Far West

August tax revenue in California came in $65 million below a budget forecast of $6.23 billion, according to the Department of Finance.

WASHINGTON - Small, independent municipal advisors asked the Municipal Securities Rulemaking Board for an exemption from its proposed $300 per head annual assessment, while dealers criticized as burdensome and costly the board's survey designed to obtain compensation and income data for the assessments.

The San Diego Chargers are getting pushback from officials on a proposal to combine the city's plans for a new $550 million convention center with plans for a $800 million football stadium.

SAN FRANCISCO - Moody's Investors Service downgraded California Housing Finance Agency home mortgage revenue bonds for the second time this year, affecting $5 billion of debt amid the frail state housing market.

WASHINGTON - State and local governments issuing new muni bonds are disclosing that President Obama's proposed 28% cap on tax-exempt interest for higher-income taxpayers, if enacted, could lower the value of the bonds or impair their marketability.

WASHINGTON - Issuers vowed to resist a draft bill that would authorize the Securities and Exchange Commission to require them to disclose primary and secondary market bond documents and direct the content and timing of those documents, saying it would open the door to unfettered regulation of their disclosures.

The Internal Revenue Service has completed an audit of $51.1 million of auction-rate securities the Orange County, Fla., Health Facilities Authority issued in 2005 for an Orlando health care provider without changing the tax-exempt status of the bonds.

SAN DIEGO - Though municipal bankruptcies may never become widespread, industry insiders warned during The Bond Buyer's California Public Finance Conference more will come because of the pressure on local governments.

WASHINGTON - Rep. Mike Quigley, D-Ill., has drafted legislation that would authorize the Securities and Exchange Commission to both require issuers to disclose primary and secondary market bond documents directly or indirectly through dealers or others, and to direct the content and timing of those documents.

President Obama has signed the bill extending Federal Aviation Administration and highway funding.