Economy

Illinois hopes to select a private partner to develop its estimated $1.1 billion share of the proposed Illiana toll road by next fall with the goal of closing on a finance package as soon as early 2015, a top state transportation official said Thursday.

States are no longer waiting for the federal government when it comes to trying to drum up new revenue for transportation infrastructure, said Victor Mendez, administrator, Federal Highway Administration, Friday morning at the Bond Buyer's Transportation Finance/P3 conference here.

With motor fuel tax in a long-term slide, transportation advocates need to get better at convincing the public and elected officials about the link between infrastructure and regional economic health, transportation experts here at the Bond Buyer's transportation conference said Thursday.

Legislation introduced in the Senate Thursday would create a new financing authority that would provide loans and loan guarantees for infrastructure projects.

The proposed merger of US Airways Group and American Airlines could be bad news for smaller airports as the combo unit gives up gates at major hubs, Moody's says.

Municipal borrowers looking to expedite the process to tap the Transportation Infrastructure Finance and Innovation Act program for project loans should bring a thorough financing package to the table and be flexible in negotiating terms, loan recipients offered up as advice Thursday.

Los Angeles Department of Airports bonds received a healthy reception as the operator of Los Angeles International Airport hits the halfway mark on a $7.2 billion modernization project.

Rhode Island municipalities are shifting retirees onto new health-care exchanges, reducing benefits and raising employee co-pays to curb soaring costs, Moody's said in a report.

The Port Authority of New York and New Jersey is advancing a major renovation of LaGuardia Airport that may lead to $1.1 billion in bonds being sold.

More than $5 billion in private activity bond capacity remains available from DOT to fund P3’s that invest in large surface transportation projects.

New York's MTA intends to cut nearly in half the size of its planned fare and toll increases for 2015 and 2017, chief financial officer Robert Foran said.

A lawsuit has halted delivery of $33 million of bonds for San Antonio's VIA Advanced Transportation District that priced Oct. 17.

Moody's Investors Service has upgraded the rating on Portland, Ore.-based Legacy Health System's revenue bonds based on improved finances.

The Harrisburg City Council OK'd a $270 million parking-asset lease that is one of two lynchpins to the financial recovery plan in Pennsylvania's capital city.

The new mayor of Cincinnati, bond attorney John Cranley, is halting two controversial bond-funded projects, including one for which the city has already sold general obligation bonds.

American Airlines and US Airways Group Inc. settled an antitrust lawsuit with the U.S. Department of Justice, clearing American's path to exit bankruptcy and repay its municipal bondholders.

The group of motorists who lost their challenge to the Elizabeth River Tunnels public-private partnership in the Virginia Supreme Court are asking the court to rehear the case, as the commonwealth's governor-elect suggests he is interested in working to lower the planned toll rates for the tunnels.

An FBI fraud investigation of the Grand Junction Regional Airport Authority in western Colorado could have a long-term impact on the airport’s credit, according to Moody's Investors Service.

Moody's Investors Service has revised its outlook on the University of Chicago Medical Center's Aa3 rating to negative over declines in is operating margins over the last two fiscal years.

Standard & Poor's has revised its outlook on Chicago-based Presence Health Network's BBB-plus rating to negative from stable over its operating losses.