The Bond Buyer articles from November 2005

The Bond Buyer archives from November 2005

The Digest.
November 1, 2005... The municipal bond market finished flat to a touch better yesterday in sympathy with Treasuries, but most buyers remained cautious about committing themselves due to event risk associated with today's Federal Open Market Committee meeting....

Delta Comes in on Time: Airline Expected to Make $1.1M O'Hare Payment.
November 1, 2005... CHICAGO -- Bankrupt Delta Air Lines Inc. yesterday was expected to make on time its $1.1 million debt service payment owed on $34 million of special facilities revenue bonds sold in 1992 for projects at O'Hare International Airport as the...

21 States (and D.C.) Get Boost in Private-Activity Bond Volume Cap.
November 1, 2005... WASHINGTON -- For the fourth year in a row, inflation will give 21 small states and the District of Columbia a boost in their private-activity bond volume cap in 2006, according to a revenue procedure released by the Internal Revenue Service....

Volume Drops Off In October: Issuers Sell 17.1% Less Than in 2004.
November 1, 2005... Rising interest rates and strong state and local tax receipts contributed to a 17.1% year-over-year decline in municipal bond issuance for the month of October, although issuance still remains on pace to top the record of $384 billion brought...

News In Brief: Personal Income, Spending Up in Sept.
November 1, 2005... WASHINGTON -- Personal income rose 1.7% in September as personal consumption increased 0.5%, the Commerce Department reported yesterday. Personal income rose by $173.5 billion to about $10.377 trillion after a revised 0.9% decline in...

News In Brief: Chicago PMI Gains in October.
November 1, 2005... The Chicago Purchasing Managers' business barometer rebounded to 62.9 in October from 60.5 in September, the 29th month out of 30 when the index showed economic expansion, as defined by a reading above 50.0, the National Association of...

News In Brief: NAPM-NY BCI Dips to 351.6 in Oct.
November 1, 2005... The New York business conditions index in the National Association of Purchasing Management-New York's Report on Business slipped to 351.6 in October from 343.2 in September. The September number was originally reported as 349.7. ...

News In Brief: Treasury Estimates $96B of 4Q Debt.
November 1, 2005... WASHINGTON -- The Treasury Department yesterday announced that it expects to borrow $96 billion in marketable debt during the October-December quarter and to have a cash balance of $25 billion on Dec. 31. The fourth-quarter borrowing...

News In Brief: Weekly T-Bills Go At 3.890%, 4.125%.
November 1, 2005... WASHINGTON -- Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were higher, as the three-months incurred a 3.890% high rate, up from 3.850% last week, and the six-months incurred a 4.125% high rate, up from...

News In Brief: Treasury 4-Weeks To Raise $7B New Cash.
November 1, 2005... WASHINGTON -- The Treasury Department yesterday said it will sell $15 billion of four-week discount bills today. The 28-day bills will raise $7 billion in new cash and refund $8 billion of maturing bills. (c) 2005 The Bond Buyer and...

Monday's Market: Munis Finish Mostly Flat as Traders Stay Wary Ahead of FOMC Meeting.
November 1, 2005... The municipal bond market finished flat to a touch better yesterday in sympathy with Treasuries, but most buyers remained cautious about committing themselves due to event risk associated with today's Federal Open Market Committee meeting. ...

Corrections.(Correction Notice)
November 1, 2005... Yesterday's story about New York City's use of payments in lieu of taxes for development projects incorrectly reported that the City Council agreed to pay debt service on Hudson Yards Infrastructure Corp. bonds issued for the development of...

Different Economic Visions for N.Y.C. Emerge in Mayoral Debate.
November 1, 2005... As New York City's leading mayoral candidates prepare to square off in a second televised debate tonight, two very different visions of economic development emerged from their first meeting Sunday. The first debate injected some life into a...

SEC: Securities Laws, Underwriters At Issue in Case.
November 1, 2005... A vigorous debate over the interpretation of the federal securities laws' anti-fraud provisions and the extent to which they should be applied to municipal underwriters was waged yesterday as the five-member Securities and Exchange Commission...

S&P Lowers Over $1B of Memphis GOs Two Notches.
November 1, 2005... ATLANTA -- More than $1 billion of general obligation debt sold by Memphis was dropped two notches to A-plus yesterday by Standard & Poor's. The downgrade comes on the heels of Fitch Ratings placing the city's GOs on negative watch on...

N.J. University Coming to Market This Week With $38.5M Refunding.
November 1, 2005... William Paterson University will sell nearly $38.5 million of revenue refunding bonds tomorrow or Thursday with the New Jersey Educational Facilities Authority as conduit issuer. The state school is authorized to issue as much as $60...

Bush Proposes Allocating Some Unspent Hurricane Money for HUD, Road Repairs.
November 1, 2005... WASHINGTON -- President Bush's proposal to spend $17 billion to help the hurricane-ravaged Gulf Coast states rebuild contains $1.8 billion in funding for programs run by the Department of Housing and Urban Development -- along with $2.3 billion...

Panelists: California Facing Realty, Deficit Challenges.
November 1, 2005... BEVERLY HILLS, Calif. -- California governments may be losing the revenue support they've been getting from the state's real estate boom while no consensus has developed on how to solve the state's structural budget deficit, according to...

People: New Hire Fills Out Oppenheimer's Detroit Office.
November 1, 2005... CHICAGO -- Oppenheimer & Co. last week rounded out the staff of its Detroit office with the hiring of investment banker Kelli Lambrix to work as a vice president in public finance and take over where former bankers left off when they went to...

L.A. Mayor Touts $1B Housing Bond.
November 1, 2005... BEVERLY HILLS, Calif. -- Los Angeles Mayor Antonio Villaraigosa said the city plans to pursue a $1 billion affordable housing bond. "It's an effort to address the fact that Los Angeles has the third-lowest homeownership rate in the nation," he...

Competitive Bond Offerings.
November 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.
November 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, November 1 ...

Negotiated Bond Offerings.
November 1, 2005... 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 October 31 Festival...

Negotiated Note Offerings.
November 1, 2005... ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER FINANCIAL ADVISER INSURER MDY'S S&P FITCH FIRST APPEARED Week Of October 31 California CA Rev Antic 3,000,000 Morgan Stanley Public...

Results of Negotiated Sales.
November 1, 2005... ALABAMA Brent (City) Oct 17, 2005 $1,380,000 General Obligation Refunding Warrants, Series 2005 (bank qualified) Dated Oct 1, 2005. Due Jan 1, 2010 to 2023. First coupon Jan 1, 2006. Callable Jan 1, 2013 at...

Results of Competitive Sales.
November 1, 2005... MINNESOTA Aitkin County Oct 31, 2005 $3,130,000 General Obligation Jail Refunding Bonds, Series 2005A (MN County Credit Enhancement Program) (bank qualified) (book entry). Dated Dec 1, 2005. Due Jan 1, 2007 to 2015....

Sacramento Redevelopment to Sell $128 Million.
November 1, 2005... SAN FRANCISCO -- Stone & Youngberg LLC will price $127.5 million of Sacramento Redevelopment Agency tax-allocation bonds on Nov. 16 in a deal rated BBB-plus by Standard & Poor's. "The rating reflects the lower of the two project areas that...

Wilma Forces Florida Election Officials to Postpone Some Upcoming Votes.
November 1, 2005... BRADENTON, Fla. -- Florida Gov. Jeb Bush has postponed today's Miami mayoral and city commission primary election until Nov. 15 because of difficulties caused by Hurricane Wilma. Since Wilma hit south Florida on Oct. 24, the Miami-Dade...

Texas Schools Look Ahead Despite Delays in Funding Ruling.
November 1, 2005... DALLAS -- Texas schools are moving forward with plans for the future even as they wait to hear from the state Supreme Court if their complaints about adequate funding will spur new school finance laws. Although most Texas school districts...

Trends in the Region: Charter Schools Keep Finding Ways to Fund Themselves.
November 1, 2005... DALLAS -- While charter school bond issues have not become as prevalent as many bankers predicted as the sector emerged in the late 1990s, charters with strong track records and steady enrollment continue to find ways to get facilities...

ARIZONA: ASU Campus Push.
November 1, 2005... Phoenix Mayor Phil Gordon continued his campaign to drum up support for Arizona State University's proposed downtown campus last week, calling it the key to a successful redevelopment of the area during a joint appearance with ASU president...

ARIZONA: GOP Hats in the Ring.
November 1, 2005... Judge Jan Florez, who recently stepped down from the state court of appeals, said last week that she will officially file as a candidate for governor this week and make a public announcement within several weeks. Florez will join Republican...

COLORADO: Owens' MSA Switch.
November 1, 2005... Gov. Bill Owens last week announced that he has reversed his earlier position that the state should securitize its approximately $1 billion share of the 1998 Master Settlement Agreement, saying that tobacco bonds would represent only a one-time...

KANSAS: School Cost Caveat.
November 1, 2005... Top education officials told Kansas lawmakers last week that a study of how much it costs to educate public school students is a "snapshot of the status quo" and should be just one of many factors that legislators consider when setting the...

OKLAHOMA: Regents Eye $1B.
November 1, 2005... The Oklahoma State Regents for Higher Education will ask the Legislature for $1.012 billion in fiscal 2007, which begins July 1. The request is a record, and $123 million more than regents received the year before. Chancellor Paul Risser...

TEXAS: They Love Their Bonds.
November 1, 2005... Knowing how Texas voters love their football, officials from the Deer Park Independent School District last Friday night held early voting at Clyde Abshier Stadium - giving football fans the opportunity to both cheer the Deer for their 31-to-14...

NEW-ISSUE VOLUME NOTES.
November 1, 2005... The new-issue volume tables are based on information compiled by The Bond Buyer from Thomson Financial's database on Monday, Oct. 31, 2005. All figures are preliminary and subject to revision. Long-term bonds have final stated maturities of...

LONG-TERM BONDS: January-October.
November 1, 2005... 2005 2004 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $336,132,300 11,376 $301,226,300 11,307 +11.6 % January 22,503,600 811 20,724,200 850 +8.6 February 30,766,000 1,004 26,831,400 1,071...

BOND SALES BY STATE: January-October.
November 1, 2005... 2005 2004 Volume Volume Percentage State Rank ($000s) Rank ($000s) Change Alabama 31 $2,499,500 37 $1,589,500 +57.3 % Alaska 41 1,281,200 42 1,054,200 +21.5 Arizona 13 7,844,200 13 6,154,500 +27.5 Arkansas 40...

LONG-TERM BONDS: October.
November 1, 2005... 2005 2004 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $26,860,400 881 $32,396,300 1,086 -17.1 % Development 528,300 20 525,900 32 +0.5 Education 8,814,800 246 7,843,200 327 +12.4 ...

LARGEST ISSUES: October 2005.
November 1, 2005... Amount Issuer Date $1,020.0 NorthStar Education Finance Inc., Del., student loan Oct 17 953.0 New Jersey Transportation Trust Fund Authority Oct 12 735.0 Seminole Tribe, Fla., recreation Oct 27 616.5 University of...

U.S. Securities Prices.
November 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 -- 11/25/2005 3.680/670 3. -- /665 3.740 3M -- 1/26/2006 3.798/788...

Short-Term Tax-Exempt Yields.
November 1, 2005... Oct 31, 2005 Oct 28, 2005 Nov 1, 2004 Selected MIG-1/SP-1+ Notes Los Angeles Co Trans 4s (June 06) 3.00 2.87 1.73 New Jersey Trans 4s (June 06) 2.99 3.02 1.77 Texas Trans 4 1/2s (Aug 06) 3.04 3.04 1.77 Municipal Market...

Municipal Market Data General Obligation Yields.
November 1, 2005... Aaa Aaa (pure) (ins) Aa A Baa 2006 3.00 3.04 3.04 3.12 3.32 2010 3.42 3.53 3.52 3.70 3.96 2015 3.92 4.06 4.03 4.27 4.52 2020 4.17 4.29 4.28 4.51 4.75 2025 4.37 4.49 4.48 4.70 4.90 2030 4.53 4.63 4.63 4.82 4.99...

Market Indicators.
November 1, 2005... Dollar amounts are in millions Day's 2005 2005 Daily Yesterday Change High Date Low Date Municipal Bond Index 112-21 -1/32 116-24 (6/27) 112-11 (1/4) 40 Average Dollar Price 101.25 -0.01 105.74 (6/7) 101.14 (10/26) ...

Municipal Market Data Total Returns.
November 1, 2005... Maturities 15 Years and Longer -- Periods Ending Oct. 28, 2005 Previous Month Year Week To Date To Date General obligation (composite) -1.619% -1.775% +3.471% Aaa (pure) -1.550 -1.733 +3.180 Aaa (insured) -1.612 -1.751...

Reoffering Yields.
November 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 9/19 2.9 New Jersey Envir. Infra. Trust... 3.61 4.25 4.61......... . 9/13...

New-Issue Balances.
November 1, 2005... (,000 Omitted) * Since initial reoffering + Revised upward since last report Amount Date RECENT OFFERINGS Sold Balance $48,743 10/25 Patchogue-Medford Union Free Sch. Dist., N.Y. $18,245 All Sold 80,725 10/27 Suffolk,...

Municipal Bond Prices.
November 1, 2005... 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.
November 1, 2005... Current Day Previous Day Week Ago Month Ago Year Ago The Bond Buyer Municipal Bond Index 112-21 112-22 113-17 113-30 112-15 Monday, October 31, 2005 Maturity Par Call Dollar Conversion Converted Date Date Price Factor Price 1...

Municipal Bond Index Update.
November 1, 2005... The list of bonds used to calculate the Municipal Bond Index was revised after the October 31 pricing. The new coefficient is 1.0281. It was derived by dividing the Oct. 31 index (112.659821) by the average converted price of the new set of...

Estimated Private-Activity Bond Caps for 2006.
November 1, 2005... State Population Volume Cap* Percentage State Population Volume Cap* Percentage 2004 20052006 (est.) Change Alabama 4,530,182 $362.42 $362.42 unch Alaska ...

Letter From The Editor.(Editorial)
November 1, 2005... To Our Readers: The Bond Buyer's Forum Series tried something new this time. In September, we expanded our cultural forum into a daylong event that offered museum and performing arts officials a chance to look at the kinds of financing...

Cultural Institutions Seek Buzz And Balance.
November 1, 2005... October, the Franklin Institute Science Museum in Philadelphia welcomed "Body Worlds," an anatomical exhibition of preserved human bodies that is intended to promote health education and has also created an international buzz. Donna Stein,...

Transforming Neighborhoods, Enriching Communities.
November 1, 2005... New York City, which provides over $100 million in funds to operate its cultural institutions as well as hundreds of millions more in capital financing, has a long tradition of supporting its wide variety of museums, zoos, and gardens - and its...

Dr. Mary S.Campbell.
November 1, 2005... Mary Schmidt Campbell is dean of the Tisch School of the Arts at New York University, a position she has held since 1991. She is also chair and professor of arts and public policy. Prior to joining NYU, Campbell was New York City Commissioner...

Cultural Institutions Forum.
November 1, 2005... AMY RESNICK, The Bond Buyer: I wanted to get started with our agenda. And the first thing we wanted to look at today was the issue of growth, whether that is growth in a start-up situation that some of our participants have mentioned, coming...

Forum Serie.
November 1, 2005... Architect Daniel P. Coffey FAIA leads the 30-person firm of Daniel P. Coffey & Associates Ltd, recently named the American Institute of Architects Chicago Firm of the Year. His specialty in performing arts centers, mixed use, and urban design...

The Digest.
November 2, 2005... The municipal bond market showed little reaction yesterday to a widely anticipated 12th consecutive rate hike by the Federal Reserve Board, although prices moved a tad lower in spots after the central bank left the door open to more tightening...

NAIPFA Raises Red Flags: Citing Texas Data, Group Calls for G-23 Changes.
November 2, 2005... WASHINGTON -- Independent financial advisers have told the Municipal Securities Rulemaking Board that transaction data shows some dealers in Texas are circumventing its Rule G-23 and have urged the board to make several major changes to prevent...

D.C. Mayor Touts Successes of His 7-Year Tenure.
November 2, 2005... WASHINGTON -- Despite several high-profile political mistakes, two-term District of Columbia Mayor Anthony Williams - who during the past seven years has presided over the city's financial rebirth and the restoration of its investment-grade...

Muni Groups Slam Panel's Tax Changes: Worry Over Ripple Effects on Localities.
November 2, 2005... WASHINGTON -- Municipal market groups yesterday sharply criticized a White House tax reform commission's proposals that call for the elimination of deductions for state and local taxes and home mortgage interest, saying such provisions would...

News In Brief: Federal Funds Rate Raised 25 bps to 4%.
November 2, 2005... WASHINGTON -- In its 12th interest rate hike in less than a year and a half, Federal Reserve Board policymakers yesterday raised the federal funds target rate 25 basis points to 4.00%, as expected, and retained the word "measured" in their...

News In Brief: Construction Outlays Hit $1.120 Trillion.
November 2, 2005... WASHINGTON -- Spending on construction projects rose 0.5% in September as both private and public construction rose to all-time records, according to Commerce Department figures released Tuesday. Total construction spending rose to a...

News In Brief: ISM Index Falls Less Than Expected.
November 2, 2005... The overall economy expanded for the 48th straight month in October, while the manufacturing sector expanded for the 29th 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 3.725% High.
November 2, 2005... WASHINGTON -- The Treasury Department yesterday auctioned $15 billion of four-week bills at a 3.725% high yield, a price of 99.710278. The coupon equivalent was 3.788%. The bid-to-cover ratio was 2.66. Tenders at the high rate were allotted...

Tuesday's Market: Municipals Show Little Reaction To Fed's 12th Consecutive Rate Hike.
November 2, 2005... The municipal bond market showed little reaction yesterday to the widely anticipated 12th consecutive rate hike by the Federal Reserve Board, although prices moved a tad lower in spots after the central bank left the door open to more...

Moody's Assigns Negative Outlook to Tulsa Airport Trust.
November 2, 2005... DALLAS -- Uncertainty over how the Tulsa Airports Improvement Trust will pay a potential judgment in an ongoing lawsuit has prompted Moody's Investors Service to lower the trust's credit outlook to negative from stable. The airport trust...

Judge to Weigh Motions Against O'Hare Project.
November 2, 2005... CHICAGO -- A federal judge is expected to consider at a hearing tomorrow motions filed by a suburban group that is seeking to halt work on Chicago's $7.52 billion runway reconfiguration and expansion of O'Hare International Airport. The...

Ballpark Corrections Bill Makes It Past D.C. Council Untouched.
November 2, 2005... WASHINGTON -- Legislation aimed at correcting serious technical errors in the District of Columbia statute that authorizes financing for construction of a new ballpark for the Washington Nationals survived an important initial test yesterday...

Mutual Funds: Muni Inflows Continued to Shrink in September to $1B.
November 2, 2005... Municipal bond mutual fund net inflows fell slightly to $1.01 billion in September from $1.49 billion in August, the Investment Company Institute reported. The results marked the second consecutive month of declining inflows, which can be...

Fitch Drops $146M of Manhattan Hospital Bonds to Junk Status.
November 2, 2005... Fitch Ratings yesterday cut to junk status $145.6 million of bonds backed by Lenox Hill Hospital, a 652-bed hospital on Manhattan's Upper East Side. Fitch downgraded the hospital's Series 2001 bonds to BB from BBB-minus. The New York State...

Competitive Bond Offerings.
November 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.
November 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, November 2 ...

Negotiated Bond Offerings.
November 2, 2005... 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 October 31 Festival...

Negotiated Note Offerings.
November 2, 2005... ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER FINANCIAL ADVISER INSURER MDY'S S&P FITCH FIRST APPEARED Week Of October 31 California CA Rev Antic 3,000,000 Morgan Stanley Public Resources --- MIG1...

Results of Negotiated Sales.
November 2, 2005... ARIZONA Arizona Health Facilities Authority Oct 31, 2005 $74,675,000 7- Day Auction Rate Securities Insured Health Facility Revenue Bonds (Catholic Healthcare West), Series A (Initial Auction Date Nov 18, 2005) (book entry) ...

Municipal Bond Elections.
November 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, November 05, 2005 $110,000 Deer Park ISD, TX Tuesday, November 08, 2005...

Results of Competitive Sales.
November 2, 2005... ARKANSAS Murfreesboro School District No. 16 of Pike County Nov 1, 2005 $3,900,000 Refunding and Construction Bonds (bank qualified) (book entry). Dated Nov 1, 2005. Due Feb 1, 2006 to 2034. Callable Feb 1, 2011 at...

Trends in the Region: Economy, Jobs Take Center Stage in Region's Upcoming Ballots.
November 2, 2005... CHICAGO -- The economy and jobs will figure in referendums in the Midwest next week as fewer local bond issuers bring ballot measures in a non-presidential election. The largest of the proposals to be considered Tuesday is a $2 billion one...

ILLINOIS: Loyola Debt Stabilizes.
November 2, 2005... Standard & Poor's last week revised its outlook on the A-minus rating carried by $134 million of Loyola University of Chicago debt to stable from negative. The school's debt was sold through the former Illinois Educational Facilities...

ILLINOIS: Aviation Head Rolls.
November 2, 2005... The commissioner of Chicago's aviation department, which is overseeing the city's $7.52 billion expansion of O'Hare International Airport, resigned last week. John Roberson became the 15th member of Mayor Richard Daley's cabinet to resign...

ILLINOIS: Sherman's Blueprint.
November 2, 2005... Elgin-based Sherman Hospital last week unveiled the design plans for its proposed new $280 million hospital to replace its existing facility in the growing city to the far northwest of Chicago. Nearby Provena St. Joseph Hospital is expected...

INDIANA: Sewer Upgrades.
November 2, 2005... The Indianapolis-Marion County City-County Council this week approved a $435 million plan to upgrade the city and county water and sewer system as part of a larger 20-year program. The plan would double fees for some services. The council...