Northeast

California, New York, and Illinois are making a play for more than $1.2 billion of high-speed rail funding that was awarded to two Midwestern states whose Republican governors-elect plan to reject the grants.

New York City will lower its assumed rate of return on its pension funds, which will increase the amount the city contributes, Comptroller John Liu said Thursday.

Pennsylvania’s final 2010 bond deal, a $1 billion new-money transaction that includes taxable Build America Bonds, is on hold as elected officials seek additional information before approving the borrowing.

The Municipal Bond Club of New York raised $3,500 for the East Harlem Tutorial Program at its second annual fundraiser on Nov. 4.

New York attorney general and Governor-elect Andrew Cuomo sued former Quadrangle Group principal Steven Rattner Thursday over his alleged role in a widespread kickback scheme to obtain investments from New York’s largest pension fund, the $135 billion Common Retirement Fund.

Philadelphia plans to sell $275 million of debt in early December, including $69 million of taxable Build America Bonds, following a Moody’s Investors Service downgrade to A2 from A1.

The New York State Thruway Authority approved a $1.1 billion budget Wednesday with no plans to issue general revenue bonds in 2011 for capital projects. Instead, the agency plans to roll over its $680 million of outstanding bond anticipation notes that are due in mid-2011.

New York’s Metropolitan Transportation Authority projected that lower returns on pension fund investments would widen out-year budget gaps, officials announced during a budget presentation Wednesday.

Pittsburgh City Council President Darlene Harris Tuesday introduced a resolution that would direct additional parking-fee revenue into the city’s pension fund to help boost its funding level and ward off a potential state takeover.

New York’s Metropolitan Transportation Authority tabled the selection of a new underwriting syndicate after a board member questioned the choices at a finance committee meeting Monday.