Tim Schaefer, who had a huge impact on California public finance, has died

Tim Schaefer, who served the California public finance market for decades as a trader, a banker, a financial advisor and until last year as deputy state treasurer, has died at 75. Schaefer's career "is one that would be hard to replicate, not only in tenure, but he covered so many aspects of this industry," said Raul Amezcua, a senior managing director with Ramirez & Co. Municipal market colleagues praised Schaefer’s acumen, integrity and decency.

Check out our latest Rising Stars and the inaugural class of Muni Hall of Famers.

Illinois lawmakers passed legislation sending $850 million of surplus revenue to the state's once-barren rainy-day fund, pushing it to a new peak of $1.85 billion. Lawmakers included the measure in a sweeping budget implementation package approved Sunday during the General Assembly's lame-duck session and signed by Gov. J.B. Pritzker Monday before he was sworn in for a second term.??

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Click here for our coverage of the midterm elections.

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As a boom in tax revenue begins to falter, politicians in Southwest states are looking at additional measures during their upcoming legislative sessions to lower taxes. The moves come amid a dimming economic outlook, still-elevated inflation, and the impact of previous tax cuts.

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?If you missed any of our ESG Week coverage, make sure to check our ESG special section which has all the articles, the podcast and a taped version of the Leaders event.

Jessica Giroux, the veteran muni market advocate most recently for the Municipal Securities Rulemaking Board, began a new role Monday as general counsel and head of fixed income policy at the American Securities Association.

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?Registration is open for The Bond Buyer’s National Outlook conference Feb. 2 in New York.?

Transit agencies in Chicago and Philadelphia signed an agreement Monday to share their small business certification databases, in what they hope will be a first step toward a national database that would boost hiring of historically underutilized businesses.

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?Watch the acceptance speeches and look at some of the photos from our Deal of the Year event in New York City.?

More than eight years after the Puerto Rico Electric Power Authority stopped paying its bonds and with most other Puerto Rico municipal issuers having since restructured their bonds, eight Puerto Rico bonds continue to pay in full and on time.

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