Far West

WASHINGTON — The Department of Transportation has received more than 90 applications from 24 states, the District of Columbia, and Amtrak seeking a total of nearly $10 billion for high-speed rail projects — more than four times the $2.4 billion available from Florida Gov. Rick Scott’s cancellation of a project in his state.

WASHINGTON — The Municipal Securities Rulemaking Board’s draft rule on gifts and gratuities could shut down muni advisers, the municipal market’s largest financial adviser is ­warning.

The top tax-writing lawmakers said Wednesday that while a debate about the tax-exempt status of state and local bonds will certainly be in the mix as part of a broader tax-reform debate, it is too early in the discussion to delve into specific issues.

SAN FRANCISCO — Wenatchee, Wash., finds itself on the hook for a hockey arena that didn’t pencil out the way consultants said it would.

WASHINGTON — Lawmakers on Tuesday moved forward with two legislative efforts to overhaul the U.S. tax code, which would either halt, or threaten, tax-exemption for new muni bonds.

WASHINGTON — Independent financial advisers are criticizing the Municipal Securities Rulemaking Board’s draft changes to its rule on gifts and gratuities, warning they don’t go far enough to eliminate conflicts of interest.

The Internal Revenue Service has closed an audit of about $300 million of Series A special tax bonds issued by the Ernest N. Morial-New Orleans Exhibition Hall Authority in 2003 to help finance a convention center expansion.

WASHINGTON — The federal debt limit must be increased by May 16 or the Treasury Department will have to take extraordinary measures, such as suspending the sale of state and local government series securities to muni issuers, Treasury Secretary Timothy Geithner said Monday.

SAN FRANCISCO — Hercules, Calif., is dealing with a fiscal and political mess that will require an effort worthy of its name to right its finances and pay debt service on $162 million of bonds.

WASHINGTON — A congressional research report has underscored the high cost of tax-exempt debt to the federal government just as some members of Congress are weighing whether to propose curbs on such debt.