California

Republican lawmakers in California have introduced a bill that would block the state from selling bonds for a planned high-speed rail system.

California’s nonpartisan Legislative Analyst’s Office said in a report Wednesday that revenue estimates are a bigger “question mark” than usual in Gov. Jerry Brown’s proposed fiscal 2013 budget.

LOS ANGELES — The superintendent of Sweetwater Union High School District in San Diego County has suspended all activity by Seville Group Inc., the program and construction management firm overseeing the district's $644 million Proposition O bond program.

California Gov. Jerry Brown's new budget proposes about $5 billion of general obligation bond sales this year, an increase of 18% from last year, when the state borrowed relatively little.

California Gov. Jerry Brown announced a $92.5 billion fiscal 2013 budget Thursday that tackles a projected deficit of $9.2 billion with taxes and cuts.

The California Supreme Court rang the death knell for the state's redevelopment agencies, sparking questions about how their existing obligations will be met.

Costa Mesa, Calif., made national headlines in March with plans to lay off half of its public workers, but officials are hitting roadblocks as they try to implement the plan.

Standard & Poor’s downgraded its underlying rating on the Oxnard Financing Authority’s wastewater revenue bonds four notches to BBB from A-plus. The Dec. 29 action affects $138.9 million of outstanding debt secured by net revenues of Oxnard’s wastewater system.

Standard & Poor’s last Thursday lowered its long-term and underlying rating on two series of Alameda Corridor Transportation Authority bonds just two weeks after Fitch Ratings affirmed the agency’s ratings.

Past missteps by the Los Angeles Department of Water and Power continue to haunt the agency as it tries to push forward on a five-year, $6.1 billion capital plan needed to replace aging infrastructure and meet state and federal environmental mandates.

The U.S. Department of Housing and Urban Development has launched an investigation into the Los Angeles Housing Authority, according to published reports.

The San Diego Association of Governments approved the $345 million purchase of a bankrupt toll road from a private operator at its Dec. 16 board meeting.

The rating on $481.6 million of general obligation bonds issued by Palomar Pomerado Health was dropped one notch to A-plus on Dec. 23.

The California Supreme Court upheld a law that would allow the dissolution of the state's redevelopment agencies, but struck down a bill that would have allowed the agencies to remain in business if they were willing to pay a percentage of their income into a fund to help pay the state's education costs.

The Southern California Logistics Airport Authority has defaulted on more bonds after discovering it can't use reserves to make principal payments for some of its debt.

A small public utilities district in California is trying to prevent its doors from closing after voters exercised their authority to lower their water rates below what district officials say is needed to sustain operations.

Standard & Poor’s upgraded Ontario, Calif.’s 2004 series of water system certificates of participation to AA from AA-minus.

Santa Ana, Calif., was able to ratify agreements with its police and service employee unions this week, halving its projected $30 million budget deficit for next year and quelling talk of a potential bankruptcy, according to published reports.

Orange County, Calif., is losing a financial expert just a month after the Board of Supervisors boldly told the state it plans to keep $73.5 million in local property taxes typically earmarked for schools to make up for what it saw as the state’s illegal taking of $49.5 million in vehicle license fees.

Contra Costa County’s pension system is suing the county over wage and benefits cuts for the system’s managers.