Municipal Government Audit Times Likely Affected by GASB Pension Rules A longstanding complaint among municipal bond analysts and […]
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State of Colorado Rural Colorado Certificates of Participation
Featured Municipal Bond Issue, Week of September 17th, 2018: State of Colorado Rural Colorado, Certificates of Participation, Series 2018
The State of Colorado is issuing $500 million in Certificates of obligation for the purposes of paying for construction on various transportation projects , other state construction needs and the costs of issuance. According to the official statement, fund proceeds attached to this financing are associated with “high-priority rural State highway and transit projects and rural State capital construction projects at State institutions of higher education that have been delayed due to insufficient funding”. The Series 2018 Certificates are scheduled to be sold by negotiated sale during the week of September 17, 2018. The Certificates are being issued as federally tax-exempt bonds as well as the State of Colorado income tax at the time of sale. However, special tax risks may apply under certain circumstances (see tax matters in the official statement).
Moody’s Investors Service, Inc. and S&P have assigned municipal bond ratings of “Aa2” and AA-, respectively, to the 2018 Bonds.
Principal and interest on the Certificates of Participation are secured by and payable solely from base rent annually appropriated by the state General Assembly or annually allocated by the Transportation Commission, other lease revenues tied to a trust, connected with a site lease on the related projects. More complete information about the COP security and sources of payment on the Certificates is available in the official statement. In particular, the document draws attention to the presence of pending litigation challenging SB 17-267, that if successful, could prompt annual appropriation payments to be suspended or terminated (see Litigation with respect to SB 17-267 and related official statement references) . Details on the purposes, tax-status, security, as well as other matters pertaining to these Certificates can be found in the preliminary official statement, available on MuniOS.
Muninet Guide provides commentary and analysis relating to municipal bonds and their fundamental credit issues. From an investor perspective, we provide you with daily AAA yield levels on tax-exempt municipal bonds courtesy of S&P Securities Evaluation, Inc….
Daily Municipal Bonds Yields – September 21, 2018
- Tax-Exempt AAA Non-callable Yield Curve Recap at the close of day on September 20, 2018 compared to the previous day
- The yield curve inched slightly steeper.
- Yields were up by one basis points on the 20-year, 25-year and 30-year municipal bonds.
- Yields were down by one basis point in the key short and intermediate maturities (through five years)
- Other key maturities were unchanged.
Source: © 2006 Standard & Poor’s Securities Evaluations, Inc., a subsidiary of The McGraw-Hill Companies, Inc. All rights reserved. Information has been obtained from sources believed to be reliable. However, Standard & Poor’s and MuniNet LLC shall not be liable for any claims or losses of any nature in connection with information contained in this document, including but not limited to, lost profits or punitive or consequential damages, even if it is advised of the possibility of same. All references to municipal bonds or information related thereto is for informational purposes only. It is general in nature and based on matters or authorities that are
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EMMA – Electronic Municipal Market Access
Official online MRSB repository providing free public access to official disclosures, trade data and other information on the municipal securities market.
Merritt Research Services: Benchmark Central
Merritt Research Services provides benchmark median values for municipal credit analysis across 13 different sectors. Freely available and updated regularly.
Governmental Accounting Standards Board (GASB)
Independent organization that establishes and improves standards of accounting and financial reporting for U.S. state and local government.
The Bond Buyer
Established in 1891, an independent paid-subscription information resource of news, analysis and data serving 40,000+ in the municipal finance community.
A municipal bond new issue official statement (prospectus) service. MuniOS, a division of ImageMaster Inc, makes available preliminary and final documents. Official statements are provided by region and state.
IRS Tax-Exempt Bond Statistics
Includes data on tax-exempt "public purpose" (Governmental) and "private-activity" bonds, with statistical tables and Statistics of Income Bulletins.
What Are Municipal Bonds? - Investor.gov
What Are Municipal Bonds?What are municipal bonds? Municipal bonds (or “munis” for short) are debt securities issued by states, cities, counties and other governmental entities to fund day-to-day obligations and to finance capital projects such as building schools, highways or sewer systems. By purchasing municipal bonds, you are in effect lending money to the bond issuer in exchange for a promise of regular interest payments, usually semi-annually, and the return of the original investment, or “principal". An excellent primer on municipal bonds, particularly from an investors perspective. Answering these questions: Where Can Investors Find Information About Municipal Bonds? What Are Some Of The Risks Of Investing In Municipal Bonds? In Addition To The Risks, What Other Factors Should You Consider When Investing In Municipal Bonds?