Far West

A health care issuer and borrower in Mississippi are discussing the possibility of entering into a voluntary agreement with the Internal Revenue Service to settle tax law violations that occurred after some bond-financed equipment was sold to a private group.

The Southern California Logistics Airport Authority is facing a bond default because it cannot make a $10 million debt service payment due Thursday because of the legal uncertainty surrounding California redevelopment agencies.

Veteran Rep. Barney Frank, D-Mass., an architect of the most sweeping financial reform legislation since the Depression and a muni bond investor, said he will retire from Congress next fall and use his remaining time in office to defend the new law against Republican counterattacks.

LOS ANGELES - A 16-member California committee led by three billionaires and high-profile former politicians plans to put on the November 2012 ballot two initiatives proposing tax reform that would result in $10 billion of additional annual tax revenue.

WASHINGTON - An industry group has asked regulators to disclose the factors they will use to determine which muni broker-dealers pose more risks and should undergo compliance examinations more often under a new proposed exam program.

SAN FRANCISCO - Washington lawmakers will meet in an emergency session Monday to get an early start on tackling the state's $2 billion budget gap, with an agenda that includes a half-cent sales tax increase.

WASHINGTON - The Pennsylvania Higher Education Assistance Agency has paid $12.3 million to settle tax-law violations and protect the tax-exempt status of its student loan bonds.

BRADENTON, Fla. - A newly appointed member of northwest Florida's Santa Rosa Bay Bridge Authority has filed a complaint with the Securities and Exchange Commission, citing what he calls trading irregularities in some of the agency's $116 million of defaulted bonds.

SAN FRANCISCO - Standard & Poor's downgraded the San Jose Redevelopment Agency's non-housing tax-allocation bonds to BBB from BBB-plus due to financial and legal stress.

LOS ANGELES - A judge rejected the Las Vegas Monorail Co.'s third amended plan to exit bankruptcy on Friday even though 97% of the bondholders voted in favor of it.