California

Moody's Investors Service says a reduction of California Employees' Retirement System debts in Stockton's bankruptcy reorganization would have major ramifications for bondholders and California municipalities.

The California Health Facilities Financing Authority approved on Thursday issuing $450 million in tax-exempt revenue bonds for Sutter Health System to construct a hospital in Santa Rosa and medical clinics in Sunnyvale and San Carlos.

A Federal bankruptcy judge ruled today that Stockton, Calif. is eligible for Chapter 9 protection, rejecting the objections of bond market creditors.

San Bernardino City Attorney James Penman filed a lawsuit against the state claiming that if the city's sales and property taxes are docked, the city will be forced to shut down.

If Stockton is granted the right to file for bankruptcy protection, the next big fight ahead may be with its whale of a creditor, the California Public Employees' Retirement System,

The trial over Stockton, Calif.'s eligibility to enter bankruptcy protection is expected to wrap up Wednesday, with bankruptcy Judge Christopher Klein saying he is likely to rule Monday.

The San Bernardino County, Calif. District Attorney office announced the arrest of former airport developer Scott Spencer on charges that he defrauded the San Bernardino International Airport Authority of more than $1 million.

California Treasurer Bill Lockyer expanded his request for a formal legal opinion on the role of underwriters in school bond campaigns to include financial advisors and bond counsel.

Stockton and its bond market creditors postured for a fight Monday at the start of a Federal court trial over the city's ability to enter Chapter 9 bankruptcy protection.

A federal appeals court ruling struck a blow to a financing program for energy efficiency and water conservation projects on homes when it upheld a decision last week by the Federal Housing Finance Administration prohibiting participation by Fannie Mae and Freddie Mac.

California Controller John Chiang said Thursday that San Jose's redevelopment agency improperly transferred $148 million of assets, including the potential site of an Oakland Athletics ballpark.

A Los Angeles County jury deliberated 18 days before finding five of six former Bell officials guilty on charges of mismanaging funds and collecting exorbitant salaries.

Attorneys say resolution may be near for the Ritter Ranch community facilities district in Palmdale, Calif. after 23 years of trouble, including bankruptcies of the developer and Lehman Brothers.

Fewer than half of likely California voters favor current plans for construction of a bullet train system or support an $11 billion water bond slated for the 2014 ballot, according to a public opinion poll.

Appeals are likely after a Superior Court judge ruled last week that a San Diego hotel room tax to finance the $520 million planned expansion of San Diego¹s convention center is legal.

Stockton and its bond market creditors will battle over whether the city should be allowed to enter bankruptcy protection during a four-day trial next week.

The California High-Speed Rail Authority authorized the eventual sale of $8.6 billion of bonds to fund the first stage of a 500-mile bullet train system.

Bell, the working class Los Angeles-area city that achieved national notoriety in 2010 for the outrageous salaries of city leaders, recently scored high marks for transparency.

California Treasurer Bill Lockyer sent a letter Monday to state Attorney General Kamala Harris asking if it is legal for bond underwriters to provide election services to school districts.

California's revenues in February came in $322 million below projections in Gov. Jerry Brown¹s budget after rising around $5 billion a month earlier, according to the Department of Finance.