Michelle Kaske

Philadelphia will offer $500,000 of grants to nonprofit and for profit creative businesses for capital projects that create jobs in the arts and culture industry.

Massachusetts officials selected four investment firms to work on refinancing $800 million of fixed-rate Massachusetts Turnpike Authority debt into variable-rate mode.

It wasn’t the usual New Jersey League of Municipalities luncheon yesterday, with broad speeches and routine rhetoric, as this year’s annual meeting instead brought emotion and some potential momentum.

Pennsylvania must delay an anticipated $775 million general obligation bond sale as lawmakers this month failed to move on the state’s $1.68 billion Capital Debt Act, which would authorize the deal.

New York City Mayor Michael Bloomberg is seeking to cut fiscal 2010 expenditures by $550 million and reduce next year’s spending by $1.2 billion.

New York’s Metropolitan Transportation Authority is looking to boost its bond issuance for fiscal 2009 by $200 million, with its next sale set for early to mid-December.

The New Hampshire Turnpike System this week will come to market with its first new-money issuance in 10 years with a $218.1 million revenue bond transaction that includes taxable Build America Bonds.

Vermont Gov. Jim Douglas and New York Gov. David Paterson last week announced that officials will replace the Lake Champlain Bridge after engineers said the 80-year-old span can’t be rehabilitated.

Reading is now under state supervision. The Department of Community and Economic Development last week said the city is financially distressed under the terms of Pennsylvania’s Act 47.

The New Jersey Economic Development Authority last week approved the state’s first qualified school construction bond issue, a $19 million transaction that will help finance the expansion of a charter school in Newark.

Gov. Deval Patrick last week announced his appointment of Ron Homer to serve as chair of the Massachusetts Housing Finance Authority’s board.

Connecticut Gov. M. Jodi Rell last week announced that she would not seek re-election in 2010.

New York lawmakers Tuesday evening passed legislation during an extraordinary session that allows the New York Municipal Bond Bank Agency to sell recovery zone economic development bonds and Build America Bonds in a pooled issuance to generate lower borrowing costs for local governments and municipalities.

Pennsylvania borrowing remains on hold as the General Assembly may not vote until early next week on a table games bill, a measure that lawmakers must pass before approving the state’s fiscal 2010 Capital Debt Act.

Standard & Poor’s yesterday upgraded to BBB-plus from BBB $503.9 million of University of Medicine and Dentistry of New Jersey debt that is backed by unlimited student fees. The outlook is stable.

The Puerto Rico Public Private Partnerships Authority will pull together a team of advisers to assist it in implementing P3 transactions and releasing requests for proposals related to specific assets.

Bonds from the Southern Pennsylvania Transportation Authority will not be affected by a workers’ strike that halted Philadelphia’s subway and bus service beginning early Tuesday morning.

Pennsylvania’s year-to-date revenue collections are $160.2 million, or 1.8%, below budgeted revenues, with sluggish personal income tax and sales tax receipts accounting for most of the revenue gap.

Pharmaceutical maker Theragen Inc. defaulted on outstanding Series 2005 bonds last week as Bank of Oklahoma NA, the trustee for the debt, announced that the company did not meet principal and interest payments due Nov. 1.

Outgoing New Jersey Gov. Jon Corzine asked the Legislature not to pass any measures that would increase spending during the remainder of his term.