California

SAN FRANCISCO — California Gov. Jerry Brown's proposed budget would likely cause a "substantial" amount of fiscal uncertainty for the state's school districts, Fitch Ratings said in a report released Tuesday.

SAN FRANCISCO — California has scheduled a $1.3 billion new-money and refunding bond sale for next month.

Stockton, Calif.'s bond defaults have already started a legal tug-of-war with insurers.

Officials in Downey, Calif., a city of 110,000 just southeast of downtown Los Angeles, hope that an early retirement plan will help shore up budget shortfalls they say were created by the state’s dissolution of redevelopment agencies and federal cutbacks.

Two series of pension obligation bonds totaling $47.4 million that Pasadena planned to price this week received AA-plus ratings from Fitch Ratings.

California revenues in February fell short of projections again in Gov. Jerry Brown’s proposed budget, according to state agencies.

California Gov. Jerry Brown has reached a compromise that will leave just one tax initiative on the November ballot.

Hercules, Calif., said it has tentatively settled a $4 million lawsuit brought by Ambac Assurance Corp. over a default by the city's redevelopment agency.

LOS ANGELES — La Mirada, a city of 50,000 southeast of downtown Los Angeles, on Friday received a downgrade from Moody's Investors Service to A1 from Aa3 on $13.6 million of outstanding lease revenue bonds after officials declared a fiscal emergency.

Several bond lawyers said they were pleased the IRS settled a tax dispute over a $10.2 million of BABs issued by Half Moon Bay, Calif., in 2009 by reducing its subsidy payment from the federal government to 29% from 35% of interest costs.

SAN FRANCISCO — In an attempt to reassure some investors, Stockton, Calif., officials said Thursday that bonds tied to its utilities will be undamaged by the city's effort to restructure its general fund debts as it tries to avoid bankruptcy.

Half Moon Bay, Calif., has settled a tax dispute with the Internal Revenue Service over $10.9 million of Build America Bonds it issued in 2009 by agreeing to make a one-time payment of $174,000 and to reduce its subsidy payment to 29% from 35% of interest cost over the life of the bonds.

The California state controller’s office launched a two-month investigation in Riverside on Monday that they characterized as a routine review of a transportation project.

Santa Ana, Calif., and Orange County Fire Authority leaders on Monday signed a contract to have the county fire department absorb the city’s 128-year-old fire department.

Los Angeles’ top financial official sent a letter to union officials Tuesday saying that the city cannot afford pay raises due nearly 20,000 workers July 1, according to published reports.

The City Council of troubled Hercules, Calif., voted Tuesday to put a half-cent sales tax on the June ballot.

San Jose city leaders voted Tuesday to ask residents to decide on pension reform.

SAN FRANCISCO — The National Federation of Municipal Analysts warned Wednesday that uncertainty surrounding California redevelopment agencies' $23 billion of debt could lead to further defaults.

LOS ANGELES — Officials from Los Angeles travel to San Francisco, Chicago and the East Coast twice a year to talk to investors, but this year city officials decided to host a conference of their own and invite investors to come to them.

The National Federation of Municipal Analysts plans to release a paper outlining possible negative consequences to a California law dissolving some 400 of the state's redevelopment agencies.