Municipal Bond Trends for May 7, 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.
Possible cuts could be made to USD 383 budget at state level
State revenues are projected to be halved due to the pandemic, leaving possible cuts to Manhattan-Ogden USD 383 for 2021. Preliminary numbers related to the 2021 budget planning process were presented Wednesday to the USD 383 school board. Business Services Director Lew Faust says overall, their general fund and local option funds are down around $300,000. However, since they are not over the budget authority, this is good. Recent spring state revenue estimates from the Consensus Revenue Estimating Group show an estimated $827 million decrease for this year, with an additional $445 million next year for a total of $1.3 billion. Faust says the ending balance for next year is over 600 million in the hole, which the state cannot be in. A fix may include an allotment from the governor, which is a cut across the state. “An allotment of 1% for each student in the funding formula would equal $46. We have about 10,200 FTE, which would amount to over $469,000. If the entire 9.8% was covered through allotments, it would equal almost $4.6 million dollars for the district,” says Faust.
(Read more: 1350 KMAN)
Kansas Legislature to return for 1-day virus-focused talks
The Kansas Legislature will focus on the fallout from the coronavirus when it reconvenes for a single day later this month to wrap up the 2020 session, a leading lawmaker said. A panel of legislative leaders on Wednesday decided that lawmakers will return May 21. The truncated session is aimed at limiting exposure to COVID-19, the disease caused by the coronavirus. House Speaker Ron Ryckman, a Republican from Olathe, told the Topeka Capital-Journal that it appears no vote will take place on a proposed constitutional amendment on abortion. Ryckman said expansion of Medicaid will likely be discussed, but “we really need to work on what’s a want versus a need.”
(Read more: DerbyInformer.com – news,news/)
Lyon County roads to see reimbursement for 2019 flood damage
Lyon County Commissioners approved a near-$50,000 agreement with the Kansas Department of Transportation for emergency-relief roadway repair during a regularly-scheduled meeting Thursday morning. The funds will be used in the maintenance of “federal aid roads” within Lyon County, some of which suffered damage during last spring’s flooding events. According to County Engineer Chip Woods, federal aid roads — such as Americus Road — are classified by KDOT and the Federal Highway Administration as “major collectors,” making them eligible for federal aid. “Being through KDOT and the Federal Highway Administration, this won’t have anything to do with our non-federal aid routes,” Woods said, referring to other area road projects currently overseen by FEMA and local emergency management groups. “They’re not eligible for reimbursement through FEMA since they were constructed by the federal government years back, but they’re still eligible through the highway administration.”
(Read more: Emporia Gazette)
WSU announces plan for reopening
Wichita State University officials have announced a plan that will allow for some access to the campus starting in late May. Seven working groups across the campus have developed a plan called Shockers United. The first phase of the plan still has classes offered online or by remote and the campus is closed to students, faculty and staff. Crews will continue to disinfect facilities across campus. The second phase begins May 26th with some campus access. Students, faculty and staff will be encouraged to wear masks and practice social distancing, and gatherings would be limited to 30 people or less. Classes will still be offered online or by remote, with faculty and staff still encouraged to work remotely. This phase runs through July 31st.
(Read more: KFDI 101.3)
Amtrak will soon require face masks for passengers
Amtrak will soon require passengers to wear face masks, joining numerous travel companies that have recently put similar policies in place. According to Amtrak’s website, the company is still operating as an essential service for those who must travel and has suspended certain services due to reduced demand, but will require facial coverings for passengers beginning May 11. “Facial coverings can be removed when customers are eating in designated areas, in their private rooms, or seated alone or with a travel companion in their own pair of seats,” Amtrak’s policy says. “Service will be denied to customers not wearing facial coverings.” Customers must supply their own face masks. Small children who are not able to maintain facial coverings are exempt from the requirement. Amtrak is advising passengers to take precautions when traveling to other states, as each state may have different policies for face masks.
(Read more: KMBC.com)
Cloud County Community College offers discounted tuition for summer courses
As Cloud County Community College continues remote courses, it announced it will offer a reduced rate for summer courses. The college said Thursday that courses during its summer term, June 1 through July 30, will have the comprehensive fee waived. According to the college, this results in a $19 per credit hour savings for students or $57 savings on a three-credit hour course. This rate will apply to all Cloud County students taking summer courses, both via Zoom and online. The college said the rate will also apply to students attending other institutions who take summer classes at CCCC for transfer to their current college or university.
(Read more: News – Salina Journal)
Virtual basketball practices a regional hit
Kenny Eddy, head boys basketball coach at Skyline, recently started a virtual ball handling drill to help athletes get better while stuck at home. The program has doubled and tripled in area-athlete participation each week. These meetings are at 7 p.m. every Monday, Wednesday and Friday. Players need only their phone or laptop, and a ball to participate. “Right after all of this quarantine stuff started, I created a ball-handling zoom meeting for our Skyline guys.” Eddy said. “It was just a way for them to stay sharp for this summer or next year and for us to connect still.”
(Read more: News – The Hays Daily News)
Support builds for direct federal aid to counties, municipalities
Support is building in the House and Senate for direct federal aid to counties and municipalities in addition to separate funding for states to address their revenue shortfalls. A bipartisan group of New York lawmakers announced Wednesday plans to introduce the Direct Support for Communities Act that would evenly split federal emergency aid between counties and municipalities. The bill authored by freshman Democratic Rep. Antonio Delgado of New York’s Hudson Valley would create a new federal aid formula for counties and municipalities. The county fund would go directly to all counties based on their population. The “municipality fund” would use a modified Community Development Block Grant formula with 70% going to cities, towns and villages with a population of over 50,000 and the remaining 30% to municipalities under 50,000 in population. That’s identical to the plan announced Monday by House Appropriations Committee Chairwoman Nita Lowey, D-N.Y., for a new round of federal emergency aid.
(Read more: The Bond Buyer)
