Far West

At least one Build America Bond issuer has had a subsidy payment reduced because it owed money to the federal government, and this "offset" system is entirely automated, market participants warned here yesterday.

Issuer and investor groups are working together on a voluntary framework for improved disclosure of municipal swaps and financial information, a move they say reflects unprecedented cooperation between the two market groups, which historically have not been able to reach much consensus on the need for disclosure changes.

The Internal Revenue Service yesterday published two new information forms with accompanying instructions for issuers of Build America Bonds and recovery zone economic development bonds, one of which provides for direct deposit of payments from the federal government.

Leaders in the nation's second-largest city insisted this week they haven't slipped into the kind of political paralysis that has made it nearly impossible for California to balance its budget and that garnered it the lowest state credit rating in the nation.

The Washington Senate Tuesday approved a bill that sponsors say will allow the state to move forward with plans for a toll-financed replacement of the Highway 520 floating bridge over Lake Washington.

The Oregon House last week unanimously approved a bill that would allow state Treasurer Ben Westlund to use Build America Bonds.

Nevada Gov. Jim Gibbons Wednesday issued a news release responding to what he described as criticism of budget cut proposals he made earlier in the week, in advance of the Legislature's special session next week.

Standard & Poor's Tuesday announced that it had upgraded 19 school districts in California, plus one in Washington.

Californians will soldier on for a while longer with a void in the lieutenant governor's office.

The California Assembly voted unanimously Monday to advance a bill to clear up legal concerns that have prevented the issuance of more than $770 million of qualified school construction bonds.