Far West

Public pension plans should not be funded with instruments that bear risk or delay cash funding such as pension obligation bonds, a panel commissioned by the Society of Actuaries warned in a report released Monday

The Securities and Exchange Commission has approved a new rule that will require underwriters of 529 college savings plans to submit more in-depth financial information to the Municipal Securities Rulemaking Board twice a year.

California's Department of Water Resources is planning to sell $165 million of water revenue bonds to finance construction on a water system and to refund outstanding debt.

Federal Railroad Administration gave California's bullet train authority another 90 days to come up with $180 million of state match for federal spending.

The Idaho Bond Bank Authority priced the largest competitive bond sale in its history and won good interest rates after healthy bidding, said advisor Cameron Arial of Zions Bank Public Finance.

Local and national transportation officials gathered in Los Angeles Thursday to sign a grant agreement directing $670 million in federal funds to a $1.4 billion project to connect light rail lines now 1.9 miles apart on the opposite ends of downtown Los Angeles.

The National Federation of Municipal Analysts will ramp up its education efforts on disclosure this year by publishing guidance on general obligation bonds and new issue disclosure, NFMA chair Susan Dushock said.

If bankrupt Stockton and San Bernardino, Calif. fail to modify their pension liabilities, they could end up like Vallejo, which did not change those liabilities and now risks of a second bankruptcy, said Moody's.

El Rancho Unified School District lost its A-plus rating from Fitch, which cited concerns over financial projections, one month after the Los Angeles County Office of Education appointed a fiscal advisor to the school board. Such an appointment is often a first step before the state takes over a troubled school district.

Standard & Poor's has downgraded the ratings on Northern Inyo Local County Hospital District's revenue bonds to junk.