Far West

Market participants remain divided over the Municipal Securities Rulemaking Board's draft proposal to prohibit dealers from underwriting new negotiated or competitive bond deals if they served as the issuer's financial adviser.

Port authorities are pushing for Congress to reauthorize a five-year program that provides them with millions of dollars of federal grants.

The Internal Revenue Service yesterday released guidance clarifying that Jan. 1 is the deadline for issuers to receive tax benefits on “draw-down bonds” that are eligible for temporary bond programs, including Build America Bonds.

WASHINGTON — The District of Columbia expects to issue $522.4 million of Build America Bonds before the end of the year. The capital city is planning to use the general obligation credit for the first time in two years in one of the deals to maximize the BABs savings.

Oregon has become the prime field test for a municipal movement that rewards banks for investing in their communities.

ALAMEDA, Calif. — Moody’s Investors Service upgraded Alaska to Aaa Monday, as the state prepares to sell $200 million of general obligation bonds.

The National Association of Bond Lawyers is warning the Securities and Exchange Commission that applying its asset-backed securities rules to municipal bonds, as proposed, would violate existing law and run contrary to congressional intent.

The Pennsylvania Higher Education Assistance Agency disclosed Friday that it is complying with an additional information request from the Internal Revenue Service as part of the IRS’ ongoing review of the agency’s student-loan bonds.

Ambac Assurance Corp. is close to reaching a settlement that would wipe away more than $500 million of exposure to revenue bonds issued by the Nevada Department of Business and Industry for the Las Vegas Monorail, according to its regulator Thursday.

SAN FRANCISCO — The Asian Art Museum is struggling to recover its financial footing while renegotiating its debt with creditors.