California sets $20 billion of state bond measures; Bay Area adds another $20 billion

California's presidential election ballot in November will include $20 billion dollars of statewide bond measures, with $20 billion more in one regional bond election, before any of the many more local measures are tallied.

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

The Washington Metropolitan Area Transit Authority is issuing $625.4 million of second lien dedicated revenue bonds by negotiated sale Tuesday, which should yield an enthusiastic market response. "As the interest on the bonds will be exempt in D.C., Maryland, and Virginia, I expect strong interest from in-state buyers," said Patrick Luby, head of municipals and senior municipal strategist at CreditSights.?

Early bird rates are available for The Bond Buyer's Infrastructure event in September in Philadelphia.

Parties in the Puerto Rico Electric Power Authority bankruptcy showed themselves to be further apart than ever before, with the Oversight Board offering little beyond the current plan’s 4% recovery for non-settling bond parties and some bond parties suggesting they should get 100% of what they say is at least an $8.5 billion claim and one group that had reached agreement retracted its support. National Public Finance Guarantee, the first bond party to reach agreement with the board, on Wednesday retracted that support, saying the board’s schedule was unrealistic.

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.

The Illinois state comptroller reported a 55% year-over-year increase in the end-of-year general revenue fund cash balance as her office paid the state's bills in a timely manner, a departure from recent years when the state's unpaid bill backlogs topped $10 billion. Illinois ended the fiscal year with a $1.7 billion balance in the general revenue fund, up from last year's $1.1 billion, said State Comptroller Susana Mendoza.

Read the newest research from The Bond Buyer detailing the public finance industry’s views of the risks and opportunities in 2024.

Fitch Ratings affirmed Los Angeles International Airport’s AA rating and stable outlook despite ongoing delays on its automated people mover. The airport’s issuer rating reflects “LAX’s superior credit characteristics, including a strong underlying air trade service area, significant operational activity supported by a diverse mix of domestic and foreign-flag carriers, favorable rate agreements with airlines and very strong financial metrics,” Fitch analysts wrote.

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