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WASHINGTON - The Washington Metropolitan Area Transit Authority sought court action yesterday to prevent it from having to make a $43 million termination payment on a sale-leaseback deal guaranteed by American International Group Inc. Meanwhile, House committee leaders pushed for federal assistance for more than 30 of the nation's largest transit agencies "at risk of default and financial collapse" because of similar deals.
October 30 -
WASHINGTON - State and local government officials told congressional lawmakers in two separate hearings yesterday that they need billions of dollars of direct aid from the federal government to combat the fiscal challenges they are facing.
October 30 -
The Illinois State Toll Highway Authority board is expected this week to name Jeffrey S. Dailey to fill the executive director's spot left vacant by the departure of Brian McPartlin.
October 29 -
A bill pending in Michigan Legislature would allow for the creation of a nonprofit street railway company — with the authority to issue bonds — to further an effort to build a $103 million light-rail system in Detroit.
October 29 -
New Jersey officials are working on issuing smaller tranches of New Jersey Transportation Trust Fund Authority debt than in previous years to better match current market conditions.
October 29
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Despite declining toll revenues, the Oklahoma Turnpike Authority is considering bond issues to expand three turnpikes, officials said.
October 28 -
CHICAGO - The Missouri Highways and Transportation Commission and its finance team are watching the market closely to decide whether or not to proceed as soon as next week with Missouri's long-planned, first-time issuance of Garvee bonds in a $150 million sale.
October 28 -
State transportation officials are calling for Congress to pass legislation next year that would remove the $15 billion federal volume cap on private-activity bonds for transportation financing, authorize the issuance of tax-credit bonds to fund surface transportation programs, and distribute of 90% of federal transportation funds to the states.
October 28 -
New York's Metropolitan Transportation Authority is considering terminating two leaseback transactions and replacing or restructuring the collateral on another following the downgrade of American International Group, which had insured the transactions, the agency said yesterday at a finance committee meeting.
October 28 -
WASHINGTON - The Treasury Department must take the place of American International Group Inc. as guarantor of transit agency sale-leaseback deals to avoid "financial disaster" for state and local governments, a group of lawmakers warned Treasury and Federal Reserve officials yesterday.
October 28
