Far West

The internal Revenue Service is conducting a targeted audit of Philadelphia's series 2010A water and wastewater revenue refunding bonds, $396.46 million of which were issued.

San Bernardino's pension obligation bond creditors urged the judge in the city's bankruptcy case, now in its third year, to set a March 1 deadline for a plan of adjustment.

An overwhelming majority of Texans seem ready to approve a ballot measure moving $1.7 billion/ year into the state road fund.

Falling oil prices add fiscal pressure to five of the nation's top energy-producing states, according to Moody's Investors Service.

Dealers want the Municipal Securities Rulemaking Board to reduce the cost of compliance and to move quickly to finish the municipal advisor rules, while issuers are unsure they want the MSRB's protection.

At least two issuers recently redeemed or said they are planning to redeem bonds issued to finance detention facilities because of private use. One redemption was required under a settlement between the issuer and the Internal Revenue Service and the other was triggered by provisions in the offering document.

When former California State Senate President pro Tempore Darrell Steinberg's Senate term is up this year, he will join Greenberg Traurig's government practice.

Municipal Securities Rulemaking Board chair Kym Arnone wants the board to finish the municipal advisor rules and take more steps to improve transparency before the end what she says is the hardest job she has ever loved in a nearly 30-year muni career.

The Government of the U.S. Virgin Islands and the Virgin Islands Public Finance Authority filed a lawsuit this week against their former bond counsel and financial advisor, alleging they were negligent when they advised that $219.49 million of bonds issued in 2006 would be tax exempt.

Maryland voters will decide whether to constitutionally prohibit lawmakers from diverting transportation-dedicated tax revenues to other purposes.