Far West

Standard & Poor’s upgraded Ontario, Calif.’s 2004 series of water system certificates of participation to AA from AA-minus.

Santa Ana, Calif., was able to ratify agreements with its police and service employee unions this week, halving its projected $30 million budget deficit for next year and quelling talk of a potential bankruptcy, according to published reports.

Orange County, Calif., is losing a financial expert just a month after the Board of Supervisors boldly told the state it plans to keep $73.5 million in local property taxes typically earmarked for schools to make up for what it saw as the state’s illegal taking of $49.5 million in vehicle license fees.

Contra Costa County’s pension system is suing the county over wage and benefits cuts for the system’s managers.

California completed a restructuring of its commercial paper program that resulted in a downgrade to one subseries of notes.

Thirty-four congressmen urged Securities and Exchange Commission chairman Mary Schapiro to exempt broker-dealers and other regulated entities from its proposed municipal advisor definition, warning in a letter Monday that the failure to do so would impose unnecessary regulation and harm issuers by reducing competition.

The California Society of Municipal Analysts awarded Jennifer Johnston, a vice president and research analyst with Franklin Templeton, with its inaugural Amy S. Doppelt Award for Meritorious Service.

Washington Gov. Chris Gregoire planned to sign a bill Tuesday that would resolve about one-quarter of the state's $2 billion budget deficit.

The Washoe County, Nev., Commission has approved an ordinance to create a bond bank despite concerns from opponents about potential risks to the county's AA bond rating.

The Securities and Exchange Commission has approved Municipal Securities Rulemaking Board changes to Rule G-16 that would require muni broker-dealers that pose more risks to undergo compliance examinations more frequently, possibly as often as every year.