The Chicago City Council marked a significant milestone in the city’s financial management with the recent approval of a massive $1.5 billion debt refinancing plan. This decision—ratified with a 35-12 vote—serves to demonstrate the city’s intent to enhance its financial obligations while aiming for a more favorable interest rate environment. Originally delayed in early October,
Politics
The Municipal Securities Rulemaking Board (MSRB) plays a pivotal role in ensuring transparency and efficiency within the municipal securities market. With the recent announcement of a request for information regarding its rate card fee-setting process, the MSRB is taking steps toward refining its regulatory framework. This initiative comes in response to feedback highlighting that existing
North Carolina is embracing a pivotal transformation in its transportation landscape, evidenced by the recent approval of the Interstate 77 toll lanes project in Charlotte. Touted as the state’s most ambitious transport endeavor, the project has been structured as a public-private partnership (P3) to facilitate the much-needed expansion of one of the region’s most congested
The Financial Data Transparency Act (FDTA), passed in December 2022, has stirred a significant debate among municipal market participants. With its aim to enhance transparency by requiring disclosures of municipal securities in a machine-readable format, the FDTA promises both potential benefits and drawbacks. As the Securities and Exchange Commission (SEC) undergoes a lengthy rulemaking process,
In a noteworthy development for Houston’s financial landscape, Controller Chris Hollins hosted an investor conference that was notably absent of key city officials, primarily due to escalating tensions with Mayor John Whitmire. Heated within the context of a “pay-to-play” debate surrounding corporate sponsorships, the event has drawn significant scrutiny from both the city’s leadership and
In a recent development that brings a glimmer of relief, Texas officials have allocated state funds to assist Houston in covering costs associated with storm debris removal. This move comes on the heels of two significant weather events that battered the city earlier this year, underscoring the precarious financial situation Houston currently finds itself in.
As the financial euphoria generated by the American Rescue Plan Act (ARPA) begins to fade, municipalities across the United States are facing a grim reality. The temporary influx of federal funds served as a lifeline during the pandemic, but now, cities are struggling to devise sustainable financial strategies as they sink back into pre-ARPA fiscal
In a vivid display of political animosity and concerns regarding ethical governance, Houston’s Mayor John Whitmire has publicly accused City Controller Chris Hollins of engaging in practices reminiscent of a pay-to-play scheme. This assertion arose from Hollins’s solicitation of sponsorships for an upcoming municipal investor conference, which triggered a wave of alarm among bond underwriting
In the backdrop of Puerto Rico’s economic recovery, a significant public-private partnership (P3) initiative has emerged, working toward revitalizing the territory’s transportation infrastructure. This partnership, involving Puerto Rico Tollroads, LLC and the Wisconsin-based Public Finance Authority, marks an important step in addressing the financial challenges faced during the territory’s bankruptcy. The initiative comes with a
In a dynamic shift towards sustainable energy practices, Utah’s Intermountain Power Agency (IPA) is set to conclude a significant bond sale that will facilitate its transition from coal-based power generation. The anticipated sale of $114.6 million in power supply revenue bonds marks a pivotal step in IPA’s movement towards cleaner fuels, while simultaneously addressing legislative