Economy

Chicago's $8 billion expansion of O'Hare International Airport won a major court victory late last week that paves the way for its acquisition and relocation of a cemetery now in the path of a planned runway.

Texas Children's Hospital in Houston will open the new year by retiring $78 million of auction-rate securities almost two years after the market for that type of debt collapsed.

After staying out of a multi-state refinancing in March, the New Jersey Health Care Facilities Financing Authority will refund early next year up to $150 million of Catholic Health East debt after the health care provider and the authority reached agreement on collateral postings for derivatives.

Kentucky Gov. Steve Beshear announced late last week the sale of $100 million of grant anticipation revenue vehicle bonds for the Ohio River Bridge Project.

Arkansas Gov. Mike Beebe last week shot down a proposal to shift a portion of sales tax revenues to highway projects before a transportation financing committee had a chance to suggest the move.

New Jersey will take on $157.4 million of moral obligation debt this week as the South Jersey Port Corp. will issue the marine terminal revenue bonds with the expectation that state allocations to meet the corporation's debt service costs will continue.

Moody's Investors Service last week revised the outlook of New York's Metropolitan Transportation Authority to negative from stable and affirmed its A2 rating.

Voters in Riverside County, Calif., last week approved a proposal from the bankrupt Valley Health System to sell the public district's two hospitals and its other real estate assets to a for-profit group of local physicians.

The Metropolitan Transportation Authority did not violate New York laws when it agreed to sell the development rights over rail yards in Brooklyn to Forest City Ratner Cos., a state Supreme Court judge ruled last week.

New Jersey lawmakers are working to expand the abilities of the Capital City Redevelopment Corp., including the power to issue bonds and notes.

The Regional Transportation Authority early next month will issue $179 million of general obligation bonds under its deal with Illinois aimed at freeing up capital funds to help close a fiscal 2010 budget gap at the Chicago Transit Authority without a fare hike.

RBC Capital Markets announced that health care finance professional John Wells has been hired by the bank's municipal unit, which is ranked seventh as senior manager nationwide so far this year, according to Thomson Reuters.

Financing for road-widening projects and upgrades to its two toll roads will keep the New Jersey Turnpike Authority issuing debt in 2010 after selling $1.75 billion of new-money bonds in 2009.

Florida Gov. Charlie Crist Wednesday visited four cities to conduct the ceremonial signing of the state's first comprehensive passenger rail bill, which has the potential to jump-start the long-delayed central Florida commuter rail project known as SunRail.

In a reprise of last year, New York's Metropolitan Transportation Authority yesterday passed a "doomsday" budget that slashes services, but on a delayed schedule.

Federal lawmakers will have to become more comfortable with tolling highways, tunnels, and bridges if they want to obtain the revenues needed to create a national infrastructure bank or fund large capital projects in the future, transportation advocates said yesterday.

Dr. Rafick-Pierre Sekaly and other scientists at the Vaccine and Gene Therapy Institute of Florida are looking for "nothing short of cures" when it comes to diseases such as HIV, swine flu, and the West Nile virus, says the institute's chief operating officer, Mark Williams.

The House version of health care reform stands to save state and local governments about $24 billion over the next 10 years, while the Senate leadership's proposal could potentially cut state costs by $83 billion, according to a new study comparing the fiscal impacts of the plans.

New York's Metropolitan Transportation Authority plans major service cuts next year to deal with revenue shortfalls in the current month and beyond, the agency announced yesterday.

The Senate and House have both approved an omnibus appropriations bill for fiscal 2010 that provides funding for high-speed rail projects and grants to states for transportation infrastructure.