Southeast

BRADENTON, Fla. — Florida Gov. Rick Scott Wednesday unveiled his 2013 budget proposal, which includes major cuts in spending and the state's borrowing program.

The potential ouster of the Jefferson County, Ala., sewer system's receiver in connection with the county's bankruptcy case could derail the long-held legal precedent that bonds secured by a specific pledge of revenues will continue to be paid during a Chapter 9 proceeding, according to creditors and industry participants.

Officials in Memphis are considering offering incentives to keep the headquarters of Morgan Keegan & Co., and its jobs, in the city if the firm is sold, according to the Commercial Appeal newspaper.

The troubled Clay County Gas Utility District has notified the bond market that, due to a lack of funds, it was unable to make Dec. 1 principal and interest payments on its Series 1998 bonds.

The New Orleans City Council last week adopted a $496.7 million operating budget for 2012 that keeps the city’s property tax rate unchanged despite an increase in assessed valuations this year.

The Orlando-Orange County Expressway Authority last week hired an interim executive director who currently works for a consulting firm that has contracts with the agency.

Former JPMorgan banker Douglas MacFaddin and the Securities and Exchange Commission are seeking court sanctions against former Jefferson County commissioner Shelia Smoot for failing to appear for depositions and produce documents on several occasions.

BRADENTON, Fla. — Even with debt issuance by Florida at a historic low this fiscal year, the state continues to exceed its self-imposed debt service cap as revenues remain weak.

BRADENTON, Fla. - The Securities and Exchange Commission has opened what appears to be a sweeping investigation into the new, largely bond-financed stadium for Major League Baseball's Miami Marlins.

BRADENTON, Fla. — The Santa Rosa Bay Bridge Authority's bond trustee, Bank of New York Mellon, has hired a financial advisor to assist with restructuring the Florida authority's defaulted bonds.