Infrastructure

Rhode Island plans to sell $350 million of tax anticipation notes and $50 million of bonds through the Rhode Island Turnpike and Bridge Authority, under Gov. Donald Carcieri's fiscal 2010 budget proposal.

DALLAS - The Texas Transportation Commission voted last week to use $1.2 billion of federal stimulus funds to move forward with numerous projects across the state, including some controversial toll roads.

The U.S. Department of Transportation this week granted the Michigan Strategic Fund a two-month extension to approve $787 million in private-activity bonds on behalf of a company planning to build a bridge spanning the busy trade route between Detroit and Canada.

If Congress fails to pass a bill to replace the current surface transportation law by the end of this fiscal year, federal highway aid to states will drop by 50% and transit aid will drop by 40%, Rep. Peter DeFazio warned yesterday.

A $10.7 billion proposal to bring high-speed rail to New York could use a mix of federal stimulus money, state and federal grants, public-private partnerships, and bonding, according to a plan released yesterday.

Lawmakers need to consider moving toward "creative public-private partnerships," such as through the development of toll roads, in order to adequately fund the nation's infrastructure, Transportation Secretary Ray LaHood said at a public transportation conference here yesterday.

DALLAS - Despite a strong global economic ebb tide and hurricane damage, Gulf Coast ports are planning to use federal stimulus funds and continue issuing debt to build for what they hope will be a more promising future.

Airports are projecting they will need $94.4 billion of capital over the next five years, and may rely less on bond issuance to fulfill those needs, according to a report released Friday by the trade group Airports Council International-North America.

Many of the transit issuers in lease-back deals that face potentially huge termination fees because their guarantors' ratings have been downgraded have lowered their exposure to credit risks by unwinding or restructuring the transaction agreements, Moody's Investors Service found.

BRADENTON, Fla. - The Spain-based developer that won a contract to build the Florida Department of Transportation's first public-private partnership said banks oversubscribed to become part of the historic deal, an accomplishment itself in a U.S. industry typically relying on bond financing.