Infrastructure

DALLAS - With the money running out within weeks, Louisiana officials have yet to agree on a structure for issuing $485 million of fuel tax bonds that would finance constitutionally mandated road projects.

New York's Metropolitan Transportation Authority plans to sell $200 million of taxable Build America Bonds next week, with a one day for retail orders Wednesday and institutional pricing Thursday.

Voters in Topeka last week approved a proposal to levy an additional 0.5% sales tax to repair streets and other infrastructure by a margin of 47% to 43%. The 10-year tax will go into effect Oct. 1, and cannot be extended without voter approval.

DALLAS - Fitch Ratings cited New Orleans' gradually improving economy in raising the rating on the city's tax-secured general obligation bonds to BBB from BBB-minus yesterday. The move applies to $523.9 million in outstanding GO debt.

WASHINGTON - Two lawsuits in federal courts seeking class action status that claim it's illegal for tolling authorities in Rhode Island and Massachusetts to discount tolls for certain residents and not others could spell trouble for toll-backed muni bonds and potentially affect issuers in other states, some market participants said.

DALLAS - The Harris County Toll Road Authority serving the Houston area expects a good reception when it takes $250 million of senior-lien revenue bonds to market next week.

The Arkansas Highway Commission last week approved the state’s first road projects financed through federal stimulus funds by awarding $21.2 million of highway resurfacing work.

Moody's Investors Service's rating action on the Metropolitan Transportation Authority's revenue bonds on Friday didn't appear to have an impact yesterday on secondary trading of the cash-strapped New York agency's bonds.

BRADENTON, Fla. - Miami-Dade County Mayor Carlos Alvarez is objecting to the Florida Department of Transportation's decision to reject further negotiations with the concessionaire originally selected to build the $1.2 billion Port of Miami Tunnel project.

House members last week approved their version of a transportation reform bill, one that would terminate the Massachusetts Turnpike Authority and allow the state to issue special obligation bonds to help finance future infrastructure improvements throughout the state. The bill received initial approval in the lower chamber in a 147 to 7 vote.