Kansas Municipal News
Municipal Bond Trends for April 13, 2020

The interest rate table above illustrates recent changes in a sample of MBIS “investment grade” yields. Every issuer’s credit is different. For rates that may be applicable to your municipality, contact our Municipal Bond Advisors, Larry Kleeman and Beth Warren.
COVID-19 pandemic forces local governments to adopt tech solutions, host meetings online
Local government has been shoved and shoved hard by the coronavirus outbreak. And yes, things are bad.
But in one way, the pandemic is having a positive effect. It has pushed councils, boards and committees hard into the technology of the 21st Century. Elected officials, usually constrained by five-year plans, the bidding process and endless committee meetings, have been thrown headfirst into the world of virtual meeting apps.
Suddenly, there’s not enough time for preliminary discussions and staff investigations. Officials are forced to just try them out. And — temporarily at least — government has become a bit easier to access because of it.
Meetings from even the small cities are available to watch from home. Roll calls are being done where voice votes used to suffice. And soon, some viewers may be able to offer public comment without leaving their computers.
(Read more: Shawnee Mission Post)
Muni-Bond Market Reviving After Fed Moves to Ease Cash Crunch
The Federal Reserve is helping revive the $3.9 trillion municipal bond market.
… as many as 200 new negotiated state and local debt offerings will price over the next few days, almost double the amount issued last week, fixed-income strategist Kevin Giddis said in a note to clients.
That would mark a turnaround for a segment of the capital markets that had virtually shut down after concerns about the coronavirus prompted a series of steep sell-offs last month when investors pulled out their funds. The market has since been steadied, with the Federal Reserve last month moving to increase liquidity for money-market funds and last week rolling out a plan to lend as much as $500 billion to states and local governments to help them avoid a cash crunch in the middle of the pandemic.
(Read more: Bloomberg)
Wamego coaches use technology to train and inspire student-athletes
Coaches at Wamego High are going above and beyond to keep their student-athletes in shape. With every squat, push up, and crunch, they get closer to their fitness goals, but how they’re continuing to establish a culture during a pandemic is equally impressive.
Red Raider coaches are facing challenges like every other school in the nation, usually, they inspire in person.
Now they need to do it from home.
(Read more: KSNT News)
Shawnee county leaders say their employees don’t need to worry about a pay cut
Shawnee County leaders said Monday their employees don’t need to worry about taking a pay cut right now.
County Commissioner Kevin Cook said the county’s emergency cash reserve has $33 million in it.
He said the county started saving that money more than seven years ago in case of a crisis like the coronavirus pandemic.
“We are not looking at having that budget cut to our employees,” Cook said. “That does not say that we are not susceptible to economic downturns, but we do have a healthy cash reserve.”
In some parts of the country, governments are pushing back property tax deadlines, but Shawnee County officials haven’t yet decided whether to push them back locally.
As of Monday afternoon, property taxes are still due by Sunday, May 10th.
(Read more: KSNT News)
Spike in Ford County COVID-19 cases related to beef plant
While they were hoping not to see it, Ford County’s Health officer said Monday, the county experienced a surge in COVID-19 cases over the weekend.
The county’s count jumped from two cases last Thursday to 13 by Sunday.
Just under half the total, he believed, are related to workers at local beef packing plants.
(Read more: Local – The Hutchinson News)
Shawnee County health officer: Store employees should cover faces at all times
Staff members in stores “should cover their faces with masks or scarfs at all times,” Shawnee County health officer Gianfranco Pezzino said in a letter sent Monday to Shawnee County retail establishments.
The letter also outlines specific steps Pezzino is asking stores to take to maintain adequate social distancing.
“We hope to address the uneven compliance regarding social gathering restrictions by strongly recommending and encouraging these measures,” Pezzino said in a news release put out late Monday afternoon. “We trust that our county’s retail partners will do their part and adhere as best they can to the recommended measures set forth to help mitigate the transmission of COVID-19.”
Monday’s letter said operators of large stores, shopping malls and other retail establishments where large numbers of people are present should monitor the areas around their stores and ensure people are appropriately directed to store entrances.
(Read more: Local – The Topeka Capital-Journal)
Training a constant for Topeka firefighters
Repetition is important when it comes to firefighter training.
Fire crews may run through one scenario in which a building is on fire, then run through the same scenario but this time it is a house fire. The third round may be a high-rise fire.
Making sure firefighters are prepared for any sort of situation is critical, and the repetitive nature of the work can be found in how many hours crews spending training each year.
“It takes at least two hours of training every day they work to make their minimum total,” said Alan Stahl, public education officer for the Topeka Fire Department.
Six men ran a variety of scenarios this past Wednesday afternoon at the department’s headquarters, 324 S.E. Jefferson St., as part of their training.
(Read more: Local – The Topeka Capital-Journal)
Holton Community Hospital, Jackson Co. EMS find ways to overcome challenges amid coronavirus outbreak
Like many other hospitals and EMS crews across the country, Holton Community Hospital and Jackson County EMS are doing their best to make do with what they have during the coronavirus pandemic.
Being a smaller hospital, Holton Community Hospital has been faced with some challenges amid the outbreak, like limited access to supplies, having enough space and being able to treat those in need of intensive care. But, they’re finding ways to overcome them.
“We’ve learned to think outside the box to come up with things we have on hand, buildings that we have and how can we utilize what we already have here,” said nurse Jennifer Collins.
Whether that’s setting up a make-shift drive-up testing center in a garage out back or setting up tents outside the building to separate patients with coronavirus symptoms from other patients.
(Read more: KSNT News)
Topeka library using social media to connect people during stay at home order
Topeka librarians are on a mission to keep people reading, even though its doors are closed.
You can now ask a librarian for recommendations on the Topeka and Shawnee County Public Library’s social media sites.
Every Wednesday and Thursday at 7 p.m., they make a post asking people to share what books or shows they’ve been loving. They use those answers to suggest more options they think you might like.
Miranda Ericsson, one of the employees who came up with the idea, said it’s been a great way for people to make connections online while staying at home.
(Read more: KSNT News)
City of Wichita to re-open 2 local golf courses with safety precautions
The City of Wichita says it will re-open two golf courses closed due to the coronavirus pandemic after an overwhelming response from local golfers.
The city said it will re-open Auburn Hills Golf Course and MacDonald Golf Course on Tuesday, April 14. A list of safety guidelines will be enforced, and golfers will need to follow social distancing practices and the health of our staff will be monitored to ensure our commitment to the community’s safety.
“Circumstances are constantly evolving as we navigate through the pandemic,” said the city. “With courses opening, all members of Golf Wichita will be charged for half the month of April. Staff from the closed courses will be assisting at Auburn Hills and MacDonald until the remaining two courses open.”
(Read more: KWCH News)
EMS, hospital recycling masks
Local healthcare professionals are now relying on rows of paper sacks to help protect them in the battle against the novel coronavirus.
Both hospital personnel and emergency responders have been going through hundreds of high-quality N-95 facemasks daily since the outbreak reach Kansas and Hutchinson, to protect themselves from catching the dangerous virus that is spread through aerosolized droplets from those who are infected.
Under normal circumstances, a provider would discard all the gear after dealing with a single patient, to protect against the spread of the virus.
(Read more: Local – The Hutchinson News)
Shawnee County commission authorizes departments to use Zoom
Shawnee County commissioners on Monday authorized county departments to use the Zoom videoconferencing application.
Commissioners Bill Riphahn, Kevin Cook and Aaron Mays voted 3-0 to approve a consent agenda that included a proposal that enables employees to use Zoom to meet by video instead of face-to-face, with individual departments paying for the subscriptions.
Commissioners Cook and Riphahn were among the 10 people physically present for Monday’s meeting in the commission chambers in the County Courthouse, which is closed to the public. Also on hand were five other county employees and three journalists.
Mays took part by speakerphone, as did several county department heads.
(Read more: Local – The Topeka Capital-Journal)
Munis emerge slowly as coronavirus weighs
The municipal bond market is taking it slow when it comes to new issuance as buyers and sellers move cautiously in the shadows of COVID-19.
(Read more: The Latest)
Shawnee County Commissioner: Strong financial reserves help county deal with crisis
The decision by Shawnee County commissioners to strengthen the county’s reserve fund is paying off in this time of crisis, Commissioner Kevin Cook said Monday.
He made reference at that morning’s meeting to an announcement Topeka’s city government made Friday indicating the coronavirus crisis had forced it to reduce salaries and implement a hiring freeze.
Shawnee County’s government doesn’t need to reduce salaries or workforce at this time, as its reserve balance rose from $3 million to $33 million after Cook and former Commissioner Bob Archer joined that body seven and a half years ago, Cook said.
“Fortunately, Shawnee County has a strong reserve balance to draw from in a time of crisis,” he said.
(Read more: Local – The Topeka Capital-Journal)
NABL asks Congress, Treasury for direct-pay bonds, advance refunding
The National Association of Bond Lawyers proposed a plethora of actions Congress and the Treasury could take to help state and local governments weather the pandemic.
In a letter sent to the Treasury and Congress late last week, NABL asked for several legislative and administrative actions to help state and local governments as well as 501(c)(3) organizations dealing with cash flow and liquidity issues due to COVID-19. NABL wants those actions to be done as soon as possible in a new coronavirus stimulus bill.
“Adopting these proposals will enable state and local governments to access much-needed capital at a time when support to our communities is of paramount and immediate concern,” wrote Rich Moore, NABL president.
(Read more: The Bond Buyer)
State and local governments face budget crunch, hurting hopes for a quick economic recovery
Spiking unemployment around the country and dire predictions for second quarter economic growth have created a budget crunch for many state and local governments, and it could be a long-term drag on the United States economy.
Robert Dye, chief economist at Comerica, said that sharp declines in employment and consumer sales will hurt tax revenues for state and local budgets, which often have legal restrictions that keep them from filling shortfalls with debt, and weaken a key source of jobs in the country.
“That certainly is a big load of challenge for state and local governments … they can’t run deficit financing. And the other thing is that state and local government spending is bigger than federal spending, so it’s very important to the economy,” Dye said.
Read more: CNBC.
Municipal Bond Trends for April 9, 2020

The interest rate table above illustrates recent changes in a sample of MBIS “investment grade” yields. Every issuer’s credit is different. For rates that may be applicable to your municipality, contact our Municipal Bond Advisors, Larry Kleeman and Beth Warren.
Sen. Moran Announces $325 Million to Kansas Hospitals & Health Care Providers
U.S. Senator Jerry Moran (R-Kan.) today announced $325 million in relief funding to Kansas health care providers and hospitals. This information was confirmed to Sen. Moran by Vice President Mike Pence this morning. The funding, which will support hospitals fighting COVID-19 on the frontlines, is part of the $100 billion provider relief fund established in the Phase III Coronavirus Aid, Relief, and Economic Security (CARES) Act and is being administered by the U.S. Department of Health and Human Services (HHS).
“The CARES Act created a fund to help meet the needs of hospitals and health care providers, and today over $325 million is being distributed across Kansas,” said Sen. Moran. “As hospitals are seeing significant revenue losses and others see their costs go up because of COVID-19, these new resources will be a necessary benefit not just to our hospitals, but to the communities and patients they serve. In the fight against COVID-19, these new resources will put our health care providers in a better position to keep us healthy and meet the needs of Kansans.”
(Read more: Sen. Moran)
Sedgwick County asking for volunteers or else could mandate furloughs
Sedgwick County is looking for employees to voluntarily furlough or officials could have to choose who isn’t essential.
The Sedgwick County Commission is expected to weigh in during its meeting Wednesday. Commissioners received an email about the furlough Friday when a separate email from County Manager Tom Stolz went out to the 2,500-plus employees, notifying them about the voluntary furlough as a result of the novel coronavirus pandemic.
“I think every employee of Sedgwick County knows that our manager has the best interest in mind when he makes these tough decisions,” Commissioner Michael O’Donnell II said. “And I have full faith in Tom Stolz as well.”
(Read more: Local News |)
Here’s how Sedgwick County epidemiologist ‘disease detectives’ investigate coronavirus
The new coronavirus pandemic has led the Sedgwick County Health Department to more than double its number of epidemiologists, the health care workers who investigate and analyze data on infectious diseases.
“We are the ones that if you come down with chicken pox or whooping cough, we’re going to be calling you to figure out who you’ve been around that could have given it to you and also who you’ve been around that you could have spread it to,” said Kaylee Hervey, the epidemiology program manager for the Sedgwick County Health Department.
“Our goal is always to prevent the spread of disease and protect the health of the public. With coronavirus, we’re essentially doing what we always do. We’re just doing it at a much larger scale.”
(Read more: Local News |)
KHF opens $2 million COVID 19 grants initiative
The Kansas Health Foundation will begin accepting applications next weeks for its 2020 Impact and Capacity Grants Initiative, this year focused on COVID-19 response and recovery.
The $2 million initiative provides one-year grants of up to $25,000 for nonprofits who are mission-aligned with KHF.
Due to the urgency of responding to COVID-19 impacts, KHF is moving up its normal May 1 application launch date to April 13. Applications will be accepted through Aug. 31, or until all designated 2020 funds are awarded.
(Read more: Local – The Hutchinson News)
Topeka city officials take 3% pay cuts while expecting significant revenue shortfall
Topeka’s city government appears destined, because of the coronavirus pandemic, to bring in significantly less sales tax revenue this year than it planned, city media relations coordinator Molly Hadfield announced in a news release.
The city is responding by taking steps that include reducing salaries by 3% for management and executive staff, asking employees represented by labor unions to accept a 3% pay cut and implementing a freeze on hiring, except for jobs for which a critical or citywide operational need exists, Hadfield said in the release put out Friday.
“This type of loss in one budget year is substantial and cannot be made up with minor changes in the budget,” she said. “It will require major changes in expenses.”
Still, city manager Brent Trout said in the release that the city has engaged in sound financial management, which has given it the ability to manage decreases in revenue during this pandemic while still keeping essential services going.
(Read more: Local – The Topeka Capital-Journal)
JoCo begins drive-thru coronavirus tests: ‘No time more important than next week’
At 9 a.m. on Friday, Lee Jarrell of Leawood joined a line of more than 100 cars wrapped around the College Boulevard Activity Center in Olathe.
As she waited, Jarrell meditated on the fact that she will finally know — after days of worrying about her cough and the possibility of infecting her family — whether she has coronavirus.
Jarrell was among the first randomly selected group of Johnson County residents invited to go to the drive-thru testing site on its opening day.
(Read more: KC Star Local News)
Independence announces emergency grant recipients
Within the last few days, the City of Independence has disbursed a total of $355,000 to locally owned brick-and-mortar businesses as part of an emergency relief grant program designed to offset losses incurred during the COVID-19 crisis.
The following 71 recipients each received funding:…
(Read more: Independence, KS – News Flash)
Osawatomie hires new city manager (might be the first city manager ever appointed while in quarantine)
Michael Scanlon said he is eager to begin work as Osawatomie’s new city manager – as soon as he gets out of quarantine.
The 58-year-old Scanlon did not contract coronavirus (COVID-19) but he lived in one of Colorado’s highly contagious counties in high ski country that was on a no-travel list in many states.
The Kansas Department of Health and Environment (KDHE) last month issued an advisory that anyone who had traveled or worked in Pitkin County (Aspen, Colo.) should go into self-quarantine for 14 days as soon as they returned to Kansas.
Scanlon made his way from Aspen to Kansas and promptly went into self-quarantine. The veteran city government official, who said he has not exhibited any symptoms associated with COVID-19, will soon complete his quarantine period and is set to begin his new post in Osawatomie on Monday, April 20.
Read more: The Miami County Republic.
Fed muni purchases seen as ‘smart move’ for market’s long-term stability
The municipal market rallied Thursday, with yields declining at least 10 basis points across the curve against a backdrop of the Federal Reserve’s announcement that it would purchase up to $500 billion of short-term municipal notes.
While the announcement signaled the Fed would prop up short-term munis, long-term bonds are not going to be a part of the programs, at least for now.
Many participants said the shift to a more constructive tone was based more on the fundamentals of the municipal market itself than the news that the Fed would selectively purchase up to 24-month securities from states — whose officials would then select which cities would have access to the programs.
(Read more: The Bond Buyer)
Pittsburg Parks & Recreation Department Easter Egg Surprise
Each year, the Pittsburg Parks & Recreation Department hosts its annual Easter Egg Hunt at Lincoln Park, drawing hundreds of children to gather brightly-colored eggs. Sadly, this year the event was cancelled due to COVID-19 concerns. Since families could not come to us, we brought Easter to them! Our staff got creative and collaborated with Pittsburg USD 250 School District to place eggs inside their school lunches.
(Read more: City of Pittsburg)
Johnson County cuts $20M from budget, furloughs staff as COVID-19 depletes revenues
As the coronavirus pandemic takes its toll on local revenue, Johnson County has furloughed more than 260 employees and has a plan to cut about $20 million from its budget, officials announced Thursday.
But Johnson County commissioners warned that those cuts will likely only begin to address the shortfalls as the outbreak continues to overturn nearly every facet of life.
Scott Neufeld, budget director, estimates the county could lose between $18 million and $38 million in tax revenues. Officials project sales tax revenues will take the biggest hit, although the county could also see a significant reduction on investment income due to the Federal Reserve’s emergency cuts to interest rates.
(Read more: Joco 913 News)
Sedgwick County group limit of 10 remains in effect for churches
One of the biggest church attendance days of the year, Easter, is just around the corner. Combine that with some lawmakers’ concerns about constitutional protections of religious freedom and there’s now a fight at the statehouse over whether Kansas can ban church gatherings of more than 10 people.
It’s a fight Sedgwick County leaders see as partisan bickering that does not apply in their county.
“I don’t think there’s a Democrat virus and a Republican virus,” said Pete Meitzner, chair of the Sedgwick County Commission, at a news briefing Thursday morning. “But it kind of gets that way a little bit federally and, obviously, at the state level. And we’re just trying to do what’s reasonable.”
(Read more: KAKE – News)
Meat plants are shutting down as workers get sick
Across the country, major meat processors are starting to shut down plants as employees are getting infected by coronavirus.
Tyson, one of the world’s largest meat processors, suspended operations at its Columbus Junction, Iowa, pork plant this week after more than two dozen workers contracted Covid-19 there. Tyson said it would divert livestock that was headed to Columbus Junction to other pork plants in the region to minimize the impact on its production.
JBS USA, another major meat processor, has stopped operations at its beef plant in Souderton, Pennsylvania with plans to reopen April 16, after two weeks. The company decided to close the facility after several members of the plant’s management team stopped going to work because they were experiencing flu-like symptoms, a company representative explained, adding that all other JBS USA’s plants are still open. Cargill has also paused operations at its protein plant in Hazleton, Pennsylvania, where 900 people typically work.
(Read more: KAKE – News)
Sedgwick County approves ‘hero pay’ for first responders, support staff
Sedgwick County leaders have approved “hero pay” for first responders and other critical employees working during the coronavirus pandemic.
First responders will get an additional $200 of hazard pay for the next two pay periods and support workers will get an additional $100. It’s retroactive to March 29.
Sedgwick County Manager Tom Stolz said the $200 will go to county law enforcement, firefighters, paramedics, corrections workers, van drivers, case managers. He estimated there were 630 employees who fall into that front-facing category.
(Read more: KAKE – News)
Wichita police distribute hand sanitizer to community members in need
The Wichita Police Department stepped up to make a difference in its community after a local company donated 72 cases of hand sanitizer to the department.
“It helps people out if they are unable to get to the store,” WPD Sgt. Bob Gulliver says. “The last few times I’ve been to the store, they’ve been out of the hand sanitizer. I know there are people in need. It’ll help protect them and hopefully their families.”
(Read more: KWCH News)
City of Mulvane responds to local cruising events, reminds people of ‘stay at home’ order
The City of Mulvane is reminding its citizens of the governor’s stay at home order.
The city says unless you are essential personnel performing an essential duty, are commuting to an essential business or covered under an exemption; you should be at home per the order.
The city says a cruising event took place on April 4 and at some point drivers started speeding and left marks on the street.
“This behavior will not be tolerated, traffic laws and ordinances will be enforced to ensure public safety. Thank you for your cooperation,” said the city.
(Read more: KWCH News)
Sedgwick County plans to increase COVID-19 testing capacity
Another threshold reached in Kansas in the effort to respond to COVID-19. More than 10,000 Kansans have been tested for the disease as of Wednesday.
It’s a number state health officials wish was higher, but in this fight where success is measured in baby steps, a small increase in testing capacity is a win.
That’s what Sedgwick County plans to start doing Thursday.
(Read more: KWCH News)
Cosmosphere cuts jobs, furloughs most staff during pandemic
Shut down by COVID-19 at what is typically the start of its peak visitor season, the Cosmosphere in Hutchinson has permanently laid off four staff and furloughed another 75% of its remaining employees.
“In response to the virus, we decided to shut down operations on March 15,” said President Jim Remar. “It didn’t hit at a good time for any business, but it hit us right when we were getting ready for spring break. Starting with those two weeks, we do a tremendous amount of business.”
That historically carries over into March, April and half of May, when both public and school attendance is high.
(Read more: Local – The Hutchinson News)
Council loosens housing down payment program
The Hutchinson City Council this week agreed to amend a program offering assistance with down payments for buying a home in Hutchinson by removing a requirement participants must already live in the county to qualify.
The board on Tuesday also approved the purchase of another plot of land along Cow Creek as part of an ongoing channel expansion project.
The Hutchinson Housing Commission created the Down Payment Match Incentive program in 2017 using $70,000 allocated by the city council for housing initiatives. About $17,000 remains in the fund, according to city planning director Ryan Hvitlock.
(Read more: Local – The Hutchinson News)
Mayor De La Isla calls on Topekans to worship from home this weekend
Topeka Mayor Michelle De La Isla took to Facebook Thursday morning to call on capital city residents to worship from home this Easter weekend.
“I know that many of our Jewish brothers and sisters are celebrating Passover, and I know that throughout the whole Christian community this is a time of holy week,” De La Isla said. “We are getting ready to approach Easter Sunday, as well, and there has been a lot of confusing information going around.”
(Read more: Local – The Topeka Capital-Journal)
Non-essential Wichita businesses violating coronavirus order can expect enforcement: Cops
The news came in a statement issued Thursday by the Wichita Police Department in conjunction with the Sedgwick County Sheriff’s Office, Sedgwick County Health Department and Sedgwick County District Attorney’s Office. The warning to businesses follows reports of alleged violations being filed by people in the community.
Law enforcement officials said educating businesses on the stay-at-home order “has been largely successful.”
(Read more: Local News |)
Fed rolls out $2.3 trillion to backstop ‘Main Street,’ local governments during crisis
The U.S. Federal Reserve on Thursday rolled out a broad, $2.3 trillion effort to bolster local governments and small and mid-sized businesses in its latest move to keep the U.S. economy intact as the country battles the coronavirus pandemic.
The Fed said it would work through banks to offer 4-year loans to companies of up to 10,000 employees and directly buy the bonds of states and more populous counties and cities to help them respond to the health crisis.
Read more: Reuters, WSJ, CNBC.
Municipal Bond Trends for April 8, 2020

The interest rate table above illustrates recent changes in a sample of MBIS “investment grade” yields. Every issuer’s credit is different. For rates that may be applicable to your municipality, contact our Municipal Bond Advisors, Larry Kleeman and Beth Warren.
Medical center gets lifeline from Ark City
The City of Arkansas City on Tuesday approved $1 million to cover payroll costs over the next three months for the South Central Kansas Medical Center as hospital revenues sink due to a drop-off in normal medical procedures during the COVID-19 pandemic.
City Manager Nick Hernandez said the funds would come from a combination of the city utility reserves and potentially from the general fund.
He also warned commissioners, who approved the funds unanimously, that they should not expect the city to be repaid.
(Read more: www.ctnewsonline.com – RSS Results)
Manhattan to receive $330K for coronavirus response, seeks feedback on CDBG plan
Manhattan is moving forward with the creation of its five-year consolidated Community Development Block Grant plan, and will be getting additional federal funding for COVID-19 response.
City Commissioners Tuesday via ZOOM discussed priorities for the federal CDBG grants intended to benefit low and moderate income residents and neighborhoods and allocated by the U.S. Department of Housing and Urban Development (HUD). Administration is anticipating funding in the $850,000 range….
Manhattan’s 2020 allocation will be nearly $560,000 and about $330,000 for pandemic response programs, reimbursements and creating or leasing new alternate care sites if needed — though the federal government has not approved exact guidelines for COVID-19 response fund use.
(Read more: 1350 KMAN)
Congressional leaders proposed another $100 mill for hospitals, $150 mill for state, local government
Hospitals would receive another $100 billion in federal emergency grants and an additional $150 billion would go to state and local governments under a fast-evolving plan by congressional leaders to supplement the CARES Act even before they tackle the CARES Act 2.
The $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, signed into law March 28 has quickly proven to have insufficient funding.
“Congress has its priorities right in this case,” Chuck Samuels of Mintz Levin, counsel to the National Association of Health & Educational Facilities Finance Authorities, said in an email Wednesday. “Adding to the cash available to vital public and health entities is job one at this point.”
(Read more: The Bond Buyer)
Several large new issues price in a stabilizing muni market
The municipal market rallied by as much as 10 basis points, several large new issues priced and ICI reported $1.5 billion of outflows, down dramatically from the previous report of $20 billion.
The market appears to be moving toward some semblance of normal conditions as the new-issue pricings and moderating bid volume create a more stable tone.
Bon Secours Mercy Health’s (A1/A+/AA-/NR) priced $683 million of hospital facilities revenue bonds and Citi received the written award on Texas Public Finance Authority’s (Aaa/AAA/ / ) $472.470 million of general obligation and refunding taxable bonds.
Other large deals out of Virgina, Texas, and Tennessee were providing direction for the overall market.
(Read more: The Bond Buyer)