Northeast

Gov. Kathy Hochul's "pause" on congestion pricing puts a $16.5 billion hole in the Metropolitan Transportation Authority's capital plan.

In the first half of 2024, winding-down federal aid, a resurgence of Build America Bond refundings and election uncertainty have contributed to the surge in issuance, said James Welch, a portfolio manager at Principal Asset Management.

The Westchester Joint Water Works agreed to build a $138 million filtration plant by July 2029 under a consent decree with the U.S. EPA and federal prosecutors.

A pair of infrastructure experts are proposing a $25 billion federal appropriation to create state bond banks across the country.

The low-investment-grade offering for a high-profile public private partnership stood out in a crowded airport sector.

S&P Global Ratings dropped Houghton University to BB-plus from BBB-minus, citing a track record of deficits plus a large operating shortfall.

Issuance this year is "well on its way" to $450 billion, mostly from the tax-exempt supply of new money projects, said Matt Fabian, a partner at Municipal Market Analytics.

The county hopes one-time revenues will help it "live to fight another day" as it awaits a state-assisted financial plan.

Even after paring down the capital plan, the MTA will need to issue debt, and sooner than planned. It will be issued under the MTA's transportation revenue credit rather than its congestion pricing credit, so near-term debt service costs will be higher, CEO Janno Lieber said.

Her abrupt suspension of the tolling plan for Lower Manhattan leaves a $15 billion hole in the Metropolitan Transportation Authority's capital budget.