Far West

Los Angeles has agreed to return control of LA/Ontario International Airport to an Ontario, Calif.-based local authority.

Using dynamic scoring, the Joint Committee on Taxation has estimated that legislation to extend tax provisions, including several related to bonds and Puerto Rico, would result in only $86.56 billion of revenue losses, compared to its earlier estimated $96.95 billion.

CIVICVentures, an Alaska non-profit, is selling $90 million of tax-exempt refunding bonds next week on behalf of Anchorage.

Tax reform proposals in California are spreading like mushrooms as elected officials and public policy groups discuss changes to income taxes, sales taxes and property taxes.

Sen. Tom Carper, D-Del., wants to almost double current federal gasoline and diesel taxes to raise more revenue for highway funding.

The Senate Appropriations Committee's fiscal 2016 financial services bill would significantly underfund the Securities and Exchange Commission and undermine the Internal Revenue Service's ability to carry out basic functions, Office of Management and Budget director Shaun Donovan warned committee leaders in a letter this week.

The San Diego County Water Authority prevailed in a lawsuit targeting, among other things, the $1 billion Carlsbad desalination plant expected to begin operations later this year.

The Treasury Department and Internal Revenue Service have included two new bond-related projects on their priority guidance plan for 2015-2016.

California leaders marked the final payment on $15 billion in bonds issued in 2004 to close a deficit.

Trading activity in the municipal market for the second quarter of this year was 14% higher than the previous quarter as well as the second quarter last year, with several Puerto Rico bonds among the most traded, according to the Municipal Securities Rulemaking Board.