Far West

Wall Street’s largest securities dealers eased credit terms during the second quarter for hedge funds and private-equity firms that borrow against securities and trade over-the-counter derivatives, according to the results of a Federal Reserve Board survey issued Tuesday.

WASHINGTON — Congress returns to work this week still lacking a clear game plan for extending bond programs and other federal assistance for state and local governments, despite pleas for the extensions from governors meeting in Boston through the weekend.

BOSTON – U.S. governors this weekend called for greater fiscal discipline in their states to calm bond market fears over their debts, but they offered little consensus on efforts to extend certain federal government stimulus programs, specifically Build America Bonds.

CHICAGO — Washington Treasurer James McIntire last week chided Standard & Poor’s, charging that the rating agency inaccurately reported the funded status of his state’s pension system in a recent national report on looming pension funding and policy challenges facing states.

Six state and local groups are urging the Senate to pass an extension to the Build America Bonds program, which they say is critical to governments during this time of unprecedented budgetary strain.

Dealers would have to submit bidding information for auction-rate securities in a set of individual data points rather than in document form under changes the Municipal Securities Rulemaking Board submitted Friday on a proposed expansion of its transparency system for ARS and variable-rate demand obligations.

WASHINGTON — The Federal Transit Administration and U.S. Department of Transportation Thursday announced $300 million in competitive grants for cities and local agencies to pay for 53 transit proposals including bus, streetcar and trolley projects.

ALAMEDA, Calif. — A water rights dispute has stalled plans by California’s Imperial Irrigation District to sell $250 million of Build America Bond certificates of participation next week to finance new power-generating equipment.

WASHINGTON — New York City Comptroller John Liu is calling on the state’s congressional delegation to press the Internal Revenue Service to provide consistent and specific guidance on controversial issues surrounding the Build America Bond program.

WASHINGTON — The Internal Revenue Service has closed an audit of $52.5 million of bonds issued by the Ave Maria Stewardship Community District in southwest Florida with no change to the tax-exempt status of the debt, the district disclosed this week.