Economy

DALLAS - The Louisiana State Bond Commission delayed a decision yesterday on a planned May sale of $685 million of gasoline and fuel tax bonds after transportation department officials asked for more time to negotiate a financing plan for the bonds.

DALLAS - Kansas Gov. Kathleen Sebelius signed a budget-balancing bill Tuesday, avoiding a shutdown of state government over a dispute with Republican leaders in the Legislature.

Louisiana highway officials told a state legislative subcommittee last week that the bond-financed John J. Audubon Bridge over the Mississippi River should open in November.

The Orlando-Orange County Expressway Authority said Tuesday that dwindling toll revenues will require an increase in tolls to protect the agency’s bond rating, according to a local report by WFTV.

The Saint Raphael Obligated Group has defaulted on certain covenants attached to $59.9 million of tax-exempt bonds issued in 2004 on its behalf by the Connecticut Health and Educational Facilities Authority, according to a material event notice.

DALLAS - A powerful Texas lawmaker who steered milestone transportation legislation through the 2007 session has introduced a bill that would allow counties to raise fuel taxes and fees to bond for rail and road construction.

The Massachusetts Bay Transportation Authority faces a $165 million deficit for fiscal 2010, which begins July 1, as debt service costs for the transit agency will increase by $77 million to $445 million.

Standard & Poor’s last week downgraded North Country Health Services’ debt to BBB-plus from A due to poor operating results. The action affects $13.3 million of debt sold in 2006 through the city of Bemidji and $37 million of debt sold in 2002.

CHICAGO - St. Louis-based Ascension Health today will remarket $570 million of weekly variable-rate bonds as fixed-rate debt in the first of three planned mode conversions over the next month.

The University of Minnesota’s plans for a new $275 million children’s hospital received a boost last week with the announcement of a $50 million gift.

WASHINGTON - The $787 billion stimulus package signed into law by President Obama yesterday may spur smaller issuers to increase debt issuance through tax code changes, but may also limit the debt that is sold for transportation, water and wastewater, and other infrastructure projects in the near term because of the new federal funds provided for them.

CHICAGO - Wisconsin-based Froedtert & Community Health closes today on its $189 million refunding of variable-rate revenue bonds that shed the old debt's insurance from downgraded Ambac Assurance Corp. in favor of a letter of credit from U.S. Bank NA.

Survey results issued this week by transportation firm HNTB Corp. spotlights misperceptions about transportation finance.

DALLAS - The Louisiana State Bond Commission will consider increasing a pending $485 million road bond issue by $200 million to pay a hefty but fluctuating swap termination fee when it meets Thursday morning.

A bankruptcy judge last week approved the use of state grant money to defease $21.6 million of outstanding bonds issued by the Dormitory Authority of the State of New York on behalf of bankrupt Victory Memorial Hospital in Brooklyn. The authority expects to defease the bonds on Aug. 1.

CHICAGO - Chicago Friday banked $1.15 billion when it closed on a 75-year lease of its parking meter system - the latest in a series of private concession deals involving city assets undertaken over the last four years.

BRADENTON, Fla. - The Georgia State Road and Tollway Authority today begins a two-day pricing of $600 million of federal highway grant anticipation and reimbursement revenue vehicle bonds.

Work on San Antonio International Airport’s $525 million expansion program will slow down due to fewer passengers than expected at the facility.

New Jersey's largest health care entity, Saint Barnabas Health Care System, is in technical default on $768 million of debt issued through the New Jersey Health Care Facilities Financing Authority due to shrinking liquidity.

Gov. Butch Otter says some higher taxes will be needed to fund improvements to Idaho’s highway system.