Far West

PHOENIX - Legislation that would raise gasoline and other taxes to fund California transportation infrastructure is a step closer to passage after a committee vote Tuesday, in a sign of life for transportation after the legislature failed to pass a funding bill last session.

Former Securities and Exchange Commission chair Mary Jo White, who oversaw multiple first-of-their-kind enforcement actions in the municipal market, rejoined Debevoise & Plimpton as the firm's senior chair on Wednesday.

Loma Linda University was downgraded to Baa1 by Moody’s Investors Service ahead of plans to price $179 million in revenues bonds next week.

The Glades Correctional Development Corp. in south-central Florida said that it received a preliminary Internal Revenue Service determination that its 2006 bonds violate the private activity use test.

The IRS won't be issuing any rules or significant guidance for a while in the wake of President Trump's regulatory actions.

West Virginia Gov. Jim Justice wants a higher gasoline tax to support up to $2.8 billion of road bonds.

Two corporate executives and lobbyists told treasurers meeting here on Monday that they are hearing positive things about municipal bonds from legislative staffers, but a senior tax staffer from the Senate Finance Committee said tax reform may slip into 2018.

California revenues for January beat projections in the governor's proposed 2017-18 budget by $844.4 million, but year-to-date revenues still missed the mark.

Spending grew faster than revenues in Los Angeles in fiscal 2016 prompting the city controller to warn city leaders to be cautious as they begin the budget process.

Industry, Calif.’s leaders say they have implemented 90% of the reforms needed to fix financial irregularities that cost the city one of its bond ratings.