Florida

BRADENTON, Fla. — Based on current revenue projections and existing borrowing plans, Florida does not have capacity to issue debt for new programs for the next two fiscal years and stay within its self-imposed debt cap.

Significant changes to Florida's government structure and budget cuts being proposed by advisory teams assembled by incoming Republican Gov. Rick Scott are raising eyebrows.

BRADENTON, Fla. — Florida Attorney General Bill McCollum Wednesday announced a $25 million settlement with JPMorgan to resolve allegations that the investment bank improperly sold unregistered securities to the local government investment pool.

BRADENTON, Fla. — The Southwest Florida Expressway Authority had the potential to issue hundreds of millions in bonds for a toll-road project that was once estimated to cost nearly $1 billion.

Moody's Investors Service downgraded Coral Gables' issuer rating to Aa1 from Aaa on Tuesday due to the city's historically narrow financial reserve position. Its total general fund balance as a percentage of operating revenues historically has been around 8% and "well below" the median for a Aaa-rated credit, said Moody's analyst John Nichols.

Florida economists are now predicting a bigger budget shortfall than they projected just three months ago in a change that could translate into less bonding power for the state in fiscal 2012.

The Tennessee State Funding Board is expected to approve a new model debt policy Wednesday establishing minimum requirements for all issuers selling debt, including state and local borrowers.

BRADENTON, Fla. — The Santa Rosa Bay Bridge Authority in north Florida has received a letter from the Securities and Exchange Commission inquiring about “disclosure issues,” the board’s attorney, Roy Andrews, said during a special meeting late Wednesday.

BRADENTON, Fla. — Although Florida Governor-elect Rick Scott has yet to take a position on the fate of high-speed rail, the state agency overseeing the project is moving toward seeking qualified consortiums to build the $2.6 billion Tampa-to-Orlando line.

BRADENTON, Fla. — Seven months after the largest oil spill in U.S. history, the credit ratings of state and local government bond issuers in the Gulf Coast region have remained stable, according to Moody’s Investors Service.

BRADENTON, Fla. — The Florida Supreme Court has handed down a ruling that reaffirms the use of certificates of participation in the state, according to attorneys.

BRADENTON, Fla. — Two days after the Nov. 2 general election, when Florida Republicans won a majority of seats in the Legislature, incoming leaders decided to call a special session to override vetoes by outgoing Gov. Charlie Crist.

BRADENTON, Fla. — Defaults by some Florida community development districts that sold “dirt bonds” to finance infrastructure improvements for residential and commercial real estate projects continued Monday as debt-service payments came due.

BRADENTON, Fla. — The newly created Florida Education Investment Trust Fund has hired PFM Asset Management LLC as its investment adviser.

BRADENTON, Fla. — The Florida Supreme Court on Thursday upheld the validation of $29 million of bonds that Sarasota and Sarasota County want to sell to renovate the spring training ­facilities of Major League Baseball’s ­Baltimore Orioles.

WASHINGTON — California and Florida are the biggest winners of high-speed rail grants, securing $1.7 billion out of a total of $2.5 billion to help close ­funding gaps for ambitious rail projects that have already received large federal grants.

BRADENTON, Fla. — The Orlando-Orange County Expressway Authority expects to sell $280 million of tax-exempt bonds Tuesday.

BRADENTON, Fla. — The South Florida Water Management District paid $194 million in cash Tuesday for the purchase of 26,800 acres of land from U.S. Sugar Corp. for Everglades restoration, and may use debt to buy additional acreage over the next decade.

BRADENTON, Fla. — A Florida audit of a $48 million appeals court building financed with $33.5 million of bonds Tuesday listed 17 findings that “appear to be inconsistent” with Florida statutes, state operating policies, or generally acceptable internal control practices.

The Santa Rosa Bay Bridge Authority board will work with bondholders to establish a creditors' committee in hopes of restructuring $115 million of debt for a toll bridge in northwest Florida that is headed for default next year.