Economy

More than 20 states are vying for $30 million in federal grants to help finance intercity passenger-rail projects, through the first federal-state partnership of its kind at the U.S. Department of Transportation, officials announced yesterday.

Massachusetts bonding authorities could receive additional oversight on borrowing if Gov. Deval Patrick signs legislation granting the state's Finance Advisory Board increased supervisory powers, an initiative that also includes extending its state appropriation pledge to $800 million of Massachusetts Turnpike Authority debt.

Kansas Gov. Kathleen Sebelius said last week she does not support an increase in state gasoline and diesel fuel taxes to finance a new 10-year transportation program.

The Port Authority of New York and New Jersey yesterday said it would block flights into the three airports serving the New York City metropolitan area that are allocated landing slots through an auction conducted by the U.S. Department of Transportation.

BRADENTON, Fla. - The Mississippi Department of Transportation on Friday received three statements of qualifications from firms interested in entering into the state's first public-private partnership.

A former New York state transportation official who helped obtain $2.9 billion of bonds for highway and other projects and pushed for more private investment in state infrastructure has cleared the final hurdle to become administrator of the Federal Highway Administration.

Sen. Barack Obama, D-Ill., unveiled an "emergency" economic plan Friday that would provide $25 billion to states to cover budgetary shortfalls and another $25 billion to replenish the struggling highway trust fund to avoid cutbacks in infrastructure repair and renovate schools.

DALLAS - Tulsa Mayor Kathy Taylor has proposed a $451.6 million street maintenance plan, which would be financed in part with $258 million of general obligation bonds, as a compromise to two competing street programs sponsored by city councilors and one that she put forth in May.

SAN FRANCISCO - The Los Angeles Unified School District last week placed a $7 billion general obligation bond measure on the Nov. 4 ballot.

Major federal transportation legislation enacted in 2005 helped states make gains in highway infrastructure even though problems such as traffic congestion and bridge deficiencies persist, the Reason Foundation said in its 17th annual report on state-owned road systems.

A former New York transportation official who helped obtain a $2.9 billion statewide bond package for transit, highway, and bridge projects, sailed through a Senate committee hearing Wednesday, earning bipartisan support for his nomination to head the Federal Highway Administration.

DALLAS - A new bypass that would open up existing freight tracks for commuter rail between Austin and San Antonio would cost $2.4 billion, with the means of financing yet to be identified, according to a report from the Texas Department of Transportation released yesterday.

CHICAGO - Longtime Fitch Ratings airport analyst Peter Stettler will leave the agency this month to join an aviation consulting group based in Chicago.

A federal plan to revamp the national transportation system would remove the $15 billion cap on private-activity bonds used to finance construction of highways and rail-to-truck freight transfer facilities, withhold federal monies for some large projects unless public-private partnerships have been considered, and encourage use of state infrastructure banks.

CHICAGO -OhioHealth today plans to sell $186.7 million of variable-rate demand revenue bonds to refund five-year-old auction-rate securities.

Fitch Ratings yesterday downgraded West Penn Allegheny Health System to BB-minus from BB and placed the credit on negative watch, while Standard & Poor's placed gave the health care provider on negative watch, affecting $758 million of outstanding debt.

CHICAGO - The prestigious Cleveland Clinic Health System plans to enter the market as soon as next month with a $1.1 billion bond issue that will refund all the system's auction-rate securities and include $500 million in new money to finance regional expansion.

Massachusetts lawmakers yesterday were meeting behind closed doors to discuss how to enhance a portion or all of the Massachusetts Turnpike Authority's $2.2 billion of outstanding debt while lawmakers also evaluates four different borrowing plans totaling $9 billion before the legislative session ends on July 31.

Parking fees and a new sales tax could finance part of a proposed $80 million three-mile streetcar project in Grand Rapids, according to a new feasibility study.

Park Nicollet Health Services saw the outlook on its A credit revised last week to negative from stable by Standard & Poor’s to reflect soft patient numbers and concerns over its financial performance of late.