Infrastructure

DALLAS — When the Texas Legislature convenes in January, the top priority is expected to be the estimated $25 billion budget shortfall and ongoing problems with education funding.

Fitch Ratings downgraded the underlying rating on Fresno’s $58 million of airport revenue bonds to BBB from BBB-plus.

New York's Metropolitan Transportation Authority adopted a $12.08 billion operating budget for 2011 at its monthly board meeting Wednesday. The budget closes a projected $900 million deficit with a combination of fare and toll increases that go into effect on Jan. 1, labor concessions, efficiency savings, and recurring actions taken this year.

San Francisco officials are pushing ahead with a controversial plan to charge a toll to motorists entering and the exiting the city's downtown during peak hours.

With an eye on its credit ratings, the Delaware River Port Authority chose to keep in place a $1 toll hike Wednesday that was set to begin July 1 after weeks of debate on whether to delay the increase to 2012.

Investors who own bonds issued by the bankrupt Connector 2000 Association Inc. toll road have tentatively reached an agreement with the issuer and South Carolina to exchange their outstanding debt for new bonds.

The Metropolitan Transit Authority of Harris County is restructuring its management in the wake of a funding controversy involving light-rail expansion in the Houston area.

New York’s Metropolitan Transportation Authority plans to issue up to $750 million of taxable Build America Bonds next week to fund capital needs in 2011.

Massachusetts Wednesday will sell its first-ever Commonwealth Transportation Fund bond offering — $576.2 million of taxable debt to repair decrepit bridges.

New Jersey Transit last week hired Patton Boggs LLP to help the agency contest a $271 million repayment demand from the Federal Transit Administration for money it spent on a now-canceled commuter rail tunnel.