Far West

WASHINGTON — The Municipal Securities Rulemaking Board is expected early Friday to propose extensive pay-to-play restrictions for municipal advisers, the first significant rulemaking proposal for advisers since the MSRB began to oversee them on Oct. 1.

WASHINGTON — The Securities and Exchange Commission will hurt state and local entities if it adopts rules requiring their appointed board members to register with the SEC and possibly the Municipal Securities Rulemaking Board, market participants are warning.

SAN FRANCISCO — Oakland’s city attorney has taken a public stand against a plan by the city to sell bonds so it can continue to skip making payments toward growing public-safety pension liabilities.

The American Bar Association’s tax group is urging the Treasury Department and Internal Revenue Service to publish guidance confirming that bond counsels’ long-standing practices for bonds issued to finance grants comply with tax law requirements.

The American Public Power Association and two other groups are urging Obama administration officials to authorize more funds for clean renewable energy bonds, which can be issued as direct-pay as well as tax-credit bonds.

SACRAMENTO — California Gov. Jerry Brown announced Monday what he described as a draconian budget proposal to bridge a $28 billion deficit.

SACRAMENTO — The budget proposal Gov. Jerry Brown released Monday calls for California not to issue any new general obligation bonds this spring, according to a state official.

Moving money market funds to a floating net-asset value would cause investors to flee the funds and ultimately deprive state and local governments of needed capital, several municipal market groups are warning in a letter to the Securities and Exchange Commission.

The Internal Revenue Service ­withheld $707,757, or 15%, of the District of Columbia’s Dec. 1 Build America Bond subsidy payment because of payroll taxes, making the city the latest issuer caught by surprise with an offset.

ALAMEDA, Calif. — Holders of Chowchilla, Calif.’s 2005 lease revenue bonds will get their most recent interest payment, after the trustee emptied out the last of the debt-service reserve fund.