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Ohio's Hamilton Community Authority issues bonds Thursday to help finance the redevelopment of a vacant paper mill. [ABSTRACT FROM AUTHOR]

The deal, issued through the California Housing Finance Agency, is the first multifamily tax-exempt deal to qualify for the GSE's Green Rewards program. [ABSTRACT FROM AUTHOR]

Highlights the advantages and disadvantages of investing in the extendible commercial paper market, as discussed at the Thomson Financial Short-Term Municipal Forum at the Roosevelt Hotel in New York. Investors' demand for greater diversity in terms of liquidity credit providers; Resetting of extendible commercial papers to a longer maturity date.

Advance refunding tax-exempt debt with taxable bonds prior to the call date does not always pay off, a new research paper shows. According to the paper, MSBA saved $121.63 million by advance refunding the 2011B Bonds with its taxable 2019 bonds. The researchers analyzed 14 transactions between 2018 and 2020 and determined that the taxpayers would have come out half a billion ahead had the issuer waited out the call date instead of refunding their exempt bonds with taxable paper. [Extracted from the article]

A pair of economists from the Federal Reserve Bank of Minneapolis have published a paper examining the constraints faced by tribal governments in accessing tax-exempt financing. The paper highlights the limited amount of tax-exempt bonds issued by tribes compared to state and local governments and suggests that expanded access to capital could enhance tribal governments' economic prosperity. The biggest obstacle to tribal access is the essential government function test, which prohibits tribes from issuing tax-exempt bonds for projects not typically performed by state and local governments. Tribal advocates hope that Congress will address this issue in upcoming tax legislation. [Extracted from the article]

House Democrats want to enhance federal bond financing incentives for state and local governments as part of their environmental justice agenda. The paper supports "enhanced bond financing incentives that can be used to improve water quality and reduce other environmental stressors." The Water Infrastructure Finance and Innovation Act of 2014 (WIFIA) established the highly popular WIFIA program, a federal credit program administered by the Environmental Protection Agency for eligible water and wastewater infrastructure projects. [Extracted from the article]

Reports on the issuance of commercial papers in Florida. Request for the expansion of the paper-backed pool of the Sunshine State Governmental Financing Commission; Creation of a commercial paper program by the Hillsborough County.

The rule was one reason why, during a bond sale in 2021, the coupons needed to be set at 5% and 4% at the outset, to protect investors worried that the bonds would later tip into discount territory, Bain recalled. Funds will dump entire positions as they approach discount territory, activity that leads to "substantial illiquidity" and drives up trading costs and prompts other institutional investors to head for the exit, the paper found. Kevin Bain, debt manager for Detroit, who got his start in the corporate taxable bond market, recalls being baffled by the obscure "de minimis" tax rule when he arrived at the city nearly three years ago. [Extracted from the article]

Reports that the University of North Carolina (UNC) in Chapel Hill and the North Carolina State University in Raleigh have received approval from the Board of Governors of UNC to issue commercial papers upto 100 million dollars. Aim of universities behind getting the approval; Estimated interest rate and savings from the commercial paper issues; Maximum limit for sale of commercial papers for the universities.

The authors discussed transparency benefits and public pensions at the Washington event. [ABSTRACT FROM AUTHOR]

Johns Hopkins University of Baltimore, Maryland has expanded its commercial paper program and plans to price a series of tax-exempt bonds that amounts to between 10 million dollar and 12 million dollar. The program is broken into four series—Series A and B are tax-exempt and are to be issued by the Maryland Health and Higher Educational Facility Authority, while the C and D series are taxable and are to be issued by Johns Hopkins. The program's expansion is designed to improve cash management. Standard & Poor's Corp. has rated the commercial paper program A1-plus.

Reports on the expected sale of the tax-exempt commercial paper notes by state of Massachusetts as of December 2001. Reasons for the sale of tax-exempt commercial paper notes; Dealers for the series notes; Introduction of the state's fourth commercial paper program; Rating of the program according to Moody's Investors Service Inc.

Reports that the Harris County, Texas Toll Road Authority will sell commercial papers under a multi-million dollar short-term borrowing program approved by County commissioners in September 2001. Ways in which proceeds of the sale will be utilized; Dealer and bond counsel for the sale; Ratings of the commercial papers by various rating agencies.

Discloses that Los Angeles County is launching the first lease-backed commercial paper program undertaken by a California county. Use of proceeds of the issuance to refund existing bond anticipation notes; Growing interest of municipal governments in commercial paper; Unique features of the Los Angeles County program.

NABL paper tells lawyers everything they wanted to know about bank loans, private placements. [ABSTRACT FROM AUTHOR]

Reports the plans of North Texas Tollway Authority and Harris County Toll Road Authority to implement commercial paper program in Dallas, Texas. Benefits of the commercial paper program to the authority; Rating of the program by the Standard & Poor's; Proceeds of the program.

Focuses on United States-based local governments' plan to take legal action over investments in defaulted commercial paper sold by California-based utility Pacific Gas & Electric Co. State of Tennessee's struggle to close its fiscal 2001 budget gap; Fountain Hill, Arizona officials' outrage over an investment made for the city by BNY Western Trust Co.

Reports on Florida issuers' increased interest in commercial paper programs, according to industry professionals and government officials.

Focuses on the plan of San Francisco Public Utilities Commission's finance officials to use a commercial paper program to jump-start most of $304 million of water bonds authorized by voters on November 4, 1997. Preparations made for a request for qualifications from financial advisers to structure the program; Outlook for the program; Outcome of a study on the backlog of unfunded capital projects in the city.

Reports on the University of Michigan's sale of $29.6 million of commercial paper notes which was the first in $120 million program for the Ann Arbor-based institution. Interest rates of the notes; Management process of the commercial paper notes; Rates given to the paper by the rating agencies; Anticipated selling costs of commercial paper notes for the succeeding 18 months.

Reports that some portfolio managers have turned to commercial paper and variable-rate demand notes (VRDNs) while waiting for money market products in the United States to cheapen up in the latter part of 1998. James Hannan's bid on 120-day issues; Appeal of VRDNs; Federated Investors Inc.'s extension of portfolios' maturities.

Reports the efforts of bond market professionals to bring normalcy in Texas after the terrorist attacks in New York and Washington D.C. Intention to roll out due commercial papers in Dallas-Fort Worth International Airport; Request for money market funds; Confidence on the ability of market to recover.

"If we focus on those really most exposed borrowers, we say those municipalities with more than half of your previous bonds underwritten by these banks, that you have almost a 40-basis point increase in your borrowing costs", Garrett said. The Texas laws that bar underwriters with discriminatory policies against the oil and firearms industries may force municipalities to face higher borrowing costs as a result of less competition among underwriters. [Extracted from the article]

Reports on the plan of California to sell tax-exempt commercial paper in two tranches in January 2004. Purpose of the sale of commercial paper; Views of executives from rating agencies in the U.S. regarding the status of California; Number of projects that will benefit from the sale of the commercial paper.

Reports on money market fund managers' alteration of strategies and turning to paper subject to the alternative minimum tax (AMT) to boost their performance in the United States. Approaches of managers to add flexibility in adding AMT papers; Target of the AMT; Increases in investments in AMT papers.

Reports on the ratings assigned by Fitch Ratings to the Metropolitan Washington Airports Authority's expanded commercial paper program. Expiration of the rating on the commercial paper notes on March 13, 2008; Renovation program at Dulles; Bear Stearns & Co.'s appoinment as dealer for the commercial paper notes.

Reports on the plans of Shelby County, Tennessee to sell $27 million of extendible municipal commercial papers (CP) in December 2001 to finance its capital outlay program. Amount of extendible municipal CP sold by the county in 2000 and 2001; Investors' concerns regarding the CP; General obligation bonds sold by the county in the month.

The article reports on the issuance of $ 30 million commercial paper by the University of Washington Regents as payment for the upcoming acquisition of a 22-floor office building located near its main campus in Seattle, Washington. The transaction will close on September 27, 2006. The university's financial adviser who took charge of the deal is the Seattle-Northwest Securities Corp., the remarketing agent is Merrill Lynch and Co. while the bond counsel is Preston, Gates and Ellis LLP.

Reports on the San Francisco County Transportation Authority (SFCTA) commissioners' review of the terms and conditions for pricing a commercial paper in a negotiated sale. First capital market borrowing by the SFCTA; Plan to issue bonds to convert the commercial paper into long-term fixed-rate debt; Lehman Brothers as underwriter on the deal.

Reports on the launch of Miami-Dade County, Florida's $400 commercial paper program. Hiring of Merrill Lynch and Co. Inc. to replace Goldman Sachs and Co. as co-manager of the program along with Lehman Brothers; Advantages of commercial paper.

"Unfortunately, the current SEC Rule 15c2-12 continuing disclosure requirements and typical indenture/loan/lease reporting requirements do not address comprehensive COVID-19 or other emergency event disclosures, except when the impacts contribute to a reportable covenant breach", NFMA wrote. Issuers have historically pushed back against calls for them to go above and beyond their contractual disclosure obligations, with some issuer officials noting in the past that frequent interim disclosures are not realistic for most issuers. The National Federation of Municipal Analysts has completed work on a white paper calling for targeted emergency event disclosures from state and local governments. [Extracted from the article]

Reports the selling of commercial paper by the Texas Public Finance Authority in Dallas, Texas. Finance of government projects; Acquisition of liquidity for note program; Conversion of long-term debt.

The article reports that bond issuers and dealers express their concerns over the issue brief published by the Municipal Securities Rulemaking Board (MSRB) on the regulatory framework for municipal market swaps and other derivatives under the Dodd-Frank Act. Comments from Emily Brock of Government Finance Officers Association (GFOA), Leslie Norwood of Securities Industry and Financial Markets Association (SIFMA), and MSRB president Lynnette Kelly are mentioned.

The article reports that the U.S. National Association of Bond Lawyers (NABL) designed an eight page white paper to quash a misconception that municipality tax exemption benefits the upper income tax payers.

Reports on the approval of three dealers for commercial paper issues and $285 million in revenue bonds in Dade County, Florida. Bond dealers; Includes Lehman Brothers and Goldman Sachs; Selection of Morgan Stanley to do a current refunding of $90 million of Series U Dade County Aviation bonds.

The National Federation of Municipal Analysts has released a paper on best practices in disclosure for bank loans, an opaque segment of the municipal debt market that is getting increased attention from regulators. [ABSTRACT FROM AUTHOR]

Municipal bonds were little changed to slightly firmer on the short end Friday after a week in which the longer end of the yield curve brought yields back to early July levels, with pressure from more supply and a weaker U.S. Treasury market. "The flatness of A-rated and BBB-rated spreads only indicates that muni investors are probably searching for spread with their new money in other corners of the market, such as high-yield or investment-grade low-coupon bonds", they said. "Macro conditions remain supportive of credit strengthening, and muni market supply/demand conditions provide no room for widening as the pressure is still on the tightening direction.". [Extracted from the article]

The Federal Reserve continued its moves to minimize the effects of COVID-19 on the U.S. economy. [ABSTRACT FROM AUTHOR]

Reports on the Alaska Housing Finance Corp.'s sale of the first chunk of its domestic commercial paper program in March 1999. Security of the commercial paper by the corporation's own liquidity rather than a third-party facility; Flexibility of the paper which allows its deals to be structured as either taxable, tax-exempt, or subject to the alternative minimum tax.

Levy said next month's numbers, which will suggest inflation above 2%, "will draw more attention to the issue of whether the rise in inflation is temporary or the beginning of a sustained upward trend." The three-month Treasury note was yielding 0.02%, the 10-year Treasury was yielding 1.64% and the 30-year Treasury was yielding 2.31% near the close. INCOME REPORT The recently distributed $1,400 stimulus checks helped March personal income and spending soar, suggesting it will be months before economists get an accurate read and can determine whether inflation will persist. [Extracted from the article]

Reports on the plan of the Maryland Health and Higher Educational Facilities Authority to issue commercial paper on behalf of the Johns Hopkins Health System. Fitch Ratings' rating for the notes based on the hospital's credit provided by SunTrust Bank; Statements by Standard & Poor's on the hospital's need to monitor its debt level; Management of the notes by J.P. Morgan Securities Inc.

Reports on the closure of audit of the paper company International Paper Co. by the U.S. Internal Revenue Service due to a settlement between them. Impact of the closure on bondholders of the company; Reasons behind company's audit.

Brookings Institution has extended its deadline for proposals for its sixth annual municipal finance conference to March 6. [ABSTRACT FROM AUTHOR]

The article discusses proposals by the authors of a paper from Brookings Institution's Hamilton Project to address the need for investments in infrastructure in the U.S. Topics discussed include the proposed revival of the Build America Bond (BAP) program, structural inefficiencies of traditional tax-exempt bonds, and the call for the efficient use of the Army Corps of Engineers. Also mentioned are the proposals to reform the Harbor Maintenance Trust Fund and the federal gas tax.

The article reports on petition of municipal issuers to be included in the U.S. Federal Reserve's Commercial Paper Funding Facility program. The petition came after the Fed has hinted will not include municipalities under its current terms. Municipal issuers argue that the Fed's desire to provide liquidity to the short-term paper should extend to their tax-exempt commercial paper and even to municipal tax and revenue anticipation notes.

The article focuses on the many people around the U.S. who pursue scripophily, the hobby of collecting antique municipal bond certificates. Among those are Paul Kinney, senior vice president in personal wealth management at UBS Securities LLC, and Bob Kerstein, former CFO of a wireless telecommunications company. Some of them claimed that they are attracted to old bonds because of its aesthetic or historical value, while others like to honor the issuers that they have worked with during their careers.

The article reports that the National Federation of Municipal Analysts has issued a final white paper (WP) on project financings that is applicable to many sectors of the municipal market and is intended to be used in conjunction with the group's best disclosure practice papers. Furthermore, this WP describes the risks associated with project financings and recommends that certain information be disclosed on a quarterly basis during the construction and operational startup phases of the project.

Reports that Minnesota-based solid waste company Liberty Paper Inc. has reached a settlement with the U.S. Internal Revenue Service's (IRS) appeals office with regard to private-activity bonds. Impact of outcome on the treatment of pending audits by the IRS; Views expressed by IRS national director for tax-exempt bonds Mark Scott on the significance of settlement; Details of Liberty Paper's case.