Northeast

The New Jersey Economic Development Authority Tuesday approved refinancing up to $3.69 billion of variable-rate school construction debt that will help the state terminate about $1.7 billion of derivatives tied to the floating-rate debt.

The battle over the constitutionality of the Rhode Island law that allowed a receiver to take over Central Falls' finances and governance is back in court.

The Massachusetts Housing Finance Agency is looking to update its pool of underwriters to work on single- and multi-family bond transactions.

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.

Harrisburg might receive legal help from Pennsylvania as the capital city fights off a lawsuit that could force it to raise revenue to repay $282 million of outstanding incinerator debt.

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.

Fiscally troubled Central Falls, R.I., faces federal Chapter 9 bankruptcy if recommendations by the state-appointed receiver — which include annexation by a neighboring city — are not successfully implemented, according to a report released Thursday.

Pennsylvania Wednesday announced that its cash-strapped capital city, Harrisburg, will be placed in its program for financially distressed municipalities. The city as a result will work with an outside financial adviser to craft a fiscal recovery plan.

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.