Far West

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.

WASHINGTON — Architects are urging lawmakers to reinstate the Build America Bond program.

NEW YORK — The municipal securities market is beset by problems that defy easy solutions, academics and experts told municipal analysts Friday.

WASHINGTON — Market participants are questioning why Sen. Ron Wyden is drafting legislation that would create a new type of tax-credit bond for transportation projects, warning there is not much of a market for tax-credit bonds.

Municipal bond issuers and underwriters should review all documents related to their pension disclosures, even those that were not prepared with disclosure in mind, an attorney told muni market participants Friday.

WASHINGTON — Self-regulatory officials may assess fees on municipal advisers based on their advisory activity and are focused on disclosure to retail muni investors.

SAN FRANCISCO — The California cities of Sacramento and Anaheim are in a tug-of-war over the fate of a National Basketball Association franchise, with bonds tied to each end.