Far West

Bond lawyers and issuers are frustrated that the Securities and Exchange Commission did not specify the disclosure failures that led to its settlement with a California school district on Tuesday. They said it leaves them with no helpful guidance on what kinds of disclosures the SEC is focusing on in its Municipalities Continuing Disclosure Cooperation voluntary enforcement initiative.

California's drought conditions didn't impact Metropolitan Water District of Southern California's bond ratings ahead of its plans to refund $122 million in 2014 water revenue refunding bonds on July 21.

Moody's Investors Service on July 7 downgraded Coachella Valley Unified School District, Calif.'s general obligation bonds to A2 from A1 ahead of plans to refund $30 million on July 24.

A Stockton bankruptcy court hearing provided clarity on collateral involved in the case, and hints about the judge's thoughts about the city's pension liabilities, but decisions on the city's exit plan will wait until October.

The House Ways and Means Committee plans to vote on a bill Thursday that would transfer almost $11 billion to the Highway Trust Fund to keep it solvent through May 31, 2015.

Former Assembly Speaker John A. Pérez has filed a request for a recount of votes in the California primary election for state controller, after preliminary numbers show him coming in third place by a very slim margin.

If approved, a proposal to cap the amount of money California school districts can keep in reserves would have neutral to negative credit implications on districts, according to Standard & Poor's.

Congress must quickly fix the impending insolvency of the Highway Trust Fund without waiting for an executive order, President Obama said.

Moody's Investors Service downgraded Howard University to Baa3 from Baa1 on Thursday.

Academy Securities, a registered broker-dealer and certified disabled veteran business enterprise, has announced a merger agreement with broker-dealer Carolina Capital Markets.