Michelle Kaske

The Virgin Islands Public Finance Authority will sell roughly $400 million of tax-exempt bonds Thursday backed by rum-tax revenues to help the U.S. Virgin Islands balance its fiscal 2010 budget.

New Jersey Gov. Chris Christie announced an alternative, statutory property-tax cap initiative Thursday that would not amend the state’s constitution, opening the door for a potential bipartisan agreement on the divisive issue.

Harrisburg Friday may select qualified financial advisers to participate in a request for proposal process, as Pennsylvania’s capital city looks towards addressing $282 million of outstanding incinerator debt that is in technical ­default.

Massachusetts Gov. Deval Patrick yesterday signed into law a $27.6 billion fiscal 2011 budget as lawmakers continue to work on legislation that would restructure general obligation bonds to reduce fiscal 2011 debt-service costs. Fiscal 2011 begins today.

Moody’s Investors Service Wednesday downgraded $2.68 billion of subordinate Pennsylvania Turnpike Commission bonds to A3 from A2 and assigned a negative outlook to the credit.

New Jersey Gov. Chris Christie Tuesday signed into law a $29.38 billion spending plan that includes debt restructuring to move costs into future years and skips a $3 billion contribution to the state pension plan.

For the first time in his eight-year tenure, Pennsylvania Gov. Edward Rendell may sign a budget on time, as he announced Tuesday an agreement with the legislature that includes a new tax on natural-gas extraction.

Puerto Rico lawmakers Monday began hammering out a fiscal 2011 budget in conference committee after both chambers last week added changes to the spending plan.

The mayor of Allentown, Pa., says he’s been sitting down with union leaders to rework its labor agreements in a bid to keep the financially troubled city out of Act 47 — the state’s distressed municipalities program.

Pennsylvania Gov. Edward Rendell Friday sent a letter to Getty Petroleum Marketing Inc., urging it to work with ethanol producer Bionol Clearfield LLC to resolve differences over a purchase agreement as the oil company's demand for arbitration threatens the repayment of $65 million of tax-exempt revenue bonds.

Puerto Rico's economic activity index increased for the fourth month in a row to 130.3, a 02% increase from the prior month.

Pennsylvania's capital city, Harrisburg, is seeking qualified firms to appraise city property that could generate money through a potential sale or lease and help pay down its debts.

Morgan Stanley will pay $42.5 million to Massachusetts' pension funds and its general fund in a settlement agreement regarding the financing and securitization of subprime loans in the state.

Massachusetts legislators yesterday evening were set to pass a $27.9 billion fiscal 2011 budget plan that includes an anticipated debt restructuring to lower debt service costs next year.

Morgan Stanley will serve as book-runner on a New Jersey general obligation refinancing deal set to price in the third quarter, beating out 21 other firms for the senior management seat.

Puerto Rico's ability to pass on-time budgets is poised to gain traction as the Legislature anticipates voting on a $9.13 billion spending plan for fiscal 2011.

University of Puerto Rico officials and students reached an agreement this week that will end a two-month strike that shut down campuses and will allow the university to complete the school semester.

New Jersey lawmakers Monday evening announced a bipartisan fiscal 2011 budget deal similar to the spending plan that Gov. Chris Christie filed in March.

The Massachusetts Department of Transportation yesterday approved a $10.3 billion, five-year capital plan along with a $698 million operating budget for fiscal 2011.

Puerto Rico is embarking on a new school construction program that will incorporate a public-private partnership approach financed with $750 million of taxable qualified school construction bonds.