Infrastructure

One of the nation’s largest transportation borrowers issued its first bond disclosure about the fiscal impacts from the COVID-19 pandemic.

Volume is down sharply across the Port Authority of New York and New Jersey's transportation assets since the March COVID-19 outbreak.

Laura Kelly is promoting the plan as an economic stimulus.

State Departments of Transportation said $50 billion would provide states the ability to meet existing debt obligations.

More federal rescue moves are necessary for the nation’s largest mass transit system, according to the advocacy group Reinvent Albany.

Public finance advocates are focused on the reinstatement of advance refunding and higher limits on bank-qualified issuance.

Urban areas will get $22.7 billion in formula funds and $2.2 billion will go to rural areas.

Coronavirus-led fears are leading investors, particularly retail, to cash once again amid uncertainty surrounding how much and what maturities of municipal bonds the Fed will purchase once its program begins.

The package calls for reinstating advance refunding, Build America Bonds and tax credit bonds.

The agency placed its ratings on the MTA’s Triborough Bridge and Tunnel Authority general revenue bonds and subordinate revenue bonds on watch-downgrade.

Tom Prendergast and Denise Berger were hired by the engineering firm to spearhead major infrastructure needs facing the New York City region.

Of $10 billion allocated in the CARES Act, public airports can use $7.4 billion for any lawful purpose, including the payment of debt service.

The bi-state transportation agency's executive director, Rick Cotton, recovered from virus than three weeks after testing positive.

He is maintaining his full schedule and working at home, authority officials said.

"Like all businesses, we are operating in a period of uncertainty which may last several months," Virgin Trains/Brightline President Patrick Goddard said.

The rating agency, citing severe ridership drops from COVID-19, dropped its rating to A-minus from A. It assigns a negative outlook.

The short-term funding for airports and transit agencies in stimulus bills won’t be a substitute for the stability of long term financing.

They asked for a combined $4.4 billion.

New York MTA and 10 other transit systems have cited the crippling effects of ridership drops due to COVID-19.

The authority, which tapped its $1 billion credit line and received a warning shot from Moody's, says COVID-19 is a disaster that requires a national response.