Washington

The Washington State Legislature adjourned last week without passing two large bond sales that would fund school construction projects in the state.

Dealer groups are happy that the Municipal Securities Rulemaking Board has exempted sophisticated municipal market professionals from its proposed best execution rule, but would like more guidance and economic analysis going forward.

Federal Judge Kimba Wood, who imposed $5.6 million in fines and restitution on municipal bond bid-rigger David Rubin, called prison unwarranted for the founder of CDR Financial Products.

The Transportation Department may have to begin rationing state highway grants in July as the Highway Trust Fund is expected to dip below the critical $4 billion mark by summer.

Oregon's legislature ended its short session this month, approving over $5 billion in debt, but ending the Columbia River Crossing plan for a modern Interstate 5 span across the Columbia River.

State tax revenues are growing more slowly again, the Nelson A, Rockefeller Institute of Government said Tuesday in a report based on preliminary data for the fourth quarter of last year.

Washington State lawmakers are working to pass a bill that would authorize lottery-backed bonds to fund school construction projects throughout the state.

Construction associations and labor unions have formed a grassroots coalition to pressure Congress for additional investment in transportation infrastructure.

Sen. Mark Kirk, R-Ill., wants an additional $4 billion of tax-exempt private activity bonds available for transportation projects.

The sentencing of municipal bond bid-rigger David Rubin has been postponed to 3:30 p.m. March 12.

Securities and Exchange Commission member Michael Piwowar has asked the staff of the Office of Municipal Securities to give him some proposals that he can push through the SEC to improve price transparency in the municipal market.

The funding level for state-sponsored defined benefit retirement systems increased to 75% in 2013 from 72% the previous year, Wilshire Consulting reported on Wednesday.

President's Obama $3.9 trillion fiscal 2015 budget, released Tuesday, proposed capping the value of the tax exemption for municipal bond interest at 28%, which market participants complain would amount to an unprecedented tax on municipal bonds.

Annual spending on roads and bridges is up to $50 billion short of what is needed to maintain and improve them, U.S. DOT said in report on transportation infrastructure

A proposal to cut the basic allowance for housing for uniformed military personnel would negatively affect the quality of 54 ratings that Moody's Investors Service maintains relating to 24 privatized military housing projects, the rating agency said Monday.

Rep. Dave Camp's proposed tax reform plan would eliminate or modify some of the federal tax code provisions in a way that would discourage nonbank corporations, banks, and property and casualty insurance companies from buying municipal bonds.

Rep. Dave Camp's tax reform proposal would provide some additional revenue stability to the beleaguered island, and the controversial discussion draft is welcomed by the commonwealth's representative in Congress and others working to advance the territory's interests.

The Securities and Exchange Commission has approved the Municipal Securities Rulemaking Board's proposal to consolidate its multiple registration requirements and forms for municipal securities dealers and municipal advisors.

Standard & Poor's and Fitch Ratings have downgraded a health care system with hospitals in Oregon, Washington, and Alaska, ahead of its $108 million refunding deal.

Sales of municipal bonds in the Far West bucked the national trend in 2013 by rising from 2012, as new money swapped with refundings as the market driver in the region.