Ben Watkins News
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Florida is selling $46.9 million in debt as soon as this week to help finance a $939 million project to replace septic tanks and cesspits polluting the turquoise waters of the Keys, home of the nation’s only living coral barrier reef.
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Florida won’t sell more Build America Bonds, the fastest-growing part of the $2.8 trillion municipal market, until the federal government guarantees the subsidy on the program, said Ben Watkins , who oversees the state’s debt sales.
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Governor Rick Scott’s veto pen helped reduce Florida’s debt in back-to-back years for the first time in at least three decades. Lawmakers say it might be time to reverse course.
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Florida’s cabinet delayed voting on a $15 million bond sale for school buildings under Republican Governor Rick Scott’s increased scrutiny of spending.
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Tax revenue is rising in Michigan, home to U.S. automakers buffeted by the recession, and job growth may resume next year for the first time in a decade, according to State Treasurer Robert Kleine.
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Florida sold $247.7 million of bonds backed by the state lottery at yields cheaper than comparable revenue debt as it works to stem a decline in sales.
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In the face of opposition from bankers, U.S. Senator Susan Collins agreed to ratchet back a proposal that would prevent banks from using so-called trust- preferred securities, or TruPS, to appear better capitalized.
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The Internal Revenue Service and U.S. Securities and Exchange Commission are using concern that Build America Bonds are being mispriced as an opportunity to impose restrictions on municipal borrowers, a panel of public issuers said at a conference this weekend.
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Municipal borrowers in the U.S. face a “manageable” risk that they won’t get the full 35 percent interest-rate subsidy from the Build America Bond program, said John Cross, associate tax legislative counsel for the U.S. Treasury.
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Miami-Dade County sold about $188 million in Build America Bonds for transport projects as yields on the taxable debt reached a record low and three months after Florida stopped issuing the securities.
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