Far West

Standard & Poor's said in a report Wednesday that California's revised budget would allow for more financial flexibility for schools, generally a "positive credit factor."

Fitch Ratings structured finance analysts warned that current housing prices in certain California markets are unsustainable.

The Securities and Exchange Commission has approved revisions that will tighten the Municipal Securities Rulemaking Board's rule on telemarketing so that it require dealers, among other things, to respect customers "do not call" requests indefinitely rather than for just five years.

Rep. Bill Pascrell, D-N.J., has introduced a bipartisan bill that would allow states ravaged by Hurricane Sandy to issue billions of dollars of private activity bonds outside federal and state volume caps to pay for the rebuilding of docks, commuting facilities, multi-family housing and infrastructure facilities.

California Controller John Chiang issues scathing report on Bell, Calif. but city officials say they are close to clearing up their audits and a $39 million bond default involving Dexia.

Moody's Investors Service has stamped a triple-A rating on Palo Alto's $20 million general obligation sale set for later this month.

A former investment banker at Goldman, Sachs, & Co. has agreed to pay a $100,000 fine and be barred from the securities industry for five years for his involvement in a pay to play scheme involving a Massachusetts gubernatorial candidate.

The Los Angeles County Metropolitan Agency will be seeking approval from its board in June on borrowing totaling $10.2 billion through 2026 to complete the rail transit network.

The Rockefeller Foundation selected eight cities to participate in the RE.Invest Initiative, a national effort to support sustainable infrastructure that includes financial advice on P3 options.

The California Controller's office determined in a review that the successor agency to Riverside's redevelopment agency is not only in current possession of $30.5 million in real property that it is no longer legally entitled to hold, but that it inappropriately transferred another $64.25 million in real property to the city.