Toll revenue bonds

North Carolina is the latest state to eye using a P3 to build tolled express lanes amid insufficient state funding.

The Dallas-Fort Worth region toll highway owner and operator aims to rake in savings from the deal as it expects to cash fund a $2 billion capital plan.

Up to $2.065 billion of taxable notes could be issued to finance termination of a public-private partnership that built a toll lane project in Harris County.

Nevada law currently bans privately financed toll roads, but there is precedent for exemptions.

The proceeds will be used to finance replacement of the Calcasieu River Bridge.

The Public Finance Authority, a Wisconsin-based conduit issuer, approved the municipal bond sale for the roads operated by Spanish firm Abertis in a P3.

The question of how much federal money Congress will provide for the replacement of the Key Bridge goes before the Senate Environmental Committee.

Gov. Kathy Hochul's "pause" on congestion pricing puts a $16.5 billion hole in the Metropolitan Transportation Authority's capital plan.

Transportation Secretary Pete Buttigieg told lawmakers federal money is being dispensed roughly on schedule, though efforts to streamline certain processes are underway.

Even after paring down the capital plan, the MTA will need to issue debt, and sooner than planned. It will be issued under the MTA's transportation revenue credit rather than its congestion pricing credit, so near-term debt service costs will be higher, CEO Janno Lieber said.

Her abrupt suspension of the tolling plan for Lower Manhattan leaves a $15 billion hole in the Metropolitan Transportation Authority's capital budget.

It is not clear how the Metropolitan Transportation Authority would fund its capital plan if the governor puts the brakes on the toll plan for lower Manhattan.

A strong project pipeline has P3 advocates hopeful for the future, despite some lackluster recent numbers.

The $684 million turnpike deal is one of a spate of recent forward delivery deals driven by interest rate uncertainties. 

President Biden promises the Feds will pay to rebuild the Francis Scott Key Bridge.

In a new debt profile report, the Comptroller Thomas DiNapoli says the MTA will be pressured if congestion pricing tolls in Manhattan are blocked.

"The upgrade is supported by strengthened debt service coverage ratios due to better than expected recovery from the pandemic," Fitch said.

Supply chain disruptions and economic impacts are raising concerns.

A freighter struck the bridge early Tuesday morning, toppling the 47 year-old structure and creating both a human tragedy and an infrastructure challenge.

"What we're doing is just being prudent managing the risk," said Metropolitan Transportation Authority Chief Financial Officer Kevin Willens.