New York City’s five pension funds saw a remarkable performance in the last fiscal year, surpassing their investment targets with a return of 10%. This success was largely driven by the exceptional performance of the U.S. stock market, particularly the S&P 500, which recorded a remarkable 22.7% return. With a combined asset value of $274
Politics
The League of California Cities will be hosting a webinar to provide guidance to potential applicants interested in accessing $3.3 billion in funding that has been expedited by the governor from a bond measure approved by voters in March. This funding, which is set to be released in August, is just the first portion of
The recent proposal by the Federal Deposit Insurance Corporation (FDIC) to replace CUSIP numbers with Financial Instrument Global Identifiers (FIGI) has sent shockwaves through the municipal bond market. This unexpected development has raised concerns among market participants about the potential implications of such a switch. According to Matthew Bastian, senior director at CUSIP Global Services,
The Louisiana Public Facilities Authority is set to price $1.33 billion in toll bonds next week, as part of a public-private partnership aimed at replacing the Calcasieu River Bridge. The bonds, rated Baa3, will be backed by toll revenues. The project, managed by JPMorgan and Wells Fargo, is structured as a design-build-finance-operate-maintain and will involve
As the implementation of the Bipartisan Infrastructure Law (BIL) unfolds, it is evident that the process of rebuilding America’s roads and bridges is being impeded by regulations and red tape. Despite the good intentions behind these rules, they have inadvertently slowed down the pace of infrastructure improvements. The complexity of the Build America, Buy America
The city of Gary, Indiana, is embarking on an ambitious revitalization effort that involves bond financing for several key projects. One of these projects includes the redevelopment of the Gary Metro Center station, as well as the construction of a convention center in Lake County. The partnership with Notre Dame’s School of Architecture through its
The fiscal 2025 budget in California addressed the revenue gap that emerged in fiscal 2024, which led to further adjustments to achieve fiscal balance in the following years. The Fitch Ratings commentary highlighted the necessity for additional actions to align spending with the lower revenue trajectory. Despite the challenges faced, the budget allowed California to
California Governor Gavin Newsom recently issued an executive order instructing state agencies to adopt policies to clear homeless camps on state properties. This comes as a response to the U.S. Supreme Court’s Grants Pass decision, which reversed a previous ruling that restricted the ability of states and cities to clear homeless encampments. Local Government Involvement
The Financial Data Transparency Act (FDTA) signed into law on Dec. 23, 2022, has brought about significant implications for the municipal securities market. With the requirement for converting municipal securities disclosures into a machine-readable format, market participants have been struggling to adapt to the new data standards proposed by federal agencies like the Federal Deposit
The Louisiana State Bond Commission recently approved a significant bond issue totaling more than $3 billion. This massive issuance includes three separate bond issues aimed at funding various infrastructure projects across the state. The approval of these bonds signifies a major commitment to improving Louisiana’s transportation and infrastructure network. The Details of the Bond Issues