Bankruptcy

Lawyers for Ambac Financial Group said the bankruptcy plan submitted by the Wisconsin insurance regulator was unacceptable, and the company intends to issue its own plan in June.

New Jersey Gov. Chris Christie Tuesday directed the Legislature to find $500 million of additional school spending in his fiscal 2012 budget after the state Supreme Court ruled that his proposed funding for schools is unconstitutional.

DALLAS — Harris County, Texas, has asked five law firms involved with 30 county bond issues over three years to return $300,586 of undocumented travel and entertainment expenses.

DALLAS — Colorado’s Taxpayer Bill of Rights, which limits the ability of state and local government to raise taxes and issue debt, violates the U.S. Constitution, according to a lawsuit seeking to overturn the voter-approved law.

SAN FRANCISCO — A California lawmaker has called for an audit of two of the state’s largest third-party bond issuers, citing concerns about transparency, conflicts of interest and public benefit.

WASHINGTON — The Municipal Securities Rulemaking Board plans to file revised amendments to its Rule G-20 with the Securities and Exchange Commission in June that will clarify proposed restrictions on gifts and gratuities for muni advisers would be virtually the same as those for broker-dealers, MSRB officials said Monday.

Stockton, Calif., has declared another fiscal emergency in an effort to try to reduce rising labor costs.

CHICAGO — The Illinois attorney general’s office and lawyers for a liquor distributor squared off before the state Supreme Court this week over whether the state’s 2009 $31 billion public works program — and the funding streams approved to repay bonding for it — are legal.

SAN FRANCISCO — Southern California’s San Joaquin Hills toll road has gotten a green light from bondholders to restructure $2 billion of debt that helps avoid a default.

A Detroit-based group opposed to Michigan’s controversial new emergency financial-management law filed petition language with the state Board of Canvassers for a referendum on it.

The Financial Industry Regulatory Authority has fined Kane, McKenna Capital Inc. and Wulff, Hansen & Co. a total of $27,500 for municipal transaction disclosure and trade rule violations.

BRADENTON, Fla. — Florida’s Citizens Property Insurance Corp. plans to sell up to $900 million of revenue bonds to provide liquidity for the upcoming hurricane season, which begins June 1.

CHICAGO — Michigan Gov. Rick Snyder’s choice for emergency manager of Detroit ­Public Schools will enjoy broader powers than his predecessor, but faces a structural deficit that has increased more than 60% in two years.

DALLAS — Glendale, Ariz., has committed another $25 million to keep the National Hockey League’s Phoenix Coyotes playing in city-owned Jobing.com arena for another year, though officials have not yet identified where the money will come from.

DALLAS — An alleged pay-to-play scheme in New Mexico involving former Gov. Bill Richardson’s administration was similar to one in New York that resulted in criminal penalties, according to lawsuits filed in state and federal court.

Two Florida lawmakers who unsuccessfully sued Republican Gov. Rick Scott to prevent him from turning down $2.4 billion of federal funds for high-speed rail blasted the governor Monday when other states and Amtrak won the money.

The receiver in control of Jefferson County’s sewer system may delay filing a report with the court because of damages caused by tornadoes at the end of April, according to the Birmingham News.

Assured Guaranty Ltd. reported higher operating earnings than expected in the first quarter due to a large out-of-court settlement, but said new business production in public finance fell by about one-half compared to the same quarter last year.

SAN FRANCISCO — Vallejo, Calif., will likely exit Chapter 9 bankruptcy by the end of July as it nears deals with two of its unions, according to attorneys.

WASHINGTON — The Internal Revenue Service’s tax-exempt bond office has received referrals of around 30 whistleblower claims of potential abuses in the municipal bond market, an official said Friday.