Far West

California’s 24 local pension systems are underfunded to the tune of $135.7 billion, according a new report from the Stanford Institute for Economic Policy Research.

The Stockton City Council on Tuesday is expected to take what would be an initial step toward bankruptcy, according to published reports.

Fluvanna County, Va.'s Board of Supervisors and its former financial advisor, Davenport & Co., present two different versions of the December 2008 bond financing for a new high school in documents filed in connection with the board's lawsuit against the firm.

LOS ANGELES — The two-month-old Los Angeles chapter of Women in Public Finance has announced its inaugural luncheon, "Roundtable on Current Topics for Municipalities," March 2 from 11:30 a.m. to 1 p.m. at the downtown Los Angeles office of Squire Sanders, located at 555 S. Flower Street, 31st Floor.

The Treasury Department is considering issuing interim guidance that would clarify how qualified energy conservation bonds can be used after 12 House Democrats sent a letter to President Obama requesting the guidance, according to congressional staff.

A Financial Industry Regulatory Authority arbitration panel ordered Memphis-based Morgan Keegan & Co. to pay a Birmingham investor $1.95 million for misrepresenting that the Jefferson County, Ala., sewer bonds he purchased were safe, liquid and tax-free investments.

Fluvanna County, Va., and Davenport & Co., its financial advisor for 15 years, are battling each other in a circuit county court over whether the firm misled the county about $67.5 million of bonds sold in December 2008 to finance construction of a new high school.

SAN FRANCISCO — The University of California this week will sell $500 million of 100-year bonds in an effort to attract pension fund and overseas investors.

LOS ANGELES -The motto of the Las Vegas Monorail must be, "If at first you don't succeed, try, try, try - and try again," after submitting its fourth amended plan to exit bankruptcy.

SAN FRANCISCO — Oakland Unified School District lost its only remaining rating last week after Moody's Investors Service pulled its coverage of the district with more than $700 million of general obligation debt outstanding.