Credit concern is being lost somewhat in pricing munis and traders said they are looking for alternative benchmarks, even turning to corporates and U.S. Treasuries to price the market.

The $40 billion budget for fiscal 2021 authorizes up to $5 billion of borrowing through the Federal Reserve’s Municipal Liquidity Facility.

GFOA considers a minimum baseline level of reserves to be 16%.

With postponing expenditures and the rainy-day fund withdrawal, the state still forecasts a yearend surplus.

Without federal funding, many toll facilities will be forced to comply with bond covenant requirements, which could mean reductions in workforces and delays in capital projects, toll groups said.

The primary supply for the holiday-shortened week is projected to dip to just over $4 billion, with a mix of tax-exempt and taxable issuance led by Colorado’s $500 million of certificates of participation.

Red tape and the need for more funding has slowed the process, according to the NLC.

The Fed says it has more ammunition; experts define what those bullets are.