Michelle Kaske

The Pennsylvania Turnpike Commission is gearing up to sell about $600 million of revenue debt on Wednesday, including taxable Build America Bonds, to help finance infrastructure needs on the state’s 535-mile toll road.

The Harrisburg Authority will pay its entire $2.2 million, Sept. 1 payment to holders of incinerator bonds with debt reserve funds, as an incomplete board threatens the Pennsylvania agency’s ability to move ahead with needed business actions.

Moody’s Investors Service Tuesday revised Puerto Rico’s general obligation credit to negative from stable, affecting about $29 billion of outstanding debt, as the commonwealth’s pension system is only 9.8% funded and carries a $17 billion liability.

Use it or lose it. New Jersey’s Treasury Department plans to prod agencies into using an existing $1 billion of various general obligation bond funds, or the state may use them to help pay down GO debt or possibly meet other costs.

Newark, the largest city in New Jersey, must now look towards additional spending cuts and tax increases to fill a $70 million shortfall in its $600 million fiscal 2010 budget as the municipal council last week tabled Mayor Cory Booker’s plan to create a new utility authority.

The Puerto Rico Public-Private Partnerships Authority last week announced that it has qualified 115 teams to participate in a request for proposals to renovate public schools.

Pennsylvania’s legislature will hold a hearing next month on possible mismanagement at the Delaware River Port Authority.

Massachusetts hospitals and higher educational institutions could face higher borrowing costs in the future as the state plans to fold the Massachusetts Health and Educational Facilities Authority into the Massachusetts Development Finance Agency.

Fitch Ratings Tuesday downgraded $1.3 billion of Puerto Rico Aqueduct and Sewer Authority senior revenue debt to BBB from BBB-plus.

The New Jersey Transportation Trust Fund Authority plans to use an outside financial adviser to help craft a financing plan as it faces the prospect of running out of money for new capital projects by July 2011.

The Puerto Rico Public-Private Partnership Authority last week received eight responses from infrastructure investment firms looking to bid on a potential long-term lease agreement for the commonwealth’s busiest roadway.

Moody’s Investors Service is seeking commentary as it considers updating its rating methodology for municipal debt that is backed by letters of credit.

Pennsylvania and New Jersey are looking to a potential public-private partnership to help finance replacement of the 50-year old Scudder Falls Bridge, which connects the two states over the Delaware River.

Mary Jane Darby, director of project management at the New Jersey Educational Facilities Authority, will serve as the agency’s acting executive director.

Pennsylvania Gov. Edward Rendell and New Jersey Gov. Chris Christie last week called for budget and management audits of the Delaware River Port Authority, as the bi-state agency has come under scrutiny recently for certain management practices.

A new passenger-rail tunnel that will run under the Hudson River between New Jersey and New York could increase home values by $18 billion and generate $375 million of new property tax revenue for municipalities, a Regional Plan Association report released last week said.

Massachusetts Gov. Deval Patrick and Rhode Island Gov. Donald Carcieri last week signed a memorandum of understanding to explore the potential for offshore wind energy in waters between Martha’s Vineyard and Rhode Island.

Roger Anderson last week stepped down as executive director of the New Jersey Educational Facilities Authority after serving there nearly eight years.

Pennsylvania Turnpike Commission chief executive officer Joseph Brimmeier Wednesday urged more tolling of interstate highways to help generate additional revenue for transportation needs.

The Pennsylvania Economic Development Financing Authority next month will sell $30 million of unrated tax-exempt revenue bonds to help finance a new equipment facility and terminal upgrades for US Airways at the Philadelphia International Airport.