Gov. J.B. Pritzker on has signed Illinois’ $53.1 billion fiscal year 2025 budget, which includes $198 million for the state’s rainy day fund and $182 million for the migrant crisis as well as creating a Department of Early Childhood and an innovation center at the University of Illinois-Springfield and funding the new state-based insurance marketplace.

The University of Arizona expects more strain on its cash flow in the coming fiscal year as it offered a peek at underlying assumptions for its next budget. In a presentation to a Arizona Board of Regents committee on Thursday, the university’s preliminary forecast of days cash on hand for fiscal 2025 showed it slipping

A public private partnership to fund upgrades and the greening of the central heating and cooling system at the University of Maryland’s main College Park campus is slated to arrive next week in the primary market. Conduit issuer Maryland Economic Development Corp. is set to price $345.5 million of green revenue bonds for the NextGen

Struggling Pennsylvania hospital chain Tower Health plans to exchange current debt and raise additional funds as it pursues a turnaround.  The system, trustee and bondholders of about $992 million in debt are supporting an exchange of “substantially all” existing bonds, according to a May 31 agreement that Tower Health disclosed in a filing Monday on

The municipal bond market, fragmented and complex, is the original impact investment sector in US markets. If you read this newspaper for any period of time, this is not a novel statement. The idea first gained traction when a Silicon Valley startup raised millions in 2013 in part on this theme and extended into mainstream

Municipals were firmer Thursday as the primary market slowed and muni mutual fund inflows returned. U.S. Treasury yields were little changed and equities ended mixed. Triple-A yields fell another three to eight basis points, depending on the scale. The two-year muni-to-Treasury ratio Thursday was at 67%, the three-year at 67%, the five-year at 69%, the

The U.S. Department of Transportation has amended its well-known Transportation Infrastructure Finance and Innovation Act program to clarify interest rates on its longest-term loans and to broaden eligibility for projects. The new rules cover provisions that were included, but not yet implemented, in the 2021 Infrastructure Investment and Jobs Act. The IIJA, among other things,

Municipals were firmer Wednesday amid another heavy new-issue calendar, led by several large deals that saw yields lowered upon repricing. U.S. Treasuries yields fell further and equities ended up. Issuance remains robust Wednesday with an estimated $5.9 billion, said J.P. Morgan strategists, led by Peter DeGroot. The negotiated calendar was led by $830 million from

New York Gov. Kathy Hochul is considering delaying the congestion pricing plan to charge motorists driving into midtown Manhattan and potentially replacing it with a tax on New York City businesses, according to a person familiar with the situation who requested anonymity because the proposal hasn’t been made public. The tolling plan, set to begin