California

Vallejo has been mired in a messy, prolonged and expensive bankruptcy proceeding since May 2008. But if the California city is “the poster boy of a new era,” as some have suggested, that doesn’t look too bad for bondholders.

California's independent Little Hoover Commission urged the state's leaders to take government employee pension-reform efforts a big step beyond where they have gone so far, by altering benefit levels for current employees.

Moody's Investors Service has placed the California Housing Finance Agency's home mortgage revenue bonds' A3 unenhanced rating on watch for possible downgrade, which could affect $6.2 billion of outstanding debt.

SAN FRANCISCO — A Superior Court judge in California has denied a lawsuit brought by a public employees' union that sought to block a plan for a public-private partnership to rebuild a road linking San Francisco and the Golden Gate Bridge.

ALAMEDA, Calif. — A planned $138 million tax-allocation issue for Fremont’s redevelopment agency is the largest so far this year from RDAs around California rushing to market ahead of their potential demise.

SAN FRANCISCO — Southern California’s Borrego Water District has defaulted on $9.5 million of special-tax bonds owned by Nuveen Asset Management.

House members have proposed almost 600 amendments be added to the continuing resolution needed to keep the federal government operating for the remainder of fiscal 2011, including additional spending cuts that could jeopardize the Los Angeles County Metro extension and other transportation projects.

SAN FRANCISCO — Los Angeles Mayor Antonio Villaraigosa’s plan to lease city garages to private investors to raise money that would close a year-end budget hole and defease bonds is on the rocks.

SAN FRANCISCO — San Diego has shifted $215 million of future debt payments for its ballpark to its redevelopment agency in an effort to skirt the governor’s proposal to help fix a budget crisis by closing RDAs.

California Controller John Chiang Tuesday unveiled a package of bills he is sponsoring to provide greater financial oversight of and assistance to cities, counties, and special districts.

ALAMEDA, Calif. — California Gov. Jerry Brown said Wednesday that he’s killing the state’s plan to sell 11 state office buildings to private investors and lease them back.

ALAMEDA, Calif. — California redevelopment agencies are paying through the nose in a rush to access the bond market ahead of a proposal to shut them down, Treasurer Bill Lockyer told a state Senate committee Wednesday.

Sacramento will have to increase its annual contribution to the California Public Employees Retirement System by $5 million this year because of investment losses by Calpers in 2008, according to local media.

Fitch Ratings Tuesday downgraded $75 million of bonds issued for the University of Redlands by three notches because of dire finances.

SAN FRANCISCO — Anschutz Entertainment Group is pushing a $1 billion plan to build a football stadium and events center in downtown Los Angeles that could involve hundreds of millions of dollars of new debt and the retirement of outstanding bonds.

ALAMEDA, Calif. — California Gov. Jerry Brown threw down a gauntlet to opponents of his budget proposal during his state of the state address Monday night, when he challenged them to craft alternative solutions for the parts they oppose.

ALAMEDA, Calif. — A recent California appeals court ruling will require developers of many community facilities districts to pay so-called prevailing wages for all public improvements, whether or not they are financed with bonds.

SAN FRANCISCO — Union workers are poised to fight a bankruptcy-exit proposal from Vallejo that has the California city paying them as little as 10 cents on the dollar.

SAN FRANCISCO — Victorville is in the hot seat.The city in Southern California’s high desert is facing a Securities and Exchange Commission probe into bond sales, a grand jury investigation into its finances, and inquiries from neighboring communities about its curious bond-financing practices.

ALAMEDA, Calif. — Most Californians agree with Gov. Jerry Brown’s plan to hold a special election soon to decide if temporary state tax increases should be extended, according to a poll released this week.