US Downgrade Hits Muni Market as Fitch Cuts Billions of Debt.
Fitch: U.S. Downgrade Has Limited Effect on Public Finance Ratings
Muni Bank Loans Top $200 Billion to Near Record.
Illinois Feared Losing to Wall Street Banks Over Muni Price-Fixing Case.
New GFOA Video: Legacy Lease Accounting
BDA Forms Fixed Income Technology Clearinghouse to Facilitate Information Sharing, Tech Intel, and Deliverables for US-Focused Bond Dealers.
Interesting tax case out of New Mexico here.
Matter of Oklahoma Turnpike Authority – Supreme Court of Oklahoma holds that Oklahoma Turnpike Authority was authorized by statute to issue additional bonds for the construction of two connections to finalize outer loop around city; while statute restricted bonds for construction of any of four proposed turnpikes to one issue under one bond indenture, that provision only applied to initial bond issue to begin construction of the four proposed turnpikes, and Authority had statutory authorization to pay “all or any part of the cost of any one or more turnpike projects,” which allowed authority to later issue bonds for the two connectors. Ed. Note: To truly understand this case, don’t miss the dissent filed by three of the Justices.
And Finally, Oh. Crap. is brought to us this week by Sunrise Resort Association, Inc. v. Cheboygan County Road Commission, in which the Supreme Court of Michigan informed us that the state has a “sewage-disposal-system-event exception to governmental immunity.” We don’t know about you (and, frankly, have no interest in doing so), but could there possibly be a more glorious phrase than “sewage-disposal-system-event?” We were planning to clue you in on the dirty little secret that we will henceforth be blaming sewage-disposal-system-events for any/all BCB disruptions in service. But it quickly occurred to us that we should not be crying wolf on this one, given the near certainty that the BCB workplace will soon be experiencing an all-too-real one. Crap.

Bond Case Briefs