Infrastructure

The Santa Rosa Bay Bridge Authority, Fla. missed its third bond payment on July 1 because toll revenues were insufficient to pay debt service, according to a market notice filed by Bank of New York Mellon.

Illinois Gov. Pat Quinn signed several pieces of legislation authorizing $1.6 billion in new state borrowing to finance transportation and transit projects and extending an increase in the Regional Transportation Authority of Illinois' working cash notes limits.

Two Virginia authorities will price a total of more than $200 million of bonds in separate negotiated deals over the next week. The Virginia Resources Authority will price $81 million of bonds in a pool deal on behalf of 13 local issuers on July 12. In addition, the Commonwealth Transportation Board will sell $125.5 million of grant anticipation revenue bonds less than a week later.

Michigan Gov. Rick Snyder last week signed into law legislation that will set aside a portion of sales tax revenues for the cash-strapped transportation fund.

Moody's Revised its Outlook to Stable from Negative on A1-rated Indianapolis Airport Authority, citing strong financial performance.

Chicago Mayor Rahm Emanuel has submitted his nominations for the new Chicago Infrastructure Trust to the City Council.

The Massachusetts Port Authority, which needs to shuffle gates at Boston's airport to accommodate the United-Continental merger and JetBlue expansion, plans to sell $285 million in new money and refunding.

Up to $140 million of transportation projects may be part of Austin's general obligation bond referendum in November, along with an expected $250 million of capital improvement projects.

A constitutional amendment authorizing up to $1.3 billion of state highway construction bonds will be Issue 1 on the Arkansas Nov. 6 ballot.

California's general obligation bond sales are set to swell to $6 billion this fiscal year due in part to the sale of high-speed rail bonds.