Far West

SAN FRANCISCO — The Oregon Legislature closed its February special session last week after approving $140 million of bond-financed construction projects — legislation that would enable the state to sell Build America Bonds — and a bill that expands the types of projects that can be financed with general obligation debt.

An ethics report finding that House Ways and Means Committee chairman Charles Rangel violated congressional gift rules is the latest in a string of bad news for the embattled New York Democrat, but it remains unclear whether this friend of the muni market will eventually lose his powerful position.

WASHINGTON — States will not receive highway payments from the federal government starting today because of the Senate’s inability to clear a temporary extension of aid to states, although payments could resume this week, according to market sources.

WASHINGTON — The Municipal Securities Rulemaking Board on Friday released a video tutorial for muni issuers and others who submit continuing disclosure documents to its EMMA site.

WASHINGTON — A Fitch Ratings report released this month lengthens the shadow cast over transportation credits by the economic downturn. However, the agency predicted an eventual upturn for seaports.

WASHINGTON — Three market groups are moving forward with plans to collaborate on new guidelines to improve the quality of derivatives disclosure and the more timely release of financial information.

SAN FRANCISCO — The massive bankruptcy filing of the developers of the Lake Las Vegas resort may be heading to a resolution this year, with the debtors proposing a Chapter 11 exit plan they say will provide the best outcome for municipal bonds affected in the filing.

WASHINGTON — Sens. Ron Wyden, D-Ore., and Judd Gregg, R-N.H., said they included provisions to halt the issuance of tax-exempt bonds beginning in 2011 in their tax reform bill to make the tax code fairer for all investors and to help offset proposed revenue losers.

The House and Senate are hurtling toward a deadline this weekend to extend the current surface transportation law, but bills pending in each chamber differ significantly in how funds would be allocated to the states.

SAN FRANCISCO — California is back on the bond calendar.