Far West

WASHINGTON — A federal court in New Jersey has approved UBS Financial Services Inc.’s $47.2 million settlement with the Securities and Exchange Commission over bid-rigging of municipal bond-related contracts as well as the amounts of restitution that are to go to each of 105 state and local issuers that were defrauded.

SAN FRANCISCO — A bill that would force California municipal governments to undergo mediation before allowing them to file for bankruptcy is moving through the Legislature.

CHICAGO — Last year’s dire predictions that a coming record wave of expiring bank credit facilities would tax the municipal market did not come to fruition in the first quarter, according to a new report from Moody’s Investors Service.

CHARLESTON — A pension expert panned federal lawmakers’ efforts to increase oversight of state and local governments’ public pension plans.

Washington Gov. Christine Gregoire signed new legislation into law this month that regulates the ability of out-of-state bond issuers to sell private-activity bonds for in-state projects.

Nevada Treasurer Kate Marshall has announced she will run for Congress in hopes of filling a seat left vacant by a Republican named to the U.S. Senate, according to local news reports.

A California state senator has proposed a redevelopment agency reform bill as an alternative to a proposal by Gov. Jerry Brown to eliminate the agencies.

The troubled city of Montebello, Calif., took another financial hit last week when federal housing officials suspended funding to the city and demanded repayment of $5 million in grants, according to local news reports.

San Francisco expects its deficit to skyrocket almost 200% over the next five years if nothing is done to fix its budget problems.

CHARLESTON, S.C. — Market experts on Thursday painted a bleak picture of the municipal securities market over the next few years, saying the high bond volume of the past six years is gone and unlikely to return.