American Dream bondholders will get overdue payments as sales tick up

Bondholders of a chunk of unrated debt floated for the troubled American Dream megamall in New Jersey will see a partial payday next week when the borrower makes up some of the overdue interest payments. The $287 million of grant revenue bonds, which are backed by New Jersey economic development grants based on the mall's sales tax collections, will receive $25 million of the $46 million in overdue interest payments.

From politics to disclosure to funding, the changing climate challenges muni issuers. Learn more in our Climate Spotlight 2024 package.

The nation's largest children's hospital has hit a rough financial patch, leading to two bond rating downgrades and plans to cut nearly 1,000 jobs, while it eyes a return to the municipal bond market. Ratings for Houston-based Texas Children's Hospital were cut one notch to AA-minus by Fitch Ratings in July and Aug. 19 by S&P Global Ratings.

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Sewage will be transformed to tap water with the help of a note deal that hits the market soon. Supporters say the project will produce 30% of east San Diego County’s potable water supply, eliminate 15 million gallons per day of wastewater discharged in the Pacific Ocean and produce a reliable, local potable water supply at a cost competitive with imported water.

Watch what the municipal bond industry’s innovators and influencers are saying in our Leaders series of video interviews. Check out our lineup of future live interviews and archived conversations.

A class-action lawsuit filed Monday by Austin, Texas, property taxpayers against the city seeks the elimination of $187 million in property tax revenue allocated in the 2024 tax year for a light-rail project.

Advance rates are available for The Bond Buyer’s California Public Finance conference, coming to San Francisco in October.

Municipal bonds were narrowly mixed Tuesday as U.S. Treasury yields rose out long and equities were mildly higher near the close.

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