The Bond Buyer articles from November 2007

The Bond Buyer archives from November 2007

Thursday.
November 1, 2007... Regions THE DORMITORY AUTHORITY of the State of New York approved up to $1.29 billion of bonds in three separate transactions at its monthly board meeting yesterday. 6 PLANS TO ISSUE $192 million of general obligation bonds...

Texas Dominates Nation's Bond Ballots.
November 1, 2007... DALLAS -- Voters nationwide on Tuesday will decide the fate of more than $29 billion of bond referendums. Texas faces the biggest bond questions by far, with about $10 billion of state issues alone, and another nearly $10 billion of local...

Trends in the Region: Southeast Voters Face Transit, TADs, Governors.
November 1, 2007... BRADENTON, Fla. -- Voters in Mecklenburg County, N.C., on Tuesday will consider the future of mass transit around Charlotte, while various Georgia cities will hold referendums to decide whether to establish tax allocation districts to fight...

Volume Still On Pace To Break '05 Records: Preliminary October Figures at $41.4B.
November 1, 2007... With 2007 nearing a close, municipal primary volume remains well ahead of last year and on pace to break the record set in 2005. Preliminary results from Thomson Financial show that about $41.4 billion of bonds were sold during October, up...

In Brief: FOMC Cuts Fed Funds Target 25 BPs to 4.50%.
November 1, 2007... The Federal Open Market Committee cut its federal funds rate target 25 basis points to 4.50%, the Fed announced yesterday after concluding a two-day meeting. The FOMC also cut the discount rate 25 basis points to 5.00%. Economic growth...

In Brief: Advance 3d-Quarter GDP Growing at 3.9% Pace.
November 1, 2007... WASHINGTON -- U.S. gross domestic product rose 3.9% at a seasonally adjusted annual rate in the third quarter, a slightly faster pace than the 3.8% gain in the previous quarter, according to the advance estimate the Commerce Department released...

In Brief: Employment Cost Index Increased 0.8% in 3Q.
November 1, 2007... The U.S. third-quarter employment cost index rose 0.8% for overall compensation costs to civilian workers, the Labor Department reported yesterday. Economists polled by IFR Markets predicted a 0.9% rise in the index. For civilian...

In Brief: Construction Spending Up 0.3% to $1.163 Trillion.
November 1, 2007... Spending on construction projects rose 0.3% to a seasonally adjusted annual rate of $1.163 trillion in September as private construction decreased 0.2%, and public construction rose 1.9%, according to Commerce Department figures released...

In Brief: Chicago PMI 49.7 in Oct., Down From 54.2 in Sept.
November 1, 2007... The Chicago Purchasing Managers Business Barometer slipped to a contractionary 49.7 in October from 54.2 in September, the National Association of Purchasing Management-Chicago said yesterday. The prices paid index rose to 74.7 from 59.0,...

In Brief: NAPM-NY Current Index Climbs to 54.7 in October.
November 1, 2007... Business activity bounced back in October after slowing in the summer, as the New York current business conditions index in the National Association of Purchasing Management-New Yorks Report on Business increased in October to 54.7 from 35.1 in...

In Brief: Treasury Details Quarterly Refunding.
November 1, 2007... The Treasury Department announced yesterday it will sell $13 billion of 10-year notes on Nov. 7 and $5 billion of 29 1/2-year bonds on Nov. 8 to complete its quarterly refunding. Treasury will pay down $33.505 billion of debt with the $18...

In Brief: 4.162M Jobs Posted On Internet in October.
November 1, 2007... About 4,161,700 online job postings appeared on leading Internet job boards in October, 108,300 fewer than the 4,270,000 posted in September, the Conference Board reported yesterday. In October, there were 2.71 online job ads per 100...

Munis Weaker As Fed Cuts Funds Rate.
November 1, 2007... The municipal market was weaker yesterday, as tax-exempt and Treasury yields increased after the Federal Reserve lowered the federal funds rate target 25 basis points to 4.50%. The market is selling off after the Fed cut and after reading...

Enforcement: Grassley Still Unsure on Need for Nonprofit Hospital Legislation.
November 1, 2007... Sen. Charles Grassley, R-Iowa, who for years has directed inquiries into the tax breaks given to nonprofit hospitals and other tax-exempt organizations, said this week that he hopes reform in the sector can come voluntarily, from the hospitals...

Legislation: Ways and Means to Vote on AMT Relief Bill.
November 1, 2007... The House Ways and Means Committee today will vote on temporary tax-relief legislation that would "patch" the alternative minimum tax as well as extend for one year the qualified zone academy bond program, special rules for veterans mortgage...

New York City Planning Fewer GOs in FY 2008-09.
November 1, 2007... New York City plans to reduce its general obligation bond sales in fiscal 2008 by $235 million and $120 million in fiscal 2009, but will increase GO sales by a total of $760 million over the following two years, according to a modification of...

Medina Named IRS Tax-Exempt, Government Entities Division Chief.
November 1, 2007... WASHINGTON -- Moises Medina has been named director of government entities for the Internal Revenue Service's tax-exempt and government entities division, the agency said yesterday. The selection of Medina, who moves to TE/GE from the IRS'...

Bush Signs Into Law Seven-Year Extension of Ban on Internet Taxes.
November 1, 2007... WASHINGTON -- President Bush signed into law yesterday legislation that prohibits state and local governments from taxing Internet access for the next seven years. The law was the result of many weeks of debate in Congress over how long to...

DASNY Approves $1.29 Billion in Three Separate Offerings.
November 1, 2007... The Dormitory Authority of the State of New York approved up to $1.29 billion of bonds in three separate transactions at its monthly board meeting yesterday. The largest transaction is the refunding of up to $1.16 billion of personal...

Officials Divided on Salt Lake's $192 Million GO Bond Proposal.
November 1, 2007... DALLAS -- Plans to issue $192 million of general obligation bonds for public safety facilities are not winning unanimous support among Utah's elected officials, but voters will have the final say next Tuesday. The public safety bonds share...

Southeast Invisible Supply.
November 1, 2007... Approval Underwriter Expected Issuer and purpose Amount* status choice sale date ALABAMA Birmingham Jefferson convention rev. bonds $600 P 2007 FLORIDA South Florida Everglades COPs $500 A fall...

Visible Supply by State.
November 1, 2007... Oct. 31, 2007 Oct. 24, 2007 State Issues Amount Issues Amount Chg in Amt Alabama 0 $0 0 $0 $0 Florida 6 1,033,760,000 7 418,245,000 615,515,000 Georgia 1 27,280,000 1 27,280,000 0 Kentucky 4...

Plain/Insured GO Yield Curves for Oct. 30, 2007*.
November 1, 2007... State Ratings One-Year Five-Year 10-Year 30-Year Virginia Aaa/AAA/AAA 3.32 / 3.34 3.43 / 3.47 3.77 / 3.82 4.36 / 4.40 North Carolina Aaa/AAA/AAA 3.33 / 3.32 3.45 / 3.51 3.79 / 3.87 4.36 / 4.46 Georgia Aaa/AAA/AAA...

FLORIDA: Sarasota Seeks Tax Hike.
November 1, 2007... At a time when reform of soaring property taxes has become a major priority in Florida, Sarasota next Tuesday will ask voters to hike their taxes to secure $16 million of general obligation bonds that will help finance a $54 million makeover of...

FLORIDA: Broward Hospital Lifted to A.
November 1, 2007... Standard & Poors on Monday raised its underlying rating on the North Broward Hospital Districts debt to A from A-minus. The agency said the upgrade reflected sustained improvement in core operations through general cost containment and...

LOUISIANA: Audubon May Raise Rates.
November 1, 2007... The Audubon Park Commission is considering a plan this week that would increase its property tax rate in 2008, despite a recommendation from the New Orleans City Council to set next years rate so that the revenue does not exceed 2007...

LOUISIANA: Nagin Offers '08 Budget.
November 1, 2007... New Orleans Mayor Ray Nagin this week will unveil a 2008 budget that forecasts total revenues of $912.5 million. Projected revenues include more than $430 million in reimbursements by the Federal Emergency Management Agency, other...

MISSISSIPPI: Magnolia Affirmed, But ...
November 1, 2007... Moodys Investors Service last week affirmed the Baa2 rating for Magnolia Regional Health Centers $46 million of Series 1998, 2006A, and 2006B bonds but maintained its negative outlook, reflecting the uncertainty regarding future Medicaid...

Competitive Bond Offerings.
November 1, 2007... Letter F next to the issuer's name signifies the Official Notice of Sale is available on the internet! Go to www.bondbuyer.com A letter "P" signifies that a link to the POS is on the Bond Buyer Online's Competitive Bond Offering Calendar....

Competitive Note Offerings.
November 1, 2007... Tentative dates for negotiated sales of $1 million or more. Letter F next to the issuer's name signifies the Official Notice of Sale is available on the internet! Go to www.bondbuyer.com A letter "P" signifies that a link to the POS is...

Negotiated Bond Offerings.
November 1, 2007... 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 29 ...

Results of Negotiated Sales.
November 1, 2007... ARIZONA Phoenix Civic Improvement Corporation Oct 30, 2007 $300,000,000 Junior Lien Wastewater System Revenue Bonds, Series 2007 (2018-27(5's), 2032 and 2037 Priced to Par Call) (book entry) Dated Nov 27, 2007. Due Jul...

Results of Competitive Sales.
November 1, 2007... ARIZONA Yuma Municipal Property Corp Oct 31, 2007 $30,785,000 Municipal Facilities Revenue Bonds, Series 2007B (book entry). Dated Nov 20, 2007. Due Jul 1, 2008 to 2027. Callable Jul 1, 2017 at par. Winning...

Election Results.
November 1, 2007... APPROVED Thursday, Oct 25, 2007 KANSAS Leavenworth Co USD #458 - $39,900,000 Construction, renovations and addition Tuesday, Oct 30, 2007 WISCONSIN Prairie Du Chien Area SD - $2,800,000 Refinance an existing...

Municipal Bond Activities.
November 1, 2007... November 1 The Governmental Accounting Standards Board will hold a user roundtable at 9 a.m. and a public hearing at 11 a.m. regarding their proposed standard for derivatives at the New York City Office of Management and Budget, 75 Park...

Direct Newspaper Advertising In Favor With Smaller Shops.
November 1, 2007... An advertisement in the New York Times business section last Wednesday tells readers: "Attention Municipal Bond Buyers. Herbert J. Sims & Co. is pleased to announce a new tax-free bond in New York." FMS Bonds Inc. runs a full-page ad in...

FSA Holdings Posts $122M Loss in 3Q With Record New Business Production.
November 1, 2007... The bond insurer Financial Security Assurance Holdings Inc. announced yesterday that its third-quarter results included both a $121.8 million net loss and record new business production. Like all of its competitors that have reported...

Long-Term Bond Sales: January-October.
November 1, 2007... 2007 2006 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $366,149,400 10,319 $298,419,200 10,135 +22.7 % January 31,217,200 852 18,784,200 721 +66.2 February ...

New-Issue Volume Notes.
November 1, 2007... The new-issue volume tables are based on information compiled by The Bond Buyer from Thomson Financial's database on Tuesday, October 31, 2007. All figures are preliminary and subject to revision. Long-term bonds have final stated...

Bond Sales by State: January-October.
November 1, 2007... 2007 2006 Volume Volume Percentage State Rank (000s) Rank (000s) Change Alabama 22 $4,903,800 30 $2,737,500 +79.1 % Alaska 40 1,500,600 34 2,172,000 -30.9 Arizona 14 7,486,500 24...

Largest Issues: October 2007.
November 1, 2007... Amount Issuer Date $5,531.6 Buckeye Tobacco Settlement Finance Authority, Ohio, general purpose Oct 24 2,498.7 California (State) GOs (NM/ref) Oct 18 1,129.8 Salt Verde Financial Corp., Ariz., gas Oct 12 ...

Long-Term Bond Sales: October.
November 1, 2007... 2007 2006 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $41,424,700 860 $31,568,600 1,024 +31.2 % Development 531,400 30 240,800 32 +120.7 Education 7,220,100...

Market Indicators.
November 1, 2007... Dollar amounts are in millions Day's 2007 2007 DailyYesterday Change High Date Low Date Municipal Bond Index 112-05-14/32 117-29 (2/27) 107-26 (8/24) 40 Average Dollar Price 101.66 -0.38 103.02...

Municipal Market Data General Obligation Yields.
November 1, 2007... Aaa Aaa (pure) (ins) Aa A Baa 2008 3.32 3.36 3.35 3.44 3.66 2012 3.47 3.56 3.55 3.71 3.91 2017 3.81 3.93 3.91 4.11 4.28 2022 4.10 4.24 4.21 4.44 4.61 2027 4.25 4.39 4.36 4.61 4.77 ...

Short-Term Tax-Exempt Yields.
November 1, 2007... Oct 31, 2007 Oct 30, 2007 Nov 1, 2006 Selected MIG-1/SP-1+ Notes Los Angeles Co Trans 4.50s (June 08) 3.27 3.32 3.41 California Rans 4.s (June 08) 3.28 3.35 n.a. Puerto Rico Trans 4.25s (Jul 08) 3.30 3.35...

U.S. Securities Prices.
November 1, 2007... Prices as of 3 p.m. ET. Source: GovPx (ICAP plc) Treasury Bills Yesterday's Prev. Day's Yesterday's (in percent of discount) Bid/Offer Bid/Offer Bid Yield 1M - 11/29/2007 3.920/910 3.85 5/845 3.998 3M -...

Municipal Bond Index Update.
November 1, 2007... The list of bonds used to calculate the Municipal Bond Index was revised after the October 31 pricing. The new coefficient is 1.0142. It was derived by dividing the October 31 index (112.157939) by the average converted price of the new...

One-Year Note Index.
November 1, 2007... 2007 Oct 31 3.32% 24 3.39 17 3.39 10 3.39 3 3.41 Sep 26 3.42 19 3.44 12 3.47 5 3.61 Aug 29 3.62 22 3.65 15 3.62 8 3.66 ...

New-Issue Balances.
November 1, 2007... (,000 Omitted) *Since initial reoffering +Revised upward since last report Amount Date NEW OFFERINGS Sold Balance $150,000 10/31 Tennessee (State) $142,950 $7,050 189,025 10/31 Yuma Muni. Prop. Corp.,...

Reoffering Yields.
November 1, 2007... 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 (Pure) 10/17 220.8 New Jersey Envir. Infra. Trust ... 3.56 3.90...

Municipal Bond Prices.
November 1, 2007... 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...

Municipal Bond Index.
November 1, 2007... Current Day Previous Day Week Ago Month Ago Year Ago The Bond Buyer Municipal Bond Index 112-05 112-19 113-22 112-26 116-31 Wednesday, October 31, 2007 Maturity Par Call Dollar Conversion Converted Date Date Price...

Michigan's Granholm Begins to Sign Off On $43B Fiscal '08 Budget.
November 1, 2007... CHICAGO -- Michigan Gov. Jennifer Granholm yesterday began signing the 17 bills that make up the state's $43 billion fiscal 2008 budget after lawmakers approved the final pieces of the spending plan earlier in the day with less than 24 hours...

Friday.
November 2, 2007... Regions DRAWING FIRE from the public, civic groups, and City Council members over a proposed $108 million increase in property taxes included in his $5.94 billion 2008 budget, Chicago Mayor Richard Daley plans to revise his revenue raising...

FSA Seeks Ruling Reversal, SEC's Opinion.
November 2, 2007... WASHINGTON -- Financial Security Assurance Inc. is urging a federal appeals court to both reconsider and ask the Securities and Exchange Commission to weigh in on a Sept. 18 ruling by a three-judge panel that found it had no standing to sue...

Radian Reports $704M Loss, Joins Competitors: Insurers' Stocks Fall On Announced Losses.
November 2, 2007... Radian Group Inc. yesterday reported a $704 million net loss for the third quarter, its first round of quarterly results since its planned merger with MGIC Investment Corp. fell apart in early September. Radian's competitors in the bond...

Trends in the Region: Berkeley Going the Solar Route: Taxes Would Fund Energy Efficiency.
November 2, 2007... CHICAGO -- Berkeley, Calif., property owners may soon be able to go green more cheaply under a city-sponsored initiative that would allow them to pay for solar system installation and other energy efficiency improvements through a long-term...

In Brief: Jobless Claims Fall 6,000 To 327,000 in Oct. 27 Week.
November 2, 2007... WASHINGTON -- Initial claims for state unemployment declined 6,000 to 327,000 in the Oct. 27 week following a slight upward revision to the previous weeks level, the Labor Department reported yesterday. Forecasts in a Market News...

In Brief: Personal Income Up 0.4%; Core PCE Rises 0.2%.
November 2, 2007... WASHINGTON -- The U.S. September personal income data was tame, leaving a key inflation measure at plus-1.8% over the year. September personal income was up 0.4%, personal consumption rose 0.3%, and core personal consumption expenditures...

In Brief: ISM Index at 50.9 in Oct., Down From 52.0 in Sept.
November 2, 2007... The overall economy grew for the 72d straight month, while the manufacturing sector expanded for the ninth time in a row, the Institute for Supply Management reported yesterday. According to the ISMs monthly report on business, the ISM...

In Brief: Weekly T-Bill Auction To Raise $5B New Cash.
November 2, 2007... The Treasury Department said yesterday it will raise $4.997 billion of new cash at its weekly auction of 91-day and 182-day discount bills Monday by selling $38 billion to refund $33.003 billion of maturing securities. To be sold are $20...

Munis Firmer, Following Treasury Gains.
November 2, 2007... The municipal market was firmer yesterday, following the Treasury market, which showed gains. The market is probably up two to three, following Treasuries, a trader in New York said. Its probably a wash between [Wednesdays] weakness...

Correction.(Correction notice)
November 2, 2007... Yesterdays story about personnel changes at the Internal Revenue Service incorrectly reported the name of the Advisory Committee on Tax-Exempt and Government Entities member who is leaving in June. It is Maxwell D. Solet of Mintz Levin Cohn...

New York Comptroller: Local Government Debt Growth Outpaces Revenues.
November 2, 2007... Debt grew faster than revenue at the local government level in New York from 1995 to 2005, creating a growing burden on taxpayers, according to a report released yesterday by state Comptroller Thomas DiNapoli. All classes of local...

Ohio Planning $210M of Garvees for Highways, Bridges.
November 2, 2007... CHICAGO -- Ohio is selling $210 million of grant anticipation revenue vehicle bonds next week to raise funds for 17 new and ongoing highway and bridge infrastructure projects as officials plan an additional $700 million of debt over the next...

Regulation: Analysts, Issuers Differ Over Derivatives.
November 2, 2007... Municipal market participants expressed opposing views about the Governmental Accounting Standards Board's proposed standards for derivatives at a user roundtable and public hearing in New York City yesterday, with analysts generally calling...

People: Blank Rome Hires Muni Veteran D'Onofrio as Partner in N.Y.C. Office.
November 2, 2007... Blank Rome LLP has hired longtime tax lawyer Linda L. D'Onofrio as a partner in the firm's public finance group. D'Onofrio, with 26 years of experience in public finance and structured finance products, will be based in the firm's New York...

Transportation: States Should Look to Tolls and P3s, DOT Officials Say.
November 2, 2007... Federal funding for transportation infrastructure is expected to decline in the coming years and state and local governments should explore the increased use of tolling and public-private partnerships to help meet the nation's growing needs,...

After Criticism, Chicago's Daley to Revise Property Tax Increase.
November 2, 2007... CHICAGO -- Drawing fire from the public, civic groups, and City Council members over a proposed $108 million increase in property taxes included in his $5.94 billion 2008 budget, Chicago Mayor Richard Daley plans to revise his revenue raising...

New York HFA OKs $547M for 11 Housing Projects Across State.
November 2, 2007... The New York State Housing Finance Agency yesterday approved $546.7 million of taxable and tax-exempt bonds to finance the construction and preservation of 11 housing projects across the state. However, one project in Rochester may not be...

Consulting Firm to Scrutinize Atlanta Hospital's Finances.
November 2, 2007... Grady Memorial Hospital in Atlanta has hired consulting firm PricewaterhouseCoopers LLC to scrutinize its operations and finances. The firm will work to keep the nonprofit hospital solvent by finding additional revenue in streamlined and newly...

Mutual Funds: September Inflows Rebound From Summer Doldrums.
November 2, 2007... The summer slowdown of municipal bond mutual fund flows has ended, according to an Investment Company Institute report released this week, which recorded an increase of inflows in September for the first time in three months. During...

Money Market Funds: Asset Levels Reach New Record For Fourth Week.
November 2, 2007... For the fourth straight week, municipal money market funds hit a record level of assets under management in the week ending Oct. 29, as inflows totaled $1.36 billion. The increase in assets has become the norm after a slow September and...

Far West Invisible Supply.
November 2, 2007... Approval Underwriter Expected Issuer and purpose Amount* status choice sale date CALIFORNIA State Gos $1,750 A negotiated Jan. State GOs $1,000 A competitive Nov. LADWP power revs $950 P ...

Visible Supply by State.
November 2, 2007... Nov. 1, 2007 Oct. 25, 2007 State Issues Amount Issues Amount Chg in Amt Alaska 0 $0 0 $0 $0 California 10 314,872,000 12 409,547,000 -94,675,000 Hawaii 0 0 0 0 0 Idaho 1 45,000,000 0 0 45,000,000...

Plain/Insured GO Yield Curves for Oct. 31, 2007*.
November 2, 2007... State Ratings One-Year Five-Year 10-Year 30-Year Montana Aa2/AA-/AA- 3.36 / 3.35 3.57 / 3.55 3.92 / 3.91 4.48 / 4.48 Oregon Aa2/AA/AA- 3.34 / 3.34 3.60 / 3.57 3.94 / 3.93 4.52 / 4.50 Idaho Aa2/AA-/NR 3.37 / 3.36...

CALIFORNIA: Ex-Gov. Wilson in NBA Talks.
November 2, 2007... A former state governor, Pete Wilson, will represent the California Exposition and State Fair board in negotiations with the National Basketball Association over plans to build a new arena at for the Sacramento Kings franchise. The board...

CALIFORNIA: Sacramento: Mind the Gap.
November 2, 2007... The Sacramento city budget is under significant negative pressure, city staffers told the City Council Tuesday. There is a growing gap between ongoing expenditures and ongoing revenues in the general fund as current revenue growth is...

CALIFORNIA: S.F. Eyes Library Bond Boost.
November 2, 2007... The San Francisco public library system would gain additional bonding powers under a ballot measure the citys voters will decide Tuesday. Proposition D would authorize the renewal of the citys Library Preservation Fund. The citys voters...

CALIFORNIA: This Won't Hurt a Bit.
November 2, 2007... A new San Francisco program created to offer health care to the citys uninsured residents should have a neutral effect on the citys credit rating, according to a Standard & Poors research paper issued Wednesday. The Healthy San Francisco...

WASHINGTON: Ballot Items' Credit Impact.
November 2, 2007... Washington is perhaps the most active this year in terms of ballot measures with credit implications, according to a report Standard & Poors issued Wednesday, ahead of Tuesdays election. There are three statewide ballot measures with credit...

Competitive Bond Offerings.
November 2, 2007... Letter F next to the issuer's name signifies the Official Notice of Sale is available on the internet! Go to www.bondbuyer.com A letter "P" signifies that a link to the POS is on the Bond Buyer Online's Competitive Bond Offering Calendar....

Competitive Note Offerings.
November 2, 2007... Tentative dates for negotiated sales of $1 million or more. Letter F next to the issuer's name signifies the Official Notice of Sale is available on the internet! Go to www.bondbuyer.com A letter "P" signifies that a link to the POS is...

Negotiated Bond Offerings.
November 2, 2007... 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, November 2 Fairfield...