Far West

WASHINGTON - President Obama has sent draft legislation to the congressional deficit reduction committee that would have the potential to further limit the value of tax-exempt interest for higher-income taxpayers below the 28% level proposed in his jobs bill.

LOS ANGELES - The crash of Nevada's real estate market is continuing to take a big bite out of the state's municipal bond market.

LOS ANGELES - The proposed National Football League stadium in downtown Los Angeles took a leap forward Tuesday when California Gov. Jerry Brown signed two bills to streamline environmental review for key construction projects.

The Los Angeles Unified School District board voted last week to join opponents of local redevelopment agencies in the legal battle over who should control redevelopment funds, according to the Los Angeles Times.

Fitch Ratings recently downgraded several Riverside County bonds and certificates.

Standard & Poor’s upgraded the Moorpark Unified School District’s certificates of participation to A from A-minus based on the its significantly improved financial position.

Standard & Poor’s maintained the BBB-plus rating on the California State Public Works Board’s lease revenue bonds ahead of its upcoming sale.

The Metropolitan Transportation Commission and the Bay Area Toll Authority voted Wednesday to try to buy an office building in San Francisco using bridge toll dollars despite a pending audit.

California’s budget has inspired three new lawsuits this week, adding to worries about its viability.

WASHINGTON - With the 2012 election cycle intensifying, the Municipal Securities Rulemaking Board warned broker-dealers Wednesday that its rule banning pay-to-play political contributions applies to issuer officials who are running for president.