Far West

A bond restructuring underway by the Southern California Public Power Authority on $371.5 million in natural gas prepayment debt could result in ratings upgrades by two rating agencies if efforts are approved by bondholders.

The National Association of Water Companies is urging the Treasury Department and the Internal Revenue Service to change the remedial actions that must be taken when bonds no longer meet private activity bond restrictions, claiming the current ones deter or burden public-private partnerships.

The Senate Finance Committee's top Republican said Wednesday that Detroit's bankruptcy filing and Chicago's pension problems illustrate the need for legislation he has proposed that would allow state and local governments to turn to move from defined benefit plans to life insurance company annual annuities.

President Obama described a pro-growth tax reform and jobs package during a speech in Chattanooga, Tenn., on Tuesday, but many of the municipal bond-related measures proposed were ones he unveiled earlier.

California is planning to sell $5.5 billion of revenue anticipation notes in its annual cash flow borrowing deal in August.

The Municipal Securities Rulemaking Board on Tuesday named new officers and board members who will assume their posts Oct. 1.

Moody's Investors Service affirmed the Baa3 credit rating of a Lancaster-Calif.-based Antelope Valley Healthcare District that had been placed on review for downgrade.

Moody's Investors Service downgraded Alaska's Airport System revenue bonds due to a slowdown in global air cargo.

The Municipal Securities Rulemaking Board Tuesday announced its officers and Board of Directors members who will begin their terms on October 1, 2013. Daniel Heimowitz, Managing Director at RBC Capital Markets, will serve as Chair of the MSRB. Joseph J. Geraci, Managing Director and Co-Head of Municipal Markets at Citi, will serve as Vice Chair.

For the first time, the SEC has charged an issuer, an underwriter, and one of its officials with falsely claiming in bond documents that the issuer was meeting its secondary market disclosure obligations when it wasn't.