California

The Southern California Logistics Airport Authority of Victorville, Calif. defaulted for the fifth time on bonds issued to redevelop the airport from military to civilian use.

Nearly 20 mayors and vice mayors sent a letter to Mayor Chuck Reed, urging him to call off his 2014 statewide pension ballot initiative.

The Los Angeles County Metropolitan Transportation Authority will conduct a $452 million combination new money/refunding competitive sale Dec. 4 to pay for cost overruns on several projects.

With an enhanced bond structure, Morgan Hill, Calif., was able to restructure its tax allocation bonds last week at relatively low credit spreads compared to other successor agencies.

Detroit's proposed $350 million debtor-in-possession financing would mark the largest such deal in Chapter 9 history, but not the first: that honor goes to Orange County, Calif.

A $7 million financing for environmental upgrades at a Universal City, Calif. Hilton is expected to propel Los Angeles County's Property Assessed Clean Energy program forward.

The recent surplus forecast from the California Legislative Analyst's Office is a credit positive for the state, according to Moody's Investors Service.

Foothill/Eastern Transportation Corridor Agency in Orange County, Calif., will restructure its toll road debt portfolio with a $2.2 billion refunding in December.

A Los Angeles County joint powers authority will refund up to $200 million in redevelopment agency tax allocation revenue bonds as conduit issuer for seven successor agencies.

California's budgetary condition is stronger now than it has been in the past decade, according to a report released by the Legislative Analyst's office on Wednesday.

Stockton is poised to exit Chapter 9 bankruptcy in March 2014, but not without a fight with its last major creditor, Franklin Advisers, over $35 million of the city's lease revenue bonds.

Standard & Poor's upgraded the rating on California's economic recovery bonds to AA from A-plus, with a stable outlook.

The Desert Hot Springs, Calif., City Council voted unanimously to declare a fiscal emergency, the first step in the state's process leading to filing for municipal bankruptcy, according to news reports.

Republican Kevin Faulconer and Democrat David Alvarez will face-off in a run-off election on Feb. 11 to replace San Diego Mayor Bob Filner who was forced from office following a sexual harassment scandal.

Fitch Ratings on Monday lowered the ratings to junk on slightly more than $100 million of San Ysidro, Calif., school district debt deeming it likely that the state could take over the school district.

FirstSouthwest, a Texas-based broker-dealer and financial advisor, has protested two request for proposals for financial advisors issued by Los Angeles that bar underwriters from applying.

During a hearing Monday, a U.S. bankruptcy judge set the trial date to hear Stockton, Calif.'s bankruptcy exit plan in March.

Moody's Investors Service has downgraded the rating on Lake Tahoe Unified School District's general obligation bonds to A1.

The nation's mayors are urging Congress to avoid "manufactured crises" like another federal government shutdown because cities are struggling more economically this year than last.

Bankruptcy Judge Meredith Jury rejected another California Public Employees' Retirement System request for a direct appeal to the U.S. Ninth Circuit Court of Appeals on San Bernardino’s bankruptcy eligibility.