Far West

The Securities Industry and Financial Markets Association's municipal securities division will honor Kenneth D. Gibbs, president of the Municipal Securities Group of Jefferies LLC, with its 2014 Honor Roll Award at a luncheon Tuesday in New York City.

Thomas Jefferson School of Law in San Diego plans to close on a debt restructuring agreement on Nov. 15 involving a sale-leaseback of its building that reduces $127 million in outstanding debt by two-thirds and resolves a default.

The Securities and Exchange Commission's unprecedented enforcement action against a former municipal official earlier this week in a case involving Allen Park, Mich. should make public leaders aware and cautious, legal experts and issuer officials said Friday.

Government Finance Officers Association officials said it makes sense that draft standards on other post-employment benefit financial reporting are similar to the new standards for pension reporting.

The Fix LA Coalition, an effort spearheaded by labor unions and its allies, wants Los Angeles City Attorney Mike Feuer to file a regulatory complaint against the underwriters involved in 2006 interest rate swaps saying the risks weren't disclosed.

California local streets and roads will continue to deteriorate unless additional funding can be found, according to recent statewide condition report.

Moody's Investors Service has upgraded the rating on Stockton, Calif.'s 2006 lease revenue bonds and its water bonds following the confirmation of the city's bankruptcy exit plan, while affirming a low speculative-grade Ca rating on its pension obligation bonds.

The city of Allen Park, Mich., is preparing to refinance up to $28 million of bonds that were the target of fraud charges and a recent settlement by the Securities and Exchange Commission.

Long-term public municipal issuance volume reached $71.8 billion, down by 13.6% from the previous quarter, but up by 5.2% from a year ago, according to the third-quarter Municipal Credit Report by Securities Industry and Financial Markets Association Thursday.

The San Francisco Metropolitan Transportation Agency's revenue bond rating has been upgraded to Aa2 from Aa3 based on positive financial operations.