Far West

A water main break that resulted in the release of an estimated 20 million gallons of water, flooding Westside Los Angeles neighborhoods and the University of California-Los Angeles campus, is reflective of problems cities across the country face as they grapple with aging infrastructures.

The Washington State Housing Finance Commission, which helps fund affordable housing in the state by issuing tax-exempt bonds and offering tax credits, announced that it will help victims of recent wildfires to access emergency housing.

The Securities and Exchange Commission's changes to its disclosure violation self-reporting program are somewhat helpful to issuers but may create further problems in their relationships with underwriters, market participants said.

California's new law that requires municipal issuers to disclose to the California Debt Investment and Advisory Commission their private placements and direct loans from banks is beneficial to investors and analysts, according to Moody's Investors Service.

The California 3rd District Court of Appeal ruled Thursday that the state may resume selling $10 billion in bonds for its $68 billion high speed rail project.

An unfavorable federal ruling on high quality liquid asset status for municipal bonds would sharply curb bank appetite for munis, said economist George Friedlander.

The state of California is planning to sell $2.8 billion of revenue anticipation notes in its lowest cash flow borrowing transaction in eight years.

The Senate keeps transportation dollars flowing with for at least 10 months with last-minute approval of the House's $11 billion highway fund bailout.

Pedro Pierluisi, Puerto Rico's sole non-voting member of Congress, has introduced legislation that would allow the commonwealth's government to authorize certain government-owned corporations to enter Chapter 9 municipal bankruptcy.

A water main break that flooded the University of California-Los Angeles campus in Westwood raises the specter of the need for the Los Angeles Department of Water & Power to ratchet up its capital improvement program.