Far West

While the federal government and 42 states wrestled with tough economic decisions based on projected shortfalls, Montana officials were congratulating themselves for achieving a surplus this year.

The San Jose City Council on Tuesday declined to put a tax measure on the November ballot amid potential lukewarm support, according to a published report.

The troubled city of Vernon has made important reforms but still needs to do more, according to a watchdog report on the city released this week.

The board of the San Diego Association of Governments voted July 29 to purchase the State Route 125 toll road lease for $345 million, contingent on the agency performing due diligence and after officials hold a public meeting.

WASHINGTON — The Municipal Securities Rulemaking Board warned financial advisers to state and local governments Wednesday that certain bank loans and financings may qualify as private placements of municipal securities, subjecting them to federal securities laws and MSRB rules that apply to broker-dealers.

State and local governments who issue draw-down bonds can breathe a sigh of relief now that the Internal Revenue Service has issued new guidance for their private-activity bond volume cap allocations.

WASHINGTON - District of Columbia Mayor Vincent Gray has refused to sign a council-approved bill that would delay taxing out-of-state bonds until Jan. 1, 2012, warning that the use of $13.4 million of reserve funds to pay for the delay could hurt the city's credit rating.

WASHINGTON - Broker-dealers are objecting to the Financial Industry Regulatory Authority's proposal that they pay a quarterly fee, based on their municipal bond sales, to help fund the board that sets accounting standards for state and local governments.

Sen. Richard Durbin, D-Ill., has introduced a bill allowing states to collect online sales taxes - legislation that has broad support from the business community as well as state and local officials, but so far has not attracted any Republican co-sponsors.

SAN FRANCISCO - Washington has finalized its statewide ballot measures for November and they include a controversial initiative to limit tolls, the secretary of state's office said this week.