Far West

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.

California Controller John Chiang Monday said revenues came in $351 million less in June and May than anticipated in the newly adopted state budget.

WASHINGTON - First Southwest Co., as bidding agent for a repurchase agreement related to a $233 million bond deal in Texas for which it was financial adviser, improperly allowed JPMorgan Securities to lower its bid for the repo, reducing the issuer's investment rate, according to documents and transaction participants.

House Republicans are trying to divert $1 billion dollars of high-speed rail funding still left in the federal government's coffers from President Obama's stimulus program toward flood-control aid in the Midwest.

WASHINGTON - The Internal Revenue Service said Wednesday that only about 20% of governmental issuers that responded to a survey showed they have written procedures or some system to make sure they comply with tax laws and rules after their bonds are issued.

LOS ANGELES - Pacifica Law Group, a recently formed public finance firm in Seattle, announced two prominent industry lawyers have joined its team.

WASHINGTON - One year after the enactment of a sweeping financial reform law, municipal market participants say the overhaul has created an environment of uncertainty, not dramatic change.