Washington

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.

WASHINGTON — This year, the volume of municipal debt issuance is expected to increase from the suppressed levels in 2011 caused by curtailed federal spending, federal cuts to Medicaid and Medicare, and pent-up capital requirements and borrowing needs, according to a report Moody's Investors Service released Monday.

The Senate on Tuesday voted against limiting debate on dozens of amendments lawmakers want to add to a bipartisan transportation bill, setting up more negotiations as Congress moves closer to having to resort to yet another temporary extension to the current law before it expires at the end of this month.

The National Federation of Municipal Analysts plans to release a paper outlining possible negative consequences to a California law dissolving some 400 of the state's redevelopment agencies.

The Municipal Securities Rulemaking Board has asked the Securities and Exchange Commission to approve a new rule that would govern the activities of broker's brokers, which typically provide secondary market liquidity for retail investors in the municipal securities market.

Seattle’s Highway 99 tunnel project is now expected to only get half of the expected $400 million to pay for construction costs from tolls, according to the Seattle Times.

WASHINGTON — House Minority Whip Steny Hoyer, D-Md., urged Congress on Monday to "go big" on deficit reduction before the November election and said he believes there is "broad consensus" for a comprehensive plan similar to those proposd by the Bowles-Simpson and Domenici-Rivlin commissions.

Some issuers of transit bonds are concerned that the transportation bill pending in the House might hurt their credit ratings.

The Municipal Securities Rulemaking Board released a long-range plan to improve transparency in the muni market by collecting a wide range of new information from a variety of sources, integrating that data on the Electronic Municipal Market Access system, and making it available to investors and other market participants in a more user-friendly and searchable format.

WASHINGTON — A Fluvanna County, Va., circuit court judge on Thursday dismissed the lawsuit the county's Board of Supervisors had filed against their former financial advisor, Davenport & Co., after agreeing with the firm that the court could not decide the case under the state constitution's separation of powers doctrine.

Washington House Democrats proposed a budget this week that would close a $1 billion gap in the state’s current two-year budget.

Fluvanna County, Va.'s Board of Supervisors and its former financial advisor, Davenport & Co., present two different versions of the December 2008 bond financing for a new high school in documents filed in connection with the board's lawsuit against the firm.

The Treasury Department is considering issuing interim guidance that would clarify how qualified energy conservation bonds can be used after 12 House Democrats sent a letter to President Obama requesting the guidance, according to congressional staff.

A Financial Industry Regulatory Authority arbitration panel ordered Memphis-based Morgan Keegan & Co. to pay a Birmingham investor $1.95 million for misrepresenting that the Jefferson County, Ala., sewer bonds he purchased were safe, liquid and tax-free investments.

Fluvanna County, Va., and Davenport & Co., its financial advisor for 15 years, are battling each other in a circuit county court over whether the firm misled the county about $67.5 million of bonds sold in December 2008 to finance construction of a new high school.

The Internal Revenue Service is auditing $346.6 million of general obligation refunding bonds unlimited tax series and $50.79 million of GO refunding bonds limited tax series issued by the Metropolitan Water Reclamation District of Greater Chicago in May 2006.