Kansas Municipal News
Oil fell nearly 25%, posts biggest 1-day loss since 1991 on fears of global price war
Oil futures plunged to a four-year low Monday, on track for the biggest one-day drop since 1991 as OPEC and Russia appear headed for an all-out price war — shaking a market already reeling from the demand shock created by global spread of COVID-19.
West Texas Intermediate crude for April delivery CL.1, 9.637% on the New York Mercantile Exchange fell $10.15, or 24.6%, to end at $31.13, after briefly trading below $29 in early trade. May Brent crude BRNK20, 10.041%, the global benchmark, dropped $10.91, or 24.1%, to settle at $34.36 a barrel on ICE Europe. The percentage declines for both grades were the largest since January 1991, during the Gulf War.
(Read more: MarketWatch.com – Top Stories)
The ‘Hamilton’ effect: How a Broadway play may influence debate over Wichita’s future
Inability to land “Hamilton” — the musical — has been cited for years as an example of why Wichita needs a new $187 million performing arts center to replace the blue-domed Century II building that has dominated Wichita’s skyline for the last 51 years.
It picked up steam in the past year while a coalition of city and county government, several quasi-public agencies and business groups composed the Riverfront Legacy Master Plan, a $1.2 billion plan to remake the east river bank between Douglas and Kellogg….
But the “we can’t get ‘Hamilton’” rationale dissolved this past week when the American Theatre Guild, the Kansas City group behind the Broadway in Wichita series, announced it would bring “Hamilton” to Wichita in its 2021-2022 series.
(Read more: Local News |)
Overland Park Farmers’ Market will eliminate use of plastic bags this season
Shoppers at the Overland Park Farmers’ Market will be encouraged to bring their own bags and bottles as the market goes plastic bagless for the first time this spring, a possible first for markets in the area.
Kristina Stanley, city recreation supervisor, said the farmers are coming up with alternatives such as paper or compostable bags, but the ubiquitous plastic “thank you” bags will be a thing of the past on the market’s opening day, April 11.
…She said the city started letting vendors know in December 2017 that plastic was on the way out. The change is a challenge, she said, because the plastic is cheap and the norm for many sellers. But most are now on board and have found other ways to bag the produce, she said, adding the smaller things like berries and loose lettuce can still have plastic bagging as protection.
(Read more: Shawnee Mission Post)
‘It’s eating up my income’: JoCo residents say property taxes could force them out
Carol Hein was looking forward to spending the rest of retirement in Roeland Park — in the house she has lived in for 38 years, surrounded by mature oak trees and well-maintained Cape Cod homes.
She doesn’t want to leave her two-bedroom ranch-style home, which is a lasting reminder of her late husband and the first years they lived together as newlyweds.
But now 74, Hein is questioning how long she can afford to live in Kansas’ wealthiest county, where home values continue to skyrocket — pushing up property taxes year after year.
(Read more: KC Star Local News)
Wichita mayor, council members attending Washington conference
Wichita mayor Brandon Whipple and city council members are in Washington, D.C. this week for an annual meeting of the National League of Cities.
Mayor Whipple said the Congressional City Conference will allow council members to meet with leaders from other cities and share ideas. They will also meet with members of the Kansas congressional delegation to talk about issues affecting Wichita. They’re expected to meet with Department of Transportation officials to talk about bringing Amtrak passenger rail service back to Wichita, and there will be discussions on housing and other issues.
(Read more: KFDI 101.3)
Riverfront Stadium is ’95% complete.’ Here are specifics of what to expect opening day
Walk around parts of Wichita’s newest, most prized possession and find unearthed dirt and rock.
Step inside and find one of the best minor league baseball stadiums in the country, set to bring affiliated ball back to Kansas for the first time since 2007.
The Wichita Wind Surge, the new Triple-A affiliate of the Miami Marlins, released the name of its downtown ballpark Thursday. With about 30 days until opening day, Riverfront Stadium is “95% complete” and is scheduled to get done in time for opening day, Wind Surge owner Lou Schwechheimer said.
(Read more: Local News |)
Shawnee Fire Chief John Mattox retiring this summer after nearly 4 decades in fire safety
After 40 years in fire safety service and investigations, Chief John Mattox is retiring from the Shawnee Fire Department.
Mattox announced his retirement to staff in fall 2019, and Mayor Michelle Distler honored the chief and his service to Shawnee during her State of the City address last month.
His last day is June 15, and his official retirement date is July 1.
“I’m very appreciative, thankful for the support from the community, the firefighters,” Mattox said. “If you surround yourself with the right people, they will make you successful, and I think I’ve done that.”
(Read more: Prairie Village Post)
AG Opinion 2020-4: Cap on mortgage recording fees; application.
Synopsis: The cap on mortgage recording fees found in K.S.A. 2019 Supp. 28-115(j) applies to initial mortgages as well as second mortgages or successive subordinate lien mortgages. Further, the cap applies to the mortgage on the primary or main residence inhabited by the mortgagor, regardless of whether the mortgagor had a previously qualifying mortgage. Cited herein: K.S.A. 2019 Supp. 28-115.
(Read more: Kansas Attorney General Opinions)
Municipal Bond Trends for March 6, 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.
This morning … 10-year Treasury yield hits new all-time low of 0.318% amid historic flight to bonds
The benchmark 10-year Treasury yield resumed its historic slide on Monday as investors continued to punish risk assets like stocks in favor of the safety of bonds between an all-out oil price war and contagion fears surrounding the coronavirus.
The yield on the benchmark U.S. 10-year Treasury briefly touched an all-time low of 0.318% in overnight trading, adding another 30 basis points to an unprecedented fall in the key interest rate. That rate was above 1.5% as recently as mid-February.
The 10-year yield, in particular, holds outsized importance in the U.S. economy for its use as a benchmark for mortgage rates and auto loans. The 30-year Treasury yield also hit a record low of 0.702%, breaching the 1% threshold for the first time in history. Bond yields fall as their prices rise.
Read more: CNBC.
First case of coronavirus in Kansas has arrived in Johnson County
Kansas confirmed its first case of the new coronavirus on Saturday as the disease, which has killed 19 people in the United States, continues to spread across the country.
Gov. Laura Kelly announced testing confirmed a Johnson County woman under 50 has the virus. Kelly said the woman is currently in isolation at her home.
“Public health officials are also working to identify and contact those who may have been in close contact with this individual and exposed to the virus,” Kelly said.
Read more: KC Star.
Entire U.S. Yield Curve (5-Yr, 10-yr, 30 yr) Inside 1% Sounds Alarm for Global Bond Markets
The entire yield curve for U.S. bonds fell below 1% for the first time in history after an all-out price war between the world’s biggest oil exporters triggered an unprecedented global bond rally.
U.S. Treasury yields plunged, with the rate on 30-year bonds diving as much as 59 basis points, as rising expectations the Federal Reserve will cut policy rates to 0% in the coming months drove investors to reach to longer maturities for yield. U.K. government bond yields tumbled below zero for the first time, Germany’s two-year bonds were close to a record, and rates in Australia and New Zealand fell to new lows.
The spread of the coronavirus and its fallout on supply chains and consumer spending have seen a dramatic repricing of global interest-rate expectations in the past month. The jolt lower in oil from the price war will sap inflation, increasing pressure on the Fed to take rates to the lowest since the global financial crisis.
Read more: Yahoo News.
COVID-19 sends muni and UST yields to uncharted territory on Friday
As fear and undertainty over COVID-19 increase by the minute, it has sent yields for both municipals and Treasuries never before seen low levels — begging the question if we could see zero or negative yields here in the States.
This past week was a firestorm of complex events, with the end result being utter shock of how low we have come in terms of yields so quickly.
“I haven’t seen anything like what we have seen this week, or even today,” said Jim Colby, senior municipal strategist and portfolio manager at VanEck on Friday morning. “It is absolutely possible we can get to zero, or dare I say even negative yields here — it is just hard to tell when exactly.”
If Friday’s pace continues, that might not take long. The 10-year Treasury on Friday opened at 0.920% and it quickly dropped down to an all-time low of 0.660% before 11 a.m. ET.
(Read more: The Bond Buyer)
NE Wichita native plans to bring grocery store to area
Right now, an effort is underway to bring a grocery store to one of Wichita’s food deserts.
One part of Northeast Kansas is struggling with heart disease, obesity, and related diseases.
This is happening in part because of a lack of access to healthy foods.
“I grew up on the northeast side of town and I actually lived in food deserts for most of my life,” says Ashley Faust, an entrepreneur planning to open a grocery store in the area. “I know what it feels like to drive for miles to get to a grocery store.”
(Read more: KAKE – News)
Proposed state law would prevent cities, counties, school districts from suing big corporations
Business groups and Kansas’ Republican attorney general are pushing for a state law that could prevent cities, counties and local school districts from suing big corporations such as opioid and vaping products manufacturers.
The proposal would give Attorney General Derek Schmidt’s office oversight of local officials’ decisions to hire outside attorneys, and it’s modeled after a law Texas enacted last year.
Supporters say they’re trying to make it easier to reach broad, nationwide settlements of legal issues, and prevent what arm of the U.S. Chamber of Commerce calls a “shakedown.” Critics say the measure would allow big corporations to escape accountability for their misconduct.
(Read more: KFDI 101.3)
Prairie Village historian Mary McMurray to serve as new director of Johnson County Museum
The Johnson County Park and Recreation District has hired a new director to lead the Johnson County Museum.
Mary McMurray, a historian specializing in 20th century U.S. history, will start in her new role on April 6. She said she “couldn’t be more excited” to join the museum staff.
“I’m very lucky to have been a member of this community and already been a member of this museum, knowing how important this is to our community,” McMurray said. “The people that I know that work here, I was already looking up to them in the professional world, and so it’s really nice to get to join this team at this time where they are doing this incredible work with their strategic plan, and a great time in the museum community in general, where people are craving storytelling opportunities for engaging with one another and our past, and helping to forge a better future by looking to the past.”
(Read more: Prairie Village Post)
Federal loans and grants available to bring high-speed broadband to rural areas
The Kansas State Department of Commerce announces today that applications are being accepted for the second round of the U.S. Department of Agriculture’s ReConnect Program. ReConnect is a USDA program that furnishes loans and grants to fund the costs of construction, improvement or acquisition of facilities and equipment needed to provide broadband service in eligible rural areas.
As with the first funding round, USDA scoring includes points for states which have a broadband plan, and commit to expediting certain processes. Commerce is working with the USDA to ensure Kansas applicants are as competitive as possible.
Applications will be accepted until 6:00PM EST on March 16, 2020. Applications are made through the USDA, but Kansas applicants must obtain a state certification letter from the Kansas Department of Commerce to submit with their USDA application. The state certification letter can be obtained at www.kansascommerce.gov/sign-up/.
(Read more: Western Kansas News)
Topeka seeks to replace aging pipes without soaking taxpayers
Brian and Sarah Kassin’s home in west-central Topeka was overwhelmed in 2014 when an 86-year-old city water main broke about 13 feet away, releasing 4 million gallons of water.
That torrent pushed the couple’s house at 3100 S.W. Dorr off its foundation, effectively destroying it, then-Shawnee County District Judge Evelyn Wilson concluded.
Wilson in January 2018 dismissed a lawsuit the Kassins had filed against Topeka city’s government, saying they failed to prove the city acted negligently.
Still, the case highlights the potential threat to homes near deteriorating water lines and the challenges city officials face as they seek to be fiscally responsible yet effectively address what they call a “crisis” regarding the city’s aging water main system.
(Read more: Political – The Topeka Capital-Journal)
Bike Share program is back
The City of Emporia free community bike share is back.
After a winter break, 22 bikes have been deployed to six locations across the city: Logan Avenue Elementary School, Emporia High School, Emporia Recreation Center, Do-B’s, near the Lyon County Sheriff’s Office and CrossWinds Counseling & Wellness.
The bikes were deployed and activated Friday morning and are ready for use.
(Read more: Emporia Gazette)
Pulling in the Same Direction: Garden City and Finney County (VIDEO)
The past decade in Garden City and Finney County has been one of exciting change. During Thursday night’s annual banquet, the Chamber wanted to take a moment to reflect on the amazing growth within the community and the steps that were taken by community leaders who have helped. …. a short documentary video highlights this vibrant and progressive community.