Far West

California cities and redevelopment agencies have spent the past month lamenting the uncertainty wrought by the dissolution of the state's 400-plus redevelopment agencies, but based on trading, municipal bond investors don't appear to share those concerns.

President Obama's fiscal 2013 budget will propose a 28% cap on the value of tax preferences, including tax-exempt interest for municipal bonds, according to knowledgeable sources.

Market participants slammed a proposal to assess a fee on broker-dealers to help finance the Governmental Accounting Standards Board, differing about whether regulations on dealers should be permitted to pass the fee along to other market participants, including issuers.

Redevelopment agencies in California will legally vanish Wednesday, with a bill to extend that deadline declared dead by a top lawmaker.

Municipal Securities Rulemaking Board officials detailed a series of initiatives designed to increase price transparency for retail investors and improve disclosure of conflicts of interest, information about bank loans, and payments made to or received by underwriters and municipal advisors.

In a direct rebuke to industry groups and a push-back against two Republican Securities and Exchange Commission members who engaged in stalling tactics, the Municipal Securities Rulemaking Board vigorously defended its proposed guidance on fair-dealing for underwriters.

Senior White House economic advisors have told state and local officials that tax-exempt bond interest is "off the table" and will not be part of the administration's proposed 28% cap on the value of exclusions, deductions and other tax preferences for wealthy taxpayers, according to those familiar with the discussions.

LOS ANGELES — The Los Angeles County Metropolitan Transportation Authority doesn't plan to issue bonds this year because it is securing a $546 million federal loan to help fund the $1.74 billion Crenshaw Line light-rail project.

WASHINGTON — Though the national infrastructure bank proposed in President Obama's American Jobs Act met with a frosty reception from Republican lawmakers, there is some support among transportation industry lobbyists and academics for various bank bills pending before both chambers of Congress.

The tug of war between Los Angeles World Airports and Ontario city officials over control of LA/Ontario International Airport has picked up steam over the past few weeks, but the issue appears unlikely to be resolved any time soon.