California

The Los Angeles Department of Water and Power heads to market Wednesday to refund $276.8 million of water bonds.

LOS ANGELES — The Los Angeles City Council passed a $7.2 billion budget Monday that largely preserved austerity measures proposed in the mayor’s budget.

SAN FRANCISCO — Stockton, Calif., officials said Monday creditors have agreed to extend talks on how to keep the city out of Chapter 9 bankruptcy.

SAN FRANCISCO — The San Francisco Public Utility Commission will hit the market with $686 million of revenue bonds as it continues to raise billions for a seismic upgrade of its water system.

LOS ANGELES — Common Bond Capital Partners LLC, a five-month-old San Diego-based firm targeting distressed municipal bonds, has hired a public finance expert who specializes in structured financing to round out its team.

SAN FRANCISCO — California's nonpartisan Legislative Analyst's Office released a report Friday on Gov. Jerry Brown's May Revise budget, calling the governor's economic and revenue forecast reasonable but questioning how much the state will reap from the end of redevelopment.

In American ports, the expansion of the Panama Canal is the elephant in the room. East Coast and southern U.S. ports see the Panamanian expansion, allowing it to handle larger ships by the middle of the decade, as their chance to woo business away from the Port of Los Angeles.

As California grapples with an estimated $16 billion budget gap, analysts warned lawmakers to shun one-time gimmicks to try fix the shortfall.

LOS ANGELES — California is pressing ahead with PACE programs despite the hurdles created by federal housing administrators, according to speakers at The Bond Buyer's symposium on sustainable energy here Tuesday.

California Gov. Jerry Brown released a revised budget that will try to bandage a projected deficit that has grown by $6.5 billion to nearly $16 billion for the next fiscal year.

SAN FRANCISCO — California Controller John Chiang said he found "glaring holes" in the finances of the city of Hercules during two audits.

LOS ANGELES — San Diego Association of Government officials are upset over a one-notch downgrade of their bonds by Moody's Investors Service.

Moody’s Investors Service on Tuesday downgraded to A3 from A2 the Sulphur Springs Union School District’s $32 million of outstanding certificates of participation, and dropped the district’s issuer rating to A1 from Aa3.

Moody’s Investors Service Tuesday upgraded to B1 from B3 the rating on Southern California University of Health Science’s Series 1997 bonds and also revised the outlook to positive from negative on $7.5 million of outstanding bonds.

Sacramento spent $680,000 from September through April on its unsuccessful effort to build a new arena for its pro basketball team, according to the local press.

California’s Legislative Counsel says the Metropolitan Transportation Commission’s $93 million purchase of a building in San Francisco, using bridge toll money, violates state law.

SAN FRANCISCO — The financial woes of some California local governments, epitomized by Stockton, have spooked some investors out of lease revenue bonds.

LOS ANGELES — The Windrush School is in bankruptcy and bond default, but the private school in the East Bay suburbs of San Francisco will be allowed to finish out its final school year after working out a settlement with the bond trustee.

SAN FRANCISCO — Wells Fargo NA plans to seek "remedies" after Stockton, Calif., failed to make lease payments that secure bonds, which could result in the city losing control of a building slated at one time to become its City Hall.

LOS ANGELES — Like other cities across the country, Los Angeles has been forced to make tough budget decisions over the past four years. This year will be no different as city leaders wrangle with hard choices wrought by another year of austerity.As in past years, however, city departments that generate money for Los Angeles will likely be spared along with public safety positions.Mayor Antonio Villaraigosa’s $7.2 billion budget proposes to eliminate 669 positions and raise the retirement age for city workers to 67.