Far West

An overwhelming majority of Build America Bond subsidy payments have been paid in full to BAB issuers, suggesting that concerns about offsets are dramatically overblown, according to new data on state issuers compiled by the Internal Revenue Service and prepared remarks expected to be delivered this morning by a top Treasury Department official.

Some California cities may have their bond-issuing abilities limited by a bill introduced last week by lawmakers responding to the crisis in Bell, where freewheeling financial policies have resulted in the resignations of three city officials.

Honolulu Seawater Air Conditioning LLC is moving forward with public financing for a project that will suck cold water from ocean depths to cool Honolulu's downtown, providing energy savings from a renewable source.

As members of Congress and the White House struggle to find a suitable replacement for, or addition to, the current gas tax that provides funding for transportation infrastructure, at least one lawmaker is floating the idea of a sales tax on motor fuels.

A day after New Jersey settled securities fraud charges with the Securities and Exchange Commission for failing to disclose to bond investors that it was underfunding its two largest pension plans, offering documents for the state's record $2.25 billion short-term tax and revenue anticipation note deal included several pages of disclosures about the woefully underfunded retirement plans.

The Congressional Budget Office Thursday upped the estimated cost of the Build America Bond program by $10 billion to $36 billion over 10 years in its new estimates on the fiscal 2010 budget deficit and economic outlook.

Many California government employees are off without pay today, after the state Supreme Court said that Gov. Arnold Schwarzenegger could implement his order furloughing workers for three Fridays per month.

A group of Washington and Oregon leaders signed off this month on important parameters for one of the Northwest's biggest planned public works projects — a replacement for the Interstate 5 crossing of the Columbia River.

The Agua Caliente Band of Cahuilla Indians in California has reached a closing agreement with the Internal Revenue Service over $22.5 million of revenue bonds it issued in 2003 to finance a golf course and accompanying facilities.

Moody's Investors Service placed Fresno Pacific University's Ba2 rating on a watchlist for a possible downgrade.