Far West

LOS ANGELES — Nevada Gov. Brian Sandoval on Tuesday proposed extending into the next budget a package of taxes now set to expire in June 2012, to avoid further cuts to education.

An end may be in sight for the two-year old bankruptcy of the Las Vegas Monorail Co., albeit at a steep price for bondholders.

WASHINGTON — The Senate narrowly approved a proposal to prohibit the use of private-activity bond financing on certain toll roads as they inched toward final passage of a two-year, $109 billion highway reauthorization bill Tuesday.

The MSRB proposed a rule change that would limit dealers from using the term "NRO," or "not reoffered," in written communications about new muni securities, a move aimed at ensuring market participants will have accurate and timely price and yield information.

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.