Far West

SAN FRANCISCO — California cities and counties could conceivably issue clouds of bonds backed by more than $1 billion a year in marijuana-related tax revenue if Proposition 19 passes Tuesday, transforming a decades-old pipe dream into reality.

SAN ANTONIO — Treasury Department and Internal Revenue Service officials are trying to figure out how to apply long-standing tax requirements to Build America Bonds that, if interpreted broadly, could have major ramifications for certain BABs held by public pension funds and other governmental entities, possibly leading to their extinguishment.

SAN ANTONIO — “Numerous” municipal market participants have queried the ­Securities and Exchange Commission about bringing muni bond ­abuses to its attention under a new ­congressionally mandated program that provides incentives for whistle-blowers, a top SEC enforcement attorney told bond ­attorneys gathered here Thursday.

ALAMEDA, Calif. — California Treasurer Bill Lockyer, after jousting with credit ratings agencies for most of his first term, says he’ll carry on if he wins re-election Tuesday.

SAN FRANCISCO — Chevron Corp., the second-largest integrated oil company in the United States, will benefit from a record amount of tax-exempt recovery zone facility bonds next month to upgrade the biggest refinery in the lucrative California energy market.

ALAMEDA, Calif. — The Securities and Exchange Commission crossed a new threshold this week by securing financial penalties against individual city officials in a municipal bond fraud case.

SAN ANTONIO — The Securities and Exchange Commission has postponed the municipal securities field hearing it planned to hold in Chicago on Nov. 16.

ALAMEDA, Calif. — Vallejo, Calif., appointed a new interim city manager this week.

ALAMEDA, Calif. — California has closed a $6.7 billion bridge loan with six financial institutions to help the state through a cash crunch, Treasurer Bill Lockyer announced Tuesday afternoon.

WASHINGTON — The National Association of Bond ­Lawyers’ new president as of Wednesday night, John ­McNally, appears to be the right man at the right place and the right time, according to the group’s members.