LOS ANGELES -- Local governments in California could have difficulty issuing some land-secured bonds if they follow new appraisal standards developed by the California Debt Advisory Commission, a public finance lawyer asserted this week.

New guidelines by the state agency recommend that issuers require a minimum value-to-lien ratio of 4-to-1 on Mello-Roos bond financings, according to an interpretation by Daniel C. Bort, a lawyer with Orrick, Herrington & Sutcliffe.

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