Far West

WASHINGTON — The Municipal Securities Rulemaking Board plans to soon file rule changes with the Securities and Exchange Commission that would eliminate the current practice of allowing a dealer-financial adviser to resign as FA and then underwrite the same muni securities transaction.

ALAMEDA, Calif. — The California treasurer’s office is firming up details for a temporary cash-flow loan it expects to close next week, allowing the state to resume paying tax refunds and catch up on payments due to local agencies.

WASHINGTON — Securities and Exchange Commission proposals to require issuers to provide investors with more information about loans underlying asset-backed securities would apply to municipal bonds and could have far-reaching effects on the muni market, several lawyers said last week.

The Internal Revenue Service is kicking off the first round of audits of Build America Bonds and is asking issuers if any potentially related entities, such as pension plans, are buying their BABs, according to issuers and IRS officials.

WASHINGTON — Market participants are pushing back against attempts by Standard & Poor’s to rate municipal bond deals on the condition that the issuer agrees to accept both greater liability if the rating turns out to be faulty and an ongoing obligation to inform it of any material change to any information provided to the agency.

SAN FRANCISCO — California’s Bay Area Toll Authority will sell $800 million of taxable and tax-exempt debt this week to help fund massive modernization projects that include replacement of the eastern span of the San Francisco-Oakland Bay Bridge.

ALAMEDA, Calif. — A civil jury in Sacramento rejected professional negligence claims last week against attorneys and a pension consultant involved in setting up a controversial pension system for Sacramento City Unified School District administrators.

WASHINGTON — Moving money market funds to a floating net-asset value would “help remove the perception” that MMF’s are risk-free and reduce investor incentives to flee distressed funds, but might be difficult to accomplish and lead to unintended consequences, the President’s Working Group on Financial Markets said in a report released Thursday.

WASHINGTON — The federal government opened its wallet to ports this week, giving them a larger-than-ever share of a $585 million competitive grant program.

ALAMEDA, Calif. — Nevada Treasurer Kate Marshall is fighting for another term against former state controller Steve Martin.