Far West

SACRAMENTO — California Gov. Jerry Brown released a revised budget Monday that dramatically reduces planned bond issuance as part of an effort to narrow overall state borrowing.

Medicare’s trust fund will run out of money in 2024 and Social Security’s will be exhausted in 2036, according to the annual reports of their boards of trustees released Friday.

Federal legislation introduced last week would prohibit states and localities from collecting taxes on certain electronic transactions, but governmental officials are worried about the revenue losses and the precedent the law would set.

Legislation has been introduced in both the House and Senate that would exempt water and sewer bonds from states’ private-activity volume caps.

CHICAGO — The new federal health care law’s emphasis on high-quality, low-cost medical care could have widespread credit implications for the sector, Moody’s Investors Service said in a report last week.

The District of Columbia sold $40 million of special obligation bonds last week on behalf of Gallaudet University, a first-ever borrowing for the school.

SAN FRANCISCO — As Gov. Jerry Brown readies the release of his second shot at a balanced budget next week, the California bond market has become hamstrung by the delay.

WASHINGTON — The Bartram Park Community Development District in Jacksonville, Fla., has received an audit notice from the Internal Revenue Service for $28.7 million of special assessment municipal bonds issued in 2005.

WASHINGTON — The U.S. Treasury will hit the statutory federal debt ceiling on Monday when its three-year and 10-year notes settle.

WASHINGTON — Prospects look dim for U.S. airports to obtain the authority to charge higher passenger facility charges, which would generate more revenue to back bond issues.