Muni market unphased by California's overdue budget
Source: Fox Business News / Reuters- August 30, 2010
August 2010

Tim Heaney, Municipal Bond Portfolio Manager for SCM Advisors, was quoted in an article on Fox Business News authored by Jim Christie on how the Muni market is reacting to California's ongoing $19 billion budget shortfall.

Quoted from Fox Business News:

...moves to bolster the state's cash position are putting a squeeze on local debt issuers, forcing them into difficult budget decisions until state money arrives, said Tim Heaney, a senior portfolio manager with San Francisco-based independent investment firm SCM Advisors LLC.

"It certainly could impact the level of funding for a variety of issues, particularly school districts," Heaney said. "I think ultimately they'll get their money, but timing could be an issue."

www.foxbusinessnews.com