Far West

An ruling from a Superior Court judge during a hearing scheduled for Oct. 31 could bring the end to a lawsuit brought by Ontario, California seeking the return of its local airport from the control of Los Angeles.

Moody's Investors Service affirmed an Aa1 rating with a stable outlook on $382 million in outstanding Idaho Bond Bank Authority revenue bonds ahead of plans to price $12.8 million on Nov. 6.

California ranked 48th in the country for its business tax climate in an index released Oct. 28 by the nonpartisan Tax Foundation in which 50 is the worst ranking.

California's Controller, John Chiang, a Democrat will face off against Republican Greg Conlon, a businessman and former California Public Utilities Commission chair, in the race for treasurer to replace the retiring Bill Lockyer.

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.