Far West

WASHINGTON — Municipal advisors would have to determine whether transactions or products are suitable for conduit borrowers under a proposal the Municipal Securities Rulemaking Board filed with the Securities and Exchange Commission Wednesday.

SAN FRANCISCO — California has set Sept. 20 as the date for its first general obligation bond sale of the year and has put another on the calendar, although the size of both deals remains undecided.

WASHINGTON — State transportation officials are warning of dire consequences for both improvement projects and the bond issues they may use to finance them if Congress allows federal aid for state and local highway and transit projects to end Sept. 30.

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.