Far West

An issuer that wants to refund post-2003 commercial paper before the end of the year can take advantage of a stimulus provision that allows those refunding notes to be exempt from the alternative minimum tax, the Internal Revenue Service recently ruled.

The Municipal Securities Rulemaking Board issued a report Tuesday summarizing the data it has collected on auction-rate securities and variable-rate demand obligations, as the Securities and Exchange Commission approved the board’s proposal to provide $10,000-per-year subscriptions for real-time data on such securities.

ALAMEDA, Calif. — California Treasurer Bill Lockyer is preparing to take out a multibillion-dollar bridge loan from major banks once the nation’s most populous state adopts a budget.

SAN FRANCISCO — The California Department of Water Resources will sell $1.9 billion of power revenue bonds next week to refund debt sold after the state’s energy crisis.

WASHINGTON — The District of Columbia is lowering its revenue estimates for fiscal 2010 and 2011 amid the weak economy, but it’s making sure it will stay within its debt cap, chief financial officer Natwar Gandhi said Monday.

WASHINGTON — Cook County, Ill., officials say while they are striving to improve the timeliness of their secondary market disclosures, the process of coordinating financial information among different offices and departments is both challenging and time consuming.

SAN FRANCISCO — The Port of Long Beach, Calif., the second-busiest port in the country, could see its rating come under pressure if a local ballot measure passes that would strengthen the hand of the city in its operations.

Senate Energy and Natural Resources Committee chairman Jeff Bingaman, D-N.M., said last week that it’s unlikely Congress will approve a comprehensive energy bill either this year or next.

A number of Build America Bond issuers are seeking voluntary closing agreements with the Internal Revenue Service to settle accidental violations of a de minimis premium rule, an IRS official told industry officials in Manhattan yesterday.

WASHINGTON — The combination of having at least three of the proposed 10 “industry” seats on its expanded board dedicated to nondealer muni advisers, along with the establishment of a council of advisers to bounce ideas off the board, will ensure that advisers are fairly regulated beginning Oct. 1, the Municipal Securities Rulemaking Board is insisting.