Far West

An audit by Los Angeles Controller Wendy Greuel released Tuesday found that the city failed to pursue all eligible funding opportunities under the American Recovery Reinvestment Act.

In a cart-before-the-horse move, Los Angeles County Board of Supervisors approved a plan to apply for $100 million in state funding to pay for a jail construction plan that has yet to be approved, according to published reports.

California legislative leaders are suing the state’s controller over the authority to suspend lawmakers’ pay for late budgets.

Rating agencies are warning that uncertainty about the elimination of California's redevelopment agencies could affect debt payments and lead to a rash of downgrades for outstanding RDA bonds.

LOS ANGELES — Veteran public finance banker L. William Huck and real estate lawyer and developer Todd Anson have formed San Diego-based Common Bond Capital Partners to capitalize on an estimated $5 billion in defaults expected in the land-secured municipal bond market.

WASHINGTON — An industry group has asked regulators to consider municipal bond marketing practices and several muni rules as they develop guidance on the issue price of bonds.

SAN FRANCISCO — Washington will sell $1.5 billion of bonds starting next week as it aims to borrow new money and refund a big chunk of debt to take advantage of the lowest interest rates in decades.

California lawmakers are considering two bills that would amend the fate of the state's redevelopment agencies that are facing termination on Feb. 1.

A federal court in New Jersey has approved a $24.9 million settlement between GE Funding Capital Market Services Inc. and the Securities and Exchange Commission over bid-rigging of municipal bond-related contracts, as well as the amounts of restitution to be distributed to each of the more than 325 state and local issuers that were defrauded.

The Treasury Department is urging Congress to put Indian tribal governments on a par with states and localities so they can issue both governmental bonds without the "essential governmental function" restriction and private-activity bonds.