Far West

Revenue forecasting can make or break a project

Securities and Exchange Commission Chairman Mary Schapiro may have lost the first round in her push to reform the $2.6 trillion money market mutual fund industry, but the fight has only just begun.

California's state auditor wants lawmakers to clarify the law to make sure private firms operating conduit issuers avoid conflicts of interest.

The Municipal Securities Rulemaking Board has filed proposed rule changes with the Securities and Exchange Commission that would require the exact par value of trades up to $5 million to be reported over EMMA on a near-real time basis.

Attorneys for Stockton, Calif., and its creditors hammered out a schedule and tipped their hats to the fight ahead during the first hearing on the city's bankruptcy case.

California saw debt sales by municipal issuers almost double in the region in the first half of 2012 compared to a year earlier with the help of record low rates, driving Far West volume.

Standard & Poor's has changed its outlook on Fairfield, Calif.'s pension obligation bonds long-term A rating to negative from stable due to the city's projected large budget gap.

Santa Cruz County has said it may have to draw on bond reserves to make a Sept. 1 debt service payment for redevelopment bonds if it is forced to make the payments of former redevelopment tax money as outlined by California.

Standard & Poor's downgraded Fresno, Calif.'s issuer rating to BBB from A due to its continued weak finances.

California's state auditor said in a report Tuesday that San Jose officials provided "inadequately supported" estimates in bond documents that said its retirement costs would increase to $400 million by fiscal 2016.