California

The California Public Employees' Retirement System held a conference call with media to emphasized its belief that a Detroit bankruptcy ruling that pensions are not in a special class above other creditors does not apply to California.

The Foothill-Eastern Transportation Corridor Agency achieved its stated goal of reducing debt payments by $975 million through 2040 with a $2.3 billion refinancing that priced late in the day on Dec. 12.

The democratic caucus of the California State Assembly has released a "budget blueprint" for next year that includes boosting higher education spending and creating a rainy day fund.

Robert Rizzo, former city manager of Bell, Calif., agreed on Thursday to plead guilty to federal charges of tax evasion.

San Francisco Mayor has proposed putting a $400 million bond for earthquake safety improvements on the city’s June 2014 ballot.

John Perez, Speaker of the California Assembly, and a candidate for State Controller, has received the endorsement of State Treasurer Bill Lockyer.

Angela Spaccia, former Bell, Calif. deputy city manager, was found guilty on 11 felony counts of defrauding the city of millions of dollars.

California revenues for the month of November came in below estimates, but year-to-date revenues are still positive, according to a report from State Controller John Chiang.

A bankruptcy judge's ruling in Detroit that pensions aren't a distinct class from other creditors could bolster movement in that direction in the San Bernardino bankruptcy.

California's recently proposed $25 billion water plan to restore the depleted Sacramento-San Joaquin Delta will include a mixture of state and federal funding, as well as several bond issues.

California's Department of Water Resources announced a five-year low for its water allocation rate, which is a credit negative for the state's water enterprises, according to Moody's Investors Service.

Los Angeles withdrew two requests for proposals seeking financial advisors that were the subject of a protest letter from Texas-based broker dealer and financial advisor FirstSouthwest, because underwriters were excluded from applying.

Foothill/Eastern Transportation Corridor Agency, Calif. is drawing a lot of interest from investors on $2.2 billion in toll revenue bonds it plans to price Dec. 12 to restructure its outstanding debt.

California water and sewer utilities have performed well in the past year, with the average agency rated AA, according to Fitch Ratings.

Moody's Investors Service downgraded Azusa, Calif.'s water revenue bonds to A2 from A3 citing the weak financial position of the city and impacting $54 million in debt.

Raymond James is continuing its public finance expansion in the West with the recent addition of Parker Colvin in San Francisco.

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.