New York

The takeover of a Long Island county’s finances by an oversight board last week looked like an opportunity to some investors who hoped to pick up an improving New York credit on the cheap.

Moody’s Investors Service is considering downgrading the Port Authority of New York and New Jersey because of its need to continue borrowing money to finance transportation projects even as toll collections and airport fees grow slowly.

The Nassau County Interim Finance Authority for the first time imposed a control period on Nassau County, N.Y., Wednesday.

Without more revenue, New York’s Metropolitan Transportation Authority will exhaust its capacity to bond for new projects after 2014, MTA officials said Monday.

The Port Authority of New York and New Jersey plans to competitively market $300 million of tax-exempt bonds on Thursday.

A provider of residential services for the disabled that was part of a pooled bond deal issued by the Dormitory ­Authority of the State of New York agreed to pay $18 million in damages to settle Medicaid fraud charges, the New York attorney general announced last week.

The New York State Thruway Authority on Wednesday approved up to $525 million of new-money bonds and up to $250 million of refunding bonds secured by the state’s highway and bridge trust fund.

Lieut. Gov. Robert Duffy said the size of the role that bonds will play in New York Gov. Andrew Cuomo’s economic development program is uncertain and will include the creation of regional economic development councils.

Recurring losses from operations, a net-asset deficiency, and negative working capital are among the financial shortfalls revealed in a recent independent audit by KPMG LLC of the Resurrection Nursing Home, a nonprofit facility in Castleton, N.Y.

Public-private partnerships could offer some new and useful financing options for New York’s infrastructure needs but they come with risks, according to a report released by the state comptroller’s office Monday.

The New York City Education Construction Fund plans to competitively market $136.4 million of tax-exempt bonds on Thursday to complete the financing for construction of two public schools at an apartment tower and retail complex.

New York City brings its first deal of the new year to market next week with $875 million of tax-exempt bonds as it steps forward into a world without the Build America Bond option.

In his first state of the state address, New York Gov. Andrew Cuomo on Wednesday said the state must reduce spending and close a $10 billion budget gap in the next fiscal year.

In one of his final settlements as New York Attorney General, Governor-elect Andrew Cuomo last week announced an agreement with Steven Rattner, former principal of the private-equity firm Quadrangle Group LLC, in an investigation into a pay-to-play state pension fund scheme.

After weeks of speculation, the board that monitors Nassau County, N.Y.'s fiscal condition did not take over its finances last week. Instead, the Nassau County Interim Finance Authority asked for additional budget information by Jan. 20 before it would take any action.

New York City on Tuesday continued to dig itself out from a snowstorm that dropped nearly 20 inches of snow in less than 24 hours. Sorting out the economic impact likely will take even longer. A spokesman for Mayor Michael Bloomberg said that the rule of thumb is that every inch of snow costs $1 million to clean up.

New York Gov. David Paterson issued an executive order Friday that clears the way for the state to issue the largest-ever recovery zone facility bond offering before the program's Dec. 31 expiration.

New York’s largest recovery zone facility bond deal to date will likely price this week, just under the wire before the tax-exempt private-activity bond program expires.

New York's Metropolitan Transportation Authority adopted a $12.08 billion operating budget for 2011 at its monthly board meeting Wednesday. The budget closes a projected $900 million deficit with a combination of fare and toll increases that go into effect on Jan. 1, labor concessions, efficiency savings, and recurring actions taken this year.

New York City budget director Mark Page on Tuesday called for a 20% reduction in capital spending in the city's next 10-year capital strategy plan to be released next year.