Far West

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.

State and local governments will be able to issue a total of $32.821 billion of private-activity bonds under a national volume cap next year — 1.2% or $379.96 million more than in 2011.

GE Funding Capital Market Services Inc. has agreed to pay more than $70 million to settle antitrust, securities fraud, tax and other charges with the Securities and Exchange Commission and other regulators and law enforcement authorities for rigging bids on at least 328 muni bond reinvestment contracts in 44 states and Puerto Rico over five years, officials said Friday.

The Southern California Logistics Airport Authority has defaulted on more bonds after discovering it can't use reserves to make principal payments for some of its debt.

Gulf and Midwestern states hit by disasters in recent years received a holiday gift from the Internal Revenue Service on Friday.

A small public utilities district in California is trying to prevent its doors from closing after voters exercised their authority to lower their water rates below what district officials say is needed to sustain operations.

The Washington Department of Transportation is set to begin tolling on the State Route 520 floating bridge on Dec. 29.

Moody’s Investors Service downgraded the special obligation revenue bonds of an Overton, Nev., power district from A1 to A2 following a rate covenant default caused by weak financial conditions, according to a rating report.