Far West

The IRS is auditing $98.5 million of general obligation refunding bonds that the State of Texas Water Financial Assistance issued in 2002.

The Securities and Exchange Commission will not pursue regulations aimed reducing the susceptibility of money market mutual funds to market runs, SEC chairman Mary Schapiro said in a statement Wednesday night.

The U.S. is headed for a deep recession in the first half of 2013 if Congress fails to avert nearly $500 billion in tax hikes and federal budget cuts from the "fiscal cliff," the Congressional Budget Office warned Wednesday.

Four municipal market groups are urging the Treasury Department and the Internal Revenue Service to publish guidance on determination of issue price for tax-exempt, tax credit and direct subsidy bonds.

Four transportation projects will be expedited as part of the president's "We Can't Wait" program, the Obama Administration announced this week, including the $3.5 billion Columbia River Crossing linking Vancouver, Wash. and Portland, Ore.

California says 27 local governments owe more than $120 million of redevelopment agency tax money.

Moody's Investors Service is considering across-the-board and targeted downgrades in California in the aftermath of the state's recent municipal bankruptcies.

A new push is on in California to readdress whether some nonprofit hospitals deserve their tax-exempt status.

Oregon City, Ore. voters will decide on a measure to require voters to approve future bonds funded by urban renewal districts.

Moody's Investors Service downgraded North Las Vegas, Nev. to Baa2 from A3 due to the city's ongoing financial problems.