Far West

The struggling city of Hercules, Calif., got two boosts from voters on Tuesday.

Voters in California Tuesday appeared to reject a ballot initiative that would have increased taxes on cigarettes by $1 a pack.

California voters Tuesday overwhelmingly approved a proposition that changes term limits for lawmakers.

A tax-exempt bond advisory group to the IRS found that some of the agency's bond-related forms are overly burdensome for issuers and recommended that some questions be eliminated.

WASHINGTON — The District of Columbia's City Council has proposed delaying until Jan. 1, 2013, plans to start taxing non-D.C. bonds purchased by district residents.

SAN FRANCISCO — Voters in California' statewide primary Tuesday approved 23 local general obligation bond measures, authorizing $1.856 billion in debt, according to a preliminary report from CaliforniaCityFinance.com.

In 2011, North Dakota and Oregon enjoyed strong gross domestic product growth, but Wyoming, Mississippi and Alabama suffered shrinking economies. That was among the findings of a study released by the U.S. Bureau of Economic Analysis on Tuesday.

WASHINGTON — The Internal Revenue Service has notified Cañon City, Colo., that it has closed an audit without changing the tax-exempt status on $12.73 million of certificates of participation issued in 2008 to provide financing for improvements to its water treatment facility.

JPMorgan Chase & Co. has agreed to pay $44.6 million to settle a 2008 class-action lawsuit in which municipal bond issuers accused the firm of bid-rigging of muni contracts.

Confusion over the law ending redevelopment agencies in California has raised the specter of defaults on San Jose redevelopment debt as city officials squabble with Santa Clara County officials over tax revenue.