California

The struggling city of Hercules, Calif., got two boosts from voters on Tuesday.

Voters in California Tuesday appeared to reject a ballot initiative that would have increased taxes on cigarettes by $1 a pack.

California voters Tuesday overwhelmingly approved a proposition that changes term limits for lawmakers.

SAN FRANCISCO — Voters in California' statewide primary Tuesday approved 23 local general obligation bond measures, authorizing $1.856 billion in debt, according to a preliminary report from CaliforniaCityFinance.com.

Confusion over the law ending redevelopment agencies in California has raised the specter of defaults on San Jose redevelopment debt as city officials squabble with Santa Clara County officials over tax revenue.

SAN FRANCISCO — Standard & Poor’s said it has dropped the underlying rating on two Stockton water revenue bonds by three notches to BB-plus amid a looming default as the California city considers bankruptcy.

As California lawmakers dither over legislation to clean up the messy and sudden dissolution of the state's redevelopment agencies, cities are turning to the courts for clarity.

Los Angeles County plans to market $1.1 billion of tax and revenue anticipation notes on July 2.

Moody’s Investors Service last week downgraded Azusa, Calif.’s long-term issuer rating to A2 from Aa3, affecting $3.25 million of rated debt, and assigned a negative outlook.

California’s Golden State Tobacco Securitization Corp., the entity that issues bonds secured by the state government’s settlement with cigarette companies, will again have to dip into reserves come December to make interest payments.

The Golden State Warriors basketball franchise has announced plans to relocate to San Francisco in 2017, a move that will leave their current landlords in Oakland still facing bond payments on the team’s current home.

The Stockton City Council will decide next week whether to give its city manager the power to declare bankruptcy if it is unable to get enough concessions from creditors before the end of June.

SAN FRANCISCO — California's Legislative Analyst's Office said Gov. Jerry Brown's proposed budget policies could lead to a balanced budget within a few years.

Siebert Brandford Shank & Co. has boosted its ranks in California with the addition of an office in San Diego and top brass in its Los Angeles (Brian Corley) and Oakland (Anand Kesavan and Steven So) offices.

Moody's Investors Service downgraded to A2 from Aa3 the long-term issuer rating for Azusa, Calif. Analysts also lowered the rating for the city's 2003 lease revenue refunding certificates of participation to Baa1 from A2. A negative outlook was assigned.

With its former leadership mired in corruption charges and a new slate of City Council members and mayor in place, the next order of business for Bell, a Los Angeles-area working-class city of 50,000, is to adopt a workout plan for outstanding bond debt issued under previous city management.

Firms that work as financial advisors helping California school districts issue bonds after serving as campaign consultants on the preceding bond measure have a conflict of interest and are engaged in a form of "pay-to-play," critics say.

The California Assembly approved a bill on Monday aimed at expediting Los Angeles County transportation projects.

Los Angeles Mayor Antonio Villaraigosa is adding parking to his efforts to create a legacy impact on transportation.

The California Legislative Analyst’s Office has said it makes sense for Gov. Jerry Brown to use $411 million for the budget from the state’s share of a nationwide settlement with five major banks over illegal foreclosures.