Far West

After three years of negotiations, the Los Angeles Department of Water and Power is seeking final approval to sell its 21.2% stake in the coal-fired Navajo Generating Station in Page, Ariz., to the Salt River Project.

The Financial Industry Regulatory Authority fined a dealer firm and fined and suspended an individual for violations of Municipal Securities Rulemaking Board rules, FINRA revealed in its monthly disciplinary report for May.

The closure of the Treasury SLGS window has added a degree of difficulty to some refunding deals.

The Orange County Water District board voted to approve a water reliability agreement term sheet with Poseidon Water, developer of a desalination plant.

Allyson Belsome is returning next week to her position as senior manager for field operations in the Internal Revenue Service's tax exempt bond office, according to the IRS.

California Gov. Jerry Brown's new budget proposal offers a state earned income tax credit, a large increase in K-12 education spending, and a big deposit in the state rainy day fund.

The economic decisions municipal governments are making right now could serve as a good guide to how they might behave under fiscal stress, Public Financial Management managing director Michael Nadol told muni analysts Friday.

California charter school chain Magnolia Public Schools will rekindle its growth plans after settling a lawsuit against the Los Angeles Unified School District, which had tried to shut down Magnolia’s schools there.

Any well-publicized enforcement action over whether bank loans should be treated as securities would certainly provide some guidance on this issue, Municipal Securities Rulemaking Board executive director Lynnette Kelly told muni analysts meeting here.

Standard & Poor’s revised its outlook to negative from stable on Partnerships to Uplift Communities Project Schools, Calif.’s BB-plus rated charter school revenue bonds.