Economy

CHICAGO — Nonprofit hospitals have suffered a nearly 22% drop in pension plan median funding levels since 2007, a situation that could put further strain on the balance sheet of struggling facilities, according to a new report on pension challenges facing the sector by Standard & Poor's.

Plans to build a state hospital in midtown New Orleans with revenue bonds can go forward following a ruling by a U.S. district judge last week that the planning process complied with federal law.

The Louisville and Southern Indiana Bridges Authority meets today to continue working on a $4.1 billion plan of finance to build two new bridges across the Ohio River between the two states, and to reconfigure a major intersection in Louisville. The bi-state agency's agenda will include discussion about the selection of an advisory team.

CHICAGO — Federal officials yesterday announced $410 million in new funding to help support Chicago’s $8 billion runway expansion project at O’Hare International Airport, an award that comes one week ahead of the city’s sale of more than $1.1 billion of new-money and refunding O’Hare debt.

Pennsylvania Gov. Edward Rendell yesterday called for a special legislative session to find $472.5 million for fiscal 2011 transportation needs as the Federal Highway Administration denied, for the second time, the state’s request to implement tolls on Interstate 80.

CHICAGO — Henry Ford Health System could spend up to $1 billion in a massive expansion plan that would include a $500 million investment in its flagship Detroit facility, the provider said this week.

Americans, even in rural areas, overwhelmingly favor expanding public transportation such as rail or bus transit rather than highway construction, which traditionally has received much more funding, according to a recent national poll.

Moody’s Investors Service stripped Proctor Hospital of its investment grade rating recently, lowering the credit to Ba1 from Baa3 and warning of further action by assigning a negative outlook due to a decline in operating performance since fiscal 2007.

SAN FRANCISCO — Caltrain, the commuter rail line that connects San Francisco to San Jose, is facing a fiscal crisis that could force it to cut half its service next year.

The Kansas Senate Transportation Committee has approved a proposed $8.2 billion, 10-year transportation program that includes $1.7 billion of bonding capacity for highways, rail, aviation, and mass transit efforts.

A study released last week by the Arizona Department of Transportation said the state’s 83 public airports would need $9.7 billion over the next 20 years to meet the demand for aviation services.

BRADENTON, Fla. — The Georgia Department of Transportation announced Thursday that long-time agency member and former treasurer Earl Mahfuz had retired.

A labor union filed a lawsuit last week to try to stop a Bronx hospital from using recovery zone facility bonds to build a parking garage. The suit seeks an injunction to stop finalization of the financing and to require the public hearing process to begin again.

The Dormitory Authority of the State of New York gave final approval to $791.3 million of bonds at its board meeting yesterday, while also creating a finance committee as required under a public authorities reform measure enacted last year.

DALLAS — The Arizona Department of Transportation is developing a $4 billion plan to reduce congestion on freeways in Maricopa County with bonds backed by sales tax revenue.

The Massachusetts Department of Transportation today will issue its first-ever bond transaction, a $274.7 million fixed-rate refinancing to generate savings.

CHICAGO — Moody’s Investors Service yesterday downgraded O’Hare International Airport’s passenger facility charge-backed bonds to A2 from A1 ahead of Chicago’s sale in mid-April of roughly $1.3 billion of new-money and refunding airport-related bonds.

DALLAS — As other Texas cities struggle to finance light-rail lines, El Paso is planning a much less costly bus rapid-transit system with vehicles that look like rail cars but travel on dedicated paved pathways.

Cincinnati-based Catholic Healthcare Partners has acquired Jewish Hospital, which will become part of CHP affiliate Mercy Health Partners of southwest Ohio.

The Missouri Highways and Transportation Commission last week announced the resignation of Pete Rahn as head of the Missouri Department of Transportation.