Far West

SAN FRANCISCO — California Gov. Jerry Brown's proposed budget would likely cause a "substantial" amount of fiscal uncertainty for the state's school districts, Fitch Ratings said in a report released Tuesday.

SAN FRANCISCO — California has scheduled a $1.3 billion new-money and refunding bond sale for next month.

The Financial Industry Regulatory Authority ordered four firms and one individual to pay a total of $187,296 in fines and restitution to investors for violations of municipal market rules.

SAN FRANCISCO — Seattle-Northwest Securities Corp., a municipal bond broker and dealer, said board member Karl Leaverton will replace Maud Daudon as its new president and chief executive.

Stockton, Calif.'s bond defaults have already started a legal tug-of-war with insurers.

WASHINGTON — The Joint Committee on Taxation has released revenue estimates for muni bond provisions in President Obama's fiscal 2013 budget showing a gain of $520 billion over 10 years for the proposed 28% cap on the value of tax-exempt interest and other tax preferences.

WASHINGTON — The two-year, $109 billion highway bill that cleared the Senate Wednesday contained several provisions that would benefit or ease restrictions on municipal bonds, but market participants think they could come to nothing if the House insists on pursuing its own bill.

Moody’s Investors Service Wednesday revised the outlook on Renown Health to stable from negative, and affirmed its A3 revenue bond rating on $556 million of debt.

The Las Vegas Convention and Visitors Authority board on Tuesday approved the agency’s request for up to $25 million of Clark County bonds for land purchases, according to published reports.

Officials in Downey, Calif., a city of 110,000 just southeast of downtown Los Angeles, hope that an early retirement plan will help shore up budget shortfalls they say were created by the state’s dissolution of redevelopment agencies and federal cutbacks.