Far West

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.

The Internal Revenue Service has opened an audit of $31 million of health center revenue bonds issued in 2005 by the Lebanon County, Pa., Health Facilities Authority to refund bonds previously sold in 1999 for a retirement facility.

The Municipal Securities Rulemaking Board floated proposals Wednesday to ban false and misleading advertising by municipal advisors and require them to create written records of their advisory engagements.

SAN FRANCISCO - California general fund revenues last month came in more than 10% below budget projections, raising the specter of deeper cuts to state spending.

WASHINGTON - The Senate Banking Committee is looking into Standard & Poor's downgrade of U.S. debt, a committee aide said Tuesday. The committee is gathering information on the rating agency's action, the aide added.

WASHINGTON - Municipal issuers who do not comply with their continuing disclosure agreements should be penalized, the Municipal Securities Rulemaking Board told the Securities and Exchange Commission Monday.

SAN FRANCISCO - St. Mary's College of California said it disagrees with Moody's Investors Service's assessment of its finances after the rating agency put $69 million of variable-rate bonds on watch for a downgrade.