Illinois Gov. J.B. Pritzker will sign newly-passed legislation handing mayoral control of the Chicago Public Schools to a fully-elected school board by 2027 even as negotiations continue over some board rules and the impact on the city’s $500 million in annual financial obligations. The package laid out in an amendment to House Bill 2908 was

Municipal bond yields rose by as much as seven basis points in the belly of the curve Thursday, playing catch-up to the U.S. Treasury market, while Refinitiv Lipper reported another large round of inflows, a nod from investors that they remain engaged in the market, regardless of low rates. Refinitiv Lipper reported $1.85 billion of

Providence officials may have to scramble for a Plan B as Mayor Jorge Elorza’s proposal for up to $850 million of pension-obligation borrowing sits stalled in the state legislature. State General Treasurer Seth Magaziner, a Democrat, called the enabling legislation too risky and Republican state chairman Steven Frias called the measure “a pension obligation bomb.”

Connecticut Gov. Ned Lamont said he would sign legislation authorizing adult-use cannabis after lawmakers approved it. “The states surrounding us already, or soon will, have legal adult-use markets,” Lamont said Thursday after the Senate approved the measure by a 16-11 vote, with nine senators abstaining. “We’re not only effectively modernizing our laws and addressing inequities,

The Municipal Securities Rulemaking Board’s proposed rule on the fair dealing obligations of solicitor municipal advisors is in need of clarification, MAs and dealers believe, particularly with respect to disclosure of where such professionals owe their loyalty. Comment letters filed with the MSRB late Thursday struck that common theme in response to the MSRB’s draft

Inflation risks may warrant the Federal Reserve beginning raising interest rates next year, St. Louis Fed President James Bullard said, backing an even-earlier liftoff than penciled in by many of his colleagues. “I put us starting in late 2022,” Bullard said Friday during a TV interview on CNBC, referring to interest-rate projections published Wednesday by

A new opinion issued by the Justice Department says Puerto Rico’s admission as a state could legally include a transition period to temporarily continue the special bankruptcy provisions under PROMESA. That’s good news for the ongoing restructuring of the territory’s debt because it provides an assurance that statehood would not necessarily involve an abrupt dissolution

Municipal bond yields rose on the short end Friday as munis again played catch up to the moves in short U.S. Treasuries and investors became more aggressive in bid lists for high-grade paper. The UST note, 0.785% on Tuesday, touched 0.96% in the afternoon and was at 0.89% near the close Friday, leading to the

Illinois spread penalties narrowed this month to levels in line with its ratings for the first time in years as the state reaps the benefits of swelling tax revenues, federal cash and a market looking for scarce yield. The state’s 10-year spread currently stands at 63 basis points higher than Refinitiv Municipal Market Data’s AAA

Parties have filed nearly 30 objections to the Puerto Rico Oversight Board’s proposed Disclosure Statement for its central government debt Plan of Adjustment, with a key complaint coming from the Puerto Rico government, which said it will not authorize new bonds if pensions are cut. The parties had until 5 p.m. on Tuesday to file