Economy

LOS ANGELES - Downey Regional Medical Center, a not-for-profit hospital located in greater Los Angeles, will emerge from bankruptcy in mid-November, allowing it to close on a planned bond refunding if a bankruptcy judge approves its exit plan.

The New York State Thruway Authority and the State of New York Mortgage Agency are scheduled to hold bond sales on Thursday totaling $500 million, with each following a Wednesday retail order period.

LOS ANGELES - The San Diego Association of Governments is leaning away from issuing bonds to fund the $345 million purchase of a toll road from a private operator.

The Los Angeles County Metropolitan Transportation Authority’s board of directors will vote on Sept. 29 whether to issue $250 million in bonds.

Moody’s Investors Service has downgraded the long-term underlying rating on the Sacramento Transportation Authority’s variable-rate revenue bonds from to Aa3 from Aa2.

BRADENTON, Fla. - A federal bankruptcy judge in Tampa on Monday issued a final ruling in a developer's Chapter 11 filing that could have a chilling effect on owners of Florida community development district bonds, observers said.

President Obama Wednesday, eager to prevent another political showdown over expiring legislation, called on Congress to quickly renew the surface transportation law that expires at the end of September.

Georgia Department of Transportation chief engineer Gerald Ross will become the director of the state’s public-private partnership program. A 29-year veteran of GDOT, he replaces Sandra Burgess, who is retiring this week.

The termination of NASA’s space shuttle program, primarily located at the Kennedy Space Center in central Florida, is a credit negative for Brevard County and surrounding areas, Moody’s Investors Service said in Monday’s Weekly Credit Outlook.

The Michigan Legislature last week approved a bill to require public employees to contribute to their health care benefits.

DALLAS - With its federal funding restored amid efforts to regain public trust, the Harris County Metropolitan Transit Authority in Houston is preparing a $511 million deal to get its belated light-rail expansion back on track.

Arkansas Gov. Mike Beebe is expected this week to set a Nov. 8 election on extending the state’s existing $575 million Garvee road bond program to pay for maintenance on 300 miles of interstate highway.

CHICAGO — After a slow 2010, capital spending by nonprofit health care borrowers will likely remain low through 2015 amid a still-weak economy and the uncertain impact of the new federal health care law, according to Fitch Ratings.

Fitch Ratings has placed two sets of BB-plus rated bonds issued by the New York City Industrial Development Agency on behalf of Staten Island University Hospital on positive rating watch.

New York Gov. Andrew Cuomo nominated former state transportation commissioner Thomas Madison as executive director of the New York State Thruway Authority, subject to Senate confirmation.

CHICAGO — The Illinois State Toll Highway Authority board Thursday approved a $12 billion, 15-year capital program that relies on a steep increase in passenger tolls to repay $4.8 billion in borrowing and raise cash to maintain and expand its existing 286-mile system.

The California's Joint Legislative Audit Committee voted Wednesday to conduct an audit of the state's hospitals to see if they meet the public benefits requirements needed to maintain their tax-exempt status.

The Port of Oakland was able to achieve $29.2 million in present-value debt service savings by selling $345.7 million of refunding revenue bonds — the highest known level of savings achieved by the port on a refunding, officials said.

The California state auditor will investigate the controversial proposal by the Metropolitan Transportation Commission to spend $179 million of bridge toll dollars to move its office from Oakland to San Francisco.

The Knik Arm Bridge and Toll Authority, which is proposing a controversial Alaska public-private partnership toll bridge project, may need more funding from the state if toll revenues fall short, according to local press reports.