WASHINGTON - The Metropolitan Washington Airports Authority has received final approval and a promise of $900 million of funds from the U.S. Department of Transportation for its $5.2 billion Dulles Metrorail extension project, which will be financed with $2 billion of bonds beginning in April.

The authority also is preparing to issue up to $300 million of airport system revenue bonds as soon as February, and is hoping that Congress will include in the forthcoming stimulus package legislation that would exempt airport bonds from the alternative minimum tax, said Lynn Hampton, the MWAA's chief financial officer. The agency had planned to issue $175 million of the bonds in the fall, but postponed the deal due to market turmoil.

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.