Healthcare industry

The Internal Revenue Service has notified the Montana Facility Finance Authority that it has closed its audit of $14.15 million of variable-rate demand revenue bonds issued in 2002 without any change to the bonds’ tax-exempt status.

The Cincinnati City Council was poised to vote Tuesday on a number of changes to the city’s $2.1 billion pension system in an effort to tackle an estimated $1 billion shortfall.

The Illinois Commission on Government Forecasting and Accountability is accepting proposals for consulting services through Friday to aid the state as it considers shifting more of the costs for retiree health care to beneficiaries.

The financially ailing Jackson Health System in South Florida could become the latest public nonprofit entity to be taken private despite an ongoing Securities and Exchange Commission inquiry believed to be related to bond disclosure issues.

TRENTON — New Jersey Gov. Chris Christie Tuesday released a $29.4 billion spending proposal for fiscal 2012 that includes property-tax relief — if the Legislature passes health-care reform legislation.

Moody's Investors Service dropped its rating to Ba3 from Ba1 on Garden City Hospital's long-term debt and said it will maintain its negative outlook even at the lower rating level.

WASHINGTON — The Internal Revenue Service chief counsel’s office has issued guidance that sides with a conduit issuer in Montana and a retirement home operator in a four-year old dispute over whether some of the authority’s bonds are taxable.

Moody’s Investors Service last week revised its outlook on $650 million of outstanding A3-rated CareGroup Inc. bonds to positive from stable.

BRADENTON, Fla. — A new study of pension and health care liabilities confronting Florida’s cities and counties found that those annual combined costs made up an average of 8.1% of the spending by the state’s 67 counties and 8.3% of spending by 50 cities.

Two of the Chicago area’s biggest health-care providers are considering a merger that would create the largest Catholic hospital system in Illinois.

A $20 million grant from New York State is expected to repay $15.4 million of outstanding bonds issued for St. Joseph’s Hospital in Elmira to help finance a yet-to-be-completed merger with another hospital.

WASHINGTON — The Internal Revenue Service is auditing $60 million of hospital revenue bonds that were issued by Lakeland, Fla., in 2002 for Lakeland Regional Health Systems.

CHICAGO — States already facing big challenges balancing their budgets should brace for new costs and volatility stemming from implementation of the new federal health care law over the next few years, Standard & Poor’s said in a new report.

Gov. Pat Quinn last week signed Medicaid reform legislation aimed at saving Illinois at least $624 million over five years.

WASHINGTON — The Internal Revenue Service is auditing $51 million of auction-rate securities that were issued in a conduit deal in 2005 by the Orange County, Fla., Health Facilities Authority to current-refund bonds and finance a hospital project.

A ceremony last week in San Antonio celebrated the beginning of a $900 million expansion of University Hospital, which is being financed with help from a $751.2 million debt program authorized in 2008 by Bexar County commissioners.

The Dormitory Authority of the State of New York gave final and preliminary approval last week to nearly $600 million of bonds.

CHICAGO — Three weeks after the Federal Trade Commission sued Promedica Health System, arguing it violated antitrust rules, the Ohio-based hospital chain is keeping a $249 million new-money deal on hold.

Clarian Health, Indiana’s second-largest health care provider, officially renamed itself Indiana University Health this week to emphasize its partnership with the Indiana University School of Medicine.

ALAMEDA, Calif. — Los Angeles County has withdrawn from the California Statewide Communities Development Authority, the state’s largest conduit issuer.