Far West

WASHINGTON — Despite a round of aggressive lobbying by non-dealer financial advisers and former Securities and Exchange Commission chairman Arthur Levitt, the municipal market section of the massive financial regulatory bill that Senate Banking Committee chairman Christopher Dodd is expected to release Monday is not likely to be much different than the original draft floated late last year.

WASHINGTON — A high-level Department of Transportation official told lawmakers yesterday that the Obama administration will support “ambitious local initiatives” for large-scale projects, such as a 12-line transit project in Los Angeles.

WASHINGTON — The top Republican tax-writer in the Senate yesterday warned colleagues that provisions in the House-passed jobs bill that offer high subsidy rates for Build America Bond-type programs would allow Wall Street banks to pocket more in underwriting fees.

The Senate yesterday approved a legislative package that would extend bond-related and other expiring tax provisions, while market participants pushed key members of Congress to make permanent two stimulus provisions that give banks more incentive to buy tax-exempt debt.

Congressional foot-dragging on federal transportation policy reverberated again at the state level this week, as the Missouri Department of Transportation decided not to put projects out for bids, making March the second consecutive month the state canceled bids due to federal funding uncertainty.

SAN FRANCISCO — One of the Nevada local improvement districts that sold land-secured bonds to finance infrastructure at the troubled Lake Las Vegas development made an unscheduled draw on its reserve fund to pay debt service this month, according to a disclosure report filed with the Municipal Securities Rulemaking Board.

WASHINGTON — The Joint Tax Committee has released revenue estimates for Obama administration budget proposals that would extend most of the stimulus law’s municipal bond provisions — including the higher qualified small-issuer limit for bank-qualified bonds — through the end of calendar year 2011.

WASHINGTON — The Municipal Securities Rulemaking Board today is expected to file long-awaited rule changes with the Securities and Exchange Commission that would implement the final phase of its transparency system for auction-rate securities and variable-rate demand obligations.

SAN FRANCISCO — Oregon Gov. Ted Kulongoski yesterday appointed Multnomah County chairman Ted Wheeler to be state treasurer.

SAN FRANCISCO — California’s sales tax on gasoline is dead. But long live higher excise taxes on gasoline.