Far West

The California Housing Finance Agency showed it's possible to buy time, and not just kick the can down the road, when faced with significant financial challenges, according to a Municipal Market Advisors report.

A California appeals court has agreed to fast track review of a lower court's decision that prevents the state from issuing $8.6 billion in bonds for its high-speed rail project.

Seven firms have been ordered to pay a total of $68,500 in fines and $16,088 in restitution for municipal trade, disclosure, pricing and supervisory violations, according to the Financial Industry Regulatory Authority's monthly disciplinary actions released Tuesday.

The benefits of stimulus spending on transportation infrastructure during economic downturns outweigh the initial cost, the Transportation Research Board says.

The Treasury Department resumed sales of state and local government series securities on Tuesday at noon, Eastern Standard Time.

Washington voters failed to approve the majority of school bonds on the state's special election ballot, but some lawmakers are working to lower the voter approval threshold.

Sen. Ron Wyden, the new chair of the Senate Finance Committee, has recently voiced some ideas that would favor the municipal bond market, such as extending bond-related and other expiring tax provisions and reinstating Build America Bonds.

California school and community college districts have $37.5 billion in authorized, but unissued local school bonds, according to a report that could influence if voters see a new state-level school bond measure.

Sen. Ron Wyden, the new chair of the Senate Finance Committee, has recently voiced some ideas that would favor the municipal bond market, such as extending bond-related and other expiring tax provisions and reinstating Build America Bonds. But the Oregon Democrat's past actions, such as sponsoring legislation that would favor tax-credit over tax-exempt bonds, have posed threats to the muni market.

A gradual economic recovery helped the credits of municipal bond issuers in 2013, Fitch Ratings said Wednesday, with the agency reporting that the past year witnessed fewer downgrades and more upgrades than 2012.