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The U.S. Virgin Islands Water and Power Authority’s financial situation is the worst in more than 30 years, one board director said Thursday. Board Director Hubert Turnbull made the remark at the board’s monthly meeting as a prelude to asking CEO Andrew Smith to explain the authority’s financial situation. WAPA had to turn to the

A suit filed against the Palm Beach County, Florida, comptroller for his county’s investments in Israel bonds puts a state law targeting socially focused investments in the spotlight from a different direction. The lawsuit filed last week against Palm Beach County Clerk and Comptroller Joseph Abruzzo cites a law Florida’s Republican government passed last year

Munis were weaker Wednesday as the primary market saw a slew of new deals price, adding pressure to secondary market trading. U.S. Treasury yields rose throughout most of the curve and equities ended down. Triple-A yields rose as much as 11 basis points while USTs were weaker by five basis points. As munis have seen

Mayor Brandon Johnson’s administration feels Chicago is being unfairly rated solely on its pension liability, despite its sizable population and what it calls the most diversified economy of any major U.S. city.  Those are some of the takeaways from the 2024 Chicago Investors Conference, held on Friday at the Chicago Cultural Center in the Loop.

Municipals weakened further Tuesday in secondary trading as a large new-issue slate took focus in the primary market. U.S. Treasury yields fell and equities were in the black. Muni yields were cut up to seven basis points, depending on the scale, while UST yields fell two to three basis points, pushing muni to UST ratios

Texas lawmakers held a marathon hearing last week to grill public university leaders on their compliance with a 2023 state law banning diversity, equity, and inclusion (DEI) offices at their schools or face financial consequences.  Ahead of the hearing, Republican State Sen. Brandon Creighton, who chairs the chamber’s Subcommittee on Higher Education, warned higher education

Greensboro, North Carolina, is expected to price $175 million of bonds next week, $25 million of which are taxable bonds, with the proceeds being used to redeem outstanding bond anticipation notes. The North Carolina Local Government Commission approved the Greensboro bonds earlier this month as well as $212 million of bonds from Raleigh, with an

The median audit time for all municipal bond sectors rose nearly 10.5% from 2011 to 2022, according to a new report from the University of Illinois-Chicago and Merritt Research Services.  The report also found a direct correlation between audit timeliness and credit rating for all governmental bond sectors and a majority of revenue bond sectors.

The Federal Reserve’s delay of interest-rate cuts in a bid to temper inflation runs the risk of falling behind the curve, according to Mohamed El-Erian. “The Fed pivoted on the basis of data. It was the opposite of the pivot that they did in December — now they have to do a U-turn,” El-Erian, the