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.

Ranson Financial2020-04-09T07:46:07-05:00April 9, 2020|News|

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.

Ranson Financial2026-10-22T10:29:39-05:00April 9, 2020|Finance|

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)

Ranson Financial2020-04-09T07:29:30-05:00April 9, 2020|News|

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)

Ranson Financial2020-04-09T07:33:43-05:00April 8, 2020|News|

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)

Ranson Financial2020-04-09T07:31:15-05:00April 8, 2020|News|

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)

Ranson Financial2020-04-09T07:31:42-05:00April 8, 2020|News|

Sedgwick County commissioners approve hazard pay for first responders

On Wednesday, the Board of Sedgwick County Commissioners approved hazard pay for first responders and support personnel amid the COVID-19 crisis.
County Manager Tom Stolz said first responders will receive a bonus of $200 for the next two pay periods. This includes law enforcement officers, firefighters, EMS crews, corrections workers, van drivers for aging transportation services, and others.
Another tier of employees who provide critical services, but don’t have in-person interaction with the public, will receive $100. These are 911 employees, emergency management staff, cooks in corrections facilities, and administrative staff in the sheriff’s office and the health department.
(Read more: KWCH News)

Ranson Financial2020-04-09T07:31:52-05:00April 8, 2020|News|

Sedgwick County sends out notices to businesses not complying with stay-at-home order

With its stay-at-home order in effect for at least a couple more weeks, Sedgwick County begins sending out letters to non-essential businesses that break the order by staying open.
With the order, Sedgwick County lists 26 categories of businesses that are deemed “essential” and can remain open during the stay-at-home order. With several complaints about order violations and questions about whether some businesses were “essential,” the county last week launched a stay-at-home order reporting page.
Going a step farther, the Sedgwick County Health Department has, so far, sent notices to 34 businesses failing to comply. Most are gyms and fitness centers. There are also salons and pet-service businesses included.
(Read more: KWCH News)

Ranson Financial2020-04-09T07:32:00-05:00April 8, 2020|News|

City of Fort Scott declares local state of emergency

The doors of Fort Scott city hall were open to city commissioners and only a few city staff for a live-streamed meeting. By the end of Tuesday evening’s, session, the City of Fort Scott had implemented two new policies to aid the city in its fight against COVID-19.
The first is Resolution No. 9-2020: a local state of emergency. Although Kansas Governor Laura Kelly has already issued a stay-at-home order, declaring this resolution will help speed up the scheduling process for commission meetings. Normally, the city is required to give a 24-hour public notice if a meeting will be held, but this order drops that time down to 30 minutes.
(Read more: KSNF/KODE – FourStatesHomepage.com)

Ranson Financial2020-04-09T07:34:38-05:00April 8, 2020|News|

Sedgwick County rejects proposal to help hospital weather coronavirus setback

On a split vote, Sedgwick County on Wednesday turned down a request by a new hospital in Derby seeking help to get through the coronavirus COVID-19 pandemic.
Rock Regional Hospital had asked the commission to act as guarantor of a $2 million loan as it struggles with financial difficulties. The hospital, which opened fully in August, is seeking a similar $1 million loan guarantee from the city of Derby.
The move to deny the request was led by Commissioner David Dennis, who said it would put the county at risk of having to lay off hundreds of employees.
(Read more: Local News |)

Ranson Financial2020-04-09T07:35:22-05:00April 8, 2020|News|