Northeast

Collingswood, N.J., Mayor James Maley late last month compared the junk bond rating assigned to his city to a gigantic nose pimple, because it “doesn’t really affect how you operate, but it makes you look really bad.”

The Scranton, Pa., Parking Authority went officially into default on Friday after the City Council Thursday turned down a request to pay $940,000 from a contingency account for a loan payment.

A willingness to talk and a sense of urgency prompted Providence and three major unions to agree on pension and health care benefit reductions, according to financial observers.

The New York City Transitional Finance Authority plans a $1 billion sale of fixed-rate future tax-secured subordinate new-money bonds next week, beginning with a two-day retail period that starts Monday.

The New York State Thruway Authority, faced with refinancing $868 million of short-term debt next month and a declining debt-service coverage ratio, is taking steps toward future toll hikes.

After nine years under a state-appointed control board, Buffalo, N.Y., will enter fiscal 2013 with new financial freedom.

Scranton, Pa.'s City Council is willing to allocate $940,000 from a contingency fund to the Scranton Parking Authority to avoid the agency’s default, but wants its officials to answer questions at a public caucus Thursday night.

The Dormitory Authority of the State of New York sold $140 million of new-money and refunding revenue bonds for triple-A rated Columbia University on Wednesday, after retail priced the same day.

Acting on a city request, Rhode Island officials appointed a five-member budget commission to oversee the finances of 44,000-population Woonsocket, whose school system’s deficit could worsen to $10 million if state lawmakers don't approve a supplemental tax levy.

Providence, R.I., Mayor Angel Taveras late Wednesday afternoon announced an agreement with municipal workers and retirees that city officials say will enable Rhode Island's capital to avoid bankruptcy through cuts in pension and health care benefits.