New York

New York City Mayor Michael Bloomberg and Comptroller John Liu on Thursday announced an agreement in principle to overhaul the management of the city's five pension funds totaling $120 billion and place a chief investment officer and a singular pension board in charge.

New York City Mayor Michael Bloomberg is said to be chugging ahead with an outside-the-box - and outside-the-state - proposal to further extend the No. 7 subway line to New Jersey, according to a New York Post report that said he will spend the next few months planning for it.

The Port Authority of New York and New Jersey plans a $400 million sale of new money and refunding bonds by competitive bid on Wednesday.

New York City's defined-benefit pension plans can deliver the same retirement income at a nearly 40% lower cost than a 401(k)-type individual account, according to a report.

All governmental funds tax collections for the first half of New York State’s 2011-12 fiscal year rose 12.6% from the same period last year, but were $391.9 million less than updated financial plan projections, according to the September 2011 cash report released by Comptroller Thomas DiNapoli.

The New York City Mayor’s Office of Management and Budget, the Comptroller’s Office, and three of the city’s financing entities have announced the selection of financial, pricing, investment and swap advisors.

New York Gov. Andrew Cuomo on Thursday named Madison Square Garden executive and former New York City deputy mayor Joseph Lhota to succeed Jay Walder as the chairman and chief executive of the Metropolitan Transportation Authority.

The Hudson Yards Infrastructure Corp. plans a $1 billion sale of senior revenue bonds through negotiated bid Wednesday after a one-day retail period, primarily to fund the extension of New York City's No. 7 subway line.

President Obama approved New York State’s request to expedite the review and approval process to allow work to begin on the replacement of the Tappan Zee Bridge between Westchester and Rockland counties.

The New York City Transitional Finance Authority sold $758 million of future tax-secured, fixed-rate subordinate bonds last week by negotiated sale.

Nassau County, N.Y., could have a serious cash problem by the end of October unless it finalizes a budget by then, the chairman of a state-appointed oversight panel said.

New York City's Transitional Finance Authority plans to sell $750 million of future tax-secured subordinated bonds through negotiated bid on Wednesday, after a one-day retail period.

Bronx Parking Development Co. LLC, which operates the financially troubled parking garages near New York's Yankee Stadium, withdrew $2.3 million from its debt service reserve fund to make a bond payment due Oct. 1, according to a statement from trustee US Bank NA.

Nassau County, N.Y., is establishing steps to improve its system of residential assessments, which in the past has forced the county to engage in costly borrowing.

New York State Comptroller Thomas DiNapoli announced a tentative schedule for the planned public sale of obligations for the state, New York City, and their major public authorities during the fourth quarter of 2011.

While Moody's Investors Service cited multiple years of operational decline and three additional fiscal years of budget gaps in giving Yonkers, N.Y., a multi-notch downgrade, a spokesman for the city also blamed a new state law.

Standard & Poor’s raised its rating on Cortland, N.Y.’s general obligation debt to BBB-plus from BBB, based on its assessment of the city’s estimated performance for fiscal 2010, coupled with structural changes.

The Port Authority of New York and New Jersey Board of Commissioners advanced a capacity planning study that will deal with the five airports under its jurisdiction.

New York City sold $739 million of taxable and tax-exempt new money and reoffered general obligation bonds last week.

The capital program is the "front and center challenge" for New York's Metropolitan Transportation Authority, outgoing chairman Jay Walder said Wednesday.