Bonds

As New York City grips with a major financial crisis due to the effects of COVID-19, another call has emerged to overhaul its public pension system. Manhattan Institute recommended a four-pronged approach that includes paring “unusually generous” benefits back to a prevailing standard in the private and public sectors and transitioning new-employee toward a defined-contribution
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The Louisiana State Bond Commission will move forward with a variable-rate refinancing that was delayed earlier this year due to market disruption caused by the onslaught of the coronavirus pandemic. The bond commission decided Thursday that $424 million of variable-rate bonds will be refinanced with short-term debt. Using short-term paper provides the state with flexibility
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Puerto Rico Oversight Board member Arthur Gonzalez became the fourth original board member to step down on Friday. On Wednesday President Donald Trump appointed Justin Peterson to sit on the board. Effectively, this ended González’s tenure on the board unless a member of the Congressional leadership recommended him to the president. González’s announcement Friday seals
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For five decades, Florida-grown Bryant Miller Olive PA has practiced public finance law across the Sunshine State and the Southeast. BMO’s practice areas also include state and local government law, complex transactions, project finance, and litigation. The offices of Bryant Miller Olive celebrated the firm’s 50th anniversary at a retreat in January.BMO The firm turned
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A win by Democratic candidate Joe Biden in the presidential election might create a smoother path toward completing proposed upgrades to a 110-year-old tunnel linking Manhattan and northern New Jersey that have hit roadblocks under President Trump, according to transportation advocates. Philip Howard, chairman of the nonpartisan watchdog group Common Good, said the Trump administration
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Federal Open Market Committee members agreed the economy was recovering “faster than expected,” while business investment appeared to be rebounding, but saw the overall gain “uneven.” “In particular, with the reopening of many businesses and fewer people withdrawing from social interactions, consumer spending was rebounding sharply and appeared to have recovered about three-fourths of its
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Oklahoma revenue slipped less than 1% in September, providing some encouragement for a recovering economy, state Treasurer Randy McDaniel said. “Considering the major challenges the state faces, Oklahoma’s economy has been weathering the pandemic-driven downturn relatively well,” McDaniel said this week. “We still have reasons for concern in the months ahead, but the perseverance reflected
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State and local governments will have to deal with many unknowns as 2020 wraps up amid figuring out how to disclose pandemic concerns and conditions deteriorate for vulnerable credits, experts said at a Securities and Exchange Commission’s Fixed Income Market Structure Advisory Committee meeting Monday. FIMSAC met Monday to discuss various issues facing issuers. Former
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The largest health systems in Illinois, Wisconsin, and Michigan cancelled plans to pursue a merger, they announced Friday. Illinois-based Advocate Aurora Health — created with the 2018 merger of Advocate which was Illinois largest system and Aurora which was Wisconsin’s largest — and Michigan-based Beaumont Health had signed non-binding letter of intent to join forces
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Speaker Nancy Pelosi, D-Calif. speaks during a television interview at the Senate Russell Office Building in Washington. “You know what, we’ll find our middle ground,” Pelosi said during an appearance on MSNBC. “We’re legislators. We’ll get the job done.” Bloomberg News A glimmer of hope for another round of direct federal aid to state and
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The Puerto Rico Oversight Board and central government bondholders remain far apart, according to documents released Wednesday night. On Aug. 24 the board proposed a 20.6% to 22.3% cut in total consideration for general obligation and Public Building Authority bondholders compared to the existing Feb. 9 approved plan support agreemen. By comparison, groups of holders
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Chicago-based CommonSpirit Health is eyeing the possible sale of up to $2 billion in the fourth quarter, the Chicago-based system reported in an investor notice. The system reported it was “currently evaluating” the financing to restructure and/or refinance existing debt including outstanding direct purchase bonds and to finance and reimburse itself for up to $750
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Thirty-four S&P 100 companies that issued statements supporting racial equality will publicly disclose the composition of their workforce by race, ethnicity and gender, New York City Comptroller Scott Stringer said Monday. The firms agreed in response to a campaign on behalf of the New York City Employees’ Retirement System, Teachers Retirement System of the City
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Gross domestic product on a monthly basis has reclaimed the losses suffered as a result of the economic shutdown to stop the spread of the coronavirus, according to Fitch Ratings, but output remains below pre-pandemic levels and will for some time, experts agree. “The monthly flow of US economic output was back to within 2%
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A $3.3 billion budget proposal from Nassau County Executive Laura Curran hinges on a debt restructuring plan from which she previously retreated after Republican opposition earlier in August. The Democratic county executive’s 2021 spending plan announced last week is linked to a proposed refinancing of outstanding bonds through the triple-A-rated Nassau Interim Finance Authority that
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