California

The private-activity bonds funding LAX's automated people mover project have been downgraded to junk by Fitch amid delays and disagreements with the private developer. But Fitch affirmed the airport's AA rating.

Between two state measures and one regional, California starts with $40 billion of GO bonds on the November ballot, before any other local measures are tallied.

The Contra Costa County Office of Education gave West Contra Costa Unified School District until July 17 to pass a budget, or have the county office step in.

Two universities at opposite ends of the state received Moody's downgrades this week.

In the first half of 2024, winding-down federal aid, a resurgence of Build America Bond refundings and election uncertainty have contributed to the surge in issuance, said James Welch, a portfolio manager at Principal Asset Management.

California lawmakers were putting the finishing touches on the budget this week before the start of the fiscal year on July 1.

Two initiatives were dropped from the California ballot as Gov. Gavin Newsom worked to secure a legislative fix.

The agreement includes plans for a bill creating a constitutional amendment to allow the state to set aside greater sums in reserves.

The California Supreme Court issued an opinion Thursday blocking an anti-tax measure from November's ballot.

Existing California law requires hospitals to be fully operational after a large earthquake by 2030. The Senate has passed a bill to extend the deadline.