Far West

The Internal Revenue Service has issued procedures for its agents on how to apply the voluntary closing agreement program to Build America Bonds and other direct-pay bonds, such as resource recovery zone economic development bonds.

LOS ANGELES - Two rating agencies have downgraded Hawaii this year, but they didn't go far enough, Bank of America Merrill Lynch analysts wrote in an Aug. 5 municipal market commentary, saying the state's general obligation bond rating should be a notch lower than the agencies' double-A level ratings.

Indian tribes are criticizing the Treasury Department for failing to complete, within the congressionally mandated time frame, a study of the tax law requirements for tribal economic development bonds that the tribes claim are unfair.

The Municipal Securities Rulemaking Board has asked the Securities and Exchange Commission to approve its new proposal for a permanent 21-member board, which would have a majority of public members.

Washington Gov. Christine Gregoire has asked state agencies to prepare for 10% in spending cuts for the next budget.

Moody’s Investors Service revised its outlook to stable from positive Tuesday on the Los Angeles Department of Water and Power’s Aa2-rated water system revenue bonds.

Cost estimates for California’s proposed high-speed rail project are starting to come in higher than expected, according to local press reports.

Los Angeles International Airport reported a 5.4% increase in passenger levels during the first half of 2011, nearly double what officials had been projecting.

WASHINGTON - Rep. Maxine Waters, D-Calif., has asked the Securities and Exchange Commission to investigate whether Standard & Poor's disclosed its downgrade of U.S. debt to certain financial institutions before it made the information public.

WASHINGTON - A bond lawyer group said Wednesday that while issuers technically do not have to file material event notices on rating changes for pre-refunded bonds that have been legally defeased by an escrow of U.S. Treasuries, they can easily file such notices with the Municipal Securities Rulemaking Board's EMMA system.