White House sends $5.8 billion to states for water infrastructure
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The Biden administration announced $5.8 billion in water infrastructure funds for states, tribes and territories, the latest round of funding from the Infrastructure Investment and Jobs Act for clean water. The money includes $3.2 billion for the Drinking Water State Revolving Fund for water projects and $2.6 billion for the Clean Water State Revolving Fund for storm and wastewater infrastructure. The funds include $1 billion for seven major rural water projects, $1 billion to address "forever chemical" contaminants, and $1 billion for Great Lakes drinking water projects.
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The Midwest region saw larger municipal bond deals yet fewer issues in 2023 compared to the previous year. Robust deal amounts in nearly half the region's states offset declines in the remaining states in both overall volume and number of issues. Tax-exempt new money deals surged as Illinois overshadowed its neighbors in both deal size and issuer rankings.??
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Municipals were slightly firmer in spots Wednesday, as U.S. Treasury yields rose and equities saw more losses after January's Federal Open Market Committee meeting minutes showed the Fed is not in a hurry to cut rates.
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In Illinois Gov. JB Pritzker's State of the State and budget address Wednesday, he said his "one line in the sand" is a "responsibly balanced" budget that does not derail the state's credit standing or the nine rating upgrades Illinois officials have worked so hard to achieve.
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While pension funding ratios for states and other municipal issuers have improved in the last five years, measures of pension safety have deteriorated, analysts say. The condition of pensions is still the “elephant in the room” for municipal bonds, said HilltopSecurities Managing Director Tom Kozlik.
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Issuance of variable rate demand obligations and other floating-rate debt increased in 2023 year-over-year — despite swings in short-term rates — marking the highest total since 2017.
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Retired Director, Municipal Bond Research at RBC Capital Markets
1 年The Federal Government probably never realized what a fantastic infrastructure financing program it created when the SRF program was launched. Too bad it was never expanded beyond just water and sewer financing.