WASHINGTON - The Maryland Transportation Authority yesterday postponed its sale of $425 million of grant anticipation revenue vehicles in what could be the first of several stalled transactions following the federal government's announcement that the federal highway trust fund is nearly depleted.

The U.S. Department of Transportation announced Friday that if $8 billion of general funds are not transferred to the trust fund, it will run out of money by the end of the month, which is the end of fiscal 2008, and it will also run $3.1 billion short next year. The fund had been authorized to pay states $35.3 billion this fiscal year.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.