Michelle Kaske

The New Jersey Economic Development Authority Tuesday approved refinancing up to $3.69 billion of variable-rate school construction debt that will help the state terminate about $1.7 billion of derivatives tied to the floating-rate debt.

The New Jersey Economic Development Authority Tuesday approved refinancing up to $3.69 billion of variable-rate school construction debt that will help the state terminate about $1.7 billion of derivatives tied to the floating-rate debt.

The Massachusetts Housing Finance Agency is looking to update its pool of underwriters to work on single- and multi-family bond transactions.

Harrisburg might receive legal help from Pennsylvania as the capital city fights off a lawsuit that could force it to raise revenue to repay $282 million of outstanding incinerator debt.

Pittsburgh’s City Council last week rejected, for the second time, a plan to enter its parking facilities into a long-term lease agreement with private investors in order to boost the city’s pension fund and avoid a state takeover of the fund.

New Jersey’s revenue collections from July through November are $358 million above budgeted estimates due to stronger-than-expected personal and corporate tax receipts. The state collected $9.81 billion of tax receipts during the first five months of fiscal 2011, which began July 1 — 3.8%, or $358 million, more than budgeted projections.

Goldman, Sachs & Co. is limiting its underwriting presence in Massachusetts after one of its public finance bankers, Neil Morrison, assisted state Treasurer Timothy Cahill in his unsuccessful bid for governor.

Pennsylvania Wednesday announced that its cash-strapped capital city, Harrisburg, will be placed in its program for financially distressed municipalities. The city as a result will work with an outside financial adviser to craft a fiscal recovery plan.

With an eye on its credit ratings, the Delaware River Port Authority chose to keep in place a $1 toll hike Wednesday that was set to begin July 1 after weeks of debate on whether to delay the increase to 2012.

NEW YORK - Pennsylvania Wednesday announced that its cash-strapped capital city, Harrisburg, is financially distressed and will work with an outside financial adviser to craft a fiscal recovery plan under the state’s distressed municipality program, Act 47.

The Essex County, N.J., Improvement Authority Wednesday will sell $72.6 million of lease-revenue bonds that will help Newark balance its 2010 budget.

Pennsylvania on Wednesday will take bids on $650 million of general obligation debt, including $466 million of taxable Build America bonds.

New Jersey last week released its 2010 debt report, with school construction debt and Transportation Trust Fund Authority bonds increasing the state’s outstanding general obligation and appropriation debt by $1.25 billion to $32.84 billion.

Massachusetts Wednesday will sell its first-ever Commonwealth Transportation Fund bond offering — $576.2 million of taxable debt to repair decrepit bridges.

New Jersey Transit last week hired Patton Boggs LLP to help the agency contest a $271 million repayment demand from the Federal Transit Administration for money it spent on a now-canceled commuter rail tunnel.

Harrisburg Mayor Linda Thompson Wednesday proposed selling land underneath three parking garages to the Harrisburg Parking Authority to help fill a $4.3 million gap-error in her fiscal 2011 budget proposal.

Moody's Investors Service Wednesday downgraded Newark to A3 from A2, affecting $500 million of outstanding general obligation debt.

Delaware River Port Authority board members continue to push for a delay of toll and fare increases as its financial advisers warn of potential credit-rating downgrades and fiscal pressures the bistate agency may face if it postpones future revenue enhancements.

Puerto Rico's July-through-October revenue collections are nearly on target, with receipts coming in just $1 million below budgeted estimates.

Municipal enterprise projects that are struggling to meet operating and debt-service costs could be a default risk as cash-strapped states and cities become less likely to offer such entities direct aid, according to Moody's Investors Service.