Legislature Helps Locals on Bond Issue

The State Assembly has overwhelmingly passed a bill aimed at assisting cities and counties in the rocky municipal bond market.  SB 344 (Machado) will allow cities and counties to buy back their bonds without "extinguishing" the debt, according to a SacBee story.  The bill is now scheduled to go to the Senate for a vote, hopefully in time to save local government from skyrocketing costs associated with the softening market. 

Get the full text and summary of SB 344 here.