Bonds

Build America Bonds Provide Nearly $78 Billion Nationally to Date; Report Details Cumulative, State by State Bond Issuances

March 4, 2010 -- WASHINGTON – The Treasury Department today released its monthly comprehensive update on issuances of the Build America Bonds program, including state-by-state data. The Build America Bonds program is a financing tool created by the American Recovery and Reinvestment Act to allow state and local governments to obtain much-needed funding, at lower borrowing costs, for new capital projects such as construction of schools and hospitals, development of transportation infrastructure, and water and sewer upgrades.    » read more »

Wall Street Response Shows Faith in Commonwealth; State Continues to Retain Double-A Credit Rating

Jan. 15, 2010 -- Harrisburg – When Pennsylvania floated a Build America Bonds deal this week, which was the largest in the nation to be competitively bid to date, the commonwealth obtained the lowest interest rate of any of its non-refinancing deals since 1968—3.13 percent.

According to Governor Edward G. Rendell, Wall Street’s reaction to the $900 million bond sale affirms that the financial and investment communities continue to regard Pennsylvania’s fiscal management practices highly.    » read more »

January 15, 2010 -- Saint Paul – Minnesota Governor Tim Pawlenty today released a financially responsible bonding proposal for the 2010 legislative session focusing on statewide priorities that will position Minnesota for future growth.

The proposal calls for $685 million in general obligation bonding, with a total of $815 million when user-financed bonds, trunk highway bonds, University of Minnesota and MnSCU bonds, and cash amounts are included.

“This bonding bill is financially responsible and addresses important state needs such as flood mitigation, public safety, higher education, and transportation infrastructure,” Governor Pawlenty said. “This proposal is affordable and appropriate.”    » read more »

Build America Bonds Provide $64 Billion Nationally to Date; Chicago Using $518 Million for School Construction and Renovation, Saving Taxpayers $130 Million According to a Chicago Public Schools Estimate

January 6, 2010 -- CHICAGO – As part of the Obama Administration's efforts to highlight the local impact of economic stimulus programs, U.S. Treasurer Rosie Rios and Chicago Mayor Richard Daley today visited a public school construction site in Chicago supported by the Build America Bonds program. In conjunction with this event, Treasury also issued updated state-by-state data showing that the Build America Bonds program has provided $64 billion in low-cost borrowing to date for state and local governments across the country.    » read more »

War Bonds Bill To Help Finance Wars In Iraq And Afghanistan

December 8, 2009 – Working to help fund ongoing wars without sharp tax increases or increased foreign borrowing, Nebraska’s Senator Ben Nelson today introduced the United States War Bonds Act of 2009. The legislation will authorize the Treasury to issue and market War Bonds to the American people to help finance the wars in Afghanistan and Iraq.    » read more »

Build America Bonds, School Building Financing Means Jobs

December 2, 2009 -- CHICAGO – December 2, 2009 -- Illinois Governor Pat Quinn today signed into law a bill that allows the State to issue federal stimulus-supported Build America Bonds and Qualified School Construction Bonds to fund critical capital projects such as roads, bridges and schools.

This funding is part of Governor’s Quinn’s Illinois Jobs Now! capital construction bill, signed into law last summer, which will retain and generate about 439,000 Illinois jobs over the next six years. Illinois Jobs Now! will spur employment in the construction, transportation, manufacturing, environmental sectors and other industries.    » read more »

November 2, 2009 -- Washington, D.C. -- The U.S. Department of the Treasury today announced its current estimates of marketable borrowing for the October – December 2009 and the January – March 2010 quarters:

* During the October – December quarter, Treasury expects to issue $276 billion in net marketable debt, assuming an end-of-December cash balance of $85 billion, which includes $15 billion for the Supplementary Financing Program (SFP). The borrowing estimate is $209 billion lower than announced in July 2009. The decrease in borrowing is primarily related to cash balance adjustments related to the SFP, and lower outlays offset partially by lower receipts.    » read more »

Clean Renewable Energy Bonds Awarded to More Than 800 Recipients Nationally

October 27, 2009 --
WASHINGTON -- As part of the Obama Administration's efforts to spur renewable energy production, the U.S. Department of Treasury today announced the allocation of $2.2 billion in Clean Renewable Energy Bonds (CREBs) for 805 recipients across the country.

Funded by the Energy Improvement and Extension Act of 2008 and the American Recovery and Reinvestment Act of 2009 (Recovery Act), these energy bonds help government agencies, public power providers, and cooperative electric companies obtain lower cost financing for clean energy development projects.    » read more »

Bill provides 100 percent Department of Energy loan guarantees to support PACE Bonds

October 19, 2009 -- Washington, DC – On Monday, Rep. Steve Israel (D-N.Y.) announced the introduction of legislation to support and expand Property Assessed Clean Energy (PACE) Bond programs (H.R.3836).

A PACE bond is a small municipal bond where the proceeds are loaned to commercial and residential property owners to finance energy retrofits and who then repay their loans over 20 years via an annual assessment on their property tax bill. Rep. Israel’s legislation will change the Department of Energy indirect loan guarantee program to provide 100 percent guarantees for PACE bond programs.    » read more »

Signs Executive Order opening federal program to 209 communities across Massachusetts

BOSTON – Friday, October 16, 2009 - As part of the Patrick-Murray Administration’s Massachusetts Recovery Plan to secure the state’s economic future, Massachusetts Governor Deval Patrick has signed an Executive Order that will open the state’s Recovery Zone Bond Program. The Recovery Zone Bonds, authorized through the American Recovery and Reinvestment Act, support both public and private development efforts by offering favorable borrowing rates for projects within areas designated as “Recovery Zones”.    » read more »

ARRA bonds to fund energy efficiency improvements and renewable energy installations at public schools

October 14, 2009 -- FREDERICKSBURG -- Virginia Governor Timothy M. Kaine today announced the availability of $119 million in American Recovery and Reinvestment Act (ARRA) bond authorizations for local school divisions to finance energy efficiency improvements and renovations, as well as renewable energy projects for public school buildings.    » read more »

Bond agencies praise state’s responsible management of taxpayer dollars

October 07, 2009 -- Dover – The country's three major bond-rating agencies have affirmed Delaware's triple-A ratings based, in part, on the state's strong fiscal management practices.

“Delaware is being rewarded for the fiscal discipline exercised during these challenging times,” Gov. Markell said. "Members of the General Assembly and this administration made the tough choices to responsibly solve last year's historic budget challenge and those decisions are paying off now. We will still face significant challenges in the upcoming budget, and it is important we work together in a bipartisan way and exercise the same discipline as we address Delaware's financial future."    » read more »

6/19/2009 -- Raleigh -- North Carolina Governor Bev Perdue today signed Senate Bill 754, enabling North Carolina schools to use interest-free bonds for school construction, repair and renovation as part of the American Recovery and Reinvestment Act (ARRA).

“Our children need a welcoming and encouraging learning environment, one that makes them excited to come to school every day,” Perdue said. “These bonds create a win-win situation – new jobs and better classrooms.”

The bill enables local education agencies to administer $275,772,000 in bonding authority for new, qualified school construction bonds (QSCB) and gives $56,699,000 in bonding authority to continue qualified zone academy bonds (QZAB).    » read more »

Merrill Lynch Fund Manager Survey Finds Economic Recovery Remains on Track Despite Bond Market Sell-Off; Investors ruling out “double-dip” recession as they embrace equities

NEW YORK AND LONDON – The upturn in global investor sentiment has withstood the recent large sell-off in bonds, according to the Merrill Lynch Survey of Fund Managers for June. Investors have expressed confidence in global economic recovery and, broadly, in the equity markets, in spite of their fears the sell-off would damage sentiment. The yield on 10-year U.S. Treasuries rose to 3.85 percent from 3.09 percent between the May and June surveys.    » read more »

Governor Culver Discusses I-JOBS With Nation’s Top Bond Rating Agencies

June 10, 2009 -- DES MOINES – In a sign that the I-JOBS Initiative is moving forward, Iowa Governor Chet Culver today joined with State Treasurer Michael Fitzgerald and state budget officials to hold conference calls with the nation’s three leading bond rating agencies to discuss the I-JOBS Bonds. The state is expected to issue $590 million in special obligation bonds in the coming weeks to help pay for part of the infrastructure investment and job creation program.    » read more »