California

Chapman University, a private university in Orange County is seeking approval from the California Educational Facilities Authority to issue $100 million worth of bonds to construct new buildings and improve existing facilities.

SAN FRANCISCO - Municipal bond volume in the Far West in the first half of 2011 fell by more than half from the same period a year earlier, driven by zero deals from the state of California, normally the largest issuer in the country.

Los Angeles County supervisors Tuesday ordered an investigation into the finances of the troubled city of Vernon.

California’s Department of Finance said general fund July revenue came in $541 million below the forecast in the recently adopted budget. The figure fell more than 9% short of the fiscal 2012 budget forecast of $5.86 billion, confirming a similar reading released last week by Controller John Chiang.

California plans to sell $5.4 billion of revenue anticipation notes the week of Sept. 12 to pay off the bridge loan secured at the end of July to avoid market chaos, according to the state treasurer’s office. Wells Fargo Securities and Barclays Capital are joint senior managers.

LOS ANGELES - Los Angeles County Museum of Art officials say changes to Moody's Investors Service methodology have more to do with a recent downgrade than anything the museum did.

SAN FRANCISCO - Los Angeles has dropped Standard & Poor's from rating its $7 billion investment portfolio after the agency downgraded it along with the United States last week.

SAN FRANCISCO — The California Department of Water Resources will sell $1 billion of power revenue bonds this week as part of a plan to refund debt sold in 2002 due to the state's energy crisis.

The Los Angeles City Council approved a non-binding agreement last week with the developer of L.A. Live, a multi-use entertainment center, that will allow the developer to go ahead with its plans for a National Football League stadium.

LOS ANGELES - A state audit of the Los Angeles Community College District called into question more than $140 million in district spending funded by three general obligation bond measures approved by voters between 2001 and 2008.

Moody’s Investors Service revised its outlook to stable from positive Tuesday on the Los Angeles Department of Water and Power’s Aa2-rated water system revenue bonds.

Cost estimates for California’s proposed high-speed rail project are starting to come in higher than expected, according to local press reports.

Los Angeles International Airport reported a 5.4% increase in passenger levels during the first half of 2011, nearly double what officials had been projecting.

SAN FRANCISCO - California general fund revenues last month came in more than 10% below budget projections, raising the specter of deeper cuts to state spending.

SAN FRANCISCO - St. Mary's College of California said it disagrees with Moody's Investors Service's assessment of its finances after the rating agency put $69 million of variable-rate bonds on watch for a downgrade.

SAN FRANCISCO - A federal judge has cleared Vallejo, Calif., to emerge from bankruptcy after three rocky years of Chapter 9 protection.

LOS ANGELES - The Port of Oakland accelerated a planned bond refunding to Thursday as municipal market yields plummeted during the financial gyrations that followed Congress' last-minute action to lift the federal debt ceiling.

The San Jose City Council on Tuesday declined to put a tax measure on the November ballot amid potential lukewarm support, according to a published report.

The troubled city of Vernon has made important reforms but still needs to do more, according to a watchdog report on the city released this week.

The board of the San Diego Association of Governments voted July 29 to purchase the State Route 125 toll road lease for $345 million, contingent on the agency performing due diligence and after officials hold a public meeting.