Economy

The Internal Revenue Service closed a routine audit without changing the tax-exempt status of $147.5 million of auction-rate securities sold by the New Mexico Hospital Equipment Loan Council in May 2004.

DALLAS — The board set up to finance and operate a new state teaching hospital in New Orleans has withdrawn its request for federal enhancement of revenue bonds needed to build the $1.2 billion University Medical Center.

Fitch Ratings has placed on watch the BB-minus rating on $747.7 million of Series 2007A revenue bonds issued by the Allegheny County Hospital Development Authority on behalf of the West Penn Allegheny Health System of Pittsburgh.

Fitch Ratings has affirmed its stable outlook and A-minus rating for the University of Medicine and Dentistry of New Jersey.

Quincy Medical Center Inc. has sought bankruptcy protection as a part of a plan for Steward Health Care System LLC of Boston to take it over.

WASHINGTON — The House Transportation Committee chairman said Thursday he wants bond provisions in a bill he plans to introduce that would fund highway and transit programs for six years.

Washington Gov. Christine Gregoire announced she has formed a task force this week to develop a 10-year investing and funding plan for the state's transportation system.

Leaders of the House and Senate transportation committees are preparing two significantly different bills to reauthorize highway and transit programs after the current law expires on Sept. 30.

Milwaukee-based Robert W. Baird & Co. is moving into the health care and senior-living financing sectors with the new hire of a public finance banking veteran.

Arkansas Gov. Mike Beebe will call a statewide election on a proposal to renew the state's existing $575 million Garvee road bond program.

Novi, Mich.-based Trinity Health has closed its acquisition of Chicago's Loyola University Health System in a deal that totals more than $1 billion.

Moody's Investors Service raised its rating to Baa1 from Baa2 on $137 million of bonds issued on behalf of the Altru Health System by the city of Grand Forks. The outlook is stable.

The Illinois Health Facilities and Services Review Board last week denied applications from two competing hospital systems seeking to build new facilities in the growing region north of Chicago in McHenry County.

Moody's Investors Service last week downgraded Northwest Community Hospital's rating one notch to A1 due to its weakened financial performance.

CHICAGO — Cleveland has sued the Cleveland Clinic over its decision to close a hospital on the city's east side, arguing in part that the prestigious clinic's acceptance of tax-exempt funding from the state requires it to provide equitable services to the city.

Little Rock lawyer Sheffield Nelson has filed a revision with the secretary of state’s office to his proposal that would amend the Arkansas constitution and increase the state severance tax on natural gas to help fund maintenance of city, county and state roads.

BRADENTON, Fla. - Santa Rosa Bay Bridge Authority bondholders did not get paid July 1, according to the Florida agency's trustee, Bank of New York Mellon.

SAN FRANCISCO — Washington plans to reimpose tolls on the busy Seattle-area State Route 520 floating bridge to back almost $2 billion of bonds that will be issued to finance its replacement.

The board of New York's Metropolitan Transportation Authority on Wednesday authorized, without debate, the negotiated sale of up to $500 million of tax-exempt Series 2011A transportation revenue bonds.

BRADENTON, Fla. - A last-ditch effort to prevent the Santa Rosa Bay Bridge Authority in northwest Florida from a bond payment default has failed and the remaining member of the board plans to resign next week.