BENCHMARK STATES 10-YEAR...priority, and also continue providing essential services for the...
Transcript of BENCHMARK STATES 10-YEAR...priority, and also continue providing essential services for the...
Wednesday
June 8, 2016
www.bloombergbriefs.com
Bloomberg AAA Benchmark Yields
DESCRIPTION CURRENT PREVIOUS NET CHANGE
BVAL Muni Benchmark 1T 0.59 0.60 -0.01
BVAL Muni Benchmark 2T 0.72 0.73 -0.01
BVAL Muni Benchmark 3T 0.83 0.85 -0.02
BVAL Muni Benchmark 4T 0.95 0.97 -0.02
BVAL Muni Benchmark 5T 1.06 1.07 -0.01
BVAL Muni Benchmark 6T 1.17 1.18 -0.01
BVAL Muni Benchmark 7T 1.27 1.28 -0.01
BVAL Muni Benchmark 8T 1.38 1.38 -0.01
BVAL Muni Benchmark 9T 1.48 1.49 -0.01
BVAL Muni Benchmark 10T 1.59 1.60 -0.01
BVAL Muni Benchmark 20T 2.17 2.19 -0.02
BVAL Muni Benchmark 30T 2.44 2.46 -0.02Source: GBY<GO>, GC I493 <GO>
Puerto Rico Insurers Seek Talks to Avert Next DefaultBY MICHELLE KASKE, BLOOMBERG NEWS
Puerto Rico’s bond insurers are urging the commonwealth to negotiate with creditors as speculation increases that the island will default July 1 for the first time on its general-obligation debt.
While commonwealth officials, investors and bond-insurers have been negotiating for months on how to reduce Puerto Rico’s $70 billion of debt, specific talks over addressing next month’s general-obligation payment have yet to occur, , Nader Tavakolipresident and chief executive officer at Ambac Financial Group Inc., said during a Debtwire conference yesterday in Manhattan. Such discussions could allow Puerto Rico to avoid lawsuits, put off some of the payment, or restructure debt before next month’s deadline.
“There really have been no good-faith discussions,” Tavakoli said. He said avoiding a default will be “an uphill climb.”
Governor has said the island is unable to repay $805 Alejandro Garcia Padillamillion of principal and interest due July 1 on the securities, which have the highest legal priority, and also continue providing essential services for the island’s 3.5 million residents. Those payments are part of $2 billion owed by Puerto Rico and its agencies next month.
The default could become the biggest yet for the Caribbean island, which began skipping payments in August on some bonds with the weakest legal protections. The anticipated lapse comes as Congress is advancing legislation aimed at resolving Puerto Rico’s fiscal crisis by giving a federal control board power to oversee the government’s budget and a potential restructuring of its debt.
The lack of communication with creditors, out-of-date financials and a local debt-moratorium law that allows the governor to temporarily suspend principal and interest on commonwealth debt ignores the rights of investors, , president Dominic J. Fredericoand chief executive officer at Assured Guaranty Ltd., said during the conference.
“I’ve never seen behavior at this level with the treatment of creditor rights,” Frederico told a packed room of about 150 participants. “The current behavior will really impact the ability to access the market for a hell of a lot longer than five years.”
STATE YIELD SPREAD TO AAA CHANGE
CA 1.84 25 -0.01
FL 1.77 17 -0.02
IL 3.42 182 -0.02
NY 1.66 6 -0.02
PA 2.32 72 -0.02
TX 1.86 26 -0.02
MUNICIPALITY AMOUNT
Massachusetts $500 million GO
Stanford University CA $173 million Rev
Cook County IL $300 million GO
Frederick County MD $125 million GO
Illinois $550 million RevSource: Bloomberg CDRA <GO>
AMOUNT OUTSTANDING
($MLNS)
MATURING NEXT 30
DAYS ($MLNS)
ANNOUNCED CALLS NEXT 30 DAYS ($MLNS)
3,578,750 34,245 13,521Source: MBM<GO>
BENCHMARK STATES 10-YEAR
PRIMARY FIXED RATE
30-Day Supply Fixed: $18 Bln (LT)30-Day Supply Fixed: $1.2 Bln (ST)Sold YTD Fixed: $132.9 Bln (Neg LT)Sold YTD Fixed: $41.1 Bln (Comp LT)Sold YTD Fixed: $8.5 Bln (ST)
SECONDARY MARKET
MSRB: $10.2 BlnPICK: $15.6 Bln
VARIABLE RATE
SIFMA Muni Swap Rate: 0.39%Bloomberg Weekly AAA Rate: 0.391% Bloomberg Weekly AA Rate: 0.409% Daily Reset Inventory: $1.1 Bln Weekly Reset Inventory: $1 Bln
IN THE PIPELINE
SIZE OF MARKET
CREDIT CLOSE-UP
June 8, 2016 Bloomberg Brief Municipal Market 2
CREDIT CLOSE-UPPuerto Rico Governor Candidate Favors Debt Talks to Court Fight BY MICHELLE KASKE, BLOOMBERG NEWS
Puerto Rico should avoid a potentially prolonged legal battle with bondholders by negotiating a reduction to its $70 billion debt, said New Progressive Party gubernatorial candidate Ricardo ‘Ricky’
who criticized the current Rossello,administration’s push to use the courts if such talks fail.
In an interview in Manhattan, Rossello said the Puerto Rico Electric Power Authority’s December deal with creditors — under which bondholders consented to a 15 percent loss — is a model for how the U.S. territory can reduce what it owes. Governor Alejandro Garcia
a member of the opposing Padilla,political party, has advocated for such a voluntary reduction, though he has pushed for power to cut the debt in court to put pressure on creditors.
“Puerto Rico doesn’t win in a default and creditors don’t win in a default,” Rossello, a political commentator, said after speaking at yesterday's Debtwire conference. “There’s space for renegotiation of the terms, but it should be a good-faith renegotiation of the terms.”
The Caribbean island is advancing toward what may be its most consequential default yet as $2 billion of debt payments come due on July 1, including $805 million on general obligations, which its constitution states must be repaid before other bills. Garcia Padilla, who isn’t running for re-election and will leave office in January, has said the island doesn’t have the money to make that payment in full.
During a panel discussion at the conference, Rossello said the commonwealth’s debt “can be paid.” Afterward, he clarified to say the government should work on a “reasonable” payment plan once there’s a clearer picture of its finances. Garcia Padilla’s administration has yet to file audited statements for the fiscal year that ended June 30, 2014.
“On the basis of that reality, we can then push forward to see how we can do a reasonable payment schedule, potential haircuts and so forth,” Rossello said.
The current administration has made little headway toward that goal over the
past year, and the path to resolving the crisis may already be set by the time the next governor is sworn in. The U.S. House of Representatives may vote as soon as this week on a bill, called Promesa, to create a federal control board that would oversee the commonwealth’s budgets and manage any debt restructurings.
Rossello, who will face David Bernierof the governor’s Popular Democratic Party in November, has spoken out against the federal legislation because it doesn’t provide a path to statehood and allows the control board to force a restructuring in court if needed. He’s criticized the administration’s attempts to work with creditors while lobbying for such power in Congress. Garcia Padilla also enacted a law that would extend bankruptcy-like protections to some commonwealth agencies, whose fate now rests with the U.S. Supreme Court.
“You can’t sit down with creditors in the morning and say you want better terms and then take a flight to Washington in the afternoon and ask for instruments to not pay,” Rossello said during yesterday's panel discussion, which brought a loud applause from the nearly 150 conference participants.
Garcia Padilla’s view on repaying debt changed during his tenure. When he took office in January 2013, Garcia Padilla
pledged full and timely repayment. After the commonwealth was shut out of the capital markets following years of economic contraction, Garcia Padilla in June 2015 said the commonwealth couldn’t repay all it had borrowed to pay its bills.
Puerto Rico bond prices have since tumbled. General obligations with an 8 percent coupon and maturing 2035 changed hands yesterday at an average price of 65.5 cents on the dollar, down from 93 cents when the bonds were first sold in 2014, data compiled by Bloomberg data show. The average yield yesterday was 12.9 percent.
Rossello’s party wants Puerto Rico to become a U.S. state while the PDP prefers to keep the island’s current status. His opponent, Bernier, also opposes the Promesa bill because the control board would take powers away from the governor and the island’s legislature.
Rossello proposes cutting spending by gradually reducing the number of island agencies to about 35 from 119. He doesn't support laying off public employees to reduce the commonwealth's payroll. Instead, workers in departments or agencies with too many employees would be moved to other government jobs, he said.
Puerto Rico's $2 Billion July 1 Deadline
Nine borrowers owe millions to investors on July 1.
June 8, 2016 Bloomberg Brief Municipal Market 3
RESULTS OF SALES
June 8, 2016 Bloomberg Brief Municipal Market 4
Long-Term Bond Sales Results
SELLING DATE
ISSUE STATE RATING TAXAMT
($Mlns)1 YEAR 5 YEAR 10 YEAR 20 YEAR STATUS TYPE
SENIOR MANAGER
ENHANCEMENT
06/06New York Transp Dev Corp
NY /BB-/BBe A 844.215.000/1.850
5.000/2.900
5.000/3.300
Repriced NegtCitigroup Global Mkts Inc
06/06 Columbia Dis -A DCAa1/AA
/AAN 431.82
5.000/1.160
5.000/1.810
4.000/2.730
Repriced NegtJP Morgan Securities Llc
06/06Pima Co Swr Sys Rfndg
AZ /AA/AA- N 211.605.000/1.230
5.000/1.830
Final NegtRBC Capital Markets Llc
06/06Clarksville Wtr Swr Gas
TNAa2e//AA-e
N 90.862.000/0.630
5.000/1.170
5.000/1.790
5.000/2.370
Repriced NegtMorgan Stanley & Co Llc
06/06Univ Of Nc Wilmington-Ref
NC A1e// N 57.284.000/1.310
3.000/2.030
3.000/3.060
Repriced NegtRaymond James & Assocs
06/06 Lansing Sd -I MI /AA- / N 55.613.000/0.760
5.000/1.420
5.000/2.120
5.000/2.850
Final NegtStifel Nicolaus & Co Inc
Q-SBLF
06/0710:30
Maine St -B ME Aa2/AA/ N 59.685.000/1.120
5.000/1.720
Awarded CompRaymond James & Assocs
06/0710:30
Bryan Isd TX/AAA /AAA
N 42.133.000/0.650
4.000/1.200
4.000/1.830
3.500/2.910
Awarded CompMorgan Stanley & Co Llc
PSF-GTD
06/0710:45
Prince George'S Co -A
MDAaa/AAA
/AAAN 115.80
5.000/0.660
5.000/1.150
4.000/1.730
4.000/2.410
Awarded CompBank Of America Merrill Lynch
06/0711:00
Prince George'S Co-B -Ref
MDAaa/AAA
/AAAN 58.35
4.000/1.160
4.000/1.740
Awarded CompBank Of America Merrill Lynch
*Moody's/S&P/Fitch
Most Active Bonds
DESCRIPTION STATE DATED COUPON MATURITY VOLUME PRICED AVERAGE YIELD AVERAGE NO. OF TRADES
Puerto Rico-A PR 03/17/14 8.000 07/01/35 52,820,000 65.185 12.965 21
L A Wtr/Pwr-Var-A-3 CA 08/22/02 N.A. 07/01/35 36,000,000 100.000 0.000 10
Golden Tob Cab-1St-B CA 03/14/07 0.000 06/01/47 31,150,000 10.250 7.491 13
Univ Of Mi-Var-B MI 03/01/12 N.A. 04/01/42 30,400,000 100.000 0.000 8
Ca Var-B3-Kindergarte CA 10/21/04 N.A. 05/01/34 29,700,000 100.000 0.000 6
Ca Var-A1-Kindergarte CA 10/21/04 N.A. 05/01/34 28,050,000 100.000 N.A. 7
Ca Hlth-C-St Joseph CA 07/14/11 N.A. 07/01/41 26,985,000 100.000 N.A. 7
Pr S/Tax-Cabs-A PR 07/31/07 0.000 08/01/54 25,000,000 8.284 6.638 5
Fl Hurricane-Ser A FL 04/23/13 1.298 07/01/16 24,755,000 100.034 0.738 7
Ms Bus Fin-Var-E-Chev MS 12/19/07 N.A. 12/01/30 24,000,000 100.000 N.A. 6
Met Trn Auth NY 02/11/10 6.648 11/15/39 20,375,000 138.837 3.685 11
Dallas Ft Worth Arpt TX 09/01/09 5.000 11/01/16 20,165,000 101.714 0.571 8
Buckeye Tob Asset-A-2 OH 10/29/07 5.875 06/01/47 20,085,000 97.564 6.050 7
L A Wtr/Pwr-Var-B6 CA 06/07/01 N.A. 07/01/34 20,000,000 100.000 0.000 4
Univ Nc Hosp Var-B NC 01/31/01 N.A. 02/15/31 20,000,000 100.000 N.A. 4
Nyc Hlth-Var-C NY 09/04/08 N.A. 02/15/31 19,000,000 100.000 0.000 4
Harris Hlth-A1-Rf-Met TX 04/10/08 N.A. 12/01/41 18,800,000 100.000 N.A. 5
L A Wtr/Pwr-Var-A-2 CA 08/22/02 N.A. 07/01/35 18,400,000 100.000 N.A. 4
Nyc Muni Wtr-Aa6-Adj NY 09/17/13 N.A. 06/15/48 17,800,000 100.000 N.A. 5
Nyc Muni Wtr Fin-B NY 10/27/05 N.A. 06/15/32 17,000,000 100.000 N.A. 4
RESULTS OF SALES
TRADING
ACCORDING TO
June 8, 2016 Bloomberg Brief Municipal Market 5
Popular Municipal Securities on Bloomberg
POPULARITY DESCRIPTION STATE COUPON MATURITYAMOUNT OUTSTANDING
($MLNS)BLOOMBERG MARKET
SECTORCALL
PROVISIONSDATED DATE
FEDERAL TAX
1 Puerto Rico-A PR 8 07/01/35 3,500 General Obligation Call/Sink 03/17/14 Exempt
2 Harris Co-Sub TX 5 08/15/29 19 General Obligation Callable 08/14/12 Exempt
3 IL St Txb-Pension IL 5.1 06/01/33 7,650 General Obligation Sinkable 06/12/03 Taxable
4New York Transprtn-A
NY 5 07/01/46 556 Airport Call/Sink 06/01/16 AMT
5New York Transprtn-A
NY 5.25 01/01/50 633 Airport Call/Sink 06/01/16 AMT
6New York Transprtn-A
NY 4 01/01/51 213 Airport Call/Sink 06/01/16 AMT
7 PR-Ref-A PR 5 07/01/41 633 General Obligation Call/Sink 04/03/12 Exempt
8NY Liberty Dev Corp-1
NY 5 11/15/44 1,080 Economic DevelopmentCall/Sink/MW
Call11/20/14 Exempt
9 Black Belt Gas Dt-A AL 4 07/01/46 523 Gas Forward Contract Call/Put 05/24/16 Exempt
10 CA Txb-Var Purp CA 7.55 04/01/39 3,000 General Obligation MW Callable 04/28/09 Taxable
11Golden Tob Cab-1St-B
CA 0 06/01/47 2,818 Tobacco Settlement Callable 03/14/07 Exempt
12Buckeye Tob Asset-A-2
OH 5.875 06/01/47 1,384 Tobacco Settlement Call/Sink 10/29/07 Exempt
Source: SECF<GO>
ACCORDING TO
Michigan lawmakers are closer to extending a financial rescue to Detroit’s public schools, which risk running out of money later this month as the district struggles with the same population decline that contributed to the city’s record municipal bankruptcy.
The state Senate may vote on a package that would split the district and provide about $617 million to shore up the schools, with about $467 million going to pay off operating deficits in the old district and $150 million for start-up costs and cash flow for the new entity. The House passed the plan last week.
While Detroit pulled out of bankruptcy in 2014, the school system is still grappling with insolvency. Its revenue has slumped as enrollment plunged 65 percent since 2006. The Senate and House passed their own plans respectively in March and May to rescue the schools, but if the legislature doesn’t compromise, the deteriorating finances of Detroit’s schools
Detroit Schools' Rescue may force a bankruptcy filing, according to Moody’s.
The $50 million of emergency aid that lawmakers approved in April may run out at the end of the month, and the district may not be able to pay workers.
The schools are operating under an emergency program for distressed local governments.
— Elizabeth Campbell and Darrell Preston,
Bloomberg News
A tribal startup that planned to address winter fuel shortages in remote Native American reservations on the Great Plains has canceled plans to sell $22 million of bonds to launch the venture, according to the agency hired to handle the deal.
“Once we received more info about the transaction, we felt it was too risky to move forward,” said , Scott Carperprogram manager for the Madison,
Propane Startup Cancels
Wisconsin-based Public Finance Authority, in an e-mail. The agency “will not be approving or issuing these bonds. The project has been withdrawn.”
The venture, to be managed by Dallas-based Highland Park Management LLC , aimed to buy propane when prices are low, store it and truck it into reservations when needed. Revenue from those sales would repay the debt. Moody’s rated the bonds Caa2, eight steps into junk, in part because only three tribes had signed onto the agreement. The rank was the lowest Moody’s had given any bond issue in at least six years.
Gabe Doney, executive director of Tribal Infrastructure Development Cooperative, a Valentine, Nebraska, supplier of products and services to American Indians that was working with Highland Park Management to arrange the transaction, declined to comment. No one answered the phone at Highland Park Management’s phone number.
— Darrell Preston, Bloomberg News
POPULAR
DIARY
June 8, 2016 Bloomberg Brief Municipal Market 6
DIARYIllinois Plans $550M Bond Sale Next Week Sans BudgetBY ELIZABETH CAMPBELL AND BRIAN CHAPPATTA, BLOOMBERG NEWS
Illinois plans to borrow as much as $550 million next week for capital projects, even as the nation’s worst-rated state is poised to enter its second straight year without a budget.
Bond documents filed late Monday show officials want to sell the general-obligation debt on June 16, the state’s first sale since January. While Illinois is current on all general obligation and Build Illinois bond debt service payments, the state has $7.2 billion of unpaid bills. Republican Governor and Bruce Raunerthe Democrat-led legislature have failed to agree on a spending plan for the fiscal year that started July 1, 2015.
“The legislature and the governor will continue to meet in June to discuss authorizing some level of appropriations, but the amounts and timing are not known at this time,” Rauner’s budget Tim Nuding,director, said during an online investor presentation that accompanied the documents . “It is expected that any appropriations, if enacted, would authorize partial spending for part of the fiscal year.”
While the securities aren’t yet rated, Moody’s Investors Service ranks Illinois Baa1, three levels above junk, and S&P Global Ratings has the state one step higher at A-. Both have a negative outlook on Illinois.
Investors are already punishing the state for its record budget impasse, asking for an additional 1.8 percentage points to hold 10-year securities, the most of any of the 20 states tracked by Bloomberg.
American Airlines, the world’s largest carrier, refinanced $844 million of debt issued for its terminal at New York’s John F. Kennedy International Airport at yields that were as much as one-quarter percentage point lower than those initially offered.
A $354 million series of the junk-rated bonds maturing in 15 years and callable in 2021 was priced yesterday to yield 3.5 percent, or 25 basis points less than the pre-marketing scale sent to prospective investors Monday. Top-rated bonds maturing in 2021 yield 1.08 percent. S&P Global Ratings Inc. rates the debt BB-, three steps below investment grade, based on American’s corporate credit rating. Fitch Ratings gives the bonds a BB rating.
Citigroup Inc. managed the sale, which is refinancing bonds sold in 2002 and 2005 to fund the construction of its terminal at JFK. American opened the 36-gate terminal in 2007.
— Martin Z. Braun, Bloomberg News
American Airlines Lowers Yields on JFK Airport Debt
FOCUS: PUERTO RICO BILL
Investors Demand More Yield
June 8, 2016 Bloomberg Brief Municipal Market 7
FOCUS: PUERTO RICO BILLThe Puerto Rico Bill’s Eye-Catching Clause: Gifts for the Board BY SALEHA MOHSIN, BLOOMBERG NEWS
Hedge funds with billions of dollars at stake in Puerto Rico may be salivating over page 24, line 18 of legislation Congress will consider this week to address the island’s debt crisis.
U.S. House leaders and Treasury officials jockeying to create a passable bill to pull Puerto Rico out of debt included a provision that has some experts scratching their heads: The board overseeing the restructuring can accept gifts.
The legislation would create a seven-member board to manage the finances of the island struggling under $70 billion of debt. The panel, a central component of the bill, would have the power to ask a judge to order a forced restructuring if the commonwealth’s government can’t reach a deal with bondholders. It can also enforce balanced budgets for Puerto Rico’s government and recommend the sale of public assets if needed.
While members will not be paid, the measure allows the board to “accept, use, and dispose of gifts, bequests, or devises of services or property, both real and personal, for the purpose of aiding or facilitating” its work. Members will be required to disclose their own financial interests, and any gifts the committee receives must be publicly disclosed within 30 days of receipt.
Such language is not uncommon for new entities needing money for things like office space, and there are provisions intended to avoid conflicts of interest. Still, as the board brokers a deal affecting millions of Puerto Ricans, the gift clause is a worrying element of a bill some deep-pocketed creditors are fighting against, said , a Simon JohnsonMassachusetts Institute of Technology professor and former chief economist at the International Monetary Fund.
“The investor base is assertive and is spending a lot of money,” said Johnson, who was a witness in February for a congressional hearing on the debt crisis. “It would be terrible if there were any appearance of improper behavior. That would be catastrophic for the entire approach.”
The bill may reach the House floor for a vote later this week, ahead of a key
deadline. Puerto Rico and its agencies owe $2 billion on July 1, including $805 million for general obligations, which Governor has Alejandro Garcia Padillasaid the island cannot pay in full. Failure to pay might send some bondholders racing to the court house, a situation the Treasury is trying to avoid.
Once passed, the legislation would install a stay of litigation on all creditors until February 2017, providing time to get the board running.
The measure allows the board to “accept, use, and dispose of gifts, bequests, or
devises of services or property, both real
and personal, for the purpose of aiding or facilitating” its work.
Lawmakers have spent months trying to hammer out a deal to avoid a deepercrisis in Puerto Rico. Congress earlier this year faced an aggressive multi-million dollar ad campaign, labeling any effort as a taxpayer bailout, by the Center for Individual Freedom, which doesn’t disclose its donors, Politico reported in April.
A group called Main Street Bondholders is lobbying on behalf of creditors holding Puerto Rican bonds.
The legislation “includes vague language” and “looks like more crony capitalism from Washington, not a ‘conservative solution,”’ said Gerry
a spokesman for The 60 Plus Scimeca, Association, which has organized creditors under Main Street Bondholders and bought advertisements to spread its views.
Funding for the board is left to the heavily indebted Puerto Rican government, which “shall designate a dedicated funding source,” and will not be subject to legislative appropriations, according to the bill. Some earlier individual proposals from the Senate had suggested federal funding, according to
spokesman for the Parish Braden,House Natural Resources committee led by Representative of Utah.Rob Bishop
“There are political realities and practicalities in terms of being able to move this bill,” Braden said. “The reason for the provision in this case is so that funding will be available for the oversight board to fulfill its purpose in the event there is any uncertainty over the government of Puerto Rico providing sufficient funding.”
The makeup of the board and who would choose members were sticking points between House Republicans and the Obama administration, according to a Democratic staffer familiar with negotiations who spoke on condition of anonymity. The White House was concerned about creating a precedent breaching a constitutional requirement allowing the president to appoint board members, according to the person.
The compromise struck envisions the president selecting the board members from a list provided by top members of Congress, or he can make his own picks who would have to undergo Senate confirmation.
White House spokeswoman Jennifer responded to questions on Friedman
Friday by saying that “discussions are still ongoing” regarding the board and that it needs to be “up and running” as soon as possible.
The U.S. has previously set up a federally created control board with the same provision. That was to fix the District of Columbia’s overwrought finances in the 1990s. It never received any gifts since operating expenses were covered by congressional appropriations, according to who works Daniel Rezneck,for the attorney general in Washington. He served as general counsel for the city's control board.
TWEET OF THE DAY BY JOE MYSAK, BLOOMBERG BRIEF
June 8, 2016 Bloomberg Brief Municipal Market 8
Find Muni Data on the Bloomberg Terminal
DATA FREQUENCY ON THE TERMINAL
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Week-Ahead Calendar Every Monday CDRA <GO>
Supply and Demand Every Friday SPLY <GO>, BVMB <GO>
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TWEET OF THE DAY BY JOE MYSAK, BLOOMBERG BRIEF
Pennsylvania Schools Plan Tax Increase
PASBO@pasbo_org
For Pa. schools, layoffs and tax hikes loom post-gazette.com/news/state
via /201… @PittsburghPGDetails
The Pennsylvania Association of School Business Officials tweets a link to a Pittsburgh Post-Gazette story about a PASBO/Pennsylvania Association of School Administrators' survey showing that 60 percent of the state's school districts plan to raise property taxes, and about a third expect to reduce staff next year.
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