California

Bank of Tokyo Mitsibushi UFJ continues its efforts to grow its public finance business across the U.S. by hiring Christopher Baron as a managing director in its Los Angeles office.

The governments of Los Angeles plan to issue $5.5 billion in debt over the next year, Los Angeles City Administrative Officer Miguel Santana told Los Angeles' 2nd Regional Investors Conference

The PFM Group announced Thursday that Jamie Doyle, David Eichenthal, Sarah Hollenbeck, and Sergio Masvidal have all been promoted to managing director.

Sales of municipal bonds in the Far West bucked the national trend in 2013 by rising from 2012, as new money swapped with refundings as the market driver in the region.

The Los Angeles economy is improving, but the city still anticipates a $242 million deficit for fiscal 2014-15, according to presentations made at the city's investor conference held Wednesday at Universal Studios in Hollywood.

At the request of a healthcare workers union, California Treasurer Bill Lockyer has asked the state's debt commission to study the disclosures non-profit hospitals make to the bond market.

The Southern California Public Power Authority is planning to finance its acquisition of a Nevada natural-gas power plant with a $322 million sale of revenue bonds.

California's Department of Water Resources sold $162 million of water revenue bonds on Tuesday to finance construction and to refund outstanding debt.

The California Legislature has another water bond proposal to consider as more lawmakers proposed a $7.9 billion water bond to replace the $11 billion water bond set to go before voters in November.

Land isn't the only thing drying up in California, as the drought's economic impacts are dangerously closing in on the state's financial resources.

California's Department of Water Resources is planning to sell $165 million of water revenue bonds to finance construction on a water system and to refund outstanding debt.

Federal Railroad Administration gave California's bullet train authority another 90 days to come up with $180 million of state match for federal spending.

Local and national transportation officials gathered in Los Angeles Thursday to sign a grant agreement directing $670 million in federal funds to a $1.4 billion project to connect light rail lines now 1.9 miles apart on the opposite ends of downtown Los Angeles.

If bankrupt Stockton and San Bernardino, Calif. fail to modify their pension liabilities, they could end up like Vallejo, which did not change those liabilities and now risks of a second bankruptcy, said Moody's.

El Rancho Unified School District lost its A-plus rating from Fitch, which cited concerns over financial projections, one month after the Los Angeles County Office of Education appointed a fiscal advisor to the school board. Such an appointment is often a first step before the state takes over a troubled school district.

Standard & Poor's has downgraded the ratings on Northern Inyo Local County Hospital District's revenue bonds to junk.

California's drought emergency has heightened the need for financial aid, as the state and federal government pledge to send funds to communities in need.

California Gov. Jerry Brown has signed into law a bill that would allow infrastructure finance districts to include previous redevelopment project areas.

Moody's Investors Service on Feb. 18 upgraded Orange County, Calif. Sanitation District's certificates of participation to Aa1 from Aa2 affecting $392.1 million in debt.

The California Housing Finance Agency showed it's possible to buy time, and not just kick the can down the road, when faced with significant financial challenges, according to a Municipal Market Advisors report.