Far West

Placentia, Calif. is financially challenged, but not in immediate danger of declaring bankruptcy, city leaders say.

Convicted bid-rigger David Rubin should pay more than $11,5 million in restitution to 99 municipal victims who have not been compensated for losses they incurred due to "kickbacks" and depressed interest rates resulting from criminal activity, according to U.S. Justice Department filings with a federal court this week.

WASHINGTON – The Municipal Securities Rulemaking Board has decided to propose an explicit best execution rule for dealers in the municipal market, MSRB officials said Tuesday, calling it "a very significant development for the municipal market."

Washington state representative Hans Zeiger has introduced a bipartisan proposal to pilot social impact bonds in the state starting in 2016.

Public finance attorney Bryan Victor, who has worked on a number of transactions for California, has been named partner at Orrick, Herrington & Sutcliffe LLP.

The growth of shipping fleets is outstripping demand, leading Moody's Investors Service analysts to slap a negative outlook on U.S. ports for the next 18 months.

Los Angeles city officials said they have found the right person in Anaheim City Manager Marcie Edwards to replace departing Los Angeles Department of Water and Power general manager Ron Nichols.

Dealer groups told issuer officials Jan. 30 that they have many unanswered questions under the Securities and Exchange Commission's registration rule, as broker-dealers work to keep municipalities informed about their efforts to comply with the rule before its July 1 effective date.

Outgoing Los Angeles Department of Water and Power chief Ron Nichols garnered buy-in for rate increases needed to fund an $8.9 billion capital improvement plan, leaving tough shoes for a successor to fill.

Stifel Financial Corp., the parent company of Stifel, Nicolaus & Co., acquired public finance banking boutique De La Rosa & Co. The deal may catapult Stifel into a top-10 underwriting position in municipal bonds.