Municipal Markets >>>
Kansas, which dedicated casino proceeds to pension relief last year, is considering another gamble as lawmakers debate borrowing $1.5 billion to bolster the nation’s 11th-weakest state retirement plan. Click here to continue reading.
Stockton, California’s annual budget deficits may total almost $100 million after 10 years even if it got all of the cuts it sought before filing for bankruptcy, a city forecast showed. “Read more>>’
Puerto Rico, on the brink of being cut to speculative grade, is rallying the most in a year as investors bet that the 11-weekold administration of Governor Alejandro Garcia Padilla will mend the commonwealth’s finances. Click here to continue reading.
The U.S. housing rebound is making local debt backed by home-mortgage payments the safest place for municipal investors facing the prospects of tax changes and higher interest rates. “Read more>>”
Lemont, Illinois is putting its credit rating on the line as it plans a $20 million bond sale to fund a 26-acre sports complex that the village says will attract youth travel sports leagues. “Read more>>”
Texas’s school-finance system is unconstitutional because it falls short of the state’s obligation to provide an adequate and equitable public education to all children, a judge ruled. “Read more>>”
Two financial deals that kept the National Football League playing in the Superdome, allowing New Orleans to host a 10th Super Bowl, were expensive for taxpayers and enriched Saints owner Tom Benson, said former Louisiana Governor Kathleen Blanco. Click here to continue reading
Governor Jerry Brown declared an end to California’s chronic fiscal crisis, projecting the first surplus in a decade thanks to spending cuts and $6 billion in new taxes approved by voters. Brown’s budget predicts an $851 million surplus for the fiscal year that begins July 1. The blueprint, including a $1 billion reserve, increases general-fund spending by [...]
A firefighter in Allentown, Pennsylvania, which plans to lease its water system to meet retirement costs, left last year with an annual pension of $99,289, more than double what state law says was due. Most municipalities in the state, home to a quarter of U.S. public pension plans, show similar disregard for local statutes, said James [...]