Far West

Los Angeles voters rejected a sales tax increase, and sent Wendy Greuel and Eric Garcetti to a May 21 runoff for the mayor's race.

Three Senate Democrats wrote to House Speaker John Boehner, urging him to restore transportation funding cut in pending House legislation.

A California Republican appears to be preparing to reintroduce legislation that would prohibit states from issuing tax-exempt, tax-credit and direct-pay bonds unless they subject their pension plans to federal government oversight and regulation.

The Municipal Securities Rulemaking Board is holding a meeting on March 22 for market participants to discuss changes affecting public pension obligations and other post-retirement benefits, including plan redesigns, differing accounting and valuation methods and legal issues.

The Internal Revenue Service's tax-exempt bond office will process Build America Bond and other direct-pay bond payments manually for a two to three weeks to factor in 8.7% sequestration cuts, but are working to ensure this does not delay the payment process.

The American Association of State Highway and Transportation Officials expressed dismay Monday over a House bill for a continuing resolution to fund the U.S. government.

The Municipal Securities Rulemaking Board wants feedback from the public on the top regulatory and other priorities that it should address in its next fiscal year, which begins Oct. 1.

Moody's Investors Service warned in a report Thursday that a review it anticipates concluding in 90 days could lead to it withdrawing all of its ratings on tax allocation bonds issued by former California redevelopment agencies.

The Internal Revenue Service has closed its audit of $162.53 million of general fee revenue bonds issued by Auburn University, Ala., in 2007 with no change the bonds' tax-exempt status.

Standard & Poor's downgraded San Fernando, Calif. redevelopment agency bonds to junk-level BB-plus from BBB-plus and gave the bonds a negative outlook.