Economy

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.

BRADENTON, Fla. — Emmet & Co. and First Manhattan Co. have filed suit against Catholic Health East and Merrill Lynch claiming that $132.26 million of escrowed bonds issued by conduit entities in three states were improperly called.

DALLAS — New Orleans Mayor Mitch Landrieu has called on the board overseeing Louis Armstrong New Orleans International Airport for a "robust analysis" on whether to build a new terminal or expand the existing facilities.

CHICAGO — Illinois Gov. Pat Quinn this week signed legislation that paves the way for the state's future use of public-private partnerships to finance transportation projects, a change supporters hope will jump-start proposed projects that lack public funding.

Health care veteran Jim Mitchell has rejoined Fitch Ratings as part of the business and relationship management team.

WASHINGTON — State transportation officials are warning of dire consequences for both improvement projects and the bond issues they may use to finance them if Congress allows federal aid for state and local highway and transit projects to end Sept. 30.

CHICAGO — Chicago and the Illinois Regional Transportation Authority filed lawsuits Tuesday against the cities of Kankakee and Channahon for their roles in tax-sharing agreements with retail companies that allow them to avoid collecting the Chicago area's higher sales tax rates.

DALLAS — An environmental lawsuit by the Sierra Club could impede bond issuance for one section of a 170-mile toll loop around the Houston area known as the Grand Parkway.

Moody's Investors Service put Western Missouri Medical Center's MIG-1 rating on $46.6 million of notes on negative watch for a possible downgrade due to a change in how the rating agency analyzes support under the U.S. Department of Agriculture's Rural Development loan program.

Another downgrade hit Rhode Island as Moody's Investors Service lowered its rating to A2 from A1 on the Rhode Island Economic Development Corp.'s motor fuel-tax revenue bonds, affecting $77 million of outstanding debt.