California

A ceremonial groundbreaking for California's $68 billion high speed passenger rail project is scheduled in Fresno.

Los Angeles County's emergence from the economic downturn with key credit factors intact was cited by Moody's Investors Service in affirming the county's Aa2 issuer rating and other ratings notched below that, including an A1 rating on a forthcoming $168 million lease revenue bond sale.

Citing a recent debt restructuring, Moody's Investors Service upgraded the San Joaquin Hills Transportation Corridor Agency two notches to Ba2.

Standard & Poor's removed California's Peninsula Corridor Joint Powers Board, operator of Caltrain service between San Jose and San Francisco, from credit watch on Monday citing improved budget operations.

The Los Angeles World Airports board of commissioners has approved its piece of a plan to connect Los Angeles International Airport to the city' light rail and subway system.

Riverside, Calif. officials say findings in an audit conducted on 2009 sewer bonds and the city's sewer fund mean the city can move forward on a bond sale.

A ruling by the U.S. Surface Transportation Board that it has authority to pre-empt state environmental law on construction of California's high speed rail project conflicts with a previous decision by a California Court of Appeals.

State Controller John Chiang issued a report warning of the growing unfunded retiree healthcare liability cost which has reached $71.8 billion.

California's severe drought will cost the state billions of dollars for 2014, but its economy is still doing well, according to municipal analysts at Bank of America Merrill Lynch.

Strong financial management combined with a growing tax base, diverse economy, and growing reserves have placed Los Angeles in a position to strengthen its credit profile, Moody's Investors Service analysts said.

Stockton, Calif. received approval of its bankruptcy plan in October, but it continues to face challenges from its holdout creditor, Franklin Advisors.

Jerry Nickelsburg, senior economist for the UCLA Anderson Forecast, said California's infrastructure is in dire need of reinvention for the 21st Century.

Ratings on many of California's cities continue to recover from the recession, but credit rating distribution in the state remains uneven, according to a report from Standard & Poor's.

For the month of November, California's total revenues came in slightly below estimates, with lower-than-expected income and sales tax collections, according to the state controller.

A San Francisco Superior Court judge will decide in January whether to uphold a decision to terminate the accreditation of the City College of San Francisco.

Tustin Unified School District, located in Orange County, Calif., has been upgraded by Moody's Investors Service ahead of its $45 million general obligation bond sale.

Moody's Investors Service on Dec. 8 upgraded Clovis, Calif., wastewater revenue bonds to A2 from Baa1 affecting $103 million in outstanding debt.

The Airport Commission of the City and County of San Francisco has agreed to pay the Treasury $67,000 and retire $1.145 million of Series A variable rate revenue refunding bonds issued in 2010 to settle a tax dispute with the Internal Revenue Service.

Stephen Cushman, a longtime activist, has been named chairman of the San Diego Convention Center Corp. board of directors.

Agencies in Arizona, California and Nevada are expected to agree on reduced consumption of water from Lake Mead as a 14-year drought continues to lower the reservoir toward a level that requires federal restrictions.