Ted Phillips

The nascent nationwide push for high-speed rail still needs a specific funding plan and a mix of federal, local and private sources are now being explored, U.S. Department of Transportation officials said yesterday.

New York Gov. David Paterson said Tuesday he plans to submit budget bills and threatened to include them in next week’s emergency spending bills if they aren’t passed.

New York State’s late budget has delayed a $1.3 billion personal income tax bond deal that was expected to come to market this month.

A new law heading to Rhode Island Gov. Donald Carcieri’s desk for his signature is intended to bring the insolvent city of Central Falls out of receivership and under a new state oversight regime.

Rhode Island Gov. Donald Carcieri said on Friday he would allow the General Assembly’s $7.8 billion fiscal 2011 budget to become law without his signature.

Rhode Island General Treasurer Frank Caprio officially announced his candidacy for governor last week.

The New York City Housing Development Corp. last week approved a slate of bond deals and its first conversion of escrow bonds under the federal New Issue Bond Purchase program.

The New York City Industrial Development Agency, over the objections of three board members, last week approved conducting a study of the impact of wage requirements on subsidized development projects.

New York’s Metropolitan Transportation Authority wants ideas on how to create a new credit with revenue streams enacted in last year’s state bailout, according to its first request for proposals for underwriting services in five years.

The New York City Capital Resource Corp. yesterday approved a $17 million recovery zone facility bond deal to partially finance the construction of a medical office building in Queens.

New York City budget director Mark Page yesterday faced sharp questions over spending and budget cuts at the City Council’s final hearing for the fiscal 2011 budget.

The New York City Capital Resource Corp. tomorrow will consider a Harlem hotel project to use the remainder of its recovery zone facility bond allocation.

Moody’s Investors Service last week revised its outlook on Nassau County to negative from stable ahead of a $210 million note sale this week. Moody’s said in a rating report that it expects the Aa3-rated county’s financial position will decline further in 2010.

New York City will end fiscal 2010 with a $3.3 billion surplus and will have a balanced budget in fiscal 2011, New York State Comptroller Thomas DiNapoli said in a report last week. The lack of a state budget, however, has complicated the city’s budget process.

The New York City Transitional Finance Authority sold $100 million of variable-rate bonds directly to Wells Fargo NA, the issuer said last week. Last month, the TFA announced that it would market the Series 2010G-6 bonds as variable rate but did not specify the terms. The bonds will initially bear interest in an indexed mode that does not require liquidity support.

Fitch Ratings late Thursday downgraded Connecticut’s general obligation debt to AA from AA-plus, citing the state’s reduced financial flexibility, reliance on debt to close budget gaps, and structural imbalance. Fitch also revised its outlook on the state to stable from negative.

The Rhode Island House is expected to vote on a $7.8 billion fiscal 2011 budget today that would authorize a $350 million tax anticipation note issue and put two bond deals on the November ballot. It would also cut spending in the current fiscal year.

The Dormitory Authority of the State of New York’s upcoming $1.3 billion personal-income tax bond deal will be the state’s largest ever municipal issue with a minority firm serving as book-runner, DASNY announced yesterday.

New York’s pension fund’s rate of return improved significantly in the fiscal year that ended March 31 but didn’t erase the previous year’s steep loses, state Comptroller Thomas DiNapoli said yesterday.

Holders of Central Falls, R.I., debt will get paid — at least that’s the plan, according to the court-appointed temporary receiver who is now running things.