The California Supreme Court recently announced that it will be reviewing a case that challenges retirement reforms that were put in place by state lawmakers over a decade ago. This decision has reignited the debates surrounding pension spiking, a contentious issue that had previously been addressed in a 2020 ruling on an Alameda County case.
Politics
The influence of anti-environmental, social, and governance (ESG) laws on municipal borrowing costs is a topic of increasing concern in the financial world. Recent research conducted by the Oklahoma Rural Association sheds light on the detrimental effects of such laws on municipalities in Oklahoma. These laws, which aim to combat perceived boycotting of certain industries
Wyoming has received a positive outlook from S&P Global Ratings due to its healthy reserves and plans to increase permanent funds to mitigate revenue fluctuations. The AA issuer credit rating of the state has been affirmed, with a one-in-three chance of being upgraded over the next two years. This positive outlook is a result of
The Basel III Endgame proposal has stirred up a storm of controversy within the broker-dealer and investment firms, with many calling for a complete overhaul of the rules. Susan Joyce, the head of muni trading & FI market structure at AllianceBernstein, expressed the need for a reevaluation and possible rewrite of the rules due to
In a move that has the potential to shake up the legal landscape in the infrastructure industry, Norton Rose Fulbright has announced the addition of Patrick Harder to co-head the firm’s U.S. and North America infrastructure groups. This hiring comes after Harder’s impressive 20-year tenure at Nossaman LLP, where he made a name for himself
The Internal Revenue Service budget has been a topic of debate in a recent Senate Finance Committee hearing. IRS Commissioner Danny Werfel defended the agency‘s budget and called for an extension of IRA funding through fiscal 2034. According to Werfel, this extension would provide $104 billion over a 10-year period and generate an additional $341
San Diego Mayor Todd Gloria recently unveiled a $5.65 billion proposed budget that aims to address the city’s structural deficit through various short-term fixes and borrowing strategies. The budget includes one-time maneuvers such as eliminating scheduled reserve contributions and borrowing funds for infrastructure projects. While the budget prioritizes spending on homeless prevention programs, street paving,
The private sector plays a crucial role in the development and implementation of transportation projects in Pennsylvania. Companies have the opportunity to submit unsolicited proposals to the Pennsylvania Department of Transportation, offering innovative solutions to deliver projects across various modes of transportation. This open solicitation period allows for the exploration of more efficient models to
The Build America Bonds (BABs) market has experienced a significant widening of spreads in recent months, primarily due to a wave of refinancing activities by issuers. Municipal bond strategists have noted that the BABs index option-adjusted spread has cheapened by 10bps compared to the ICE Broad Taxable Municipal Bond Index OAS. This trend has been
Gov. Mike DeWine recently delivered his State of the State address at the statehouse in Columbus, emphasizing the importance of investing in Ohio’s children for the future. He highlighted the need to provide opportunities for all Ohio children to reach their full potential and pursue their dreams. By pointing out his new great-granddaughter, Betty Jane,