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The California Supreme Court heard arguments Wednesday in a case brought by the state’s Democratic leaders that would block a sweeping anti-tax measure from November’s ballot. The initiative, called the Taxpayer Protection and Government Accountability Act (TPA), would amend the California constitutional rules governing how the state and local governments can impose taxes, fees and

Lawmakers in the Illinois General Assembly have proposed legislation to abolish the multiple service boards operating public transit in the Chicago area and consolidate them under a new Metropolitan Mobility Authority. At present, the Regional Transportation Authority oversees finances, funding and planning for the Chicago Transit Authority, which provides local rail and bus service in

Broker-dealer firms are stepping up in the primary market to fill the gap left by Citi’s dramatic exit from the municipal bond business last December, but a test of how secondary market liquidity stands up to the firm’s departure remains to be seen. That’s according to broker-dealer and financial advisor panelists speaking Monday at the

Illinois will issue $1.8 billion of general obligation bonds — $250 million taxable Series 2024A and $1.55 billion tax-exempt Series 2024B — to fund accelerated pension benefit payments and capital expenditures through the Rebuild Illinois program.  The fixed-rate bonds are expected to price this week. Jefferies, Siebert Williams Shank and Barclays are joint senior managers

Although New York Federal Reserve Bank President John Williams didn’t shed much light on the timing of federal interest rate cuts during a fireside chat at Milken Institute’s Global conference in Beverly Hills on Monday, he did offer some insight into his thinking. Amid stubbornly high inflation, the Federal Reserve reiterated in its post-meeting statement

Companies don’t want to move to Pennsylvania, Gov. Josh Shapiro said in his budget address. Mainly, because it’s too hard to move in. Intel notoriously passed over Pennsylvania for Ohio for a $20 billion factory back in 2022 — “I’m sick and tired of losing to friggin’ Ohio,” Shapiro said in his speech — and

Hawaii Gov. Josh Green failed to convince lawmakers to consider legislation that would have allowed struggling Hawaii Electric Co. to issue bonds backed by a rate increase. Senate Bill 2922, introduced by Senate Commerce and Consumer Protection Chair Jarrett Keohokalole, would have allowed HECO to issue up to $2.5 billion in low-interest bonds, if it

Oklahoma’s list of investment banks determined to be “boycotting” the fossil fuel industry expanded with the addition of Barclays, making it ineligible for state and local government contracts, State Treasurer Todd Russ announced Friday.  Barclays joins Bank of America, JP Morgan, and Wells Fargo, which were placed on the list last year under the state’s