The Bond Buyer back issues from December 1992:
Colorado governor asks court to determine effect of amendment on issuers. (Roy Romer)
Dec 04, 1992; ... DALLAS - Gov. Roy Romer yesterday asked the Colorado Supreme Court to interpret how the state's new tax and spending limits affect state and local governments, including their ability to sell certain bonds. The governor raises broad issues, seeking to clarify what are districts ...
Yields are mixed before jobs data; new-issue slates bulge at yearend. (The Municipal Market) (Column)
Dec 04, 1992; ... Prices were narrowly mixed yesterday ahead of today's jobs report, while market players also braced for a wave of new deals expected next week. New issuance and secondary trading were light as the market idled ahead of today's October unemployment report. Credit ...
Slow November still lifts 1992 to record high for bond sales.
Dec 04, 1992; ... The municipal bond market set an all-time record for annual sales last month, even though issuance slowed considerably in November, according to figures compiled by Securities Data Co. State and local governments have sold $208.46 billion of long-term bonds so far this year, up ...
Bond lawyers say MSRB should work on strengthening its customer rules. (Municipal Securities Rulemaking Board)
Dec 04, 1992; ... WASHINGTON - The Municipal Securities Rulemaking Board should consider tightening its customer protection rules, the National Association of Bond Lawyers said in a letter yesterday. Responding to a Sept. 4 request by the MSRB for comments on the adequacy of these rules, an ...
Sale of Executive Life on hold as court acts on trustees' motion; stay last two weeks. (Executive Life Insurance Co.)
Dec 04, 1992; ... A California appellate court late Wednesday temporarily halted the sale of Executive Life Insurance Co. of California, acting on a motion filed by trustees of $1.85 billion of municipal bonds backed by the failed insurer. The stay order blocks a planned sale this week to a ...
Iowa Trust seeks to add Marshalltown to suit against law firm, ex-trustees.
Dec 04, 1992; ... CHICAGO - Representatives for the Iowa Trust late Wednesday took legal action against Marshalltown, Iowa, claiming that its former city treasurer failed to adequately monitor the activities of the trust's investment adviser. David Lyons, receiver for the Iowa Trust, said he ...
Cuomo offers capital program for MTA. (Mario M. Cuomo, Metropolitan Transportation Authority)
Dec 04, 1992; ... New York State Gov. Mario M. Cuomo yesterday proposed an $8.6 billion capital program for the state Metropolitan Transportation Authority and a plan to fund the authority's budget without a fare increase. The governor's capital budget plan is $1 billion shy of the amount the ...
Big number of refundings gives slight boost to indexes.
Dec 04, 1992; ... Yields on The Bond Buyer's indexes posted modest increases this week, ending a four-week price rally as the market absorbed a heavy slate of refundings. The 20-bond index of general obligation bonds rose two basis points, to 6.28% from 6.26% last Wednesday. The 11-bond GO index ...
California lease bonds for community colleges are upgraded by S&P. (Standard and Poor's Corp.)
Dec 04, 1992; ... LOS ANGELES - In a departure from a recent trend. of downgrades, California this week saw Standard & Poor's Corp. lift its rating on lease revenue bonds for a community colleges deal to provisional A from BBB-plus. The upgrade applies to a $155 million lease revenue bond sale ...
Gutfreund agrees to pay $100,000 SEC. (John H. Gutfreund, Securities and Exchange Commission)
Dec 04, 1992; ... WASHINGTON - John Gutfreund, former chairman and chief executive officer at Salomon Brothers, has agreed to pay a $100,000 fine to settle charges in connection with illegal trading in the government bond market, the Securities and Exchange Commission announced yesterday, ...
Bondholders' lawyer says Scudder clients 'likely' to join Marriott Corp. lawsuit. (Corporate Securities) (Column)
Dec 04, 1992; ... Clients of Scudder Stevens & Clark "likely" will join a bondholders' lawsuit against Marriott Corp. tomorrow, an attorney representing the bondholders said yesterday. Larry Kill, a partner at the law firm of Anderson Kill Olick & Oshinsky P.C., yesterday said when PPM America ...
Market ignores some strong data as it waits for today's jobs report. (Treasury Market) (Column)
Dec 04, 1992; ... Treasury prices barely stirred yesterday as traders and investor waited for today's November employment report. Yesterday's economic news was mostly strong, but the market paid little attention to the reports. Analysts said the numbers were over-shadowed by today's jobs data, ...
Davis steps down as Kemper municipals manager. (Robert E. Davis of Kemper Securities Group Inc.)
Dec 04, 1992; ... Robert E. Davis, executive vice president and manager of the municipal bond department at Kemper Securities Inc. in Chicago, has resigned to pursue other interests, sources close to the executive said. A Kemper spokeswoman confirmed that Davis left the company late last month, ...
Prosecutors finish their arguments in Wilson conspiracy case. (Lance H. Wilson)
Dec 04, 1992; ... WASHINGTON - Prosecutors contended yesterday that former PaineWebber Inc. Vice President Lance Wilson received ownership interests in several housing projects in exchange for helping the developer illegally obtain federal grants. As the 10th week of the Wilson conspiracy trial ...
Rally continues, prices rise 1/4; trading is light on eve of sales. (The Municipal Market) (Column)
Dec 08, 1992; ... New deals are expected to be well received this week, but municipal prices are expected to lag gains in the Treasury market. Although trading was light ahead of this week's full slate of bond deals, municipals were quoted 1/4 to 3/8 point higher on the day. The uptick ...
Clinton's list for top spots seen favorably in bond market. (Bill Clinton, Lloyd Bentsen, Leon Panetta)
Dec 08, 1992; ... WASHINGTON -- The bond market is giving generally favorable reviews to President-elect Bill Clinton's apparent choices for the top economic positions in his new administration. Clinton's selections would place powerful leaders from Congress with experience in budget and tax ...
Oceanside, Calif., set to refinance Mello-Roos issue beset by troubles. (Williams Ranch Community Facilities District)
Dec 08, 1992; ... LOS ANGELES -- Officials in Oceanside, Calif., last week approved a refinancing plan for a troubled community facilities district bond issue for which the city has helped cover debt service. The refinancing for the Williams Ranch Community Facilities District affects a $7 ...
New Jersey preparing $1.6 billion deal, plans refinancing sometime next week.
Dec 08, 1992; ... New Jersey officials yesterday said they hope to issue $1.6 billion in refunding bonds next week, deferring more than $900 million of debt service scheduled to come due over the next three years. In a presentation to the state Legislature's Joint Budget Oversight Committee, ...
Illinois authority plans largest-ever sale to finance expansion of convention center. (Metropolitan Pier and Exposition Authority)(Deal in the Spotlight)
Dec 08, 1992; ... CHICAGO -- Illinois' largest single bond issue ever is scheduled to be sold tomorrow by the Metropolitan Pier and Exposition Authority, with the proceeds targeted for expansion of the McCormick Place convention center in Chicago. The $879 million of revenue bonds will be priced ...
Baucus recovery plan is both sweet and sour for municipal market. (Max Baucus)
Dec 08, 1992; ... WASHINGTON -- Sen. Max Baucus unveiled a set of proposals yesterday to spur long-term economic growth that includes ideas that would benefit tax-exempt bonds as well as one that could harm demand for them. Baucus' proposals would allow infrastructure projects owned by private ...
Report on state revenues finds signs of modest economic recovery in last quarter. (Center for the Study of the States)
Dec 08, 1992; ... WASHINGTON -- Last quarter saw beleaguered state budgets get their first small taste of an economic recovery in at least two years, according to a measure of state fiscal conditions just released by the Center for the Study of the States. State revenues, excluding the effects of ...
Rates fall in Treasury bill auctions.
Dec 08, 1992 ... WASHINGTON -- The Treasury sold $24.5 billion of 91-day and 182-day bills at lower rates yesterday, as the three-months incurred an average rate of 3.29%, down from 3.31% in the previous auction on Nov. 30. The six-months incurred a 3.37% rate, down from 3.46%. Coupon ...
Agreement with creditors, Pension Benefit clears way for TWA reorganization plan. (Trans World Airlines Inc.)(Corporate Securities) (Column)
Dec 08, 1992; ... An agreement announced yesterday means bankrupt Trans World Airlines Inc.'s reorganization plan will likely be clear for takeoff by early next year, the company said. "Well it looks like TWA may actually make it out of bankruptcy," said Philip Baggaley, a director at Standard & ...
Long bond up as good data ease fears of big fiscal stimulus package. (Treasury Market) (Column)
Dec 08, 1992; ... Friday's rally continued into yesterday' session, reflecting hope that recent positive economic indicators will dissuade President-elect Bill Clinton from a major fiscal stimulus package that would raise the deficit. The long bond finished the day near its highs, up 3/8 point, ...
High court lets stand ruling on cities' liability under state law. (Seattle, Washington case)
Dec 08, 1992; ... WASHINGTON -- The Supreme Court yesterday let stand a ruling that cities may be held liable for monetary damages under the federal Constitution when they violate state laws. The court's decision not to hear arguments in the case leaves intact a Washington State Supreme Court ...
Dallas voters approve their largest-ever school issue; sale is scheduled for January.
Dec 08, 1992; ... DALLAS -- The Dallas Independent School District next month will begin selling a record $275 million of bonds for a five-year capital program that voters strongly approved this weekend. And even though the district lost its stand-alone triple-A rating this fall, officials expect ...
Mutual Benefit recovery plan shouldn't hurt tax-exempts that insurer backed with GICs. (Mutual Benefit Life Insurance Co., guaranteed investment contracts)
Dec 08, 1992; ... New Jersey and New York insurance officials announced an agreement Sunday designed to rehabilitate cash-strapped Mutual Benefit Life Insurance Co. and provide greater-than-expected returns. The agreement calls for the insurer to give policyholders and investors all promised ...
Nebraska. (state lottery)(Around the Nation)
Dec 08, 1992; ... Gov. Ben Nelson hopes to implement a state lottery by the summer, according to spokesman Phil Richmond. In the Nov. 3 election, voters approved a constitutional amendment authorizing a state lottery, Richmond said. The Nebraska Legislature is expected to consider the issue ...
Indiana. (Indianapolis general obligation bonds)(Around the Nation)
Dec 08, 1992; ... Indianapolis may sell about $150 million of general obligation bonds early next year pending the outcome of a petition drive and the receipt of governmental approvals for the bond issue, city officials said last week. Jim Snyder, the city's director of strategic and financial ...
Massachusetts. (Peabody, Massachusetts bond rating upgrade)(Around the Nation)
Dec 08, 1992; ... Standard & Poor's Corp. upgraded $4.31 million of Peabody general obligation debt last week to AA from AA-minus, a spokesman for the rating agency said. The agency also assigned an AA rating to the city's planned $4.2 million general obligation Series 1992 bonds and affirmed the ...
Washington, D.C. (planned budget cuts)(Around the Nation)
Dec 08, 1992; ... Mayor Sharon Pratt Kelly is bracing residents of the District of Columbia for major budget cuts in light of her projections that the city faces a nearly $1 billion budget gap during the next two years. The mayor is looking at cuts in funding for Medicaid, prisons, and benefits ...
Washington. (Seattle earthquake fault)(Around the Nation)
Dec 08, 1992; ... A team of scientists said last week that a fault under Seattle triggered a large earthquake a millenium ago and possibly could pose a threat again. Articles published Friday in the journal Science say the fault produced a large earthquake about 1,000 to 1,200 years ago. By ...
California. (state IOUs, special district and education funds tax-shifting, endangered species listing case by the Building Industry Association of Southern California)(Around the Nation)
Dec 08, 1992; ... A federal judge last week ruled that California acted illegally when it paid state employees with IOUs during a lengthy budget impasse last summer. Judge Garland Burrell Jr. of the U.S. District Court of Sacramento said the state violated the Federal Fair Labor Standards Act, ...
Investor binge boosts prices; new issues fare well in market. (The Municipal Market) (Column)
Dec 09, 1992; ... The municipal arena enjoyed full attendance by investors yesterday and underwriters raised new-issue prices, pulling the rest of the market higher. Traders reported good two-way business flow between buyers and sellers as the market enjoyed the benefits of low inflation and a ...
Clinton pledges long-term steps to aid growth, reduce deficit.
Dec 09, 1992; ... WASHINGTON -- President-elect Bill Clinton said yesterday he will concentrate on long-term measures to boost the economy and reduce the federal budget deficit, rather than on short-term stimulus. Following a meeting with House and Senate leaders, Clinton said at a press briefing ...
United Nations Development Corp. plans deal that should signify lower debt service. (Deal in the Spotlight)
Dec 09, 1992; ... The United Nations Development Corp. is scheduled to return to the municipal bond market today with a $166.5 million refunding that officials say will dramatically reduce the corporation's debt service costs well into the next century. The refunding will mark the public benefit ...
Moynihan's ascension would probably help 501(c)(3) issuance, lobbyists, aides say. (Daniel Patrick Moynihan)
Dec 09, 1992; ... WASHINGTON -- At least one kind of municipal debt -- 501(c)(3) bonds -- is sure to benefit if, as expected, Sen. Daniel P. Moynihan becomes chairman of the Senate Finance Committee in the 103d Congress, Capitol Hill observers said yesterday. But it is not clear if the New York ...
Debt curbs' author vows new effort if Colorado court dilutes amendment. (Douglas Bruce)
Dec 09, 1992; ... DALLAS -- Douglas Bruce, author of Colorado's restrictive tax and spending limits, says he is not yet done with the state's municipal bond industry. In an interview, Bruce warned that if the Colorado Supreme Court rejects ...
Michigan localities battle automakers as car plants shut down, lay off workers.
Dec 09, 1992; ... CHICAGO -- Michigan governments are fighting back against the loss of jobs caused by auto-related plant shutdowns or moves. The latest volley has been fired by Highland Park and Wayne County officials, who are seeking at least $42 million from Chrysler Corp. to help pay for ...
German extremists may be affecting the safety of New York City pension funds, officials say.
Dec 09, 1992; ... City Comptroller Elizabeth Hotzman and city Finance Commissioner Carol O'Cleireacain have written German Chancellor Helmut Kohl, saying they are concerned about "the security" of the city's pension fund investments in Germany due to the rise of neo-Nazism. In a two-page letter ...
Saudi prince's $360 million will help Commonwealth's plan to buy Circle K. (Turki Bin Fahd bin Jalawki al Saud, Commonwealth Oil Refining Inc.)(Corporate Securities) (Column)
Dec 09, 1992; ... A Saudi Arabian prince has pledged up to $360 million of equity capital toward Commonwealth Oil Refining Inc.'s plan to purchase bankrupt Circle K Corp. Prince Turki bin Fahd bin Jalawki Al Saud, a former commander of the Mujahedin in Afghanistan, would obtain 42.5% interest in ...
Prices head higher for third day as market corrects from sell-off. (Treasury Market) (Column)
Dec 09, 1992; ... Treasury prices posted modest gains for the third session in a row yesterday as the market shook off some of its worries about runaway economic growth and aggressive fiscal stimulus packages. Late yesterday, the 30-year bond was up more than 1/8 point and yielded 7.43%, while ...
Municipalities may be liable no matter who seizes properties. (Soldal v. Cook County, Illinois in the Supreme Court)
Dec 09, 1992; ... WASHINGTON -- Municipalities may be held financially liable for unlawful property seizures even if government officials are not the ones who take possession of the disputed property, the Supreme Court said yesterday. Ruling in a case out of Cook County, Ill., the court in a ...
R.D. White, fledging firm to merge, establishing minority-owned house. (R.D. White and Co., Glaves Securities Inc.)
Dec 09, 1992; ... Glaves Securities Corp. and R.D. White & Co. announced yesterday they will merge to create a minority-owned firm specializing in municipal bonds and mortgage-backed securities. The new firm, to be called R.D. White, Glaves & Co., is expected to be open for business on Jan. 1 and ...
Municipal prices continue ascent; McCormick Place tops sales slate. (The Municipal Market) (Column)
Dec 10, 1992; ... Prices continued to march higher yesterday, even though supply remained heavy, dominated by $879 million of McCormick Place expansion project bonds. Strong investor demand for new deals and secondary product have driven prices higher during the last three sessions. ...
Redevelopment agency cancels bond sale: no buyers showed up. (South San Francisco, California)
Dec 10, 1992; ... LOS ANGELES -- A South San Francisco redevelopment issue that failed to attract any bidders yesterday apparently illustrates a growing wariness toward certain borrowers affected by a real estate slowdown and California's general budget malaise, market participants said. The ...
Tax-exempt bonds can finance part of output plant that's publicly used.
Dec 10, 1992; ... WASHINGTON -- A recent letter ruling published by the Internal Revenue Service will make it easier for issuers to sell tax-exempt governmental bonds to partly finance facilities that produce electricity, gas, or water for use by both public and private entities, lawyers said yesterday. ...
Florida ponders bill to permit issuance to help insurers meet hurricane claims. (Hurricane Andrew)
Dec 10, 1992; ... ATLANTA -- Florida's Legislature yesterday began considering a bill to make possible the sale of about $500 million of tax-exempt revenue bonds to pay off claims on insurers forced into liquidation by Hurricane Andrew. The financing, which would be sold by Homestead, Fla., would ...
PICA adopts negative report on Philadelphia, but grudgingly. (Pennsylvania Intergovernmental Cooperation Authority)
Dec 10, 1992; ... Philadelphia's oversight board voted 5 to 0 yesterday to adopt the recommendations of a report highly critical of the city's efforts to comply with its five-year fiscal recovery plan. Although the final vote was unanimous, support among board members was extremely shaky, and ...
Three policy groups examine America's cities and what can be done to keep them afloat. (National League of Cities, Urban Institute, Cato Institute)(Focus)
Dec 10, 1992; ... As the Clinton era begins, the fate of a number of major American cities seems to hang in the balance. Philadelphia, which went to the brink a month ago with an employees strike, is still struggling to regain its equilibrium. Detroit, which some observers say is in a class of ...
Political hostility in Massachusetts worries rating officials.
Dec 10, 1992; ... The recent political harmony that helped earn Massachusetts an upgrade in September is beginning to show signs of strain. In the last few weeks, the news from the Massachusetts capitol building has been increasingly hostile from all sides, with almost every governmental player ...
Rep. Mineta gets nod from Democrats to chair public works committee. (Norman Y. Mineta of California)
Dec 10, 1992; ... WASHINGTON -- The House Democratic Caucus on Tuesday tapped Rep. Norman Y. Mineta, D-Calif., to be the new chairman of the House Public Works and Transportation Committee. The House body voted, 242 to 7, to select Mineta, whose bid for the chair was largely uncontested. Mineta ...
Michigan 'Robin Hood' school plan is upheld, but court has misgivings about its penalties.
Dec 10, 1992; ... CHICAGO -- A Macomb County, Mich., Circuit Court has ruled in favor of Michigan's plan for equalizing state funding of schools by making districts share their tax bases. The decision, issued last week by Judge Lido Bucci, cast doubt on penalties used to enforce the plan. But ...
Citibank backs a deal for first time with choice credit card receivables. (Corporate Securities) (Column)
Dec 10, 1992; ... Citibank yesterday issued $2.18 billion of certificates backed for the first time by receivables of its Choice credit cards. "It's another brand of Master-Card and Visa, and it's offered to very creditworthy customers," a Citibank spokeswoman said. "It was designed for customers ...
Activity slows as market sets sights on inflation data; notes end lower. (Treasury Market) (Column)
Dec 10, 1992; ... Treasury note prices ended a little lower yesterday after a quiet session spent waiting for the economic reports that will arrive today and tomorrow. Late in the afternoon, note prices were down about 1/8 point, while the 30-year bond was unchanged and yielded 7.43%. ...
Delaware, New York State make case for unclaimed funds. (abandoned property and escheat)
Dec 10, 1992; ... WASHINGTON -- The Supreme Court heard conflicting and sometimes bewildering arguments yesterday in a dispute over abandoned property that could end up costing New York State roughly $800 million. But the court's disposition of the case, Delaware v. New York, could have ...
Fed report says business conditions getting lift from retail sales.
Dec 10, 1992; ... WASHINGTON -- Business conditions look a bit brighter in most of the United States as retailers express optimism about sales to holiday shoppers, the Federal Reserve Board said yesterday. "Reports on economic conditions point to modest improvement in most Federal Reserve ...
St. Louis airport eyes late '93 for building; carrier has good news. (Trans World Airlines)
Dec 10, 1992; ... DALLAS -- As its major airline prepares emerge from bankruptcy, Lambert-St. Louis International Airport officials say they may be ready to begin a $1.5 billion bond-financed expansion by late 1993. Donald Aubuchon, finance director at the St. Louis airport, said that the wait ...
Nebraska attorney's fee for bond advice was actually a bribe, HUD prosecutors say. (Maurice David Steier, Department of Housing and Urban Development)
Dec 10, 1992; ... WASHINGTON -- Prosecutors this week concluded their case against Nebraska attorney Maurice David Steier with a show of evidence that a $100,000 fee he received in connection with a Florida housing bond deal was not for bond advice but rather was intended as a bribe. Steier, a ...
Prices struggle to breach wall; where they'll go is anyone's guess. (The Municipal Market)
Dec 11, 1992; ... Bonds edged higher yesterday but failed to break through the top of the current price range, and market technicians relegated near-term prospects to a coin toss. Tax-exempt traders busied themselves with new-issue and secondary product yesterday, and demand for bonds helped ...
Texas counties see mixed success in efforts to buy turnpike projects. (Texas Turnpike Authority, Dallas and Harris counties)
Dec 11, 1992; ... DALLAS -- Dallas County officials said yesterday they would proceed with a $400 million acquisition of two Texas Turnpike Authority projects, even as a similar deal between the authority and Harris County appears stalled until next year. Dallas County Judge Lee Jackson said the ...
Clinton names choices for economic posts; taps Bentsen, Rubin, Panetta for top slots. (Bill Clinton, Lloyd Bentsen, Robert E. Rubin, Leon E. Panetta)
Dec 11, 1992; ... WASHINGTON -- President-elect Bill Clinton formally announced his choices yesterday to fill the top economic policy positions in his new administration, offering a team that combines Capitol Hill veterans with Wall Street professionals. As expected, Clinton named Senate Finance ...
State officials expect more budget cuts in 1993 and less money for municipalities, survey says. (National Conference of State Legislatures)
Dec 11, 1992; ... WASHINGTON -- State lawmakers anticipate more budget cuts next year, including aid to local governments, as revenue shortfalls and weak economic growth persist, according to a survey by the National Conference of State Legislatures. "With revenue shortfalls probable and tax ...
Special districts to sue California over diversion of tax revenues. (Ventura County districts)
Dec 11, 1992; ... LOS ANGELES -- A group of special districts in Ventura County was expected yesterday to file a case asking the California Supreme Court to strike down recent state budget action that diverted district property taxes to education purposes. The lawsuit was planned to be filed with ...
Polk County, Iowa, wants to nip increment district risk now.
Dec 11, 1992; ... CHICAGO -- Polk County, Iowa, officials have warned that the growth of tax increment finance districts outside city limits could threaten the county's financial health. James Koolhof, country manager, said officials intend to seek legislative changes in the state tax increment ...