The Massachusetts Bay Transportation Authority last week approved a five-year, $3.8 billion capital spending plan that includes $800 million of bonds to support mass transit infrastructure improvements in the greater Boston area.

The public transportation agency updates its five-year capital plan annually. In addition to the anticipated $800 million of borrowing, the MBTA will receive $2 billion of federal funds, including American Reinvestment and Recovery Act money, to help finance the capital projects, according to chief financial officer Jonathan Davis. The rest will come from pay-as-you-go funding, project financing, and state funds. Davis expects the agency will sell new-money bonds in the fall. There are currently no refunding opportunities.

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