Far West

WASHINGTON — The Internal Revenue Service made about $2.9 billion of subsidy payments to issuers of Build America Bonds and other direct-pay bonds through February, Cliff Gannett, director of the IRS’ tax-exempt bond office, said Monday.

ALAMEDA, Calif. — California’s redevelopment agencies have failed to provide a coherent explanation for their existence, according to state Controller John Chiang.

SAN FRANCISCO — Vallejo retirees have fired another salvo in a battle for scarce funds in the California city’s proposed plan to exit bankruptcy, including conflict of interest accusations against the city’s mayor and law firm.

WASHINGTON — The Municipal Securities Rulemaking Board wants to keep a 21-member board for another year, from Oct. 1, 2011 through Oct. 1, 2012, until it determines what size the MSRB should be on a permanent basis.

WASHINGTON — Four more members of Congress have sent letters to the SEC expressing concerns or raising questions about provisions in its proposed muni adviser registration rules that would treat state and local appointed board members as muni advisers who would be subject to registration and regulation.

AUSTIN — The Securities and Exchange Commission’s muni chief defended a proposal to register state and local appointed board members as municipal advisers, calling it an effort to respond to abuses in the area.

SAN FRANCISCO — Crushed during the recession, California’s real estate market so far has been spared from a tide of defaults on land-secured bonds — so far.

ALAMEDA, Calif. — In what has become something of an annual Sacramento ritual, California Controller John Chiang released a letter to lawmakers and the governor warning of the negative consequences of failing to enact a budget that is both on time and balanced.

WASHINGTON — Sen. Ron Wyden, D-Ore., wants to write a second chapter for the popular Build America Bond program, by reviving the federally subsidized taxable bonds to specifically fund transportation projects.

WASHINGTON — President Obama on Wednesday signed a stopgap measure to keep the federal government funded through March 18 just hours after the Senate approved it by a vote of 91 to 9.