Far West

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.

WASHINGTON - The Internal Revenue Service finalized its regulations for tax-exempt financing of solid-waste disposal facilities, adopting most of the recommendations proposed by attorneys last year, market participants said Thursday.

SAN FRANCISCO - Municipal bond volume in the Far West in the first half of 2011 fell by more than half from the same period a year earlier, driven by zero deals from the state of California, normally the largest issuer in the country.

WASHINGTON - State and local groups are sizing up the new congressional deficit reduction committee, determined to preserve tax-exemption for municipal bonds but acknowledging that federal funds for some of their programs will likely be cut.

Washington is bracing for a slowdown after July-August revenues came in 1.3% lower than June’s forecast, the Economic and Revenue Forecast Council said.

Los Angeles County supervisors Tuesday ordered an investigation into the finances of the troubled city of Vernon.

California’s Department of Finance said general fund July revenue came in $541 million below the forecast in the recently adopted budget. The figure fell more than 9% short of the fiscal 2012 budget forecast of $5.86 billion, confirming a similar reading released last week by Controller John Chiang.