San Antonio Water Faces IRS Audit on $89M of Bonds
The Internal Revenue Service is examining the tax-exempt status of $89 million of bonds issued by the San Antonio Water System, according to a notice on the Municipal Securities Rulemaking Board's EMMA Web site. The IRS called the audit "routine" in a letter to SAWS Chief Financial Officer Doug Evanson.
CenterPoint Inland Port Back for More PABs
One of the only intermodal freight facilities to take advantage of a 12-year-old federal private activity bond program is readying its fourth round of financing. The CenterPoint Joliet Terminal Railroad LLC in Illinois plans to privately place up to $150 million of unrated Surface Freight Transfer Facilities Revenue Bonds as soon as this spring.
Charter School Bond Bill Passes OK Senate
A bill guaranteeing charter schools the right to seek bond financing has gained approval in the Oklahoma Senate. Senate Bill 359 would still require local public school districts to approve the bond request.
Cambridge, MA Issues $2M in Minibonds
Cambridge, Mass., raised $2 million through a sale of community-sourced minibonds, which the city and its underwriter say could further a trend in the $3.8 trillion municipal bond marketplace.
Rocky Mount, NC Complex Supported by NMTC
Ground has been broken in downtown Rocky Mount for the construction of a new community sports complex. The 160,000 square foot facility costs $36.5 million, and will be financed through bonds, new market tax credits, and a property tax hike.
Bond Documents Being Revised for Issue Price Rules
Bond lawyer and dealer groups are drafting revisions to bond documents for market participants to begin using by June 7 when the Internal Revenue Service's issue price rules take effect.
Port Authority to Help Finance Massive Blue Ash Development
The Port of Greater Cincinnati Development Authority $24 million in TIF revenue bonds has been approved to finance public infrastructure improvements for a mixed-use development in Blue Ash, Ohio. The economic impact is expected to be $110.5 million in direct spending plus another $14.9 million in indirect spending.
Water Infrastructure Funding: Where Do We Go from Here?
With the future of tax-exempt bonds in question, and with growing uncertainity over which communities will benefit from WIFIA, water finance officials are speculating on how the industry will overcome the $600 billion funding gap for water and wastewater infrastructure.
OH House OK's Plan to Create State Bond Bank
The Ohio House voted to create a state bank to provide low-cost loans to help local governments that have struggled to maintain their roads and buildings, let alone build anew. Under House Bill 54 the State Bond Bank would be created to make loans to local governments for permanent improvements expected to have a life span of at least five years.
Muni Finance Caucus Sends Letter to W&M
Reps. Randy Hultgren and Dutch Ruppersberger, leaders of the Municipal Finance Caucus, sent a letter defending tax-exempt bonds to Chairman Kevin Brady and Ranking Member Richard Neal of the House Ways and Means Committee. 154 House Members signed the letter in support of the Municipal Finance Caucus.
Dealers Say MSRB Minimum Denomination Rule Would Hurt Investors
Dealer groups are still opposed to a proposed standalone minimum denomination rule from the Municipal Securities Rulemaking Board after several changes, arguing it would hamper liquidity and should be abandoned for altered suitability requirements.