California

A renewed interest in subdivisions that stalled during the recession is likely the main reason the California Debt and Investment Advisory Commission reported doubling of refunding volume in land-secured Mello-Roos bonds from fiscal year 2011-12 to 2012-13, according to government consultant Larry Kosmont.

California's revenues for the month of October came in at 12.3% above estimates, according to State Controller John Chiang.

The recent passage of a measure to build California's rainy day fund while also limiting the amount of reserves school districts can keep is a positive for the state and a negative for districts, Moody's Investors Service said.

Thomas Jefferson School of Law in San Diego plans to close on a debt restructuring agreement on Nov. 15 involving a sale-leaseback of its building that reduces $127 million in outstanding debt by two-thirds and resolves a default.

The Fix LA Coalition, an effort spearheaded by labor unions and its allies, wants Los Angeles City Attorney Mike Feuer to file a regulatory complaint against the underwriters involved in 2006 interest rate swaps saying the risks weren't disclosed.

California local streets and roads will continue to deteriorate unless additional funding can be found, according to recent statewide condition report.

Moody's Investors Service has upgraded the rating on Stockton, Calif.'s 2006 lease revenue bonds and its water bonds following the confirmation of the city's bankruptcy exit plan, while affirming a low speculative-grade Ca rating on its pension obligation bonds.

The San Francisco Metropolitan Transportation Agency's revenue bond rating has been upgraded to Aa2 from Aa3 based on positive financial operations.

California Gov. Jerry Brown easily won re-election while persuading voters to approve two ballot measures with municipal market implications.

Standard & Poor's upgraded California GO bonds to A-plus from A Wednesday, citing voter approval of a rainy-day-fund ballot measure.

San Bernardino voters decided the city should continue to determine police and firefighter pay by a charter formula that effectively ratchets up their pay.

Moody's Investors Service said the outcome of Stockton, Calif.'s bankruptcy confirmation hearing is a credit positive for the California Public Employees Retirement System since pension obligations were unimpaired.

Charter school giant KIPP School's announcement that it would more than double its Los Angeles enrolment by 2020 is a credit negative for Los Angeles Unified School District, according to Moody's Investors Service.

While the judge's ruling in Stockton, Calif.'s bankruptcy case did not provide a precedent for dealing with pension obligations in Chapter 9, it did provide a "roadmap" for other municipalities that may want to cut pensions, one expert said.

If approved by voters, two initiatives in next week's California election could have an impact on the state budget, water credits and school districts, Fitch Ratings says.

The judge in Stockton's bankruptcy case has approved the city's plan to exit bankruptcy, without impairing the California Public Employees Retirement System.

In next week's general election, California school districts are asking voters to approve 113 separate bond measures, worth a total of $11.6 billion.

The Orange County Transportation Authority, Calif. issued a request for qualifications Oct. 27 seeking firms interested in working on the $900 million expansion of a stretch of Interstate 405.

The State Public Works Board of California is planning to sell $230 million of lease revenue bonds in a refunding deal next week.

An ruling from a Superior Court judge during a hearing scheduled for Oct. 31 could bring the end to a lawsuit brought by Ontario, California seeking the return of its local airport from the control of Los Angeles.