05) 1.70 1.78 1.00 New Jersey Trans 3s (June 05) 1.75 1.80 n.a. Texas Trans 3s...

Municipal Market Data General Obligation Yields.
November 1, 2004... Aaa Aaa (pure) (ins) Aa A Baa 2005 1.80 1.84 1.83 1.92 2.27 2009 2.61 2.70 2.69 2.84 3.26 2014 3.40 3.52 3.50 3.65 4.05 2019 3.83 3.94 3.93 4.07 4.44 2024 4.26 4.37 4.35 4.48 4.82 2029 4.56 4.66 4.65 4.78 5.08...

Market Indicators.
November 1, 2004... Dollar amounts are in millions Day's 2004 2004 Daily Yesterday Change High Date Low Date Municipal Bond Index 112-23 unch 116-02 (3/11) 104-30 (5/13) 40 Average Dollar Price 102.10 +0.01 105.30 (3/11) 95.18 (5/13) ...

Visible Supply.
November 1, 2004... Competitive Negotiated Total ($000s) ($000s) ($000s) Weekly Averages 10/29/04 1,728,014 7,770,066 9,498,080 10/22 2,522,044 7,768,517 10,290,561 10/15 2,847,797 4,561,402 7,409,199 10/8 2,742,162 3,034,416 5,776,578...

General Obligation Bond Prices for Oct. 29, 2004.
November 1, 2004... Intermediate Long-Term Bond and Ratings (Moody's/S&P's) Dated Cpn & Maturity Yield Price Prev Chg Cpn &Maturity Yield Price Prev Chg STATES California Series 2003 (A3/A) 11/1/03 3 1/8% 11/1/09 2.81 101 1/2 101 5/8 - 1/8 5 1/4%...

Placement Ratio.
November 1, 2004... No. Total Amt. Sales from Placement New New Accts. New Accts. Ratio Accts. ($000s) ($000s) (%) 2004 10/29 31 1,353,847 1,281,373 94.7 10/22 25 1,872,435 1,797,190 96.0 10/15 15 1,140,105 1,119,430 98.2 10/08 16...

Municipal Market Yields.
November 1, 2004... Values at 10/29/2004 -- Basis Point Change from 10/22/2004 Aaa Aa A Baa 2005 1.71 -05 1.86 -05 2.09 -05 2.39 -05 2009 2.70 -05 2.87 -05 3.13 -05 3.41 -05 2014 3.52 -05 3.69 -05 3.95 -05 4.24 -05 2019 4.01 -06 4.18 -06 4.43...

Municipal Bond Index Update.
November 1, 2004... The list of bonds used to calculate the Municipal Bond Index was revised after the Oct. 29 pricing. The new coefficient is 1.0232. It was derived by dividing the Oct. 29 index (112.725891) by the average converted price of the new set of...

Reoffering Yields.
November 1, 2004... NRO - Not Reoffered; S.B. - Sealed Bid; SNA - Sold, Not Available Offer Amount Date ($Mil) RECENT OFFERINGS 1 Year 5 10 15 20 25 30 Aaa -- AAA 10/25 75.1 Westchester Co., N.Y. NRO 2.45 3.35 3.85.......... 10/21 39.9...

New-Issue Balances.
November 1, 2004... (,000 Omitted) * Since initial reoffering + Revised upward since last report Amount Date NEW OFFERINGS Sold Balance $35,500 10/28 * Jefferson Co., Colo. $27,800 $7,700 20,505 10/28 * Three Rivers Comm. Schs., Mich....

Municipal Bond Prices.
November 1, 2004... These 40 Bonds are evaluated and priced daily by Standard & Poor's Securities Evaluations. All figures are rounded to the nearest eighth when reported in this table. "Change in Bid" is rounded after calculation. Dollar Change...

Municipal Bond Index.
November 1, 2004... Current Day Previous Day Week Ago Month Ago Year Ago The Bond Buyer Municipal Bond Index 112-23 112-23 113-02 111-15 109-31 Friday, October 29, 2004 Maturity Par Call Dollar Conversion Converted Date Date Price Factor Price 1...

Alabama Governor Calls LegislatorsTo Special Health Insurance Session.
November 1, 2004... Alabama Gov. Bob Riley has called a special legislative session beginning Nov. 8 to consider a health insurance reform program for public employees that he said would save the state at least $300 million over the next five years. Spending...

Delaware's New Castle County Delays Sale Pending Lawsuit.
November 1, 2004... Officials in New Castle County, Del., are delaying a planned $80 million bond sale until early next year, pending the outcome of a lawsuit filed by two residents that seeks to force the county to use its budget surplus, rather than bonds, to...

Cheyenne, Wyo., Residents Favor Water Fee Hike and Bonds, Poll Says.
November 1, 2004... A majority of Cheyenne, Wyo., residents told pollsters they will vote in favor of a ballot measure that would raise water fees for storm water drainage and authorize the city to issue up to $10 million of revenue bonds for utility projects,...

Letter From The Editors.
November 1, 2004... Welcome to the latest in The Bond Buyer's Forum Series. In October, we invited a group of finance officials from theaters and performing arts venues around the country to convene in New York City with industry professionals and look at how...

Finance officials from performing arts centers across the country and industry experts gathered to discuss the chalenges and opportunities unique to their sector.The panel was moderated by The Bond Buyer's editor-in-chief Amy B.Resnick.
November 1, 2004... We're also looking to enter into agreements to have fees charged to the commercial and retail tenants who will also be located on the site and see what kind of opportunities there are there. We have started discussions with New York City and...

Playing The Ratings Game: What Makes a Performing Arts Center Shine for Agencies?
November 1, 2004... Performing arts centers, like most cultural institutions, need to secure financial stability from numerous angles in order to succeed. Along with fundraising and endowments, they also rely on developing the right programming to ensure that...

Eileen B. Heitzler.
November 1, 2004... A partner in Orrick's Public Finance Department, Eileen B. Heitzler focuses her practice on municipal finance matters, serving as bond counsel, underwriters counsel, issuer's counsel and bank counsel in a broad variety of financings. Her...

Patricia Phillips.
November 1, 2004... Patricia A. Phillips is the Director of Finance for the City of Virginia Beach, Va., and has held this position since 1992. The Finance Department is responsible for financial systems, financial reporting, procurement, payroll, risk management...

James Brainard.
November 1, 2004... James Brainard is Carmel, Indiana's first mayor to serve three terms. He has lowered taxes 14% over a period of three years. A typical "edge city" without a central shopping or business district, Carmel, under Mayor Brainard's leadership is...

Daniel P. Coffey.
November 1, 2004... Architect Daniel P. Coffey, FAIA, recalls his Fulbright Fellowship year abroad in 1977, when he studied with German architect Gottfried Bohm, soon to become a Pritzker Prize winner. Mr. Bohm impressed the architect-to-be with his innovative...

Joe Berardelli.
November 1, 2004... Mr. Berardelli joined the Arena Stage staff in May 2001 and is responsible for oversight of financial and control procedures as well as human resource and administrative office management. In addition, he supervises the Business Office and...

Lawrence P. Goldman.
November 1, 2004... Lawrence Goldman became the first President and CEO of the New Jersey Performing Arts Center (NJPAC) in June of 1989, charged with the responsibility of designing, building and operating a $200 million multi-facility Arts Center on a 12 acre...

Anita Contini.
November 1, 2004... Anita Contini oversees the development of Lower Manhattan Development Corp.'s World Trade Center Memorial process. Working together with the LMDC Advisory Councils and civic groups, Ms. Contini implemented an open, international competition for...

Erin S. Gore.
November 1, 2004... Erin S. Gore is a Vice President with Banc of America Securities and provides investment banking services to non-profit clients. Since joining the firm in 2001, Ms. Gore has completed approximately $750 million of financings for private...

Willem Brans.
November 1, 2004... Willem Brans has over 30 years' experience in arts management, development and fund raising, financial analysis, strategic planning, marketing, consulting, teaching, and writing. He has served in senior management positions and as a consultant...

E. Randolph Hooks.
November 1, 2004... E. Randolph Hooks is of counsel in Orrick's Public Finance Department. Mr. Hooks has practiced in public finance for over twenty years, as both bond counsel and underwriter's counsel for a wide variety of financings including general obligation...

Rick Perkins.
November 1, 2004... Rick Perkins oversees financial aspects of the Kimmel Center for the Performing Arts and the Academy of Music, has 25 years of experience as a financial executive, most recently as Chief Financial Officer of Strategic Management Group, Inc....

Michael Stotts.
November 1, 2004... Michael Stotts joined Long Wharf Theatre one and a half years ago after three years as Managing Director of the George Street Playhouse in New Brunswick, NJ. Previously, he served nine years as Managing Director of the New Jersey Shakespeare...

Alison L. Asti.
November 1, 2004... Alison Asti is the Executive Director and General Counsel for the Maryland Stadium Authority. She has been responsible for all commercial transactions with regard to the development of the Camden Yards Sports Complex, the Baltimore Convention...

Kevin Rampe.
November 1, 2004... Kevin M. Rampe was appointed President of the Lower Manhattan Development Corporation on March 4, 2003. During Rampe's tenure as President, the agency launched the international World Trade Center Memorial Competition leading to the selected...

Scott Kaufmann.
November 1, 2004... Scott Kaufmann is a founding principal and the Chief Financial Officer of JM Zell. His 18 years of real estate experience include strategic planning, highest and best use and feasibility studies, master-planning, development, brokerage,...

Nicholas T. Goldsborough.
November 1, 2004... Nicholas T. Goldsborough joined The Shakespeare Theatre as Managing Director in January 2002. He oversees the planning and implementation of a project to build an 800-seat theatre that The Shakespeare Theatre will operate in conjunction with...

Susan Neiman.
November 1, 2004... Susan Neiman has been the controller for Roundabout Theatre Company since December 1999. She supervises the business office staff, and the computer and information systems. Ms. Neiman produces periodic financial statements and budget variance...

Richard Chisholm.
November 1, 2004... Richard Chisholm joined Bank of America's Municipal Securities Group in 1984, and since 1987 has directed the Firm's activities for all private education and other West Coast 501(c)(3) financings. In California, he has executed tax-exempt and...

Stephen P. Merz.
November 1, 2004... Stephen P. Merz is Executive Vice President in charge of Strategic Planning and Capital Projects at the Woodruff Art Center. He was appointed to this position in Fall 2001. Prior to that, Mr. Merz held the positions of EVP for Finance and...

Colorado Treasurer Believes State Should Try Tobacco-Backed Bonds.
November 2, 2004... Colorado Treasurer Mike Coffman wants the state's General Assembly to move forward during the 2005 regular session with legislation authorizing securitization of the state's estimated $2.5 billion share of the 1998 Master Settlement Agreement...

The Digest.
November 2, 2004... Municipal bonds finished lower yesterday in reaction to weaker Treasuries, but activity was limited as many participants preferred to stay on the sidelines at the start of an event-packed week. Complete market coverage by Anastasija Johnson and...

IRS Answers Toxic Query: Post 1986 Radioactive Waste Debt Not Exempt.
November 2, 2004... The Internal Revenue Service's chief counsel's office has ruled in a technical advice memorandum that radioactive solid waste does not meet the definition of solid waste under the 1986 tax law and, therefore, tax-exempt bonds cannot finance...

Fitch Drops Atlanta Airport Debt: $1.6B Lowered Ahead of Sale.
November 2, 2004... Delta Air Lines' ongoing financial problems prompted Fitch Ratings yesterday to downgrade about $1.6 billion of debt issued by Atlanta for Hartsfield-Jackson International Airport. The action comes as the city is readying a roughly $800...

News In Brief: ISM Index Slips To 56.8 in Oct.
November 2, 2004... The overall economy expanded for the 36th straight month in October, while the manufacturing sector expanded for the seventeenth time in as many months, the Institute for Supply Management reported Monday. According to the ISM's monthly report...

News In Brief: Personal Income, Spending Up in Sept.
November 2, 2004... Personal income increased 0.2% last month, while personal consumption expenditures rose 0.6%, the U.S. Commerce Department reported yesterday. Personal income rose by $15.1 billion to slightly more than $9.67 trillion, after a revised 0.3%...

News In Brief: Construction Outlays Flat in September.
November 2, 2004... Spending on construction projects was virtually unchanged in September as private construction declined but public construction increased, Commerce Department figures released yesterday show. Total construction spending declined slightly to...

News In Brief: Weekly T-Bills Go At 1.950%, 2.140%.
November 2, 2004... Tender rates for the Treasury's latest 91-day and 182-day discount bills were higher, as the three-months incurred a 1.950% high rate, up from 1.855% last week and as the six-months incurred a 2.140% high rate, up from 2.040% last week. ...

News In Brief: Treasury Details 4-Week Bill Auction.
November 2, 2004... The Treasury Department said yesterday it will sell $20 billion of four-week discount bills today. The four-week, or 28-day, bills will raise $5 billion new cash by auctioning $20 billion to refund $25 billion of maturing bills. ...

Monday's Market: Munis Lower, Reacting to Treasuries; Limited Activity Ahead of Election.
November 2, 2004... Municipal bonds finished lower yesterday in reaction to weaker Treasuries, but activity was limited as many participants preferred to stay on the sidelines at the start of an event-packed week. "You've got a lot of news coming out, most of...