Far West

CHICAGO - With federal funding and gasoline tax revenue falling far short of meeting demand for transportation infrastructure, sector participants need to do a better job selling the public and political leaders on the perks of investment and the pitfalls of inaction.

SAN FRANCISCO - After trailing in election-night counts, a sales tax measure in Vallejo, Calif., meant to help the beleaguered city restore services has mounted a comeback in late vote tallies to take a slim lead with ballots left to be counted.

WASHINGTON - UBS Financial Services Inc. was fined $300,000 by the Financial Industry Regulatory Authority for failing to supervise and prevent excessive cross-trading of municipal securities between the customer accounts of one broker for a two-year period.

SAN FRANCISCO - California's Department of Finance said Monday that state revenues continue to slip compared to budget forecasts, leading the Golden State closer to mid-year budget cuts.

WASHINGTON - Starting Monday, two of the three major rating agencies will post muni bond ratings for free on the Municipal Securities Rulemaking Board's EMMA web site, the MSRB said Monday.

Montebello, a Los Angeles-area city that has been the subject of multiple investigations and audits, issued $2.5 million of tax and revenue anticipation notes at a 4.85% interest rate Thursday.

California's redevelopment agencies may be closer to death's door than previously thought after a state Supreme Court hearing on Thursday.

The Municipal Securities Rulemaking Board has referred unregistered municipal advisors to the Securities and Exchange Commission for investigation and possible enforcement action, the board said Thursday.

The Financial Industry Regulatory Authority has fined Morgan Stanley $1 million and ordered it to pay $371,476 in restitution to customers for excessive markups and markdowns on municipal and corporate bonds.

The Senate Thursday voted 95 to 0 to repeal a tax law provision that would require federal, state, and local governments to withhold 3% of certain payments made to private contractors beginning in 2013.