- Approvals include California measures for climate, schools
- Passage comes as muni-bond sales increased this year
Americans are poised to approve at least $52 billion of state and local government borrowing measures, according to preliminary vote tallies of S&P Global Market Intelligence data analyzed by Bloomberg.
Measures that appeared to pass include a $238.3 million transportation referendum for Charlotte, North Carolina, and a $240 million authorization for a school district near Columbia, South Carolina, that will finance the construction of a new school and expand several others. Two of the largest measures on the ballot, a pair of $10 billion statewide referendums to finance climate change programs and education improvements in California, also passed.
The referendums come as state and local government borrowers are approaching a record year for municipal bonds sales. Issuers have sold over $442 billion of long-term debt so far, a more than 42% increase from the same period in 2023, according to data compiled by Bloomberg.
Bloomberg Markets
By Aashna Shah and Nic Querolo
November 7, 2024