Michelle Kaske

The Massachusetts Turnpike Authority is seeking investment banking services, as the agency could refinance fixed-rate bonds associated with $800 million of floating-to-fixed-rate swaps.

New Jersey’s Treasury Department yesterday announced that tax collections came in $190 million below prior estimates for the first quarter of fiscal 2010 — 3.1% lower than expected. Officials identified $205 million of immediate spending cuts to offset lagging receipts.

Government workers in Puerto Rico held a one-day strike on Thursday to protest Gov. Luis Fortuño’s plan to reduce the commonwealth’s workforce by 17,000 to help close a $3.2 billion structural budget deficit.

Massachusetts Gov. Deval Patrick last week signed an executive order to implement the state’s $556.6 million recovery zone bond program, with Boston and local governments in Middlesex County receiving the largest distribution of bonds.

The Massachusetts Bay Transportation Authority plans tomorrow to sell its first Build America Bond deal, set for $213.8 million, after offering $39.3 million of traditional tax-exempt debt to retail investors today.

Massachusetts Gov. Deval Patrick Thursday said fiscal 2010 tax revenue will come in $600 million below prior estimates, and that he would potentially eliminate nearly 2,000 positions and implement spending reductions to offset the state’s underperforming tax receipts.

Standard & Poor’s yesterday dropped New Jersey’s largest health care provider, Saint Barnabas Health Care System to BB-plus from BBB-minus, affecting more than $800 million of outstanding debt. The outlook is negative.

Fitch Ratings Monday downgraded the Puerto Rico Electric Power Authority to BBB-plus from A-minus as the island’s sole electric provider plans to head to market this year with an $850 million new-money deal. The outlook is stable.

Pennsylvania Gov. Edward Rendell is waiting for the legislature to deal him one last card in the state’s long-playing budget stalemate — a bill that would generate about $200 million this year by implementing blackjack and poker games at the state’s slot casinos.

Triple-A Delaware will sell $345.1 million of tax-exempt general obligation debt today, ahead of its first-ever Build America Bond issue set for Oct. 14 via competitive bid.

U.S. Virgin Islands officials are serving up a second rum deal, this time with Cruzan VIRIL Ltd., that would boost rum production and secure additional revenue for the territory.

Pennsylvania Senate Republicans anticipate passing a new $27.83 billion fiscal 2010 budget today after a prior budget agreement between the legislature and Gov. Edward Rendell fell apart last week.

Massachusetts Gov. Deval Patrick last week announced that his administration will reassess fiscal 2010 revenue projections, as first-quarter fiscal 2010 collections totaling $4.3 billion have come in $212 million below prior expectations.

Puerto Rico officials are moving forward with plans to find an additional $800 million of savings by reorganizing government agencies and bolstering Treasury Department collections, officials announced Friday during an investor conference call.

The Port Authority of New York and New Jersey last week announced that Susan Baer will serve as director of aviation, overseeing the John F. Kennedy, Newark Liberty, and LaGuardia airports.

Massachusetts officials and UBS Securities LLC have once again agreed to extend negotiations over a $207.6 million swap agreement.

The Massachusetts School Building Authority last week approved new pools of senior managers and co-managers to work on future debt sales.

TRENTON, N.J. - The three gubernatorial candidates in New Jersey addressed budget deficits, tax hikes, and ways to replenish the state’s Transportation Trust Fund, which will run out of funding in fiscal 2012, during their first debate Thursday evening in Trenton.

Puerto Rico officials aim to boost the commonwealth’s general obligation rating to BBB-plus by 2013 and enter the single-A category by 2017, according to the government’s Strategic Model for a New Economy, a plan to cultivate the island’s economy and create job growth.

The U.S. Virgin Islands Public Finance Authority today will sell $476 million of rum-tax bonds, including $95 million of new-money debt and another $381 million of current refunding bonds.