Far West

SAN FRANCISCO - California Gov. Jerry Brown will unveil his pension reform plan Thursday, sparking a renewed debate on the state's employee retirement liabilities.

WASHINGTON - In some of its 32 Build America Bond audits, the Internal Revenue Service has raised concerns about whether premiums paid for bond insurance could disqualify the bonds as BABs and jeopardize the federal subsidy payments made to the issuers, according to bond lawyers and IRS officials.

SAN FRANCISCO - Some California redevelopment agency bonds with poor backstops will face credit stress if legislation to disband the agencies or force large payouts is upheld in court, according to Standard & Poor's.

Underwriters often push municipal issuers not to hire financial advisors and, if an issuer insists on working with one, prod them to retain broker-dealer FAs, an independent FA firm warned a Securities and Exchange Commission member earlier this month.

SAN FRANCISCO - Stockton, Calif., is facing the rising specter of a technical default on its redevelopment agency debt, as it will likely have to dip into reserves to pay debt service for $87 million of outstanding bonds.

The Los Angeles City Council is finding that compiling a list of banks to boycott isn't as simple as it sounds.

WASHINGTON - The Municipal Securities Rulemaking Board has entered into a ground-breaking agreement with the Internal Revenue Service under which it will provide the IRS with municipal market data and documents to help enforce tax law requirements for muni securities.

WASHINGTON - The Senate confirmed two nominees to the Securities and Exchange Commission early Friday, ensuring the agency will not have vacancies as it grapples with rulemaking mandates imposed by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

LOS ANGELES - The San Diego Unified School District, despite double-A ratings, has put California lawmakers on notice that if proposed trigger cuts are implemented, it could be facing insolvency in the next two years.

Senate Majority Leader Harry Reid said Friday he will schedule a vote the week of Oct. 31 on a bill that would provide $60 billion for transportation and infrastructure and authorize the establishment of a national infrastructure bank.