A MEMBER of the Orange County Treasury Oversight Committee is questioning the role of newly appointed treasurer-tax collector John Moorlach, suggesting he may not be qualified to manage the bankrupt county's money. Page 3
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THE TEXAS MUNICIPAL POWER Agency, which has $1.18 billion in outstanding bonds, plans to ask its board in late April to approve operating changes designed to hold down rates and meet escalating debt service payments. Page 6
LIMITED TAX general obligation debt would become a reality in Illinois under a proposal being formulated by local government groups and one of the state's leading bond counsel firms. Page 2
THE FEDERAL RESERVE BOARD has unveiled a set of risk guidelines for banks to use as they invest in over-the-counter derivatives that it hopes will become the standard for all investors, including state and local governments. Page 6
AN ILLINOIS STATE SENATOR has introduced a bill to change the way the state raises and distributes money for education. The legislation would raise Illinois income taxes, cap property taxes levied to pay for schools and establish a new distribution formula that essentially raises to 50% the amount the state would contribute to primary and secondary education. Page 6
COOK COUNTY, ILL., officials want state lawmakers to reject an Illinois bill that would thwart the issuance of $551 million of general obligation bonds for a new county hospital. Page 28
PRESIDENT CLINTON yesterday signed into law a bill that renders taxpayers ineligible for the earned income tax credit if they receive too much municipal bond interest or other unearned income. Page 2
STANDARD & POOR'S CORP. raised its rating on Philadelphia's general obligation bonds to BBB-minus from double-B. Page 23
A COBB COUNTY, GA., Magistrate Court judge has denied a citizens group's challenge of a $221 million school bond referendum by ruling that the borrowing is valid, and he said school officials could "move forward with the bonds." Page 3
CANADIAN IMPERIAL BANK OF COMMERCE has recruited David Wagner from Prudential Securities Inc. for the bank's new municipal derivatives operation. Page 4
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