Bankruptcy

Nassau County, N.Y., could have a serious cash problem by the end of October unless it finalizes a budget by then, the chairman of a state-appointed oversight panel said.

SAN FRANCISCO - California Gov. Jerry Brown has signed legislation imposing new requirements local governments must meet before declaring bankruptcy.

The Kansas City Council last week asked a Jackson County Circuit Court judge to support its bid to block Clay Chastain’s $2.5 billion light-rail ballot initiative.

CHICAGO - A close look at Flint, Mich.'s long-standing fiscal problems provides a glimpse into the challenges facing many of America's older industrial cities, according to a case study released last week by Michigan public finance scholars.

California Gov. Jerry Brown Tuesday signed a bill that will strengthen the state auditor’s oversight of local governments in the wake of the scandal surrounding the city of Bell.

DALLAS - Harris County, Texas, is seeking $484,000 through mediation with Morgan Stanley for alleged overpayment of fees after reaching a $659,000 settlement with UBS, officials said.

While Dexia Group has a substantially reduced its footprint in the U.S. municipal market, its lingering financial woes are still a thorn in the side for some bond issues exposed to the troubled Franco-Belgian lender.

SAN FRANCISCO - Moody's Investors Service said the San Jose Redevelopment Agency's $1.7 billion of outstanding senior bonds could suffer should the RDA be forced to default on a floating-rate bond issue.

A major effort by the Legislature to privatize many of Florida’s prisons was ruled unconstitutional by a state judge last week.

Jefferson County said in a material-event notice Tuesday that it had another payment default on some of its outstanding sewer warrants.

SAN FRANCISCO - Windrush School, a 35-year-old private school located in the East Bay suburbs of San Francisco, filed for Chapter 11 protection in the U.S. Bankruptcy Court in Oakland last week when it couldn't reach a forbearance agreement with bondholders on $13 million of bonds issued in 2007.

A possible state-ordered takeover of Flint advanced last week when Michigan Gov. Rick Snyder appointed a financial review team to examine the troubled city’s finances.

DALLAS - The Tomball Hospital Authority near Houston has called or defeased its $111.4 million of tax-exempt bond debt after the sale of the Tomball Regional Medical Center to for-profit Community Health Systems.

SAN FRANCISCO - California Gov. Jerry Brown has vetoed legislation that would have helped the San Jose Redevelopment Agency avoid a $100 million default.

Moody's Investors Service late Tuesday placed the Ba1 rating for Harrisburg Authority's $69.4 million of Series 2008 water refunding bonds under review for possible downgrade.

BRADENTON, Fla. - Ten volunteers are interested in serving on the Santa Rosa Bay Bridge Authority that oversees the defaulted bonds sold to build the 3.5-mile-long tolled Garcon Point Bridge in North Florida.

Colorado State Treasurer Walker Stapleton and Attorney General John Suthers have filed a lawsuit in a Denver state district court to obtain beneficiary information from the board that oversees the pension fund for state workers.

A ruling last week in a Pulaski County Circuit Court stymied efforts by the Arkansas Department of Education to withhold excess property tax revenues from school districts in Carroll and Garland counties.

CHICAGO - The Securities and Exchange Commission is among the list of regulators now probing the failed Mamtek US Inc. artificial sweetener factory in Moberly, Mo., that received local and state financing support, including recovery zone facility bonds backed by an appropriation pledge from the city that it refused to honor last month.

Bond banking, law, and government all decorate Mark Schwartz's resume. "I have a tripolar background," he said.