Far West

Holders of bankrupt American Airlines' New York City airport debt are weighing a settlement offer that would pave the way for the carrier to assume its lease at John F. Kennedy International Airport.

The Internal Revenue Service has notified New Orleans officials that it has closed an audit of more than $70 million of public improvement bonds issued by the city in 2007 with no change to their tax-exempt status.

The Idaho Bond Bank Authority achieved $9.6 million in savings on two bond deals totaling $85.3 million in new money and refundings for 11 cities across the state.

White House officials rejected House Republicans' Plan B fallback proposal to extend tax rate cuts for those making under $1 million, warning it does not go far enough and will not pass muster in the Senate.

The Financial Industry Regulatory Authority has fined three firms $76,500 for violating rules of the Municipal Securities Rulemaking Board.

House Republicans will move forward with a "Plan B" fiscal cliff package that will not include a cap on the value of tax-exemption or other tax expenditures, expecting to vote on it as early as Thursday.

The Municipal Securities Rulemaking Board is requesting feedback on, among other things, whether its rules impose undue burdens on market participants, and how those burdens could be alleviated.

An oversight panel chaired by California treasurer Bill Lockyer is analyzing the bond debt of the San Joaquin Hills Transportation Corridor Agency and the Foothill/Eastern Transportation Corridor Agency to determine if they can take on more debt to fund a planned extension.

The California Public Employees' Retirement System filed a motion requesting a hearing, scheduled Friday, to determine San Bernardino's Chapter 9 bankruptcy eligibility be postponed.

Bond market creditors filed final legal challenges on Friday to Stockton, Calif.'s petition for bankruptcy protection, laying the groundwork for a potentially precedent-setting legal battle.