The City of Mattoon, Illinois successfully issued $8,715,000 General Obligation Refunding Bonds (Alternate Revenue Source), Series 2014 on June 10, 2014. Located in Coles County, Illinois, the City has a population of approximately 18,500. The 2014 Bonds were issued to refund the City’s outstanding General Obligation Refunding Bonds (Sewerage Alternate Revenue Source), Series 2005A, General […]
The Village of Gilberts, Illinois successfully issued $11.72 million of Special Tax Refunding Bonds on June 24th, 2014. The Bonds were issued for the purpose of advance refunding a portion of the Village’s Series 2005 Special Service Area #15 Special Tax Bonds. The Series 2014 Bonds are secured and payable from the special service area […]
Since the end of last year, the 10-year Treasury has worked its way to 2.66%, down from 3.02% on December 31st. A combination of emerging market unrest – both financial and political – and the seemingly perpetual polar vortex has caused the economy to slow, sending bond yields lower and prices higher. Municipal bonds have […]
Ronald Bernardi was quoted in the 8/13/13 issue of InvestmentNews regarding bond issuances in Michigan, post the Detroit bankruptcy filing. “The bondholders might have to work out some kind of deal in Detroit, but to throw those debt-holders in the same group with the coffee vender doesn’t make sense,” said Ronald Bernardi, a muni bond […]
Ronald Bernardi was quoted in the 7/19/13 issue of InvestmentNews regarding the bankruptcy filing for the City of Detroit. “There are a lot of good credits in the state, and Michigan has traditionally been supportive of bond holders, but Gov. Snyder’s support for this plan has been surprising,” said Ronald Bernardi, a muni bond trader […]
A MIXED MESSAGE FROM THE FED Federal Reserve Chairman Ben Bernanke appeared before the Joint Economic Committee on Wednesday, May 22 and offered this testimony: “For some months, the FOMC has been buying longer-term Treasury securities at a pace of $45 billion per month and agency MBS at a pace of $40 billion per […]
Ronald Bernardi was quoted in the 5/16/13 issue of InvestmentNews regarding bonds issued by the City of Detroit. “For several years, Detroit’s finances have been below average,” said Ronald Bernardi, a municipal bond trader and president of Bernardi Securities, Inc. “In recent years, they’ve been issuing debt just to pay their operating costs. Anyone that is invested […]
STOCKTON’S APRIL FOOLS’ RULING “….and it is apparent to me that the City will not be able to perform its obligations to its citizens relating to such fundamental matters as public safety, as well as other basic governmental services, without the ability to have the muscle of the contract impairing power of federal bankruptcy law. Therefore, […]
LaSalle-Peru Township High School District #120 successfully issued $3,930,000 General Obligation Bonds (ARS), Series 2013 on April 11, 2013. Located in LaSalle County, Illinois, the District encompasses a population of nearly 30,000 people. The bonds were issued for the purpose of financing a state-of-the-art sports complex that would promote academic, artistic, vocational and athletic excellence […]
“Washington, D.C., March 11, 2013-The Securities and Exchange Commission today charged the State of Illinois with securities fraud for misleading municipal bond investors about the state’s approach to funding its pension obligations.”SEC memo headline, 2013-37 click to read “Illinois believed it to be in its best interests to enter into a settlement with the SEC….the […]