Far West

Moody’s Investors Service is seeking commentary as it considers updating its rating methodology for municipal debt that is backed by letters of credit.

State and local government spending increased in the second quarter of 2010 for the first time in a year as municipalities splurged on capital improvements, but economists cautioned that the growth is unlikely to continue in the second half.

Recently introduced legislation extending several temporary bond provisions is not expected to be voted on by the House until September at the earliest, despite attempts from Democratic leaders to move quickly on the measure.

WASHINGTON — Twenty-four municipal market groups have signed a letter praising House Ways and Means Committee chairman Sander Levin for introducing legislation to extend several temporary muni bond provisions, and calling for continued support of municipal issuers during tough economic times.

WASHINGTON — Rating agencies have expressed serious concerns about the District of Columbia’s financial status, particularly regarding its foreclosure this month on a troubled hospital, according to a letter the chief financial officer sent to city officials Wednesday.

WASHINGTON — House Ways and Means Committee chairman Sander Levin Wednesday introduced a new bill that enables Congress to make another attempt at extending several bond provisions slated to expire at the end of the year, including Build America Bonds.

WASHINGTON — The Justice Department Tuesday indicted three former financial services executives — Dominick P. Carollo, Steven E. Goldberg and Peter S. Grimm — on a total of 12 criminal counts for allegedly participating in wire fraud schemes and conspiracies in connection with the bidding for investment contracts for municipal bond proceeds over a seven-year period.

ALAMEDA, Calif. — The good news: two California leaders are on record saying when they will be ready to get the state budget done. The bad news: it’s after the November election.

ALAMEDA, Calif. — Washington has upsized the refunding component of Wednesday’s general obligation bond sale, bringing the amount of debt being priced to $839 million.

WASHINGTON — A draft bill released by House Ways and Means Committee chairman Sander Levin late Monday would authorize over $5 billion in new bond authority for renewable energy projects and open the door for private-activity bonds to be used by states and localities to finance energy-efficient upgrades to residential homes.