California

SAN FRANCISCO — While acknowledging the continuing severity of California’s budget crisis, Gov. Arnold Schwarzenegger highlighted new spending proposals during his final state of the state address yesterday.

SAN FRANCISCO — California’s budget problems will be back in the spotlight this week.

SAN FRANCISCO — California Treasurer Bill Lockyer has appointed treasurer’s office veteran Barbara Tanaka as deputy executive director of the California Debt and Investment Advisory Commission.

SAN FRANCISCO — The California Pollution Control Financing Authority has $590 million in new allocation for private-activity bond debt, after of a flurry of activity this month by the state’s debt limit committee to distribute almost $1.8 billion in volume cap before the end of the year.

Moody's Investors Service downgraded the Port of Oakland's senior-lien revenue bonds to A2 from A1 on weakness in both seaport and airport revenue.

The California Department of Finance reported this week that revenue continues to flow into the general fund at a weaker-than-projected pace.

The Federal Home Loan Bank of San Francisco has provided $167 million in letters of credit for non-housing tax-exempt bonds since legislation authorized the transactions last year.

Appearing before the California Assembly Budget Committee, Treasurer Bill Lockyer this week restated warnings he has issued about the state's rising debt-service costs.

California has named global real estate services company CB Richard Ellis to market the 11 state office buildings it plans to sell to investors.

SAN FRANCISCO — Gov. Arnold Schwarzenegger has chosen to replace California's outgoing finance director Michael Genest with one of his chief deputies, Ana Matosantos. The ­governor made the appointment Monday.

SAN FRANCISCO — Oakland Mayor Ronald Dellums and civic boosters publicly unveiled three stadium sites they’ve been pitching to Major League Baseball in an attempt to keep the Oakland Athletics in California’s eighth-largest city.

SAN FRANCISCO — Moody’s Investors Service issued a three-notch downgrade to the credit enhancement programs of both the California Public Employees Retirement System and California State Teachers Retirement System.

SAN FRANCISCO — A special ­election Tuesday may hasten the end of Valley Health System’s two-year-old Chapter 9 bankruptcy case and lead to the ­redemption of the Southern California public hospital district’s outstanding tax-exempt bonds.

SAN FRANCISCO — The San Diego City Council closed a projected $179 million budget deficit with layoffs of city employees and other measures.

SAN FRANCISCO — California education officials are planning to seek legislation to address legal concerns over the way the state divvied up its allocation for the qualified school construction bond program.

SAN FRANCISCO — The Santa Clara City Council yesterday approved an environmental impact report for a new $937 million football stadium for the San Francisco 49ers, clearing the way for a ballot measure on the partially bond-financed project.

SAN FRANCISCO — A group of California taxpayer advocates is aiming to turn a bad run of news for public retirement plans into a pension reform movement in the nation’s biggest state.

SAN FRANCISCO — San Diego Mayor Jerry Sanders last week proposed an 18-month budget that would eliminate a projected $179 million deficit in California’s second-biggest city.

SAN FRANCISCO — California’s gaping budget gap is likely to lead to a legislative impasse that could easily shut the state government down next summer, Treasurer Bill Lockyer said this week.

SAN FRANCISCO – Citing a weak economy, diminished reserves, and the possibility of sizable future budget deficits, Fitch Ratings Tuesday afternoon downgraded Los Angeles general obligation bonds to AA-minus from AA. The city’s outlook remains negative.