Far West

Sen. John D. Rockefeller, D-W.Va., has introduced legislation to extend stimulus law authorizations for qualified zone academy bonds and qualified school construction bonds through 2015 and allow the debt to be issued with federal payments to issuers.

SAN FRANCISCO — Alaska’s governor and lawmakers are at loggerheads over a proposed budget, except unlike in most other states, this debate is over what to do with extra cash.

WASHINGTON — A bill by House Republicans that would delay implementation of derivatives rules has sparked a firestorm of controversy, with officials and lawmakers trading jabs over the pace of regulatory reform.

WASHINGTON — Rep. John Tierney, D-Mass., plans to soon introduce a bill that would require all new munis to be taxable direct-pay bonds with a 25% federal subsidy rate — a proposal drawing a frosty reception from issuers and underwriters.

Two Federal Reserve economists are refuting claims by some analysts that the muni market is headed for several billion dollars in defaults, calling the projections overblown and out of sync with past recessions.

At a meeting in Nashville last week, the Municipal Securities Rulemaking Board voted to further amend a proposed rule that would prohibit dealer-financial advisers from switching roles and acting as an underwriter and muni adviser on the same transaction.

Moody's Investors Service downgraded $1.7 billion of San Jose Redevelopment Agency tax allocation bonds after falling property values cut into debt service coverage.

WASHINGTON — Key Republican lawmakers introduced a bill Friday to delay implementation of derivatives rules by regulators and require them to hold hearings about compliance costs and regulatory alternatives.

WASHINGTON — The Internal Revenue Service is auditing $228.1 million of “green” bonds issued in February 2007 by the Syracuse, N.Y., Industrial Development Agency to determine if they violated tax laws.

SAN FRANCISCO — Stone & Youngberg said it hired Doug Heske as managing director and branch manager of its San Francisco private-client group.