Far West

Market participants are concerned and confused about an aspect of the Municipal Securities Rulemaking Board's proposed municipal advisor core conduct rule that some sources are reading as allowing investment banks to provide advisory services on deals they underwrite.

Moody's Investors Service upgraded the Sacramento Municipal Utility District Financing authority's outstanding bonds ahead of plans to price a $195 million refunding of electric revenue bonds on April 22.

Rising retirement benefit costs are threatening municipal services in California and the problem will worsen short-term, according to a Manhattan Institute report.

A $15.1 billion, 16-year transportation package proposed by Washington State House Democrats includes more than $8 billion of new projects to be funded with an increase in the state gasoline tax and up to $4.3 billion of state general obligation bonds.

The Municipal Securities Rulemaking Board has filed with the Securities and Exchange Commission a proposed rule governing the core conduct of municipal advisors, including their fiduciary duty to put the interests of state and local government clients ahead of their own.

Los Angeles Mayor Eric Garcetti took aim at earthquakes, drought and increased police protection in his State of the City speech Tuesday.

Los Angeles City Councilman Paul Krekorian introduced two motions Tuesday to mandate water recycling and protect the city's trees.

With at least 36 states facing water shortages this year, mayors across the country will be asking residents to make a commitment to conserve water and cut pollution by taking part in a national contest aimed at drastically slashing water and energy use across the nation.

Tax reform proposals to curb tax exemption for municipal securities would create uncertainty in the market, possibly lead to higher borrowing costs, and hurt infrastructure development, issuer and borrower groups warned a Senate Finance Committee working group this week.

Municipalities are getting themselves into trouble by borrowing to cover operating deficits, Federal Reserve Bank of New York president and chief executive officer William Dudley told attendees at a closed-doors workshop Tuesday.