On the eve of a $1 billion transportation revenue refunding bond sale, New York’s Metropolitan Transportation Authority on Wednesday authorized another $1 billion in bonding for capital projects.

According to MTA finance officials, the authority expects to price $500 million of the Series 2012E bonds the week of July 9, and the remainder later in the year, based on cash-flow needs. Proceeds will fund capital projects in the MTA’s approved program.

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