Far West

The National Association of Bond Lawyers last week awarded Linda Schakel, a partner at Ballard Spahr in Washington, its Frederick O. Kiel Distinguished Service Award.

ALAMEDA, Calif. — Two years after voters north of San Francisco approved a sales tax to finance a new commuter rail line, the start of construction is in sight and the Sonoma Marin Area Rail Transit District prepares for its first bond issue.

The transportation market seems to be stabilizing, Fitch Ratings analysts said at a conference in New York City last week, before the agency publishes its 2011 outlooks for the sector.

SAN ANTONIO — Build America Bond issuers could potentially go years without subsidy payments under the examination process the Internal Revenue Service is currently considering for them, bond attorneys meeting here warned last week.

SAN ANTONIO — Issuers that want to avoid disclosure mishaps — and possible federal enforcement action — should develop and closely follow policies as well as procedures that lay out who must review and sign off on their disclosure documents, Securities and Exchange Commission officials are stressing.

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.