New York

New York could face a downgrade or outlook change if nothing is done to close the state’s $3.2 billion current year deficit, or if actions to close the gap are primarily one-shots and revenues fall below projections, Moody’s Investors Service warned in a credit report last week.

As a tower begins to rise at the World Trade Center site in lower Manhattan, the property’s owner, the Port Authority of New York and New Jersey, yesterday authorized the sale of $1 billion of taxable bonds to finance further construction.

New York lawmakers reached a compromise on public authority reform, Gov. David Paterson announced yesterday evening at a press conference in Albany flanked by the Democratic Legislative leadership.

New York’s Metropolitan Transportation Authority proposed a balanced operating budget for 2010 yesterday but set aside additional reserves in case its assumptions prove overly optimistic.

Wall Street revenues are recovering more quickly than expected but compensation reform could reduce the positive effect on New York’s bottom line, according to a report released yesterday by state Comptroller Thomas DiNapoli.

New York City Mayor Michael Bloomberg is seeking to cut fiscal 2010 expenditures by $550 million and reduce next year’s spending by $1.2 billion.

New York’s Metropolitan Transportation Authority is looking to boost its bond issuance for fiscal 2009 by $200 million, with its next sale set for early to mid-December.

New York lawmakers Tuesday evening passed legislation during an extraordinary session that allows the New York Municipal Bond Bank Agency to sell recovery zone economic development bonds and Build America Bonds in a pooled issuance to generate lower borrowing costs for local governments and municipalities.

New York State plans to market $100 million of tax-exempt fixed-rate student loan bonds this week under a new program. The New York Higher Education Finance Authority will offer the debt to retail investors tomorrow, with institutional sales beginning on Thursday.

The Long Island Power Authority plans to sell $200 million of new-money bonds next year, according to a proposed 2010 budget released last week. LIPA also expects to refund $400 million of outstanding debt next year.

bus system.Prendergast comes to the MTA from the South Coast British Columbia Transportation Authority, Vancouver’s mass transit system, also known as TransLink. He served as CEO since July 2008. Prior to TransLink, he had helped oversee infrastructure projects at Parsons Brinckerhoff Inc..

Voters in the Northeast approved $570.8 million of borrowing, including a $400 million open-space initiative in New Jersey, as New York City Mayor Michael Bloomberg won a third term and New Jersey Gov. Jon Corzine lost to Republican candidate Chris Christie.

The Municipal Bond Club of New York is hosting a charity event to raise money for children with Down syndrome.

New York's Metropolitan Transportation Authority will be looking across the pond for ideas on how to improve service and management and how to address its capital needs.

The Hospital for Special Surgery in New York City will begin a retail order period tomorrow for $85 million of bonds secured by a Federal Housing Administration-insured mortgage.

New York has used its dedicated highway and bridge trust fund more like a piggy bank than the pay-as-you go vehicle it was originally created as, according to a report released last week by Comptroller Thomas DiNapoli.

The $700 million of bonds to finance a professional basketball arena at the Atlantic Yards project in Brooklyn could be sold and the proceeds placed into escrow as legal challenges to the project are resolved, an official at the Empire State Development Corp. said yesterday.

The Dormitory Authority of the State of New York at its board meeting yesterday gave final approval for $1 billion of bonds to finance workers’ compensation settlements with New York State and $520 million of debt for two colleges.

The Port Authority of New York and New Jersey plans to competitively price $300 million of tax-exempt bonds today in what it expects to be its last bond offering of the year.

The Metropolitan Transportation Authority may delay payments to its pension fund if a New York State deficit-closing proposal reduces funds available to repay revenue anticipation notes, the MTA said yesterday.