Far West

Past missteps by the Los Angeles Department of Water and Power continue to haunt the agency as it tries to push forward on a five-year, $6.1 billion capital plan needed to replace aging infrastructure and meet state and federal environmental mandates.

Washington maintained its AA-plus rating from Fitch Ratings despite its difficulty in increasing revenue because residents pay no income tax, according to a report from the agency.

The city of Eugene was among the 100 investors that put money into a Washington regional events center that defaulted on $41.8 million of bonds in early December, according to a published report.

The U.S. Department of Housing and Urban Development has launched an investigation into the Los Angeles Housing Authority, according to published reports.

The San Diego Association of Governments approved the $345 million purchase of a bankrupt toll road from a private operator at its Dec. 16 board meeting.

The rating on $481.6 million of general obligation bonds issued by Palomar Pomerado Health was dropped one notch to A-plus on Dec. 23.

The California Supreme Court upheld a law that would allow the dissolution of the state's redevelopment agencies, but struck down a bill that would have allowed the agencies to remain in business if they were willing to pay a percentage of their income into a fund to help pay the state's education costs.

The coming year could herald the most significant regulatory changes in the municipal securities market in more than 35 years.

Federal legislation modeled after the Gulf Opportunity Zone Act of 2005 that would assist states devastated by tornadoes and floods in early 2011 is pending in Congress.

Transportation officials and lobbyists will be watching Capitol Hill early next year, hoping lawmakers pass long-term reauthorization legislation funding aviation and surface programs that would bring much-needed stability to the sectors.