Ted Phillips

The New York City Capital Resource Corp. last week delayed the issuance of $35 million of recovery zone facility bonds for three projects, citing a “difficult financing environment.”

The New York City Education Construction Fund plans to competitively market $53 million of bonds tomorrow to finance construction of a public school at an apartment tower and retail complex. The deal will accept both taxable Build America Bond and tax-exempt bids. The bonds will have serial maturities out to 30 years.

Former Fidelity Capital Markets public finance banker Mark T. Kim has joined the New York City comptroller’s office.

The New York Municipal Bond Bank Agency plans to market a pooled bond financing on behalf of six municipalities next month — the second such deal from the issuer in recent months.

Moody's Investors Service Friday placed the Battery Park City Authority on watch for a possible downgrade, citing an agreement under which the agency would transfer surplus funds to New York State and New York City.

New York City's revenue forecasting should be handled by the comptroller's office rather than the mayor's office, Comptroller John Liu said last week.

New York Gov. David Paterson last week appointed Brian Lawlor to head the state's housing agency and its housing bond agencies.

Even as a budget agreement eludes New York lawmakers, both houses of the Legislature have found common ground in seeking a shift to generally accepted accounting principles budgeting.

New York City and New York State have agreed to each sweep $200 million from the Battery Park City Authority to help close their budget gaps. The agreement also provides funds to provide mortgages for affordable housing projects.

New York City and New York State have agreed to each sweep $200 million from the Battery Park City Authority to help close their budget gaps.

New York State has masked the actual size of its deficits through maneuvers that provide merely temporary budget relief, the state comptroller said in a report yesterday.

New York State and New York City’s borrowing authorities plan to issue up to $6.17 billion of new-money bonds in the second quarter, according to a forward issuance calendar released by the state comptroller’s office last week. Additionally, issuers plan $1.53 billion of refundings and $186 million of conversions.

A labor union filed a lawsuit last week to try to stop a Bronx hospital from using recovery zone facility bonds to build a parking garage. The suit seeks an injunction to stop finalization of the financing and to require the public hearing process to begin again.

New York’s budget deadline passed last week but a state budget did not.

A new civil fraud unit will look into financial fraud, including any related to the American Recovery and Reinvestment Act and the Troubled Asset Relief Program, Preet Bharara, U.S. attorney for the Southern District of New York, announced last week.

Gov. John Baldacci last week signed a supplemental budget bill to close a $310 million deficit in Maine’s two-year biennium. The measure relied mostly on spending cuts, including $48 million from K-12 and $8 million from higher education through fiscal 2011.

The Dormitory Authority of the State of New York gave final approval to $791.3 million of bonds at its board meeting yesterday, while also creating a finance committee as required under a public authorities reform measure enacted last year.

The Democratic leadership of the Connecticut General Assembly has called for direct talks with Gov. M. Jodi Rell over the $500 million fiscal 2010 budget deficit.

Rhode Island Gov. Donald Carcieri on Monday announced that Susanne Greschner will head up the Division of Municipal Finance. The unit is a part of the Department of Revenue.

About one-third of New York’s 114 industrial development agencies have joined in a lawsuit challenging assessments on their revenue by the state. Attorneys for the New York State Economic Development Council, a trade group representing economic development professionals, filed the action in state Supreme Court in Albany on Friday.