Far West

WASHINGTON — The Internal Revenue Service has opened an audit of $360.7 million of bonds issued in 2009 by Vernon, Calif., which has been roiled by political scandals and could be disincorporated pending the outcome of state legislation.

The Municipal Securities Rulemaking Board held a regional roundtable session with local finance officials from the District of Columbia, Maryland and Virginia last week, in what may become the first of a series of such events here and around the nation.

WASHINGTON — The Municipal Securities Rulemaking Board has filed a proposed rule and interpretive notice with the Securities and Exchange Commission that details how municipal advisors would have to comply with their fiduciary duty to put the interests of issuers and other clients first.

WASHINGTON — The Commodity Futures Trading Commission has tapped Gary Barnett to serve as director of its new Division of Swap Dealer and Intermediary Oversight.

SAN FRANCISCO — San Francisco International Airport will sell $450 million of refunding bonds this week in a quick follow-up to a deal earlier this summer in order to take advantage of a favorable market.

WASHINGTON — The Municipal Securities Rulemaking Board has filed a proposed rule with the Securities and Exchange Commission that would require muni advisors to establish supervisory systems to ensure they and their "associated persons" comply with SEC and MSRB rules.

Chapman University, a private university in Orange County is seeking approval from the California Educational Facilities Authority to issue $100 million worth of bonds to construct new buildings and improve existing facilities.

WASHINGTON - Garvee bond ratings are at risk from the increasingly unpredictable budget and policy process in Washington, Standard & Poor's warned in a report released Friday.

WASHINGTON - The Municipal Securities Rulemaking Board has filed a new proposed rule with the Securities and Exchange Commission that would prevent municipal advisors from engaging in pay-to-play practices, making political contributions to state and local government officials to influence the award of advisory business.

BRADENTON, Fla. - South Miami, has reached a closing agreement and settlement with the Internal Revenue Service over impermissible uses of tax-exempt bond and bank loan proceeds to build a parking garage.