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Legal Uncertainty and Municipal Bond Yields: Market Spillovers from Puerto Rico
Legal Uncertainty and Municipal Bond Yields: Market Spillovers from Puerto Rico CHUCK BOYER∗ July 8, 2019 ABSTRACT I explore the effects of legal uncertainty on U.S. municipal bond yields. The legal framework for state government default in the United States is very uncertain, and has very little precedent (no state has defaulted on its debt since the 1930s). I argue that recent events in the Puerto Rican debt crisis may provide information to investors about the potential legal structure for future state government default events. I test whether U.S. state government bond yields react to legal news and decisions relating to the Puerto Rican default crisis. Additionally, I explore cross-sectional differences in these spillover effects. I find that state bond yields do react to events in Puerto Rico. However, I do not find evidence that effects are stronger in states with lower credit quality. This suggests that markets may perceive these events as setting precedent for potential future state default events. Overall my results imply that creating a default framework for U.S. state governments could reduce market uncertainty, and therefore state borrowing costs. ∗University of Chicago Booth School of Business and Department of Economics. [email protected]. I thank Lubos Pastor, Eric Zwick, Amir Sufi and seminar participants at the University of Chicago for their feedback. This research was funded in part by the John and Serena Liew Fellowship Fund at the Fama-Miller Center for Research in Finance, University of Chicago Booth School of Business. I. Introduction Some of the legal precedents potentially being set, whether or not technically bind- ing outside Puerto Rico or the 1st Circuit, erode the expectations and good order of the municipal bond marketplace that finances the activities of states and municipal instrumentalities nationwide. -
The Third Crossing
The Third Crossing A Megaproject in a Megaregion www.thirdcrossing.org Final Report, February 2017 Transportation Planning Studio Department of City and Regional Planning, University of California, Berkeley Acknowledgements The authors would like to acknowledge the Department of City and Regional Planning (DCRP) at the College of Environmental Design (CED) at UC Berkeley, the University of California Transportation Center and Institute of Transportation Studies (ITS), UC Berkeley for support. A special thanks also goes to the helpful feedback from studio instructor Karen Trapenberg Frick and UC Berkeley faculty and researchers including Jesus Barajas and Jason Corburn. We also acknowledge the tremendous support and insights from colleagues at numerous public agencies and non-profit organizations throughout California. A very special thanks goes to David Ory, Michael Reilly, and Fletcher Foti of MTC for their gracious support in running regional travel and land use models, and to Professor Paul Waddell and Sam Blanchard of UrbanSim, Inc. for lending their resources and expertise in land use modeling. We also thank our classmates Joseph Poirier and Lee Reis; as well as David Eifler, Teresa Caldeira, Jennifer Wolch, Robert Cervero, Elizabeth Deakin, Malla Hadley, Leslie Huang and other colleagues at CED; and, Alexandre Bayen, Laura Melendy and Jeanne Marie Acceturo of ITS Berkeley. About Us We are a team of 15 graduate students in City Planning, Transportation Engineering, and Public Health. This project aims to facilitate a conversation about the future of transportation between the East Bay and San Francisco and in the larger Northern California megaregion. We are part of the Department of City and Regional Planning in the UC Berkeley College of Environmental Design, with support from the University of California Transportation Center and The Institute of Transportation Studies at the University of California, Berkeley. -
PUBLIC UTILITIES COMMISSION March 28, 2017 Agenda ID# 15631
STATE OF CALIFORNIA EDMUND G. BROWN JR., Governor PUBLIC UTILITIES COMMISSION 505 VAN NESS AVENUE SAN FRANCISCO, CA 94102 March 28, 2017 Agenda ID# 15631 TO PARTIES TO RESOLUTION ST-203 This is the Resolution of the Safety and Enforcement Division. It will be on the April 27, 2017, Commission Meeting agenda. The Commission may act then, or it may postpone action until later. When the Commission acts on the Resolution, it may adopt all or part of it as written, amend or modify it, or set it aside and prepare its own decision. Only when the Commission acts does the resolution become binding on the parties. Parties may file comments on the Resolution as provided in Article 14 of the Commission’s Rules of Practice and Procedure (Rules), accessible on the Commission’s website at www.cpuc.ca.gov. Pursuant to Rule 14.3, opening comments shall not exceed 15 pages. Late-submitted comments or reply comments will not be considered. An electronic copy of the comments should be submitted to Colleen Sullivan (email: [email protected]). /s/ ELIZAVETA I. MALASHENKO ELIZAVETA I. MALASHENKO, Director Safety and Enforcement Division SUL:vdl Attachment CERTIFICATE OF SERVICE I certify that I have by mail this day served a true copy of Draft Resolution ST-203 on all identified parties in this matter as shown on the attached Service List. Dated March 28, 2017, at San Francisco, California. /s/ VIRGINIA D. LAYA Virginia D. Laya NOTICE Parties should notify the Safety Enforcement Division, California Public Utilities Commission, 505 Van Ness Avenue, San Francisco, CA 94102, of any change of address to ensure that they continue to receive documents. -
ACT BART S Ites by Region.Csv TB1 TB6 TB4 TB2 TB3 TB5 TB7
Services Transit Outreach Materials Distribution Light Rail Station Maintenance and Inspection Photography—Capture Metadata and GPS Marketing Follow-Up Programs Service Locations Dallas, Los Angeles, Minneapolis/Saint Paul San Francisco/Oakland Bay Area Our Customer Service Pledge Our pledge is to organize and act with precision to provide you with excellent customer service. We will do all this with all the joy that comes with the morning sun! “I slept and dreamed that life was joy. I awoke and saw that life was service. I acted and behold, service was joy. “Tagore Email: [email protected] Website: URBANMARKETINGCHANNELS.COM Urban Marketing Channel’s services to businesses and organizations in Atlanta, Dallas, San Francisco, Oakland and the Twin Cities metro areas since 1981 have allowed us to develop a specialty client base providing marketing outreach with a focus on transit systems. Some examples of our services include: • Neighborhood demographic analysis • Tailored response and mailing lists • Community event monitoring • Transit site management of information display cases and kiosks • Transit center rider alerts • Community notification of construction and route changes • On-Site Surveys • Enhance photo and list data with geocoding • Photographic services Visit our website (www.urbanmarketingchannels.com) Contact us at [email protected] 612-239-5391 Bay Area Transit Sites (includes BART and AC Transit.) Prepared by Urban Marketing Channels ACT BART S ites by Region.csv TB1 TB6 TB4 TB2 TB3 TB5 TB7 UnSANtit -
SBC Executivesummfac
CAPITOL CORRIDOR SOUTH BAY CONNECT AUGUST 2020 Purpose Study Area and Project Elements South Bay Connect proposes to relocate the Capitol Corridor passenger rail service between the Oakland N Coliseum and Newark from the Union Pacific Railroad (UP) Niles Subdivision to the Coast Subdivision for a faster, more direct route. It will also create new transbay connections for passengers between the East Bay and Peninsula by connecting to bus and shuttle services at the Ardenwood Station. The project is not proposing an increase in Capitol Corridor service frequency or changes to UP’s freight service, but does not preclude service growth in the future. The relocation will facilitate the separation of passenger and freight rail, resulting in improved rail operations, efficiency, and reliability while minimizing rail congestion within the corridor. Proposed New Station and Railroad Potential Station Area Proposed Capitol Corridor (CC) Service Potential Station Considered and Eliminated Existing CC Service Existing Station CC Service to be Discontinued Station where CC Service Study Area to be Discontinued UP Improvement Area BART Station Benefits Reduce passenger rail travel time between Oakland and San Jose and throughout the larger megaregion to increase ridership on transit, ease congestion on the Bay Area’s stressed roadways, and decrease auto commutes. Diversify and enhance network integration by reducing duplicative capital investments and dif- ferentiating Capitol Corridor’s intercity rail service from commuter rail and other transit services, including BART’s extension to San Jose. Support economic vitality by permitting enhanced rail movement and the preservation of freight rail capacity in the Northern California market through the reduction of existing conflicts between freight rail operations and passenger rail service. -
Draft Plan Bay Area 2050 Air Quality Conformity Analysis
DRAFT AIR QUALITY CONFORMITY AND CONSISTENCY REPORT JULY 2021 PBA2050 COMMISH BOARD DRAFT 06.14.21 Metropolitan Transportation Association of City Representatives Commission Bay Area Governments Susan Adams Alfredo Pedroza, Chair Jesse Arreguín, President Councilmember, City of Rohnert Park Napa County and Cities Mayor, City of Berkeley Nikki Fortunato Bas Nick Josefowitz, Vice Chair Belia Ramos, Vice President Councilmember, City of Oakland San Francisco Mayor's Appointee Supervisor, County of Napa London Breed Margaret Abe-Koga David Rabbitt, Mayor, City and County of San Francisco Cities of Santa Clara County Immediate Past President Tom Butt Supervisor, County of Sonoma Eddie H. Ahn Mayor, City of Richmond San Francisco Bay Conservation Pat Eklund and Development Commission County Representatives Mayor, City of Novato David Canepa Candace Andersen Maya Esparza San Mateo County Supervisor, County of Contra Costa Councilmember, City of San José Cindy Chavez David Canepa Carroll Fife Santa Clara County Supervisor, County of San Mateo Councilmember, City of Oakland Damon Connolly Keith Carson Neysa Fligor Marin County and Cities Supervisor, County of Alameda Mayor, City of Los Altos Carol Dutra-Vernaci Cindy Chavez Leon Garcia Cities of Alameda County Supervisor, County of Santa Clara Mayor, City of American Canyon Dina El-Tawansy Otto Lee Liz Gibbons California State Transportation Agency Supervisor, County of Santa Clara Mayor, City of Campbell (CalSTA) Gordon Mar Giselle Hale Victoria Fleming Supervisor, City and County Vice Mayor, City of Redwood City Sonoma County and Cities of San Francisco Barbara Halliday Dorene M. Giacopini Rafael Mandelman Mayor, City of Hayward U.S. Department of Transportation Supervisor, City and County Rich Hillis Federal D. -
BART to Antioch Extension Title VI Equity Analysis & Public
BART to Antioch Extension Title VI Equity Analysis & Public Participation Report October 2017 Prepared by the Office of Civil Rights San Francisco Bay Area Rapid Transit District Table of Contents I. BART to Antioch Title VI Equity Analysis Executive Summary 1 Section 1: Introduction 7 Section 2: Project Description 8 Section 3: Methodology 20 Section 4: Service Analysis Findings 30 Section 5: Fare Analysis Findings 39 II. Appendices Appendix A: 2017 BART to Antioch Survey Appendix B: Proposed Service Plan Appendix C: BART Ridership Project Analysis Appendix D: C-Line Vehicle Loading Analysis III. BART to Antioch Public Participation Report i ii BART to Antioch Title VI Equity Analysis and Public Participation Report Executive Summary In October 2011, staff completed a Title VI Analysis for Antioch Station (formerly known as Hillcrest Avenue Station). A Title VI/Environmental Justice analysis was conducted on the Pittsburg Center Station on March 19, 2015. Per the Federal Transit Administration (FTA) Title VI Circular (Circular) 4702.1B, Title VI Requirements and Guidelines for Federal Transit Administration Recipients (October 1, 2012), the District is required to conduct a Title VI Service and Fare Equity Analysis (Title VI Equity Analysis) for the Project's proposed service and fare plan six months prior to revenue service. Accordingly, staff completed an updated Title VI Equity Analysis for the BART to Antioch (Project) service and fare plan, which evaluates whether the Project’s proposed service and fare will have a disparate impact on minority populations or a disproportionate burden on low-income populations based on the District’s Disparate Impact and Disproportionate Burden Policy (DI/DB Policy) adopted by the Board on July 11, 2013 and FTA approved Title VI service and fare methodologies. -
Comments of the Securities Industry and Financial Markets Association
sif ma Invested in America October 22, 2012 The Honorable Ben S. Bernanke, Chairman and Jennifer J. Johnson, Secretary Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue, NW Washington, DC 20051 Docket No. R-1442 / RIN 7100 AD-87 The Honorable Martin J. Gruenberg, Acting Chairman and Robert Feldman, Executive Secretary Federal Deposit Insurance Corporation 550 17th Street, NW Washington, DC 20429 FDIC RIN 3064-AD97; Attention: Comments, Federal Deposit Insurance Corporation Mr. Thomas J. Curry, Comptroller of the Currency Office of the Comptroller of the Currency 250 E Street, SW., Mail Stop 2-3 Washington, DC 20219 Docket ID OCC-2012-0010 RIN 1557-AD46 MEMORANDUM TO THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, THE FEDERAL DEPOSIT INSURANCE CORPORATION AND THE OFFICE OF THE COMPTROLLER OF THE CURRENCY (the "Agencies") Re: Question 4: The agencies solicit comments on the proposed CVA capital requirements, including the simple CVA approach and the advanced CVA approach. The Securities Industry and Financial Markets Association ("SIFMA") is pleased to comment on "Regulatory Capital Rules: Advanced Approaches Risk-Based Capital Rule; Market Risk Capital Rule." SIFMA brings together the shared interests of hundreds of securities firms, banks and asset managers. SIFMA's mission is to support a strong financial industry, investor opportunity, capital formation, job creation and economic growth, while building trust and confidence in the financial markets. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit www.sifma.org. -
Introduction
Chapter 1 Introduction 1.1 Introduction This document is a supplemental environmental impact report (SEIR), prepared in compliance with the California Environmental Quality Act (CEQA) (Public Resources Code 21000 et seq.), and the State CEQA Guidelines (California Code of Regulations 15000 et seq.) (referred to herein as CEQA Guidelines). CEQA and the CEQA Guidelines are referred to herein collectively as CEQA. This SEIR is a supplement to the BART Warm Springs Extension Environmental Impact Report that was certified on September 15, 1992. The SEIR is an informational document intended to inform the San Francisco Bay Area Rapid Transit District (BART) Board of Directors, public agencies, and the public about the potentially significant environmental effects that may result from implementation of the BART Warm Springs Extension (WSX) (herein called the Proposed Project). See Section 1.6 for an explanation of the relationship of this SEIR to the EIR certified in 1992. The environmental analysis incorporated herein identifies the environmental impacts of an extension of the BART system in the City of Fremont (Fremont), from its current terminus in central Fremont to the Warm Springs district of Fremont. Once certified, this SEIR will provide the basis for BART to adopt a project. This analysis will support the development of an effective mitigation program for site-specific mitigation of potentially significant environmental impacts, and provide information to interested members of the public and public agencies about modifications to the 1992 Adopted Project and various potential impacts resulting from the modified project. Through the formal public review process, the public and various organizations and agencies will have an opportunity to comment on this document. -
Hayward Transit Routes Map (PDF)
Verdese Carter Rec. Ctr. Snow Bldg. Elmhurst NX3 98 Comm. Prep Hellman Transit Park ELMHURST Holly Elmhurst- 40 NXC Mini- Lyons Field 75 Dunsmuir Information Elmhurst INTERNATIONALPark BLVD 57 Foothill Plaza Square 45 East Bay House & 1 0 6 T H A V M V Gardens Lake Chabot A A Reg’l Parks 9 8 T H A V 45 C H Municipal A 08T BANCROFT AV R 1 Hq Golf Course 98 T H UR Hayward 45 1 0 4 T H A V B NX4 Dunsmuir Ridge LV D 75 Open Space Clubhouse NXC 0 0.5mi Station Durant Stonehurst D Square L V V A D M B Victoria A Park O O O R REVE R E EDE 1 0 5 T H A V B R Park S A Roosevelt V 45 Plgd. Farrelly NX3 0 0.5km Hayward SAN LEANDRO BLVD 1 75 Shefeld 45 Pool Rec. Ctr. San Leandro BART N McCartney 75 Milford Park Park SHEFFIELD Tyrone D U T T O N A V 1 10 75 85 89 Carney 75 Onset A 40 VILLAGE Map Key Park C Park A Chabot L R A E E 1 4 T H S T Park Shuttles NL SL N N D E You Are Here S Vets. W D Siempre R O 75 Mem. G Verde Park O R BART D Bldg. A D 45 City N Willow Park BART Memorial R R CAPISTRANO DR D Hall Bancroft T D L A O Public R Park B C A L L A N A V A K D Root Library Mid. -
2015 Station Profiles
2015 BART Station Profile Study Station Profiles – Non-Home Origins STATION PROFILES – NON-HOME ORIGINS This section contains a summary sheet for selected BART stations, based on data from customers who travel to the station from non-home origins, like work, school, etc. The selected stations listed below have a sample size of at least 200 non-home origin trips: • 12th St. / Oakland City Center • Glen Park • 16th St. Mission • Hayward • 19th St. / Oakland • Lake Merritt • 24th St. Mission • MacArthur • Ashby • Millbrae • Balboa Park • Montgomery St. • Civic Center / UN Plaza • North Berkeley • Coliseum • Oakland International Airport (OAK) • Concord • Powell St. • Daly City • Rockridge • Downtown Berkeley • San Bruno • Dublin / Pleasanton • San Francisco International Airport (SFO) • Embarcadero • San Leandro • Fremont • Walnut Creek • Fruitvale • West Dublin / Pleasanton Maps for these stations are contained in separate PDF files at www.bart.gov/stationprofile. The maps depict non-home origin points of customers who use each station, and the points are color coded by mode of access. The points are weighted to reflect average weekday ridership at the station. For example, an origin point with a weight of seven will appear on the map as seven points, scattered around the actual point of origin. Note that the number of trips may appear underrepresented in cases where multiple trips originate at the same location. The following summary sheets contain basic information about each station’s weekday non-home origin trips, such as: • absolute number of entries and estimated non-home origin entries • access mode share • trip origin types • customer demographics. Additionally, the total number of car and bicycle parking spaces at each station are included for context. -
GUIDE to INDUSTRIAL DEVELOPMENT REVENUE BOND FINANCING and APPLICATION for BOND AUTHORIZATION in the COUNTY of VOLUSIA Approved February 2018
GUIDE TO INDUSTRIAL DEVELOPMENT REVENUE BOND FINANCING AND APPLICATION FOR BOND AUTHORIZATION IN THE COUNTY OF VOLUSIA Approved February 2018 Daytona Beach International Airport 700 Catalina Drive, Suite 200, Daytona Beach, Florida 32114 · 386-248-8048 · 800-554-3801 GUIDE TO INDUSTRIAL DEVELOPMENT REVENUE BOND FINANCING IN THE COUNTY OF VOLUSIA TABLE OF CONTENTS Page 1. Capital Formation 3 2. Industrial Development Revenue Bonds Defined 3 3. Advantages 4 4. Qualifications 5 5. Size Financing 6 6. Sources of Financing 6 7. Issuance Costs 7 8. Inducement and Timing 7 9. Guidelines 8 a. Use of Bond Proceeds b. Financial Structure c. Fees 10. Procedures 9 a. Application b. Application Review c. Bond Counsel and Preparation of Document d. Sale of Bonds e. Disposition of Proceeds of Bond Sale APPLICATION 15 Exhibit A – Fee Schedule 20 Exhibit B – Costs 21 Exhibit C – Process Chart 22 DISCLAIMER The Volusia County Industrial Development Authority reserves the right to adjust its policies and procedures in order to comply with changes to the Federal Tax Code or to applicable Florida Statutes. 2 Volusia County Industrial Development Authority, 700 Catalina Drive, Suite 200, Daytona Beach, FL 32114 Telephone: (386) 248-8048 Fax: (386) 238-4761 www.volusia.org/economicdevelopment Guide to Industrial Development Revenue Bond Financing 1. CAPITAL FORMATION The formation of capital to finance new and expanding industrial and business facilities is one of the most important aspects of a corporate facility planner’s function. An Industrial Development Revenue Bond (IDRB) is a funding alternative that can provide access to long term financing for capital projects at favorable interest rates.