California

Two former Lynwood, Calif., council members have been convicted of corruption for alleged illegal use of public funds.

Standard & Poor's said in a report Wednesday it has assigned an SP-1-plus rating to California's $10 billion revenue anticipation note sale scheduled for the week of Aug. 13.

A California lawmaker is sponsoring a bill that would help Santa Clara, Calif., circumvent the way tax revenues from its former redevelopment agency were allocated to help finance a stadium for the San Francisco 49ers football team.

California's Legislative Analyst's Office said Wednesday "hundreds of millions of dollars" of income tax revenue assumed in the state budget are at risk if Facebook shares remain down from its initial offering price.

San Bernardino, Calif. filed Wednesday for protection under Chapter 9 of the U.S. bankruptcy code.

The city council of El Monte, Calif. voted Tuesday to declare a fiscal emergency and place a tax on sugary drinks on the November ballot in an effort to shore up its finances.

Moody's Investors Service Monday downgraded $4.9 million of Compton, Calif. sewer revenue bonds five notches to Ba1 from A2 due to the city's severe cash crisis.

Moody's Investors Service Wednesday affirmed its A1 rating on $90 billion of California general obligation bonds.

Fitch Ratings completed its review last week of 62 ratings of tax allocation bonds issued by 36 former California redevelopment agencies, culminating in downgrades for 12 of the credits.

The California secondary market remains mostly steady to strong as high-profile local municipal bankruptices unfold, but it has not been without some minor turbulence, according to municipal experts.

Municipal Securities Rulemaking Board officials said Tuesday the board is looking into the Libor scandal to see how it may impact the municipal bond industry.

Stockton, Calif. asked bondholders and bond insurers to take major hits during the mediation process that preceded the city's Chapter 9 bankruptcy filing.

The University of California will sell $900 million of revenue bonds next week for refinancing and to fund various projects across six campuses, including the renovation of the storied Pauley Pavilion basketball arena at UCLA.

The San Francisco Municipal Transportation Agency raised $63.8 million last week from the sale of revenue bonds during its first foray ever into the municipal bond market.

Moody's Investors Service said in a report Monday it will maintain its Aa2 rating on Los Angeles Department of Water and Power water system revenue bonds.

California Gov. Jerry Brown signed a bill Wednesday that authorizes $4.7 billion, partly from the sale of bonds, to start construction of a high-speed intercity passenger rail network.

California's June revenues came in 5.6%, or $622 million, above the forecast in the enacted budget, according to the Department of Finance.

Budget balances for states remain too low relative to annual expenditures, according to the National Governors Association and National Association of Budget Officers.

Compton, Calif. is facing serious cash flow problems that could force the city to declare bankruptcy, the city's elected treasurer said Tuesday.

A new California law meant to "clean-up" problems from the shutdown of the state's redevelopment agencies may be making things worse for some local governments.