David McCormick, U.S. Senator from Pennsylvania and man who has definitely never thought about Corpus Christi's utility revenue system until very recently, sold somewhere between $100,001 and $250,000 worth of Corpus Christi Texas Utility System Revenue bonds sometime in late May. We know this because the STOCK Act requires disclosure within 45 days, and 31 days is apparently close enough to 45 that we should all feel grateful.
The bonds were yielding 5%, maturing July 2029, which means someone ran a spreadsheet and decided that three more years of predictable municipal utility income was no longer the vibe. Totally normal portfolio rebalancing. Happens to everyone. Nothing to see in the water infrastructure of a major Texas coastal city.
The amount is disclosed as a range, per standard congressional transparency theater, so the actual figure lives somewhere in the $150,000 neighborhood, give or take a utility district.
McCormick's party affiliation was not included in the disclosure data we received, which is fine, because municipal bond trades are famously nonpartisan. Money doesn't care. The chart doesn't care. Corpus Christi's pipes will either need replacing or they won't, and one senator's bond position has been thoughtfully adjusted accordingly.
We're sure it's nothing. We're always sure it's nothing. That's what makes it so interesting.
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