Washington

A direct feed of the reset information for auction-rate securities and variable-rate demand obligations that dealers submit to the Municipal Securities Rulemaking Board will cost $10,000 annually if the Securities and Exchange Commission signs off on a proposal submitted by the board Tuesday.

The Internal Revenue Service has initiated an audit of $21.8 million of tax refunding bonds issued in 2005 by the Uvalde, Tex., Consolidated School District.

House members Tuesday sent to President Obama a $26.1 billion measure that would extend but gradually phase out higher federal Medicaid payments to states through June 30 and provide $10 billion to local school districts to prevent layoffs.

WASHINGTON — Since the beginning of the year, Wall Street firms, trade associations, and municipal bond issuers have significantly stepped up their lobbying efforts to get lawmakers to extend the Build America Bonds program before it expires at the end of December.

WASHINGTON — Four major municipal market groups are urging the Treasury Department to issue guidance confirming that the existing regulatory framework on issue price for tax-exempt bonds also applies to Build America Bonds and stating that if issuers follow certain long-standing practices, they can be confident they are complying with the rules in this area.

ALAMEDA, Calif. — A year and a half after Seattle-area voters approved a sales tax hike to finance $18 billion in mass transit projects, a quarter of that amount has evaporated due to reduced economic activity.

A federal judge in Birmingham last week denied motions filed by two former JPMorgan bankers to dismiss a Securities and Exchange Commission suit that alleges they committed securities fraud in connection with municipal bond and swap transactions with Jefferson County, Ala.

The American Bar Association’s taxation section has sent the Treasury Department several suggestions it contends would simplify and make more flexible interim guidance for issuers, bondholders, and other market participants that want to strip the tax credits from tax-credit bonds.

WASHINGTON — Despite recent headlines warning that deteriorating state and local finances will lead to bond defaults, a Treasury Department advisory committee has determined the municipal market “appears to be in reasonably good condition.”

WASHINGTON — The Senate yesterday voted 61 to 39 to approve a $26 billion measure that would extend but phase out increased federal Medicaid payments to states through June 30 and give $10 billion to local school districts to prevent layoffs.

WASHINGTON — Rep. Doris Matsui, D-Calif., has asked the Treasury Department for clarification of a tax law provision pertaining to qualified energy conservation bonds that she fears may be unintentionally preventing a solar-panel factory project in her district from taking full advantage of all the tax incentives available.

WASHINGTON — A new study released this week by the Government Accountability Office shows that nearly all states have gotten back at least as much money as they contributed to the federal highway trust fund — a revelation that contradicts some lawmakers’ claims that certain states are subsidizing others’ highway and bridge costs under the current system.

WASHINGTON — The Municipal Securities Rulemaking Board Wednesday filed ­changes with the Securities and Exchange Commission on a ­controversial proposal that would dictate the priority of retail and other customer orders in primary offerings, as well as dealers’ related record-keeping responsibilities.

The Senate is poised to pass legislation that would extend and phase out enhanced federal Medicaid payments to states for six months through June 30, 2011, as well as provide $10 billion to local school districts to prevent an estimated 140,000 educators from being laid off.

WASHINGTON — Private-activity bond issuance lagged in 2009 for the second year in a row, despite efforts by Congress to make the bonds more attractive, as the recession continued to take a toll on this part of the municipal market, according to an annual survey and market participants.

Moody’s Investors Service is seeking commentary as it considers updating its rating methodology for municipal debt that is backed by letters of credit.

State and local government spending increased in the second quarter of 2010 for the first time in a year as municipalities splurged on capital improvements, but economists cautioned that the growth is unlikely to continue in the second half.

Recently introduced legislation extending several temporary bond provisions is not expected to be voted on by the House until September at the earliest, despite attempts from Democratic leaders to move quickly on the measure.

WASHINGTON — Twenty-four municipal market groups have signed a letter praising House Ways and Means Committee chairman Sander Levin for introducing legislation to extend several temporary muni bond provisions, and calling for continued support of municipal issuers during tough economic times.

WASHINGTON — Rating agencies have expressed serious concerns about the District of Columbia’s financial status, particularly regarding its foreclosure this month on a troubled hospital, according to a letter the chief financial officer sent to city officials Wednesday.