Washington

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.

WASHINGTON — The two-year, $109 billion highway bill that cleared the Senate Wednesday contained several provisions that would benefit or ease restrictions on municipal bonds, but market participants think they could come to nothing if the House insists on pursuing its own bill.

WASHINGTON — The Senate voted 74 to 22 on Wednesday to approve a two-year, $109 billion highway reauthorization bill that would increase the limit for bank-qualified bonds to $30 million from $10 million.

Fourteen municipal market groups are urging the Securities and Exchange Commission to refrain from requiring money market funds' net-asset values to float, warning such a change would hurt state and local governments and money market funds.

WASHINGTON — The Senate narrowly approved a proposal to prohibit the use of private-activity bond financing on certain toll roads as they inched toward final passage of a two-year, $109 billion highway reauthorization bill Tuesday.

The MSRB proposed a rule change that would limit dealers from using the term "NRO," or "not reoffered," in written communications about new muni securities, a move aimed at ensuring market participants will have accurate and timely price and yield information.

The liberal think tank the Center for American Progress has proposed a plan to promote a new source of financing for troubled state housing finance agencies — the House America Bond.

WASHINGTON — Bond lawyers and issuers are urging the Municipal Securities Rulemaking Board to withdraw or revise guidance that warns underwriters against consenting to changes for bonds that could hurt parity bondholders, unless the changes are authorized by bond documents.

Several bond lawyers said they were pleased the IRS settled a tax dispute over a $10.2 million of BABs issued by Half Moon Bay, Calif., in 2009 by reducing its subsidy payment from the federal government to 29% from 35% of interest costs.

WASHINGTON — The District of Columbia Water and Sewer Authority plans to price $445 million of tax-exempt public utility revenue bonds Tuesday and Wednesday, as part of a $3.8 billion plan to improve water and sewer infrastructure, according to a preliminary official statement.

SAVANNAH — Federal officials outlined ongoing municipal bond regulatory efforts Thursday and defended a host of initiatives they said are critical to maintain market stability and protect municipal bond issuers and retail investors.

SAVANNAH, Ga. — The Treasury Department is planning to propose regulations on issue price and other arbitrage-related issues, including long-term working capital grants, John Cross 3d, Treasury's associate tax legislative counsel, told bond lawyers meeting here Thursday.

SAVANNAH, Ga. — William Daly has been tapped to become director of governmental affairs for the National Association of Bond Lawyers later this month.

WASHINGTON — Maryland issued $738.4 million of general obligation bonds this week, achieving its second-lowest interest rate since 1988, according to Treasurer Nancy K. Kopp.

A dispute over the revenue projections for the Dulles Toll Road provides the backdrop for a hearing the Fairfax County, Va., Board of Supervisors is preparing to hold March 20 to decide whether to approve the next phase of construction on an associated rail line.

WASHINGTON — The number of municipal securities that traded in 2011 remained largely unchanged from 2010 and the volume of trades of less than $100,000 rose during the period, suggesting that more retail investors may be buying and selling municipal bonds.

The Municipal Securities Rulemaking Board proposed rule changes and interpretive guidance aimed at ensuring that underwriters and dealers comply with an issuer's instructions to sell bonds to retail investors during retail order periods.