Far West

WASHINGTON - Private-activity bond issuance rose in 2010 for the first time in three years because of a big jump in bonds spurred by a two-year housing recovery program that was enacted during the financial crisis, according to an annual survey and market participants.

SAN FRANCISCO - California is working on a $5 billion bridge loan from banks to avoid the potential market chaos that could be caused by a possible U.S. government default due to political gridlock over the nation's debt limit.

WASHINGTON - The Financial Industry Regulatory Authority fined seven firms a total of $362,500 for violations of municipal securities rules.

WASHINGTON - Securities and Exchange Commission chairman Mary Schapiro is expected to preside over a one-day hearing on the municipal securities market near Birmingham, Ala., in two weeks, sources said.

WASHINGTON - George K. Baum & Co. and CDR Financial Products, Inc. were bidding agents for muni reinvestment transactions involving J.P. Morgan Securities where bid-rigging occurred, according to court and bond documents as well as transaction participants.

LOS ANGELES - Amid a recent downgrade and talk of financial woes, Los Angeles will roll out almost $500 million of general obligation bonds this month.

The financial troubles in North Las Vegas may be getting so bad the state government may step in, according to local press reports.

Moody's Investors Service has downgraded the Los Angeles County Metropolitan Transportation Authority's $1.2 billion of Proposition C sales tax revenue bonds one notch to Aa3 because of weaker coverage.

San Francisco has signed a deal with its police union that will increase pension fund payments in return for receiving past raises and avoiding layoffs, according to published reports.

California Treasurer Bill Lockyer gave a thumbs-up to Democrats for cutting back the state's structural deficit, saying it would encourage Wall Street and give him better leverage to borrow.