Far West

A San Mateo County civil grand jury called a school district's capital appreciation bonds outstanding a "ticking time bomb."

Jeffrey Beard’s appointment as the California Department of Corrections and Rehabilitation was confirmed Thursday by the state senate.

With an upgraded rating from Standard & Poor's, the largest university system in the country is planning to sell $244 million of revenue bonds on Wednesday.

San Francisco International Airport plans to go ahead with plans to price $483 million in debt next Thursday even as the airport faces an investigation into a crash landing at the airport last weekend that left two dead and five seriously injured.

Moody's Investors Service on Tuesday withdrew the tax allocation bond ratings on four California successor agencies to the state's dissolved redevelopment agencies affecting $71.8 million in debt.

Two bills designed to reform the way California issues school district bonds received a mixed reception in the state legislature: one died in Senate committee last week and the other one appears headed for passage.

California State Controller John Chiang's monthly report on California's cash balance, receipts and disbursements showed total revenues for June equaled $13.1 billion beating the governor's May revision estimate by $1.2 billion or 10.1%.

The American Bar Association's Tax Exempt Financing Committee recommended that the Treasury Department and the Internal Revenue Service issue guidance on the definition of issue price and safe harbors for determining private use of management contracts for bond financed facilities as part of its 2013-2014 priority list.

State debt issuance has remained below average levels even though governments have large infrastructure needs and less ability to pay for projects through pay-as-you-go financing, Standard & Poor's said in a report.

San Francisco International Airport plans to go ahead with plans to price $480 million in debt next Thursday even as the airport faces an investigation into a crash landing at the airport last weekend that left two dead and five seriously injured.