Far West

The liberal think tank the Center for American Progress has proposed a plan to promote a new source of financing for troubled state housing finance agencies — the House America Bond.

Hercules, Calif., said it has tentatively settled a $4 million lawsuit brought by Ambac Assurance Corp. over a default by the city's redevelopment agency.

LOS ANGELES — La Mirada, a city of 50,000 southeast of downtown Los Angeles, on Friday received a downgrade from Moody's Investors Service to A1 from Aa3 on $13.6 million of outstanding lease revenue bonds after officials declared a fiscal emergency.

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.