Economy

The Michigan Department of Transportation last week released revenue projections for a second bridge spanning the Detroit River as the Senate gears up for one of the most debated and controversial votes of the session.

Illinois regulators last week approved nonprofit Chicago-based Resurrection Health Care’s sale of two suburban Chicago hospitals to Tennessee-based for-profit Vanguard Health Systems.

BRADENTON, Fla. — The Orlando-Orange County Expressway Authority in central Florida today hopes to begin retail pricing of a two-pronged transaction — including up to $250 million of fixed-rate refunding revenue bonds and a restructuring of $250 million of variable-rate bonds with the termination of associated swaps.

A Port Authority of New York and New Jersey official reassured New Jersey lawmakers yesterday that the agency is moving quickly to update or replace the Bayonne Bridge, a move that would potentially increase shipping activity in the area.

CHICAGO — Wisconsin will competitively sell $800 million of one-year operating notes tomorrow and is gearing up to issue about $200 million of new-money transportation revenue bonds next month, while a planned general obligation refunding remains on hold.

Transportation stakeholders are concerned that the Obama administration has not released a set of reauthorization principles by the time Transportation Secretary Ray LaHood said it would.

WASHINGTON — A group of Senate Democrats sent a letter yesterday to Sens. John Kerry, D-Mass., and Joseph Lieberman, I-Conn., urging them to add billions of dollars for transportation-related investments to the draft climate and energy bill the two recently unveiled.

Several Democratic governors are lobbying to extend through June 2011 the increased federal Medicaid match they have been receiving since the passage of the stimulus last year.

CHICAGO — The Illinois Finance Authority board this week gave final approval to deals for OSF Healthcare System and NorthShore University Health System that will raise new money for each and shift outstanding variable-rate debt to fixed rate to reduce market and liquidity risks.

New York’s Metropolitan Transportation Authority wants ideas on how to create a new credit with revenue streams enacted in last year’s state bailout, according to its first request for proposals for underwriting services in five years.

BRADENTON, Fla. — The Kentucky Turnpike Authority plans to begin pricing $334.2 million of new-money and refunding revenue bonds Monday for in-state retail investors. Final pricing is expected Tuesday.

The Georgia Transportation Investment Act of 2010, signed into law by Gov. Sonny Perdue last week, seeks to make the biggest investment in state transportation infrastructure in the last 50 years.

CHICAGO — The Illinois State Toll Highway Authority will enter the market as soon as tomorrow with roughly $400 million of fixed-rate refunding bonds, the first of two sales planned this year to restructure a chunk of the agency’s synthetically fixed-rate debt to reduce bank and liquidity risks.

The New York City Capital Resource Corp. yesterday approved a $17 million recovery zone facility bond deal to partially finance the construction of a medical office building in Queens.

Puerto Rico will refund prior Puerto Rico Highways and Transportation Authority debt next week before heading to market with a combined new-money and refunding sales-tax bond deal.

DALLAS — The Louisiana House Ways and Means Committee has backed an 11-point outline of how the state should finance transportation projects.

Demand for federal high-speed rail funds has once again exceeded supply, as the Federal Railroad Administration confirmed this week that 23 states flooded it with a$137 million of applications for proposed projects.

The Detroit Medical Center extended by 10 days a letter of intent to sell its eight hospitals to a Tennessee-based for-profit health care company for $1.5 billion.

Moody’s Investors Service has revised its outlook to stable from negative on the University of Iowa Hospitals & Clinics Aa2 rating due to the system’s improved operating performance.

The global airline industry is expected to post a large profit this year and see a significant increase in passenger traffic, an airline trade group announced yesterday.