Northeast

New Jersey will issue more than $700 million of combined new-money and refunding debt in four sales next week to help finance transportation projects, open space initiatives, and clean water programs.

The Forest City Ratner Cos. is banking on luxury seating, naming rights, and sponsorships to back $500 million of tax-exempt bonds to be issued for a new arena in Brooklyn.

The New York Legislature yesterday passed a $2.7 billion budget-deficit reduction program, pension reform, and public authorities reform.

The Liberty Development Corp. plans to market $2.59 billion of tax-exempt Liberty Bonds before Christmas for development at the World Trade Center site in order to meet a year-end deadline.

The Dormitory Authority of the State of New York adopted new borrowing guidelines for lower-rated credits at its monthly board meeting yesterday. DASNY’s board also gave final approval to $1.43 billion of bonds, mostly on behalf of the state.

Construction of Linden Ponds, an ­Erickson Retirement Communities development in the Boston area, will resume late next year, and investors in the project’s $156 million of tax-exempt bonds will be paid, Erickson executive staff told bondholders and market participants last week in an investor call.

Moody’s Investors Service and Standard & Poor’s gave the bonds for New York City’s controversial Atlantic Yards basketball arena their lowest investment-grade ratings yesterday.

Pennsylvania’s unpaid bills are piling up, and the state is about $375 million short of funds needed to pay contractors and vendors on infrastructure projects, Budget Secretary Mary Soderberg warned yesterday.

New York Gov. David Paterson said yesterday that he will not oppose the Legislature’s budget-deficit proposal even though it falls short of closing a $3.2 billion current year gap.

A federal appeals court last week rejected an appeal filed by William A. ­DiBella, former majority leader of the Connecticut Senate, and his consulting firm, North Cove Ventures LLC, to overturn a 2007 jury verdict and judgement against them for their involvement in a fraudulent pay-to-play scheme in connection with the state’s pension fund.