Far West

The treasurer of California, the largest municipal bond issuer in the nation, is urging federal lawmakers to amend the pending financial regulatory reform bill to require buyers of municipal credit default swaps to have actual exposure to the issuer’s underlying securities.

DALLAS — On the heels of a Fitch Ratings downgrade, the Sisters of Charity of Leavenworth Health System plans to issue more than $1 billion of revenue bonds this week for operations in three states.

WASHINGTON — Rep. Jim McDermott, D-Wash., soon plans to introduce legislation that would remove the cap on clean renewable energy bonds, following the transition of CREBs to a direct-pay system where issuers receive a 70% subsidy from the federal government to help with interest paid to bond holders.

State and local governments spent less in the first quarter of 2010 on infrastructure projects and new equipment despite a windfall of federal aid, figures released by the Bureau of Economic Analysis on Friday showed.

WASHINGTON — As the full Senate began to debate financial regulatory reform legislation Thursday, dealers pushed back against several provisions they said could shut down the swaps market for states and localities.

ALAMEDA, Calif. — Hawaii lawmakers closed out their session this week, but not before taking a series of controversial actions to balance a $10.2 billion budget that has been hammered by the recession.

WASHINGTON — The U.S. Department of Transportation this week issued guidance on how state and local governments should apply for $600 million for projects under a competitive discretionary grant program.

ALAMEDA, Calif. — The tight supply situation in the primary tax-exempt bond market will get a $2 billion boost from one issuer next week when the California Department of Water Resources prices power supply revenue bonds.

WASHINGTON — The chairman of the House Ways and Means Committee has raised the possibility of including a provision to extend the Build America Bonds program in an “extenders” package, which lawmakers hope to approve by Memorial Day weekend.

WASHINGTON — In a surprise bipartisan development, Senate lawmakers announced Wednesday evening that they would begin to debate financial regulatory reform legislation on the Senate floor by unanimous consent, a method that allows the bill to proceed without a cloture vote to limit debate on the measure.