WASHINGTON — The $450 billion transportation bill that is to be introduced soon by the House Transportation Committee chairman will provide $1 billion of federal funds for designated metropolitan planning organizations to issue bonds to finance transportation projects.

The bill, which will be called the Surface Transportation Assistance Act, will allow the MPOs to use the taxing and bonding authority of cities and state transportation departments, chairman James L. Oberstar, D-Minn., told reporters yesterday at a briefing. The $1 billion will support tax-exempt, tax-credit, private-activity, and grant anticipation revenue, or Garvee, bonds, in addition to a popular federal loan program, he said.

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