Far West

Action by Congress to eliminate both the tax exemption for municipal bonds and the state and local tax deduction would cause the loss of $71 billion or 0.35% of total gross domestic product and about 417,000 jobs or 0.28% of total employment over the next decade, two government groups said Thursday.

Municipal borrowers looking to expedite the process to tap the Transportation Infrastructure Finance and Innovation Act program for project loans should bring a thorough financing package to the table and be flexible in negotiating terms, loan recipients offered up as advice Thursday.

An Escondido, Calif. charter school foundation that went into technical default on its bonds in July 2012 has received an improved outlook for its BB-minus rating from Standard & Poor's.

Los Angeles Department of Airports bonds received a healthy reception as the operator of Los Angeles International Airport hits the halfway mark on a $7.2 billion modernization project.

During a board meeting Wednesday, the University of California's new president proposed a tuition freeze for the next academic year in order to keep costs affordable.

Standard & Poor's raised its rating to AAA from AA-plus with a stable outlook on Mesa Water District, Calif.'s subordinate-lien series 2010 revenue certificates of participation.

Issuers can take advantage of the independent municipal advisor exemption in order to get the advice of underwriters and other professionals who would otherwise be unable to offer it, according to a paper the Government Finance Officers Association has published about the Securities and Exchange Commission's final MA registration rule.

Desert Hot Springs, Calif. officials avoided steps that would lead to its second Chapter 9 bankruptcy during a special meeting, but the city hasn't resolved its fiscal crisis yet.

Moody's Investors Service has upgraded the rating on Portland, Ore.-based Legacy Health System's revenue bonds based on improved finances.

American Airlines and US Airways Group Inc. settled an antitrust lawsuit with the U.S. Department of Justice, clearing American's path to exit bankruptcy and repay its municipal bondholders.