Economy

Michigan’s hospitals are on the “brink of fiscal crisis,” a new report by the Michigan Health and Hospital Association says.

Expecting to receive about $220 million in federal stimulus funds for infrastructure, the Utah Department of Transportation last week listed 44 projects that should be ready to start within three months.

WASHINGTON - The Senate late yesterday voted 61 to 36 to approve a procedural motion to limit debate on a $829 billion compromise economic stimulus bill that would revise two key muni bond provisions.

CHICAGO - Chicago-based BMO Capital Markets, the investment banking arm of the Bank of Montreal, has hired veteran Chicago-based banker Brian McGough to launch a public finance health care business.

Colorado lawmakers are splitting along party lines on support for a road-building initiative called Funding Advancement for Surface Development and Economic Recovery — also known as “Faster.”

NEW YORK - Rumors continue to circulate in Massachusetts regarding a potential gas-tax increase while the Massachusetts Turnpike Authority heads toward a possible toll hike vote to help it meet its financing needs.

The Montana Facility Finance Authority is appealing an Internal Revenue Service proposed adverse determination that concluded the interest earned from $14.15 million of variable-rate demand revenue bonds it issued to finance an expansion of a nursing home would be taxable.

A real estate deal that the Metropolitan Transportation Authority expected to bring in $700 million for capital spending is on hold, the New York agency announced last week.

Massachusetts Senate leaders yesterday moved forward with their plan to combine the state's surface transportation operations, including roads, bridges, and mass transit systems, under one entity called the Massachusetts Surface Transportation Authority, or MassTrans.

DALLAS - Louisiana will have to tap into its transportation trust fund for the next 35 years to support debt service on bonds financing the state's $5.2 billion, 20-year-old highway improvement program.

CHICAGO - Ohio would launch a new bond program backed by toll revenues under a proposal proposed by Gov. Ted Strickland.

SAN FRANCISCO - Falling traffic and revenue prompted Fitch Ratings this week to cut its outlook on Foothill/Eastern Transportation Corridor Agency toll revenue bonds to negative from stable, while affirming the underlying BBB rating for $2.2 billion of debt backed by the 36-mile toll road network in Orange County, Calif.

The Port Authority of New York and New Jersey is considering using public-private partnerships to replace bridges that connect Staten Island to New Jersey, executive director Christopher Ward said yesterday.

Standard & Poor’s downgraded Sherman Health’s credit two notches to BBB from A-minus due to greater-than-expected operating losses in fiscal 2008 and fiscal 2009.

Standard & Poor’s last week revised its outlook on Ministry Health Care Inc.’s A-plus credit to negative from stable due to weak debt coverage levels, in a review prompted by the provider’s $120 million new issue.

CHICAGO - The Illinois State Toll Highway Authority board approved a list of six financial advisory firms to work with on its debt issues and other financing initiatives as the agency moves to wrap up borrowing for its five-year-old, $6.2 billion capital program and launch its new $1.8 billion follow-up.

A regional transit plan for the Detroit area could begin to take shape by April with the creation of regional transportation authority that would build and operate the system.

CHICAGO - The battle over dueling proposals to build bridges between Detroit and Windsor, Canada, is heating up following the U.S. Department of Transportation's recent approval of nearly $800 million in private-activity, tax-exempt bonding to help finance a replacement for a developer's existing private bridge.

The Rhode Island House is expected to vote today to require legislative oversight on a Medicaid waiver that went into effect last month.

The Massachusetts Turnpike Authority may file suit against companies involved in five floating-to-fixed-rate swaps with UBS Securities LLC that, if terminated, would cost the agency roughly $435 million.