California

SAN FRANCISCO —– The bankrupt city of Vallejo, Calif. has so far avoided inflicting severe damage to its bondholders, experts say.

ALAMEDA, Calif. — Los Angeles County has withdrawn from the California Statewide Communities Development Authority, the state’s largest conduit issuer.

ALAMEDA, Calif. — California Gov. Jerry Brown has extended the state of fiscal emergency declared by his predecessor, Arnold Schwarzenegger.

VALLEJO, Calif. — Officials said Thursday that Vallejo is nearing a deal with its largest creditor and is looking at curbing employee benefits as it struggles to climb out of bankruptcy.

Fitch Ratings downgraded San Jose redevelopment bonds four notches Tuesday, lowering $1.7 billion in San Jose Redevelopment Agency tax allocation bonds to BBB-minus from A. At the same time, the agency’s housing set-aside tax allocation bonds were downgraded to A from A-plus.

SAN FRANCISCO — The city of Vallejo, Calif., filed a plan to exit bankruptcy that proposes to pay unsecured creditors 5 to 20 cents on the dollar.

SAN FRANCISCO — Los Angeles is kicking around a plan to lease city-owned garages to a public-private partnership to raise cash that could help close a budget gap and defease outstanding bonds.

ALAMEDA, Calif. — Some California redevelopment agencies are already working to undermine a plan by Gov. Jerry Brown that would phase them out and use their surplus revenue to help balance the state budget.

ALAMEDA, Calif. — Faced with a $30 million legal judgment after losing two rounds in court, the financial fate of the small ski resort town of Mammoth Lakes is in the hands of the California Supreme Court.

SAN FRANCISCO — California’s Sutter Health will sell $900 million of tax-exempt revenue bonds this month in the health care provider’s first trip to market in two years.

ALAMEDA, Calif. — The battle over the future of redevelopment may be one of the most polarizing issues in what could be a landmark year in California’s long-running budget drama.

SAN FRANCISCO — Oakland’s city attorney has taken a public stand against a plan by the city to sell bonds so it can continue to skip making payments toward growing public-safety pension liabilities.

SACRAMENTO — California Gov. Jerry Brown announced Monday what he described as a draconian budget proposal to bridge a $28 billion deficit.

SACRAMENTO — The budget proposal Gov. Jerry Brown released Monday calls for California not to issue any new general obligation bonds this spring, according to a state official.

ALAMEDA, Calif. — Holders of Chowchilla, Calif.’s 2005 lease revenue bonds will get their most recent interest payment, after the trustee emptied out the last of the debt-service reserve fund.

SAN FRANCISCO — Vallejo, Calif., is on track to submit a plan to a federal judge next week to exit the largest municipal bankruptcy in more than a decade.

ALAMEDA, Calif. — A major newspaper is reporting a Securities and Exchange Commission investigation into California’s pension disclosure practices, but the reported subjects of the probe say they haven’t heard a thing from the SEC.

ALAMEDA, Calif. — California Treasurer Bill Lockyer has appointed Eileen Marxen to serve as executive director of the California Industrial Development Financing Advisory Commission.

SAN FRANCISCO — The Asian Art Museum Foundation and San Francisco city officials said they reached a deal Wednesday with JPMorgan Chase & Co. and insurer MBIA to restructure $120 million of variable-rate bonds, securing the financial stability of the largest collection of Asian art in the Western world.

ALAMEDA, Calif. — Southern California’s LA/Ontario International Airport could soon be under new management.