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WASHINGTON — Municipal market participants are still weighing the implications of a bill that would eliminate tax-exempt bonds and shift the muni market wholesale to a tax-credit subsidy, with many warning it would hurt state and local governments still recovering from the recession.
February 24 - California
SAN FRANCISCO – California State Treasurer Bill Lockyer asked an Assembly committee Wednesday to approve a cash-management bill designed to make state general obligation bonds more palatable to investors.
February 24 -
WASHINGTON — The Justice Department announced Wednesday that Daniel Naeh, a former CDR Financial Products Inc. employee living in Israel, pleaded guilty Tuesday for his participation in bid-rigging and fraud conspiracies related to guaranteed investment contracts and other municipal finance agreements.
February 24 - California
SAN FRANCISCO — Standard & Poor’s downgraded Los Angeles late Monday, citing slow action to resolve the city’s budget deficits this year.
February 24
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WASHINGTON — The Justice Department announced Wednesday afternoon that Daniel Naeh, a former CDR Financial Products Inc. employee who is living in Israel, pleaded guilty Tuesday for his participation in bid-rigging and fraud conspiracies related to contracts for the investment of municipal bond proceeds and other muni contracts.
February 24 - California
SAN FRANCISCO - California has pulled its $2 billion general obligation bond sale off next week's calendar, after the state Legislature failed to approve cash-flow management legislation the State Treasurer's Office was counting on to make the deal more palatable to investors.
February 23 - California
SAN FRANCISCO — California lawmakers have passed a series of bills in a special session called to address the budget deficit, though they have left some big loose ends.
February 23 -
New tax reform legislation unveiled Tuesday by Sens. Ron Wyden, D-Ore., and Judd Gregg, R-N.H., would eliminate tax-exempt bonds beginning in 2011, change the tax exemption for state and local bonds to a tax credit, and prohibit the advance refunding of bonds.
February 23 -
WASHINGTON — The Securities and Exchange Commission formally released a series of final changes to its Rule 2a-7 on money market funds Tuesday aimed at boosting the resilience of funds during market crises, and set a March 5 effective date for them.
February 23 - Washington
The horizon continues to appear gloomy for state and local governments heading into 2010, with two reports by Fitch Ratings and the Nelson A. Rockefeller Institute of Government this week predicting another year of crunched state and local finances.
February 23
