FBT Gibbons Adds Two Public Finance Attorneys
FBT Gibbons announced the addition of two partners, Martina Hinojosa and Kevin O'Donnell Stanek, to its public finance practice in Houston and Columbus. Hinojosa, formerly of Bracewell, specializes in municipal bond issuances, public‑private partnerships and tax compliance. Stanek joins from Barnes & Thornburg with a decade of experience in local economic development and state government counsel. The hires signal the firm’s strategic push into the high‑growth public finance markets of Texas and Ohio.
East Bay MUD Set to Price $675M in Water Revenue Bonds
East Bay Municipal Utility District (EBMUD) will price $675 million of water‑system revenue bonds, split between a $329 million green series and a $365 million refunding series. The issuance arrives amid heightened market volatility caused by the Israel‑Iran conflict, yet EBMUD’s strong credit...
Louisiana State University Eyes Refunding as Markets Remain Volatile
Louisiana State University tapped the municipal bond market to refinance $55.2 million of 2016 auxiliary revenue bonds, issuing new securities that mature between 2027 and 2036. The new series were priced at yields from 2.68% to 3.43% and carry A2 (Moody’s)...
Lawsuit Claims Austin Transportation Fee Is an Unconstitutional Tax
A Texas Public Policy Foundation lawsuit alleges Austin’s transportation user fee is an unconstitutional tax, demanding the city halt the charge. The fee, enacted in 1991, generated $139.2 million in fiscal 2025 and is projected to rise 11% to $156.7 million for fiscal 2026....
Blatnik Bridge Funding Released Amid Finger-Pointing
The U.S. Department of Transportation has finally released the $1.05 billion federal grant earmarked for the long‑awaited replacement of the Blatnik Bridge linking Superior, Wisconsin, and Duluth, Minnesota. The 63‑year‑old span, limited to 40‑ton loads, carries roughly 33,000 vehicles daily and...
Many State Highway Programs Don't Make the Reason Foundation Grade
The Reason Foundation’s 29th Annual Highway Report ranks Virginia, Georgia, South Carolina, North Carolina and Ohio as the most cost‑effective state highway systems, while Alaska, California, Washington, New York and Louisiana fall at the bottom. Southern states achieve lower costs...
Public Finance Attorneys in Demand in Competitive Lateral Recruiting Environment
Public‑finance law firms are facing a surge in lateral hiring competition, with firms like Nixon Peabody actively recruiting partners and associates to deepen their benches. Recruiters describe the market as “near‑unprecedented,” emphasizing attorneys who bring existing client relationships and niche expertise....
University of Kansas Hospital Authority Sets $415 Million Bond Sale
The University of Kansas Hospital Authority is pricing a $415 million AA‑minus health‑facilities revenue bond issue, its first municipal debt offering since 2019. The issuance comprises $365 million of fixed‑rate bonds and $50 million of put bonds, with an additional $50 million variable‑rate demand...
New Mexico County Seeking to Avoid Bond Default Met Illegally, AG Says
Otero County, New Mexico, convened an emergency commission meeting on March 13 to approve a five‑year ICE contract that would fund a $5.26 million debt‑service payment and prevent default on $18.48 million of bonds tied to a 2007 jail project. The state attorney...
NYC Outlook Takes Another Hit Heading Into $2.65B Deal
New York City is issuing $2.65 billion of general‑obligation bonds, but rating agencies Fitch, KBRA and Moody’s have shifted the city’s outlook to negative, citing a $5.4 billion budget gap and reliance on state‑approved tax hikes. The bond deal comprises four series,...
Buyside Approaches Data Center-Adjacent Bonds with Caution
Municipal bond issuance is accelerating as data‑center projects drive demand for public‑power and water infrastructure, with demand projected to rise 20‑25% annually through 2030. While public‑power issuance is down 33.7% year‑to‑date, water‑sewer issuance is up 15.9%, and analysts forecast up...
Airports Facing Financial Challenges
U.S. airports are confronting a perfect storm of financial strain, operational disruptions, and aging infrastructure. A recent fatal collision at LaGuardia highlighted safety concerns amid a Department of Homeland Security funding lapse that left TSA agents unpaid and caused long...
Facing Budget Gaps, Pennsylvania, New Jersey Governors Turn to Reserves
Pennsylvania Gov. Josh Shapiro unveiled a $53.2 billion budget that relies on $4.5 billion from the state’s $7.5 billion rainy‑day fund to narrow a projected $2.4 billion gap, while New Jersey Gov. Mikie Sherrill presented a $60.7 billion plan that taps nearly $2 billion of a $7.2 billion...
Nebraska Lawmakers Navigate Budget Impasse
Nebraska’s 2025‑27 biennium budget stalled after a $3.5 million school‑choice voucher provision was removed, preventing cloture and prompting Governor Jim Pillen to urge a swift resolution before the March 25 deadline. The appropriations bill faces two major disputes: the voucher funding and...
Gas Prices Leading to Tax Concerns
State lawmakers in Maryland and Georgia are moving to suspend gasoline taxes temporarily as a response to higher pump prices linked to the Iran conflict, while Florida’s governor opposes similar measures. At the federal level, the House Transportation and Infrastructure...
Credit Shifting Back in Buyside Focus as Federal Stimulus Dries Up
Municipal bond investors enjoyed credit stability from roughly $4.6 trillion of pandemic stimulus, but the federal windfall is ending, reviving credit concerns. Panelists at the Bond Dealers of America conference warned that tighter spreads will likely widen as states confront fiscal...
MSRB Defends Spending on Technology After Criticism
Municipal Securities Rulemaking Board (MSRB) CEO Mark Kim defended the agency’s technology spending after Bond Dealers of America highlighted that roughly 60% of the budget goes to tech and that the EMMA website revamp is over‑budget and delayed. Kim announced...
California School District Says Taxpayers Win with Shorter Bond Terms
San Juan Unified School District has saved roughly $636 million in interest by issuing general‑obligation bonds with an average maturity of 17.23 years, far shorter than the typical 30‑year term used by most districts. The shorter‑term structure lowered the repayment ratio from...
Illinois Will Return to Market with a $1.4 Billion GO Deal
Illinois is set to re‑enter the municipal bond market next week with a $1.4 billion general‑obligation issuance. The proceeds will fund accelerated pension‑benefit payments, the Rebuild Illinois capital program, IT upgrades and other infrastructure projects. The deal includes a $200 million taxable...
Nashville to Price About $502 Million in Midst of Growth
The Metropolitan Government of Nashville and Davidson County is set to price about $502 million of general‑obligation refunding bonds on March 19, led by BofA Securities and Morgan Stanley. The Series 2026D issue carries AA‑plus ratings from S&P and KBRA and yields ranging...
Moody's Downgrades the Met and The New School
Moody's downgraded New York's Metropolitan Opera Association to Caa1 from B3, pushing it deeper into junk territory, and lowered The New School's rating to Baa1 from A3. The Met faces a $120 million endowment draw, $178 million debt, and liquidity constraints with...
Munis Little Changed, USTs See Losses After Fed Holds Rates
Municipal bonds were largely unchanged Wednesday while U.S. Treasuries slipped after the Federal Reserve left rates steady. The Investment Company Institute reported $782 million of weekly inflows into municipal bond funds, following $1.452 billion the week prior, and ETFs attracted $903 million. Raymond James...
PREPA Parties Discuss Path Forward
U.S. District Judge Laura Taylor Swain urged the Puerto Rico Oversight Board to consider a contingent vehicle instrument (CVI) in its PREPA plan of adjustment as parties grapple with the size of bondholders' secured claim. The board has offered bondholders...
Iran War Isn't Spooking Muni Buyers yet, but They're Keeping Eye on Transportation Credits
Municipal bond investors remain unfazed by the Iran‑Israel‑U.S. conflict, viewing munis as a domestic safe‑haven despite rising oil prices and Treasury yields. New‑issue issuance dipped below $10 billion this week, yet demand stayed strong, with several deals oversubscribed. Transportation‑related credits, especially...
Municipal Bankruptcy Stays Rare, but Credit Stress Keeps Chapter 9 in Focus
The municipal bond market faces heightened credit stress in 2026, but actual bankruptcies remain uncommon. While the ratio of upgrades to downgrades tightens, sector‑specific risks are emerging in project finance, housing, and healthcare issuances. Chapter 9 remains limited to municipalities, with...
Judge Issues Temporary Restraining Order in Higher Ed Data Case
A federal judge issued a temporary restraining order on March 16, extending the deadline for colleges to complete the new ACTS survey to March 25, 2026, and halting enforcement of the original March 18 deadline. The order follows a lawsuit filed by a...
Massachusetts Sets up P3 Panel Ahead of Highway Rest Stop RFP
Massachusetts Governor Maura Healey is creating a public‑private partnership (P3) commission to oversee a revived procurement for 18 highway service plazas after last year’s process collapsed amid allegations of favoritism. The commission will consist of four governor‑appointed transportation experts plus...
Another Oklahoma Winter Storm-Related Bond Issue Challenged
In 2022 Oklahoma issued $2.89 billion of utility bonds to recover costs from Winter Storm Uri, with $1.35 billion allocated to Oklahoma Natural Gas. Republican lawmakers filed a state Supreme Court brief alleging the Oklahoma Corporation Commission failed required audits of those...
Mississippi's Outlook Revised up to Stable by S&P
S&P Global Ratings lifted Mississippi’s general‑obligation bond outlook to stable from negative and reaffirmed its AA rating, citing structurally balanced budgets and healthier reserves. The state posted an 8% revenue surplus in fiscal 2025 and its cash‑stabilization reserve reached $667 million,...
Senate Passes Housing Bill, Challenges Remain
The Senate approved a sweeping housing package with an 89‑10 vote, featuring the 21st Century ROAD to Housing Act. A centerpiece is raising the public‑welfare investment (PWI) cap from 15% to 20%, a move expected to unlock new private‑activity bond...
P3 Backers Urge Easing of Tax-Exempt Bond Rules on Asset Leases
Public‑private partnership advocates are urging the IRS to scrap the defeasance rule that forces tax‑exempt bonds to be retired when a government leases an asset to a private operator. They argue the regulation inflates financing costs and discourages asset‑recycling deals...
Fitch Raises Oklahoma's Rating a Notch to AA-Plus
Oklahoma’s sovereign credit rating was raised by Fitch to AA‑plus with a stable outlook, marking the state’s third upgrade since 2024 after similar moves by S&P and Moody’s. The agency cited sustained fiscal discipline, robust operating reserves and low long‑term...
Market Volatility Impacts Two BAB Refunding Deals
Geopolitical tension in the Middle East and rising oil prices heightened market volatility, forcing the Bay Area Toll Authority (BATA) and the Dormitory Authority of the State of New York (DASNY) to delay or resize their Build America Bond (BAB)...
IRS Clearing up Arbitrage Rules
The Internal Revenue Service issued a six‑page notice proposing amendments to the tax‑exempt refunding bond regulations. The changes would formally include 90‑day Treasury certificates in the definition of tax‑exempt bonds, clarifying how proceeds moved from State and Local Government Series...
Austin City Council OKs up to $575 Million of Water System Bonds
The Austin City Council approved up to $575 million in water and wastewater revenue‑refunding and improvement bonds. $450 million will refinance short‑term commercial paper into long‑term debt, while $75 million will refund callable Series 2015 A bonds and $50 million will fund capital projects at the...
ULM Properties' Student Housing Bonds Downgraded to B3 by Moody's
Moody's downgraded the University of Louisiana at Monroe student‑housing revenue bonds (Series 2019A) from B2 to B3, citing weak demand and an 85% occupancy rate. The debt‑service coverage ratio slipped to 0.98× as of December 2024, forcing draws on the debt‑service reserve....
With Active Security Selection, Airport Bonds Can Add Ballast as Geopolitics Rattle Markets
The airport municipal bond sector has demonstrated strong credit resilience, weathering crises such as 9/11, COVID‑19, and recent geopolitical turbulence. Federal relief via the CARES Act prevented mass downgrades, and General Aviation Revenue Bonds (GARBs) have maintained stable, investment‑grade ratings...
Chicago Pulls Tax-Exempt Part of Bond Deal
Chicago pulled about $292 million of tax‑exempt bonds from an $800 million general‑obligation deal, postponing that tranche to a later date while pricing $511.9 million of taxable bonds on Tuesday. The taxable issuance was heavily oversubscribed—more than $2 billion of orders—allowing the city to...
Indiana Eyes Toll Bonds and a P3 for $6.5 Billion I-70 Project
Indiana has formally requested a federal waiver to toll Interstate 70, becoming the first state to seek permission under the FHWA’s pilot program. The six‑lane expansion and related upgrades carry a $6.5 billion price tag, with more than half expected to be...
Bond Defaults Follow Cook County's Property Tax Delays
Cook County's transition to a new property‑tax software delayed bill issuance and collections, compressing cash flow for local governments. The delay forced East Dundee & Countryside Fire Protection District to miss its Jan 15 principal and interest payment on its 2021...
Munis Steady, Investor Confidence Is 'Solid'
Municipal bond markets held steady on Tuesday despite weaker U.S. Treasury yields and mixed equity performance. Muni‑UST ratios stayed near 60% for short maturities and rose to about 90% for the 30‑year, indicating solid relative pricing. Analysts warn that higher...
DOT Releases Final P3 Guidance
The U.S. Department of Transportation issued final guidance on value‑for‑money (VfM) analysis for public‑private partnership (P3) projects under the Infrastructure Investment and Jobs Act. The rule applies to projects exceeding $750 million that receive federal credit assistance and to any P3...
GFOA: Treasury Should Not Create New Reporting System
The Treasury Department is proposing Privacy Act amendments to launch a new, centralized reporting system for eight federal assistance programs, including the State and Local Fiscal Recovery Fund and Emergency Rental Assistance. The Government Finance Officers Association (GFOA) argues that...
Louisiana Governor Proposes a State Infrastructure Bank
Louisiana Governor Jeff Landry introduced a proposal for a state infrastructure bank as part of his $46.9 billion fiscal 2026 budget. The revolving‑finance model is intended to stretch state dollars, leverage federal programs and fund projects without raising taxes. Landry highlighted...
Nickel Hayden Grows Municipal Advisory Team
Nickel Hayden Advisors announced the addition of Lucas Janda and Eduardo Cabrera, expanding its roster of registered municipal advisors to seven. Janda brings over 15 years of public‑finance experience in school‑district roles, while Cabrera adds five years of municipal financing...
Fayetteville, Arkansas, Voters OK $335.5 Million of Bonds
Fayetteville voters approved a $335.5 million municipal bond, keeping a 1 % special sales tax in place to service the debt. The package earmarks funds for water, sewer, parks, animal services, pedestrian infrastructure, recycling, fire‑safety projects, and allocates $61.9 million to build an...
State Audit Finds No 'Egregious Wrongdoing' By Oklahoma Turnpike Authority
The Oklahoma Turnpike Authority (OTA) underwent a state‑ordered audit that concluded there was no egregious wrongdoing or statutory non‑compliance, but it highlighted weaknesses in contracting practices and suggested tighter legislative guardrails. The audit examined OTA’s $8.2 billion ACCESS toll‑road expansion, which...
COFINA Bondholders Argue MBIA Inc. Is Responsible for Actions of Subsidiaries
COFINA bondholders have filed a second amended complaint against MBIA Inc., alleging the insurer used its control over subsidiaries to allocate assets that disadvantage bondholders. A Connecticut judge previously dismissed claims against the subsidiaries for lack of jurisdiction but permitted...
Squire Patton Boggs Promotes Lauren Trialonas to Partner
Squire Patton Boggs has elevated Lauren Trialonas to partner in its public and infrastructure finance group after 18 years at the firm. Trialonas, based in New York, advises conduit issuers, healthcare providers, and higher‑education institutions. Her promotion is part of a broader wave that...
GASB Reaching Out to Localities and Tribes
The Governmental Accounting Standards Board (GASB) unveiled a series of 16 short videos aimed at elected officials, marking its first foray into video‑based explanations of governmental financial reporting standards. The clips, ranging from five to ten minutes, break down core...