Far West

A proposal introduced in the Hawaii Legislature Tuesday that would prevent so-called “spiking” of public pensions faced little resistance, according to published reports.

Moody’s Investors Service has downgraded the troubled Southern California Logistics Airport Authority’s subordinate tax-allocation revenue bonds to B3 from B1.

A high-profile group of California billionaires and influential political players has pulled plans to put two tax initiatives on the November ballot.

Uncertainty over what happens next for redevelopment agencies in California has prompted Moody's Investors Service to downgrade $11.6 billion of tax allocation bonds.

The Joint Committee on Taxation released its annual tax expenditure estimates showing $177.6 billion for public-purpose muni bonds over five years, while a governmental group urged President Obama and congressional leaders to "go big" on federal deficit reduction and rely on two reports that proposed curtailing or eliminating tax exemption for new muni bonds.

COMPTON, Calif. — The Compton, Calif., mayor's allegations of fraud at city hall have at least temporarily halted the city's ability to get a line of credit to pay bills, according to officials.

WASHINGTON — The Securities and Exchange Commission should consider seven alternative methods of compensating rating agencies, including one patterned after the Municipal Securities Rulemaking Board, the Government Accountability Office said in a report sent Wednesday to key members of Congress.

WASHINGTON — Securities and Exchange Commission chairman Mary Schapiro told lawmakers Wednesday that the agency is considering whether to exempt all muni issuers, not just states, counties and cities, from federal regulators' joint Volcker rule proposal.

Institutional investors generally trade at more favorable prices than individual muni investors in the secondary market, the Government Accountability Office said in a report sent Tuesday to key members of Congress.

Internal Revenue Service officials are taking a two-pronged approach to address concerns there may be ongoing mispricing of investments and bonds in the muni market.