Norfolk, Virginia, recently made a surprising announcement regarding its plans with Build America Bonds (BABs). Initially, the city had considered redeeming $56 million of its direct-pay taxable 2010B capital improvement BABs under an extraordinary optional redemption before the due date of April 25. However, in a financial filing issued on Monday, Norfolk revealed that it
Politics
Virginia Governor Glenn Youngkin recently announced more than 240 amendments to Virginia’s biennium budget, unveiling what he described as a “common ground budget plan.” Youngkin emphasized that the budget proposal, totaling $64 billion, was developed with a focus on delivering for the people of Virginia without any tax increases or cuts. The budget plan includes
Texas finds itself in a challenging situation as the state transportation department moves to end a 52-year agreement for a toll lane project that was financed with private-activity bonds. The Texas Transportation Commission recently voted to terminate a comprehensive development agreement with Blueridge Transportation Group, LLC, for the project on State Highway 288. This decision
New York State officials have extended the fiscal 2025 budget deadline twice already, with another extension likely on the way. This delay, although not alarming according to Ladunni Okolo, poses challenges such as funding for education and affordable housing. The ability of the state to pay its obligations, particularly its debt, is a major concern
California lawmakers are facing a daunting challenge as they fine-tune their budget proposal in the wake of a record deficit. With an estimated budget shortfall of $38 billion, Governor Gavin Newsom and legislative leaders have been forced to make tough decisions. The Legislative Analyst’s Office raised its deficit estimate to a staggering $73 billion, prompting
The recent announcement by the Environmental Protection Agency (EPA) regarding $20 billion in grants to support clean energy projects in underserved areas has sparked both excitement and controversy. This marks the largest federal investment in climate-related projects to date, highlighting the government’s commitment to addressing environmental challenges. The grants are a part of President Joe
The absence of tax-exempt municipal bonds in the Treasury Department’s Green Book for the second consecutive year has raised concerns among experts in the municipal bond market. Despite President Joe Biden’s focus on infrastructure development, the lack of mention of these bonds in the Green Book is perplexing. According to Edwin Oswald, a tax partner
Infrastructure demands in the United States are reaching critical levels, with public debt unable to bridge the funding gap required for necessary upgrades and transitions to decarbonization. Larry Fink, CEO of BlackRock, emphasizes the importance of public-private partnerships and investment funds in addressing these challenges. Fink highlights the need for private capital to fill the
The Los Angeles International Airport (LAX) faced a setback as Fitch Ratings affirmed the junk status of the private activity bonds issued for its multi-billion-dollar people mover project. The speculative-grade BB-plus rating on the senior lien revenue bonds was maintained for the project developed by LAX Integrated Express Solutions (LINXS). This came after the completion
Bond traders reevaluated their expectations for Federal Reserve monetary policy after a gauge of U.S. manufacturing activity showed expansion for the first time since 2022. The amount of Fed easing priced into swap contracts for this year dropped to fewer than 65 basis points, indicating a shift in market sentiment. This change in expectation led