Northeast

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.

Rhode Island Gov. Lincoln Chafee appointed a new receiver for fiscally troubled Central Falls on Monday. Chafee, who took office last month, appointed former state Supreme Court Justice Robert Flanders Jr. to replace retired Judge Mark Pfeiffer.

Philadelphia International Airport plans a $5.2 billion expansion project that would include about $4.2 billion of borrowing to help finance an increase in capacity. Officials also would like to improve the facility’s on-time record, especially during bad weather.

New Jersey is seeking underwriting services as the state’s Transportation Trust Fund Authority plans to issue $600 million of tax-exempt, new-money bonds by April 15 to help finance roads, bridges, and public transportation.

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.

New Jersey is looking for swap advisory services to help it monitor and address its $3.3 billion derivative portfolio.

Massachusetts Gov. Deval Patrick Wednesday released a $30.5 billion fiscal 2012 spending plan with $570 million less spending than the current fiscal year’s operating budget.

New Jersey Transit formally rejected a $271 million repayment demand Tuesday from the Federal Transit Administration, which is seeking to recover funds allocated for a canceled $8.7 billion mass-transit tunnel.

Former Pennsylvania Gov. Edward Rendell this week returned to Ballard Spahr LLP, where he will work on public-private partnership infrastructure developments, and energy and environmental issues.