Connecticut

Connecticut is in the market this week with $600 million of tax-exempt general obligation notes to finance the state’s fiscal 2009 budget deficit. Institutional sales begin tomorrow and follow a two day retail order period that began on Friday.

Yale University priced $1 billion of five-year taxable fixed-rate notes yesterday. The notes, which will mature in five years, will be used to take out $560 million of taxable commercial paper and provide working capital.

Connecticut Gov. M. Jodi Rell yesterday called on lawmakers to cut spending in light of Moody’s Investors Service decision Monday to lower the state’s rating outlook to negative.

Connecticut has designated 62 communities as eligible to use the state’s $225 million allocation of recovery zone bonds, Gov. M. Jodi Rell announced last week.

Construction costs for an major part of the New Haven Rail Yard could come in lower than recent estimates, Connecticut Gov. M. Jodi Rell said last week. The lowest construction bid for a 293,000-square-foot maintenance facility to service newer Metro-North commuter trains came in at $124.8 million from O&G Industries of Torrington. The most recent estimate of the “change-out” where the trains will be maintained had been put at $291.5 million by a firm hired last year.