Tom Kozlik News
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Investors in U.S. municipal bonds should look back to James Madison’s tenure in the White House for guidance on how far tax-exempt interest rates may fall.
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Tampa, Florida’s third-most populous city, sold $121 million of tax-exempt water and sewer bonds to refund outstanding debt as municipal issuance drops amid budget cuts by borrowers.
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The Build America Bonds program, a boon to state and local governments that lapsed last year in the face of Republican opposition in Congress, would be revived under President Barack Obama ’s proposed budget.
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U.S. states expect “significant challenges” balancing budgets in the next two years, after closing $230 billion in gaps since 2009, as U.S. stimulus aid drops and tax receipts recover from the recession, a study said.
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DeKalb County’s $10 million Lou Walker Senior Center has a swimming pool, art studio and beauty salon. The Atlanta suburb also has a $17 million performance center and $7 million water park, luxuries some say it can’t afford after a cash shortage brought a five-step downgrade of its credit rating to near junk.
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Build America Bonds showed why they’re the fastest-growing part of the municipal market in a $492.7 million sale yesterday by Virginia’s Commonwealth Transportation Board, which let buyers choose between the taxable debt and tax-exempts.
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Standard & Poor’s, which lowered thousands of municipal-bond ratings tied to the federal government, won’t make further downgrades until details of U.S. spending cuts are settled.
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Utah , which has $2 billion in general obligation bonds outstanding, leads this week’s offerings with a $1.25 billion issue of tax-exempts and Build America Bonds as sales climb to a six-month high.
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New York City Municipal Water Finance Authority, which has been granted rate increases of 10 percent or more for four consecutive years, boosted its sale of taxable Build America Bonds 39 percent to $554 million with yields on the debt near the highest in a month.
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The Dallas-Fort Worth International Airport, the world’s eighth-busiest, doubled a refunding deal to $222 million as municipal issuers returned to sell in the next 30 days to take advantage of record-low yields.
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