Far West

In a precedent-setting decision that could have major ramifications for issuers, the Internal Revenue Service has ruled a Florida Community Development District is not a political subdivision that can issue tax-exempt bonds.

Critical funding measures on the ballot in the struggling California cities of Fresno and Hercules hung in the balance Tuesday before voters – one appears to have passed, another's fate is too close to call.

Securities and Exchange Commission members on Wednesday unanimously agreed to propose reforms for money market funds, which muni market participants greeted with mixed reaction.

Panelists at a conference here on Monday warned issuer officials to be wary of dealer contracts that might violate municipal securities rules and to make sure they are using properly registered municipal advisors.

California Treasurer Bill Lockyer, who oversees some of the largest muncipal bond sales in the country, said he will retire from elected office at the end of his term in 2015.

Moody's Investors Service said a court ruling that allows California to cut its Medi-Cal program is a negative for the credit ratings of hospitals, and positive for the state's fiscal flexibility.

The California Health Facilities Financing Authority, a conduit issuer, last week approved an $850 million bond issuance for St. Joseph Health System, according to a spokesman.

Issuer officials expressed trepidation Saturday about upcoming Securities and Exchange Commission rulemaking and the prospects of SEC bringing more disclosure-based enforcement cases against them.

Reneé Webster-Hawkins was selected to be the new executive director of the California Pollution Control Financing Authority, said California Treasurer Bill Lockyer.

U.S. toll roads are maintaining high investment-grade ratings, despite the slow economic recovery, Fitch Ratings said Thursday, releasing its first annual review of the toll roads it rates.