California

The process of adopting California's budget is no longer a drama that holds much interest for the municipal bond market as the state's fiscal house becomes sturdier after years of dilapidation.

Stockton, Calif., officials said the city reached an agreement on health benefit claims with retirees in its bankruptcy case.

Moody's Investors Service placed Antelope Valley Healthcare District's Baa3-rated bonds on review for downgrade following the unexpected resignations of the chief executive officer and the chief financial officer.

California Gov. Jerry Brown reached a deal with lawmakers on Monday on key parts of the state general fund spending plan, laying a foundation for an on-time balanced budget.

Stradling Yocca Carlson & Rauth has hired Dan Deshon, a 27-year bond industry veteran, to help expand its utility practice in the Far West.

A bill that would enable the Los Angeles Department of Water and Power and other public California water utilities to issue project-specific bonds through a joint powers authority is moving through the state legislature.

Moody's Investors Service said it has raised its rating on $5.2 billion of California economic recovery bonds to Aa2 from Aa3.

Ontario, Calif. officials filed a lawsuit to have their regional airport returned to local control following a three-year battle with Los Angeles officials.

Los Angeles County received the highest possible short-term bond rating from the three largest rating agencies ahead of plans to purchase $1 billion in short-term paper.

Judith Frank, 71, of Los Angeles, has been re-appointed to the California Health Facilities Financing Authority.

The Federal Bureau of Investigation Tuesday raided the offices of Sen. Ron Calderon, D-Montebello, according to local reports.

Los Angeles and Riverside counties are working on programs designed to help redevelopment successor agencies handle refundings to capture interest-rate savings on bonds issued by the dissolved RDAs.

Saying she wants to "light a fire" under attorneys in the case, U.S. Bankruptcy Judge Meredith Jury scheduled a summary judgment hearing on San Bernardino, Calif.'s eligibility for bankruptcy.

Moody's Investors Service said in a report Wednesday that it has withdrawn ratings on $1.2 billion of debt issued by 22 former California redevelopment agencies due to a lack of information.

Critical funding measures on the ballot in the struggling California cities of Fresno and Hercules hung in the balance Tuesday before voters – one appears to have passed, another's fate is too close to call.

California Treasurer Bill Lockyer, who oversees some of the largest muncipal bond sales in the country, said he will retire from elected office at the end of his term in 2015.

Moody's Investors Service said a court ruling that allows California to cut its Medi-Cal program is a negative for the credit ratings of hospitals, and positive for the state's fiscal flexibility.

The California Health Facilities Financing Authority, a conduit issuer, last week approved an $850 million bond issuance for St. Joseph Health System, according to a spokesman.

Reneé Webster-Hawkins was selected to be the new executive director of the California Pollution Control Financing Authority, said California Treasurer Bill Lockyer.

The Commonwealth of the Northern Mariana Islands is considering selling bonds backed by islands as collateral, and legalizing gambling in an effort to tackle its pension problem.