Far West

WASHINGTON — More than 90% of municipal analysts surveyed believe they are more likely to hear about material events from the news than from issuers’ continuing disclosure notices, according to a new study.

The Treasury Department announced several changes Wednesday to its new issue bond purchase program for housing finance agencies, most notably that it is extending by one year through 2011 its deadline for converting short-term taxable bonds to long-term, tax-exempt bonds.

The Internal Revenue Service Wednesday announced it is accepting applications from nonprofit electric cooperatives for $190.8 million of new clean renewable energy bonds that have not yet been allocated.

WASHINGTON — A National Bureau of Economic Research study has concluded that while Build America Bonds have succeeded in their mission to lower financing costs for state and local governments, traditional tax-exempt bonds still offer more enticing after-tax yields to individual investors.

MENLO PARK, Calif. — The Reno City Council meets next week to discuss how the Nevada city can avoid defaulting on bonds backed by a lease with a defunct casino.

An Internal Revenue Service agent is warning the Crystal City, Tex., Public Facilities Corp. that $13.9 million of bonds it issued in 2003 to purchase a jail may not be tax-exempt because the agency appears to have exceeded private business-use limits.

John Ramsay, a former federal regulatory and industry lawyer with broad experience in the municipal and other financial markets, plans to return to the Securities and Exchange Commission on Sept. 20, this time as a deputy director in the markets and trading division.

State tax revenues are slowly climbing out of recession levels, the Nelson A. Rockefeller Institute of Government concluded in a report released Monday.

Moody’s Investors Service is not pushing municipal bond issuers to agree to indemnification language for ratings as a result of provisions in the new financial regulatory reform law that make it easier for investors to sue rating agencies, a spokesman for the firm said Friday.

WASHINGTON — The Municipal Securities Rulemaking Board on Friday asked the Securities and Exchange Commission to approve rule changes that would allow it to expand from 15 to 21 board members, 11 of which would be independent, public representatives not associated with securities or bank-dealer firms.