Metropolitan Transportation Authority

New York MTA now puts the tab for the 13-year-late project at $11.2 billion, more than two-and-a-half times its original estimate.

While New York MTA's proposed 2.4% bump in its five-year capital program involved no new funds, it generated spirited debate on several fronts.

Unhedged and hedged variable-rate debt each account for 6% of the authority's $37.3 billion of bonds outstanding, according to Patrick McCoy.

Components of the MTA's bus-overhaul initiative could pave the way for congestion pricing, which New York's state legislature essentially sidestepped this year.

Metropolitan Transportation Authority Joe Lhota defended the agency after a rating downgrade.

Climate Bonds Initiative of London cited the authority's $662 million green sale.

The authority is selling revenue variable rate refunding bonds.

S&P Global Ratings said revenues are not increasing to match the New York regional transit agency's expenses.

Council Speaker Corey Johnson spelled out several conditions for such an increase to MTA Chairman Joe Lhota.

"We have to find new solutions," said Partnership for New York president Kathryn Wylde.

Northeast municipal bond issuance was up 4% from 2016 to $121.3 billion.

The new chief of the MTA's headline unit must juggle his vision for the agency with crisis management.

Inaction, significant new debt and failure to control labor costs and other cost drivers could pose major bondholder risks, says a Gurtin report.

Analysts say states' and cities' unfunded infrastructure should be viewed as a liability, along with debt, pensions and other post-employment benefits.

A provision in the New York governor's budget plan would enable the Metropolitan Transportation Authority to create tax increment financing districts in New York City.

Gov. Andrew Cuomo's plan has drawn strong positive and negative reactions.

City officials intend to fight language that they say would put the city on the hook for emergency repairs by the state-run MTA.

The authority realized $534 million in present-value savings from those transactions in 2017, said finance director Patrick McCoy.

A pre-marketing wire on the Sales Tax Securitization Corp.'s $366.2 million of tax-exempts indicates the Chicago deal may see wider spreads than in its bond sale last month.

Key variables include how Gov. Andrew Cuomo and the MTA would use the roughly $1 billion projected for mass transit, New York City's role and how Albany would tweak the measure.