California

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.

California ranked 48th in the country for its business tax climate in an index released Oct. 28 by the nonpartisan Tax Foundation in which 50 is the worst ranking.

California's Controller, John Chiang, a Democrat will face off against Republican Greg Conlon, a businessman and former California Public Utilities Commission chair, in the race for treasurer to replace the retiring Bill Lockyer.

San Bernardino's pension obligation bond creditors urged the judge in the city's bankruptcy case, now in its third year, to set a March 1 deadline for a plan of adjustment.

At least two issuers recently redeemed or said they are planning to redeem bonds issued to finance detention facilities because of private use. One redemption was required under a settlement between the issuer and the Internal Revenue Service and the other was triggered by provisions in the offering document.

When former California State Senate President pro Tempore Darrell Steinberg's Senate term is up this year, he will join Greenberg Traurig's government practice.

California's drought has added a sense of urgency to a proposal for a $900 million seawater desalination project in Huntington Beach, Calif.

Most of the Californians interviewed in a recent Public Policy Institute of California survey said they would vote for the $7.5 billion state water bond measure.

Moody's Investors Service has downgraded the rating on Antioch Unified School District based on its weakened financial position.

California's state-owned earthquake insurance provider is planning to sell $350 million of taxable bonds next week to help boost its ability to pay claims.

A refunding deal assembled by the County of Los Angeles Redevelopment Refunding Authority triggered some positive rating actions for debt issued by the former Community Redevelopment Agency of Los Angeles.