Far West

While federal lawmakers are nearing a compromise on tax legislation that would extend many expired and expiring tax provisions as well as the Bush-era tax cuts, it is not certain the measure will continue the popular Build America Bond program, sources said.

The Natomas Unified School District in Sacramento County, Calif., missed a deadline last month that triggered the process for a state bailout.

WASHINGTON — The Municipal Securities Rulemaking Board plans to propose a draft pay-to-play rule for municipal advisers by the end of the month that will mirror existing political contribution restrictions imposed on dealers under its Rule G-37, chairman Michael Bartolotta told reporters in a conference call Monday morning.

SAN FRANCISCO — The city attorney of San Francisco has sent a shot across the bow of both JPMorgan Chase & Co. and MBIA in the form of threatening letters over their involvement in the Asian Art Museum’s financial crisis.

ALAMEDA, Calif. — California’s budget deficit is so big, two governors are working on it.

WASHINGTON — The president’s deficit reduction commission Friday voted 11 to 7, failing to get a supermajority to move forward with its report.

The Securities Industry and Financial Markets Association has upped the ante in its dispute with the Municipal Securities Rulemaking Board over the self-regulator’s proposal to nearly double the fees it collects from dealers, warning that the MSRB must do a better job of explaining the need for the increase.

ALAMEDA, Calif. — Alaska officials have nailed down their preferred location to build a $5 billion hydroelectric dam project that will require significant state subsidies and is also likely to utilize some form of municipal debt financing.

WASHINGTON — House members voted 234 to 188 Thursday for a bill that would extend lower- and middle-income tax cuts and make permanent two school bond-related provisions that were adopted in 2001 but are set to expire this year.

WASHINGTON — The Securities and Exchange Commission has hired two attorney-fellows to double the staff in its office of municipal securities, but efforts to comply with a congressional mandate to heighten the office’s stature so it directly reports to the chairman is being stymied by short-term budget stopgaps, sources said.