Far West

Dealer and bank groups warned they face a regulatory quagmire with the Municipal Securities Rulemaking Board’s draft muni adviser pay-to-play restrictions because the board and Securities and Exchange Commission define terms associated with muni advisers differently and have varying sets of rules for muni and investment advisers.

California's independent Little Hoover Commission urged the state's leaders to take government employee pension-reform efforts a big step beyond where they have gone so far, by altering benefit levels for current employees.

With pundits predicting a "wave of bankruptcies" in the municipal market this year, experts say one thing should be kept in mind: the majority of distressed issuers undergoing the Chapter 9 process don't end up stiffing bondholders.

The Internal Revenue Service announced Friday that issuers that purchased and still hold their auction-rate securities can enter into voluntary closing agreements under which the securities will continue to exist if the issuers pay a fee and meet certain conditions.

Two professors are proposing that states and localities create a national nonprofit institution that would provide issuers with independent advice on bond financings, help them disclose standardized information, and take other steps to improve liquidity in the muni market.

Oregon's debt commission told the governor and lawmakers that they need to rein in general fund-backed bonding in the next two-year budget cycle.

Oregon Gov. John Kitzhaber announced Tuesday the creation of a new chief operating officer position that will be filled by Michael Jordan, the COO at Metro, the regional government for the Portland area.

Fitch Ratings has withdrawn its ratings on $125 million of Oregon Bond Bank bonds.

Hawaii Gov. Neil Abercrombie Monday announced his amended budget proposal for fiscal 2012 and 2013.

Moody's Investors Service has placed the California Housing Finance Agency's home mortgage revenue bonds' A3 unenhanced rating on watch for possible downgrade, which could affect $6.2 billion of outstanding debt.