Michigan's Department of Transportation pushed back its $175 million refunding of its state trunk line fund bonds to next week amid continued COVID-19-driven market turmoil. The state had planned to come to market this week and has now pushed the pricing date to next Tuesday. The timing, however, will depend on whether it can achieve the targeted savings. “The refunding issuances are being done for debt service savings. As with any refunding for savings, the savings would be available to fund...

Indiana Gov. Eric Holcomb is redirecting $300 million in state reserves previously earmarked for capital projects. Holcomb said the plan is to utilize the funds as needed for relief efforts related to the COVID-19 pandemic and to maintain current services. He said the state will consider using bonding authority to move forward with the just-approved capital projects. Six colleges and universities were in line to get money for building projects. The decision to redirect the funds is among...

Ohio Treasurer Robert Sprague launched a program this week to bolster liquidity and ease the financial burden Ohio hospitals face because of the COVID-19 pandemic. The state plans to buy up to $900 million in short-term debt that Ohio hospitals commonly issue to help fund their operations through a newly established Variable Rate Demand Obligation Stabilization Program. This week, the state treasurer’s office began purchasing eligible VRDOs from participating Ohio health care systems and...

The NCAA, after canceling winter and spring championships that include its lucrative "March Madness" men's basketball tournament, was hit with a negative outlook. Moody’s Investors Service lowered its outlook on the organization's Aa2 rating to negative from stable March 23.. S&P Global Ratings rates the Indianapolis-based organization AA, outlook stable. The organization has roughly $9.6 million of debt outstanding issued through the Indiana Finance Authority. Bond repayment is a general...

Michigan Gov. Gretchen Whitmer said she plans to forge ahead with a $3.5 billion bond-funded plan to pay for state road work despite a legislative effort to derail the borrowing. Senate Republicans, who hold a majority, on Wednesday approved a bill that would require the State Transportation Commission to notify lawmakers of its intent to issue over $100 million in transportation bonds at least 30 days before authorizing the bonds. The bill, sponsored by Sen. Roger Victory, R-Hudsonville,...