Far West

The Internal Revenue Service is auditing $346.6 million of general obligation refunding bonds unlimited tax series and $50.79 million of GO refunding bonds limited tax series issued by the Metropolitan Water Reclamation District of Greater Chicago in May 2006.

The Financial Industry Regulatory Authority has fined five firms a total of $100,000 for violating municipal securities rules, including $40,000 against TD Ameritrade Inc. for failing to disclose negative rating changes for municipal bonds.

The Santa Clara City Council voted 5 to 1 Tuesday to approve a contract that would start construction on a $1 billion-plus stadium for the San Francisco 49ers football team in July, according to local press reports.

The California Department of Finance said Wednesday that state revenues in January came in $630 million below forecasts in the Gov. Jerry Brown’s budget proposal.

Two of the largest public transit projects planned as part of Los Angeles’ effort to create a comprehensive rail system traversing Los Angeles County got the nod in President Obama’s budget.

A decision by the Los Angeles World Airports board of commissioners would appear to soften their stance on returning LA/Ontario International Airport to local control, though LAWA has posted a new website saying otherwise.

When it comes to the regional economies of Southern California, first in, first out applies to Orange County, as its economy began to recover in September 2010, according to a report released Wednesday by the Los Angeles County Economic Development Corp.

WASHINGTON — The Municipal Securities Rulemaking Board wants the Securities and Exchange Commission to approve proposed guidance that details how underwriters should treat municipal issuers under its fair-dealing rule, despite dealers' requests for a delay.

WASHINGTON — As both the House and Senate began debating highway reauthorization bills on Wednesday, the associated revenue measures came under attack.

Seventeen muni groups are urging members of Congress to reject President Obama's proposal to place a 28% cap on the value of tax-exempt interest, warning it will hurt the market and that its retroactivity will reverse nearly 100 years of legislative history.