California

SAN FRANCISCO — As Gov. Jerry Brown readies the release of his second shot at a balanced budget next week, the California bond market has become hamstrung by the delay.

SAN FRANCISCO — Vallejo, Calif., will likely exit Chapter 9 bankruptcy by the end of July as it nears deals with two of its unions, according to attorneys.

SAN FRANCISCO — California Gov. Jerry Brown will release a revised budget next week that will outline plans to close a $15 billion hole after he hit firm resistance to his original budget-balancing plan.

SAN FRANCISCO — A bill that would force California municipal governments to undergo mediation before allowing them to file for bankruptcy is moving through the Legislature.

A California state senator has proposed a redevelopment agency reform bill as an alternative to a proposal by Gov. Jerry Brown to eliminate the agencies.

The troubled city of Montebello, Calif., took another financial hit last week when federal housing officials suspended funding to the city and demanded repayment of $5 million in grants, according to local news reports.

San Francisco expects its deficit to skyrocket almost 200% over the next five years if nothing is done to fix its budget problems.

SAN FRANCISCO — At its inception the South Bay Expressway toll road was promoted as a model public-private partnership. It took ages to build, then quickly plunged into bankruptcy.

SAN FRANCISCO — California is not Greece, according to Standard & Poor’s. The rating agency said in a report released Tuesday that comparisons between the most populated U.S. state and Greece’s financial quagmire are overblown.

SAN FRANCISCO — Treasurer Bill Lockyer said California has recouped $2.67 million in fees paid by municipal bond underwriters to industry lobbying groups from state bond proceeds.

SAN FRANCISCO — California Gov. Jerry Brown has scrapped a contentious $356 million bond-funded plan to build a new death row wing at the San Quentin prison.

SAN FRANCISCO — The restructuring of $2 billion of San Joaquin Hills toll-road debt appears to have bondholders on board since the alternative is a likely default.

SAN FRANCISCO — Vallejo’s steep road out of bankruptcy has begun to level off, after one of its strongest opponents stopped fighting the California city’s plan to exit bankruptcy.

SAN FRANCISCO — The city of Montebello in Los Angeles County, with more than $100 million in debt, may go bankrupt if it is unable to get a bridge loan in the next six months, according to a city official.

The agency that runs the long-struggling San Joaquin Hills toll road in California is asking for a nod from bondholders to restructure its debt portfolio to stay afloat.

Moody's Investors Service downgraded $1.7 billion of San Jose Redevelopment Agency tax allocation bonds after falling property values cut into debt service coverage.

SAN FRANCISCO — Stone & Youngberg said it hired Doug Heske as managing director and branch manager of its San Francisco private-client group.

SAN FRANCISCO — California’s controller is pushing new legislation that would strengthen state oversight over local government finances and audits.

SAN FRANCISCO — A nonprofit mental-health service provider in Los Angeles County has gone belly-up, leaving a state-backed insurer on the hook for more than $5 million of bonds.

SACRAMENTO — Vallejo, Calif., is closing in on settlements with creditors that would smooth its escape from bankruptcy, according to its attorney.