Far West

U.S. mayors descended on Washington this week to combat the budget cuts approved by the House last week that would threaten certain federal programs for local governments, especially the community development block grant program.

WASHINGTON — In an effort to prevent a recurrence of past abuses by broker's brokers, the Municipal Securities Rulemaking Board has issued a new draft rule that details what they must do to comply with pricing, fair-dealing, and transaction rules.

ALAMEDA, Calif. — Collapsing property values and a threatened Nevada funding raid led all three major ratings agencies to take negative actions this week on the Clark County School District.

Governing board members of municipal entities should not be considered municipal advisers who would have to register with the Securities and Exchange Commission and the Municipal Securities Rulemaking Board and comply with board rules, the MSRB told the SEC Wednesday.

WASHINGTON — State, local, nonprofit and other groups are flooding the Securities and Exchange Commission with complaints that its definition of muni adviser in proposed registration rules is overly broad and would disrupt their bond financings and other activities.

SAN FRANCISCO — A Superior Court judge in California has denied a lawsuit brought by a public employees' union that sought to block a plan for a public-private partnership to rebuild a road linking San Francisco and the Golden Gate Bridge.

WASHINGTON — The Municipal Securities Rulemaking Board issued draft amendments to its Rule G-20 on Tuesday that generally would bar muni advisers from giving gifts and gratuities in excess of $100 per year to individuals or entities who could influence the award of advisory business.

WASHINGTON — Supporters of the Florida high-speed rail project are scrambling to come up with options to preserve it after Gov. Rick Scott rejected $2.4 billion of federal funding last week.

Sen. Richard Burr, R-N.C., has introduced a bill that would prohibit state and local governments from issuing tax-exempt bonds unless they meet certain pension-disclosure requirements. Meanwhile, two House members have introduced separate bills to reinstate the Build America Bond program.

The chances that Ambac Assurance Corp. will be able to keep $700 million of disputed tax refunds increased last week when a federal court in Wisconsin again threw out the Internal Revenue Service’s case against the bond insurer.