Far West

U.S. attorneys asked a federal judge Monday to order former executives of a General Electric Co. affiliate to pay $6.9 million in restitution to municipal bond issuers for rigging bids on municipal bond reinvestment contracts.

The mere threat of including a 28% cap on the value of municipal tax exemption in a fiscal cliff deal has already caused munis to be more expensive for issuers and, if adopted, will fundamentally change the market, analysts and government groups warned Thursday.

Newly empowered with supermajorities in both houses of the Legislature, some California Democrats have introduced legislation that would increase borrowing and make taxing easier.

Federal and transit agency officials made their case for federal aid to rebuild in the aftermath of Superstorm Sandy, telling a Senate panel they will need it to help pay debt service on new muni debt.

J.R. Simplot received an Aa2 long-term rating from Moody's Investors Service ahead of plans to price $45 million in bonds on Dec. 28 through the Industrial Development Corp. of Power County, Idaho.

Honolulu officials said new construction and improved value on existing property resulted in a $4.1 billion increase in assessed value on the Island of Oahu.

Los Angeles World Airports and Los Angeles Metropolitan Transportation Authority have overcome their differences and are working on a plan to connect light rail to the airport.

Bonds sold by Santa Cruz County's redevelopment agency could still be downgraded because of a dispute with the California Department of Finance over redevelopment revenue, according to Fitch Ratings.

California revenues in November were $840 million below the forecast in the state's budget mainly due to lower tax collections from Facebook's initial public offering, according to the Department of Finance.

An agreement signed Wednesday by City and County of Honolulu officials and the Federal Transit Administration will provide $1.5 billion in New Starts funding for the region's elevated rail project.