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New York’s Metropolitan Transportation Authority announced last week that it will begin cutting more than 1,000 jobs to help deal with its deteriorating fiscal situation. The agency plans to cut 15% of its administrative positions — more than 600 jobs — and up to 500 subway station agents.
February 26 -
Fitch Ratings last week downgraded $103 million of Massachusetts Port Authority special facilities revenue bonds to BBB from A-minus. The outlook is stable.
February 26 -
WASHINGTON — A Fitch Ratings report released this month lengthens the shadow cast over transportation credits by the economic downturn. However, the agency predicted an eventual upturn for seaports.
February 25 -
Lower revenues have hit Washington’s largely gas-tax funded transportation budget, but they’ve been offset somewhat by lower construction bids and favorable capital markets, according to a report Tuesday from the chair of the state House Transportation Committee, Judy Clibborn, D-Mercer Island.
February 25 -
The Port Authority of New York and New Jersey yesterday took a step toward cashless tolling at its six state border crossings. The agency approved the design and construction of a new $175 million toll collection system at its monthly board meeting.
February 25 -
The House and Senate are hurtling toward a deadline this weekend to extend the current surface transportation law, but bills pending in each chamber differ significantly in how funds would be allocated to the states.
February 25 -
The Illinois Regional Transportation Authority last week warned that additional service cuts are looming if the state doesn’t soon make good on $250 million in aid payments owed to the agency.
February 23 -
New York’s Metropolitan Transportation Authority approved the sale next month of $500 million of dedicated tax fund bonds at its finance committee meeting yesterday. Pending approval by the full board tomorrow, most or all of the bonds will be marketed as taxable Build America Bonds.
February 22 -
New Jersey Gov. Chris Christie last week appointed Sen. Bill Baroni to serve as deputy executive director of the Port Authority of New York and New Jersey.
February 19 -
The Massachusetts Port Authority plans to issue $110 million of private-activity bonds before the end of 2010 to take advantage of the federal government’s temporary suspension of the alternate minimum tax for such deals.
February 19
