Northeast

It wasn’t the usual New Jersey League of Municipalities luncheon yesterday, with broad speeches and routine rhetoric, as this year’s annual meeting instead brought emotion and some potential momentum.

As a tower begins to rise at the World Trade Center site in lower Manhattan, the property’s owner, the Port Authority of New York and New Jersey, yesterday authorized the sale of $1 billion of taxable bonds to finance further construction.

New York lawmakers reached a compromise on public authority reform, Gov. David Paterson announced yesterday evening at a press conference in Albany flanked by the Democratic Legislative leadership.

New York’s Metropolitan Transportation Authority proposed a balanced operating budget for 2010 yesterday but set aside additional reserves in case its assumptions prove overly optimistic.

WASHINGTON — The Montgomery County Council in Maryland Tuesday unanimously voted against proposed toll rate hikes for the InterCounty Connector, the $2.4 billion toll road currently under construction, and also cut $30 million from the county’s fiscal 2010 budget.

Pennsylvania must delay an anticipated $775 million general obligation bond sale as lawmakers this month failed to move on the state’s $1.68 billion Capital Debt Act, which would authorize the deal.

Wall Street revenues are recovering more quickly than expected but compensation reform could reduce the positive effect on New York’s bottom line, according to a report released yesterday by state Comptroller Thomas DiNapoli.

New York City Mayor Michael Bloomberg is seeking to cut fiscal 2010 expenditures by $550 million and reduce next year’s spending by $1.2 billion.

New York’s Metropolitan Transportation Authority is looking to boost its bond issuance for fiscal 2009 by $200 million, with its next sale set for early to mid-December.

The New Hampshire Turnpike System this week will come to market with its first new-money issuance in 10 years with a $218.1 million revenue bond transaction that includes taxable Build America Bonds.