Far West

WASHINGTON — Bond lawyers and issuers are urging the Municipal Securities Rulemaking Board to withdraw or revise guidance that warns underwriters against consenting to changes for bonds that could hurt parity bondholders, unless the changes are authorized by bond documents.

Several bond lawyers said they were pleased the IRS settled a tax dispute over a $10.2 million of BABs issued by Half Moon Bay, Calif., in 2009 by reducing its subsidy payment from the federal government to 29% from 35% of interest costs.

SAN FRANCISCO — In an attempt to reassure some investors, Stockton, Calif., officials said Thursday that bonds tied to its utilities will be undamaged by the city's effort to restructure its general fund debts as it tries to avoid bankruptcy.

WASHINGTON — The District of Columbia Water and Sewer Authority plans to price $445 million of tax-exempt public utility revenue bonds Tuesday and Wednesday, as part of a $3.8 billion plan to improve water and sewer infrastructure, according to a preliminary official statement.

SAVANNAH — Federal officials outlined ongoing municipal bond regulatory efforts Thursday and defended a host of initiatives they said are critical to maintain market stability and protect municipal bond issuers and retail investors.

SAVANNAH, Ga. — The Treasury Department is planning to propose regulations on issue price and other arbitrage-related issues, including long-term working capital grants, John Cross 3d, Treasury's associate tax legislative counsel, told bond lawyers meeting here Thursday.

SAVANNAH, Ga. — William Daly has been tapped to become director of governmental affairs for the National Association of Bond Lawyers later this month.

WASHINGTON — Maryland issued $738.4 million of general obligation bonds this week, achieving its second-lowest interest rate since 1988, according to Treasurer Nancy K. Kopp.

Half Moon Bay, Calif., has settled a tax dispute with the Internal Revenue Service over $10.9 million of Build America Bonds it issued in 2009 by agreeing to make a one-time payment of $174,000 and to reduce its subsidy payment to 29% from 35% of interest cost over the life of the bonds.

The California state controller’s office launched a two-month investigation in Riverside on Monday that they characterized as a routine review of a transportation project.