In the first deal backed by a new payroll tax, New York's Metropolitan Transportation Authority plans to go into the short-term market with up to $600 million of revenue anticipation notes, officials said yesterday.

The MTA is calling the credit, which is tentatively scheduled to price on July 1, transportation revenue anticipation notes. The payroll tax was enacted by the state last month as part of a bailout of the transit agency. The MTA yesterday also revealed a revised, scaled-back agreement for the Atlantic Yards project with developer Forest City Ratner Cos. that will go to the full board for approval tomorrow.

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