Washington

WASHINGTON — The District of Columbia's $11.3 billion fiscal 2013 budget proposal is balanced and its plans to issue nearly $900 million of bonds will not exceed its mandatory 12% debt cap, according to chief financial officer Natwar Gandhi.

The Municipal Securities Rulemaking Board on Monday asked the Securities and Exchange Commission to approve proposed rule changes that would allow individual investors to qualify as "sophisticated municipal market professionals," for whom broker-dealers would be exempt from having to meet certain requirements.

A Congressional Research Service analysis suggests there are impediments to broadening the tax base by eliminating or reducing tax expenditures - such as tax-exemption for municipal bond interest - because they are viewed as "serving an important purpose" and are "quite popular" with the public.

SAN FRANCISCO — Wenatchee, Wash., and a local public facilities district hope to sell bonds to resolve a $42 million default on notes used to fund a public arena.

WASHINGTON — The Internal Revenue Service is seeking comment from the public and federal government agencies on the guidance it issued for provisions in the Housing Assistance Tax Act of 2008, which provided additional volume cap for tax-exempt housing bonds.

State and local tax revenues in the fourth quarter of 2011 grew by 2.1% from a year earlier, marking the ninth consecutive quarter of positive year-over-year growth, the Census Bureau said in a report issued Thursday.

WASHINGTON — Transportation, water and energy infrastructure projects are most attractive for investment by public-private partnerships in the United States, according to a survey of construction company and engineering firm executives.

Washington state lawmakers still haven’t come up with a budget to close a $1 billion deficit after a special session that lasted more than a week.

BRADENTON, Fla. — Miami officials have been told that civil charges may be brought against the city for failing to disclose serious budget problems in recent bond offerings.

WASHINGTON — House Transportation Committee chairman Rep. John Mica, R-Fla., will introduce a three-month extension of temporary law reauthorizing highway and transit programs — the ninth such extension — before the end of the month.

Rep. Bob Gibbs has drafted legislation that would create a TIFIA-type program to lower the cost of capital for water utilities, but state and local officials testifying at a hearing on Wednesday worried that it might eventually be used to replace, rather than supplement, state revolving loan funds.

The Securities and Exchange Commission on Tuesday approved a proposal by the Municipal Securities Rulemaking Board to make yields for interdealer trades available on EMMA beginning April 30.

WASHINGTON — Reps. Steve LaTourette and Marcia Fudge of Ohio have introduced a bill that would provide $4 billion for states and land banks to issue newly-created 30-year tax credit demolition bonds to demolish vacant, foreclosed and abandoned homes across the country to prevent "a tsunami of blight."

The Internal Revenue Service unveiled a voluntary closing agreement program for certain tax-exempt student loan bond issuers, giving them until July 31 to apply for relief under the settlement program.

The District of Columbia Water and Sewer Authority sold $440.6 million of tax-exempt bonds, raising $177.4 million for infrastructure improvements and saving $17.8 million by refunding bonds issued in 2003, the authority said Monday.

WASHINGTON — The Internal Revenue Service recently closed an audit of $228.1 million of Series 2007A green bonds issued by the Syracuse Industrial Development Authority in New York without changing the tax-exempt status of the bonds.

State tax revenue growth weakened in the fourth quarter of 2011 due to weak economic conditions as well as the expiration of temporary tax increases and the stimulus provisions of the American Recovery and Reinvestment Act of 2009, the Rockefeller Institute said in a report.

The Financial Industry Regulatory Authority ordered four firms and one individual to pay a total of $187,296 in fines and restitution to investors for violations of municipal market rules.

SAN FRANCISCO — Seattle-Northwest Securities Corp., a municipal bond broker and dealer, said board member Karl Leaverton will replace Maud Daudon as its new president and chief executive.

WASHINGTON — The Joint Committee on Taxation has released revenue estimates for muni bond provisions in President Obama's fiscal 2013 budget showing a gain of $520 billion over 10 years for the proposed 28% cap on the value of tax-exempt interest and other tax preferences.