Economy

Overall costs on a parking garage financed with municipal bonds in Washington, N.J., have ballooned nearly five times from original estimates to $2.7 million, according to a state-level audit of the borough.

The head of New York’s Metropolitan Transportation Authority resigned effective May 22 to comply with a provision of the MTA bailout.

Illinois Gov. Pat Quinn late last month said Dr. Quentin Young declined his appointment to serve as chairman of the Health Facilities Planning Board after discovering that his former practice had partial ownership in a property that leases space to Advocate Health Care.

The New York Senate was expected to finish a bill last night to close a funding gap for the Metropolitan Transportation Authority that would create revenue streams to support up to $6 billion of bonds for the transit system, a spokesman for the Senate majority said.

Standard & Poor’s last week downgraded Provena Health System’s issuer credit rating to BBB-plus from A-minus due to challenged operations and light debt-service coverage, and assigned a negative outlook.

New Jersey will revamp its underwriting pool in the next few weeks, with an eye to bringing in firms that offer transportation financing strategies for the state.

DALLAS - With some trepidation, Denton County, north of Dallas and Fort Worth, will test the strength of its triple-A credit rating in a competitive sale of $104 million of general obligation bonds next week.

A long-term plan for capital financing for the Metropolitan Transportation Authority appeared to be off the table yesterday as New York lawmakers kept talking about a rescue plan for the troubled agency.

Three road projects in Oklahoma financed with federal infrastructure stimulus funds got under way last week, one month after the contracts were approved by the Oklahoma Transportation Commission.

CHICAGO - The vote late last week by the Wisconsin Legislature's Joint Finance Committee to create regional transportation authorities with taxing powers in the Milwaukee and Madison areas has generated praise and criticism - with some calling on lawmakers and Gov. Jim Doyle to reject the package.

New York Gov. David Paterson yesterday nominated a new chairman to the Dormitory Authority of the State of New York, the second largest issuer of bonds in the country. Paterson picked Alfonso L. Carney Jr. to replace Gail Gordon, who has served as chairwoman for 11 of the 14 years she’s been on the board.

The Massachusetts Health and Educational Facilities Finance Authority will head to market in the next two weeks with $200 million of tax-exempt, new-money debt on behalf of Partners HealthCare System.

The Port of Baltimore announced Thursday that it has signed a six-year contract extension with its largest shipping company.

The Port Authority of New York and New Jersey approved a $750 million sale of consolidated bonds and notes at its board meeting on Thursday. The proceeds will fund the World Trade Center redevelopment.

CHICAGO - Fitch Ratings on Friday revised its outlook on the Illinois State Toll Highway Authority's credit to negative as it prepares to enter the market as soon as next week with a $500 million financing that - based on current market conditions - could include $400 million of Build America Bonds.

CHICAGO - A pair of struggling Midwestern hospitals lost their investment-grade ratings from Standard & Poor's last week. Both are suffering from extremely low liquidity - an increasing concern for rating analysts - and recent operational losses.

SAN FRANCISCO — West Coast ports are weathering what may be the toughest storm they’ve ever faced.

Moody’s Investors Service Wednesday gave the troubled Las Vegas Monorail project another debt downgrade, to Ca from Caa2.

WASHINGTON - Transportation Secretary Ray LaHood this week urged senators to restructure how funding is allocated for transportation infrastructure to make it easier for smaller municipalities and rural areas to obtain funds directly, and told House members that economic recovery funding will finance more projects than originally anticipated.

Officials from New York's Metropolitan Transportation Authority next month will submit an 18-month fiscal plan to help close a $621 million budget gap for fiscal 2009 and address a deficit of more than $1 billion for fiscal 2010, which begins Jan. 1.