Economy

DALLAS - The eight states of the Southwest region have already put their $30 billion share of the federal stimulus in motion, launching transportation projects, patching holes in their budgets, and restoring programs that would otherwise go begging.

DALLAS - In a ceremony overlooking one of metropolitan Denver's busiest freeways, Colorado Gov. Bill Ritter yesterday signed SB 108 creating a $250 million revenue stream for bonds to accelerate road construction.

WASHINGTON - President Obama's fiscal 2010 budget request proposes what some see as an enormous and potentially damaging shift in the way state and local transportation projects are funded, and the idea is already drawing opposition from key lawmakers.

The New York Legislature took a step toward funding the Metropolitan Transportation Authority’s capital program last week when Assembly Speaker Sheldon Silver, D-Manhattan, proposed tolling the Harlem and East River bridges and imposing a payroll tax. No legislation has been introduced, however, though lawmakers in both chambers are reviewing a draft program bill from Gov. David Paterson.

WASHINGTON - State and local governments need prompt guidance from the Treasury Department before they can issue the new taxable Build America or Recovery Zone bonds for cash subsidies or investor tax credits, market participants said last week.

The Dormitory Authority of the State of New York gave final approval for $375 million of tax-exempt bonds for Cornell University and preliminary approval for up to $30 million of tax-exempt bonds for a children’s hospital.

Transportation projects in New Jersey will benefit from $3.21 billion of funds from the federal stimulus package, with a new passenger rail tunnel connecting Newark to Manhattan gaining up to $1.2 billion of support.

Standard & Poor’s Friday downgraded all of the Puerto Rico Highways and Transportation Authority’s debt, affecting more than $6.6 billion of outstanding bonds. The outlook is stable.

Standard & Poor's Tuesday downgraded $58.5 million of Puerto Rico Port Authority debt issued for international airport in San Juan to BBB-minus from A-minus, citing borrowing to meet interest payments, among other factors. The outlook is stable.

CHICAGO - The Michigan Strategic Fund Wednesday tabled a request to issue nearly $800 million of private-activity tax-exempt bonds on behalf of a company planning to build a bridge spanning the busy trade route between Detroit and Canada.

WASHINGTON - The National Surface Transportation Infrastructure Financing Commission yesterday urged lawmakers to authorize tax-credit bonds for transportation capital projects with a clear public benefit, create two grant programs that could be used by muni issuers for user-backed transportation projects, and pave the way for a future national highway system funded by mileage fees.

DALLAS - Armed with $1.2 billion in federal stimulus funds, the Texas Transportation Commission yesterday approved massive outlays, including $600 million of state Proposition 14 bonds, for highway and transit projects.

CHICAGO - Peoria, Ill.-based Caterpillar Inc.'s recent decision to trim 20% of its global workforce of 110,000 will put added strain and pressure on the budgets and credits of its hometown city and other nearby governmental units, Moody's Investors Service writes in a new commentary.

WASHINGTON - President Obama's fiscal 2010 budget proposes a five-year, $25 billion national infrastructure bank, a five-year $5 billion high-speed rail state grant program, $4.5 billion for community block development grants, and $3.9 billion for clean and drinking water state revolving funds.

The West Virginia Hospital Finance Authority is expected to sell $68 million of variable-rate revenue bonds tomorrow on behalf of the West Virginia United Health System Obligated Group.

Concerns about reform and taking on additional debt surround Massachusetts Gov. Deval Patrick's proposal to abolish the Massachusetts Turnpike Authority and raise the state's gas tax to 42.5 cents per gallon.

BRADENTON, Fla. - A sweeping overhaul of Georgia's transportation planning and financing system began making its way through the General Assembly this week.

The WakeMed health care system is expected to sell $75 million in variable-rate bonds today in the second part of a $175 million debt sale started in January.

CHICAGO - The Chicago Transit Authority's chief financial officer, Dennis Anosike, will leave his post at the end of the month after 12 years in which he shepherded the agency's return to the tax-exempt market and its efforts to shore up its operating budget and pension-related funds.

BRADENTON, Fla. - The Orlando-Orange County Expressway Authority board today will consider increasing tolls in central Florida to protect its bond ratings, bolster debt service coverage, and allow the agency to issue more debt later this year.