Industries

CHICAGO — Illinois announced yesterday plans to competitively sell $400 million of new-money general obligation bonds on Sept. 16, the first leg of borrowing to finance shovel-ready road and bridge projects that are part of a $31 billion capital program.

WASHINGTON - An advocacy group in Virginia is suing federal and state transportation officials over the Dulles Toll Road, arguing that drivers are being illegally charged tolls used to back bonds issued for a Dulles Metrorail project.

CHICAGO - Southeast Michigan needs to invest more than double the $68 billion it currently plans to spend over the next 26 years to adequately address all its transportation needs, according to a report released this week by a regional government planning group.

CHICAGO - Facing decisions on how to deal with escalating operating costs and delayed state aid without eroding educational services, Minnesota's school districts have just one more month to issue debt without voter approval to address one of their growing fiscal burdens - other post-employment benefits for retirees' health care.

WASHINGTON - At least two toll authorities are competing for funds from a federal grant program set up under the stimulus law after several others helped finance their projects with Build America Bonds, which also were authorized by the stimulus package.

CHICAGO - The not-for-profit health-care sector continued to suffer from a variety of fiscal ills throughout 2008, with most credit measures declining across all rating categories and affecting even the largest and most highly rated systems, Moody's Investors Service said in a report on the sector's 2008 medians released Friday.

SAN FRANCISCO — A state Superior Court judge this week handed down what appears to be a new roadblock to California’s bond-financed high-speed passenger rail project.

DALLAS — Louisiana’s top highway official told lawmakers on Wednesday that soon there will be no money available for new highway projects unless additional funding sources are provided.

WASHINGTON - At least 11 states have submitted requests for the first portion of $8 billion of federal high-speed rail stimulus funds. California, Florida, Michigan, New York, and Texas alone requested more than $4.5 billion for planning, engineering, and early construction of high-speed rail projects.

The municipal market was slightly firmer yesterday, as the Dallas County Hospital District came to market with close to $700 million of taxable Build America Bonds.In the new-issue market, Merrill Lynch & Co. priced $680.2 million of taxable BABs for the district in two series. Bonds from the $217.5 million series mature from 2020 through 2025, with a term bond in 2034. Yields range from 4.95% in 2020, or 3.22% after the 35% federal subsidy, to 6.17% in 2034, or 4.01% after the subsidy.

WASHINGTON - The Charleston Area Medical Center, West Virginia's largest medical provider, today will issue $178 million of revenue bonds after the center received a negative outlook from Moody's Investors Service.

The Wisconsin Health and Educational Facilities Authority on Monday signed off on Aurora Health Care’s sale of $160 million of new-money and current refunding bonds set for this week.

The New Jersey Turnpike Authority yesterday approved refunding up to $900 million of outstanding debt to generate savings for the agency.

Gov. Jennifer Granholm announced Monday that Michigan has applied for $830 million in federal stimulus funds as the first step in setting up high-speed rail across the state.

SAN FRANCISCO - Supporters of a planned Alaska toll bridge to be funded through a public-private partnership appear to have won a round this summer in legal maneuvering over the project's future, though major financing hurdles remain to be crossed.

DALLAS - Dallas County plans to take a giant step toward rebuilding the landmark Parkland Hospital this week with a $705 million issue made up mostly of taxable Build America Bonds.

The Metropolitan Transportation Authority's bond ratings may be too high, according to a report released by Bank of America-Merrill Lynch yesterday.

SAN FRANCISCO - Lancaster Pollard & Co., a boutique health care and housing investment bank, last week hired Anthony Taddey to head a new Los Angeles office.

CHICAGO - St. Louis' Metro has settled on restructuring plans for two pieces of its debt as the transit agency seeks to chip away at a series of operational and capital challenges that prompted a two-notch downgrade earlier this year and drove steep service cuts.

DALLAS - The North Texas Tollway Authority expects to issue $620 million of toll revenue bonds and $740 million in other forms of debt to design and build a new toll highway in western Dallas County, officials said.