California

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.

Fitch Ratings downgraded California’s Santa Clarita Community College District to AA from AA-plus and revised the outlook to negative from stable.

A bill by California Assemblyman Mike Feuer to extend the Measure R transportation sales tax in Los Angeles County by at least 10 years had a second reading on the floor, but was sent back to committee last week.

The San Francisco Municipal Transportation Agency will use the possibility of $61 million of revenue bonds to help quell funding concerns about its Central Subway project.

California lawmakers are considering a new bill that would change the state's four-month old municipal bankruptcy law, reigniting a battle between public employee unions and local governments.

SAN FRANCISCO — The board of the California Health Facilities Financing Authority has voted to reduce its issuance fees as it battles to remain competitive with other conduit issuers.

San Diego hotel owners near the Southern California city’s convention center have voted in favor of creating an assessment district to help fund an expansion of the facility.

A Sacramento Superior Court judge ruled on Wednesday that California Controller John Chiang does not have the authority to dock lawmakers pay for late budgets.