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.
When Florida Governor Rick Scott visited Miami last week, he touted his record of shrinking state debt the most in 30 years. Nearby Miami Dade College, the nation’s largest community college, prepared for another year with broken elevators and decaying buildings.
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.