Economy

CHICAGO — A controversial plan to build a new bridge spanning the busy trade route between Detroit and Canada advanced this week when the Michigan Strategic Fund approved a resolution allowing the issuance of nearly $800 million of private-activity bonds to finance the project.

The Massachusetts House yesterday passed a bill to extend the state’s general obligation pledge to five Massachusetts Turnpike Authority swaps and removed an amendment that would have banned independent state authorities from entering into swap agreements.

DALLAS — The Louisiana State Bond Commission yesterday approved the sale of up to $685 million of gasoline tax bonds as the state tries to negotiate lower swap-termination fees before the bonds go to market.

The North Carolina Medical Care Commission is expected to sell $46 million of fixed-rate revenue bonds for FirstHealth of the Carolinas on Tuesday. The Series 2009A bonds are the first of two tranches that will finance construction costs for a new heart hospital.

The House yesterday approved a six-month extension of Federal Aviation Administration funding under suspension of the rules, which would keep the airport construction grants program and other programs funded through Sept. 30.

CHICAGO - After years of financial problems, Ohio's Forum Health this week filed for Chapter 11 bankruptcy, leaving uncertain how much bondholders would ultimately recover as the system moves through the reorganization process.

Transportation advocates told budget writers in the House yesterday that private capital is available and should be harnessed.

CHICAGO - As nonprofit hospitals begin to release their 2008 audits, preliminary numbers show a weakening across all significant ratios and all rating categories, Moody's Investors Service said in a new report out this week.

The Chicago Transit Authority board late last week approved the appointments of Richard Rodriguez as its new president and Karen Walker as its new treasurer and chief financial officer.

A rescue plan for the cash-strapped Metropolitan Transportation Authority appeared to be headed for derailment yesterday after New York Senate leaders proposed measures intended to address the agency's $1.2 billion operating deficit but not its long-term capital needs. Gov. David Paterson said the Senate's plan was unacceptable.

The Cook County Board of Commissioners last week hired a new chief executive officer to oversee the system’s massive and financially troubled public health bureau.

New York Gov. David Paterson said yesterday that the Metropolitan Transportation Authority's capital plan would be in peril if the Legislature does not pass a rescue for the cash-strapped agency by March 25.

The University of Texas Medical Branch at Galveston would be restored to its pre-Hurricane Ike capacity of 550 patient beds under a $713 million recovery plan approved last week by UT regents.

Phoenix Sky Harbor International Airport hopes to use $200 million in federal stimulus funds for its automated train project so it can reduce the amount of debt it will issue for the $1.1 billion undertaking.

The Massachusetts Bay Transportation Authority last week unanimously approved a $1.62 billion operating budget for fiscal 2010, a plan that depends on $160 million from the state to help close a deficit of the same amount.

The Metropolitan Transportation Authority at a special board meeting Friday urged the New York Legislature to pass a plan that would give it new revenue streams to finance its capital program and provide additional operating funds.

SAN FRANCISCO — In what participants say is a groundbreaking deal, the Port of Oakland has agreed to a 50-year concession for five of its container-ship berths, with an option for two more.

An attorney’s role in a municipal bond transaction gone wrong has sparked opposition to his potential appointment as a U.S. attorney for eastern Washington, the Associated Press reported.

WASHINGTON — At a time when the federal government is putting a tourniquet on one of the hottest transportation financing instruments available to municipal issuers and private investors in the current market, the Department of Transportation’s chief may decide to release $200 million of additional funding to help meet the program’s demands.

President Obama yesterday signed into law a $410 billion omnibus spending measure, which will keep federal programs funded through Sept. 30.