Far West

Standard & Poor's cut its rating on the City of Industry's sales tax revenue bonds to A-minus from A-plus Wednesday ahead of a $44.8 million bond sale.

California's three biggest pension funds face a shortfall of $500 billion, according to a study published by the Stanford Institute for Economic Policy Research.

Los Angeles city administrative officer Miguel Santana, who was leading efforts to close the city's $212 million budget deficit, took a leave of absence last week after being arrested for alleged drunk driving.

WASHINGTON — The National Association of Bond Lawyers is urging federal regulators to put a notice on EMMA alerting investors that rating information in offering and continuing disclosure documents may not be accurate as credit rating agencies recalibrate the ratings for tens of thousands of municipal bonds.

SAN FRANCISCO — Moody's Investors Service downgraded $3.2 billion of Los Angeles bonds yesterday, as elected officials in the nation's second-biggest city battled over a plan to raise electricity rates.

WASHINGTON — A coalition of 27 transportation, labor, and other groups are urging lawmakers drafting climate and energy legislation that could impose a carbon tax on gasoline to ensure any resulting tax revenue would be funneled into the highway trust fund instead of other programs.

WASHINGTON — The mayor of Tucson has urged the Treasury Department to revise its criteria for determining what areas can use recovery zone bond financing, complaining that the current allocation method overlooks his city even though it has one of the highest unemployment rates in Arizona.

The Retama Development Corp. has agreed to pay the Internal Revenue Service an unspecified amount and convert $30.425 million of tax-exempt bonds into taxable debt to ensure $160.3 million of bonds it issued in 1993 and 1997 will remain tax-exempt.

The California State Assembly's public retirement and investment subcommittee heard testimony today regarding Assemblyman Ed Hernandez's (D-West Covina) controversial bill proposing limitations on contingency fees for placement agents.

SAN FRANCISCO — Los Angeles Controller Wendy Greuel said the nation’s second-biggest city will run out of money within a month without action from elected officials, who are stuck in a acrimonious standoff over electricity rates.