California legislators met the letter of the law in passing the budget by Monday's deadline, but the state is a long way from a final spending plan.
The $3 trillion plan doesn't allow advance refundings or reinstate Build America Bonds
While their regions, sizes and funding streams vary, several mass transit systems underscored the dire need for additional federal funding.
More issuers are missing bond payments and deadlines for filing annual financials; the Roman Catholic Church of the Archdiocese of New Orleans filed for bankruptcy partially blaming COVID-19, affecting $41 million of bonds.