Economy

Gov. Chris Christie proposes allocating $140 million of funds in fiscal 2012 to support $1.18 billion of New Jersey Transportation Trust Fund Authority borrowing.

BRADENTON, Fla. — Delta Air Lines Inc.’s 25% service reduction at Memphis International Airport could be a harbinger of future cutbacks at the Tennessee hub and other airports as carriers respond to sharply increasing fuel prices, according to rating agency analysts.

WASHINGTON — The Internal Revenue Service is auditing $38.77 million of defaulted special assessment bonds that were sold in 2005 by the Aberdeen Community Development District in Florida to finance infrastructure for a residential community.

San Francisco voters will get another chance to weigh in on reforming the city’s pension and retiree medical benefit costs.

CHICAGO — Chicago plans to sell $1 billion of O’Hare International Airport third-lien general airport revenue bonds next month.

BRADENTON, Fla. — A Florida Senate transportation committee is entertaining a proposal to merge four expressway and bridge authorities with outstanding debt into Florida’s Turnpike Enterprise.

CHICAGO — With his proposal to borrow $8.75 billion to pay down bills floundering, Illinois Gov. Pat Quinn is pressing lawmakers to authorize $1.75 billion to $2 billion of short-term bonding to pay off Medicaid-related bills before federal reimbursement rates drop in July.

CHICAGO — Ohio senators Wednesday unanimously passed a $7 billion, two-year transportation budget that allows the state to impose tolls to finance projects and enter into public-private partnerships to build and maintain new infrastructure.

DALLAS — Amid a $500 million remodeling project, Dallas Love Field Airport won a two notch upgrade from Standard & Poor’s Wednesday, rising to A with a stable outlook from BBB-plus.

The Kentucky Legislature is in overtime trying to come up with an agreement to plug a $176 million deficit in the state’s Medicaid program this year.

U.S. Sen. Bill Nelson, D-Fla., said Friday that there is little hope that Florida can come up with a plan to regain $2.4 billion in federal funds for a high-speed rail line between Tampa and Orlando.

DALLAS — In what will likely be the largest deal in Texas so far this year, the North Texas Tollway Authority is preparing to issue $1.3 billion for the western extension of its President George Bush Turnpike.

CHICAGO — The bankrupt Fairview Obligated Group, operator of several Chicago-area continuing care retirement communities, will hold an auction next month on its Rockford campus as investors who hold $57 million of mostly tax-exempt debt await word on how much they stand to recoup.

LOS ANGELES — California’s Sierra Kings Healthcare District is nearing a deal that could lead to its exit from Chapter 9 bankruptcy.

CHICAGO — Dayton, Ohio-based MedAmerica Health Systems will begin taking retail orders Wednesday on $100 million of fixed-rate bonds followed by institutional sales Thursday.

A 12-member group of politicans and business leaders is asking Gov. John Kasich to reconsider his decision to abandon plans for high-speed rail in Ohio.

SAN RAFAEL, Calif. — The Sonoma Marin Area Rail Transit District in California remains on track to debut in the bond market this spring, but the limits of the sales tax it relies on for funding will limit the scope of the rail transit line it plans to build, its board of directors learned here last week at a workshop.

WASHINGTON — Maryland lawmakers are considering a 10-cent-per-gallon increase to the state’s 23.5-cent gas tax, but the government may not be able to use the potential revenue increase to back bonds for transportation projects because there is limited room under its debt cap.

New York State will sell $830 million of new-money and refunding general obligation bonds via competitive bid on Tuesday to help finance transportation and environmental infrastructure needs and generate debt service savings.

Roger Nutt, former head of the New Jersey Turnpike Authority and other state transportation entities, will begin Monday as the chief executive officer of the Pennsylvania Turnpike Commission.