Northeast

Massachusetts Wednesday announced that it has resolved a termination event on the fifth and final Massachusetts Turnpike Authority swap with UBS Securities LLC as counterparty.

Hotel developers are hoping the New York City Capital Resource Corp. will be the financing source of last resort for city projects that are either stalled or haven’t started due to the credit crunch.

The Massachusetts Turnpike Authority is seeking investment banking services, as the agency could refinance fixed-rate bonds associated with $800 million of floating-to-fixed-rate swaps.

New Jersey’s Treasury Department yesterday announced that tax collections came in $190 million below prior estimates for the first quarter of fiscal 2010 — 3.1% lower than expected. Officials identified $205 million of immediate spending cuts to offset lagging receipts.

Opponents of the Atlantic Yards project in Brooklyn yesterday filed a lawsuit in New York State Supreme Court in Manhattan to try to stop the mega-development from going forward.

WASHINGTON — Maryland plans to competitively sell $803 million of general obligation bonds on Wednesday, the state’s biggest transaction ever. Investors are expected to snap up the bonds even as large deals in other states were delayed last week amid rising municipal yields.

Vermont last week centralized its allocations of recovery zone facility bonds to be issued through a state authority rather than by individual counties, Gov. James Douglas announced. The federal government allocated $135 million of bonding authority under the program to eleven counties in the state.

Unemployment in Rhode Island hit a new record of 13% last month, according data released last week by the state’s Department of Labor and Training. The new rate, which rose from 12.8% in August, is the state’s highest since 1976 when it began using its current methodology.

Construction costs for an major part of the New Haven Rail Yard could come in lower than recent estimates, Connecticut Gov. M. Jodi Rell said last week. The lowest construction bid for a 293,000-square-foot maintenance facility to service newer Metro-North commuter trains came in at $124.8 million from O&G Industries of Torrington. The most recent estimate of the “change-out” where the trains will be maintained had been put at $291.5 million by a firm hired last year.

Massachusetts Gov. Deval Patrick last week signed an executive order to implement the state’s $556.6 million recovery zone bond program, with Boston and local governments in Middlesex County receiving the largest distribution of bonds.