Far West

LOS ANGELES — The superintendent of Sweetwater Union High School District in San Diego County has suspended all activity by Seville Group Inc., the program and construction management firm overseeing the district's $644 million Proposition O bond program.

Putting an end to the one of the most high-profile criminal trials in the muni market since the mid-1990s, two former employees of CDR Financial Products Inc. each pleaded guilty to three criminal counts in connection with bid-rigging of investment and derivatives contracts for muni bond proceeds.

Standard & Poor's has raised Alaska's general obligation debt rating to AAA from AA-plus because of a change in the state's financial management methods.

California Gov. Jerry Brown's new budget proposes about $5 billion of general obligation bond sales this year, an increase of 18% from last year, when the state borrowed relatively little.

Two northern Nevada shopping centers that were developed using sales tax anticipation revenue bonds have been forced to draw down reserves to meet bond obligations.

The Financial Industry Regulatory Authority has asked the Securities and Exchange Commission to allow it to assess its muni members quarterly fees based on the par value of their reported transactions to help fund the Governmental Accounting Standards Board, despite protests from issuers and dealers.

California Gov. Jerry Brown announced a $92.5 billion fiscal 2013 budget Thursday that tackles a projected deficit of $9.2 billion with taxes and cuts.

The Municipal Securities Rulemaking Board's net assets spiked to $36.65 million for the fiscal year ending Sept. 30, 2011, soaring by $6.89 million from the previous year as new technology and transaction fees offset a dip in underwriting assessment fees, according to audited financial statements and an annual report expected to be released Friday.

The California Supreme Court rang the death knell for the state's redevelopment agencies, sparking questions about how their existing obligations will be met.

Moody’s Investors Service has revised the outlook on the University of Washington’s Aaa general obligation bond rating to stable from negative.