Transportation industry

Virginia is poised to enact a funding bill that raises sales taxes but slashes fuel taxes to create $200 million of new transportation revenue each year that could be used for bonding.

Municipal market participants are encouraged but cautious about President Obama's proposal for a new type of taxable, direct-pay bond called America Fast Forward bonds to finance the nation's infrastructure.

The Ohio Turnpike Commission plans to issue a pair of RFQs for firms interested in acting as underwriter or bond counsel on a $1.5 billion deal featuring a new turnpike credit that still needs to be approved by the Legislature.

President Obama's proposal for a Build-America-Bonds-like program for infrastructure has its roots in a proposal by the Los Angeles County Metropolitan Transportation Authority, and some infrastructure analysts say it represents a pro-business pivot from the White House.

A new Reason Foundation study analyzing road trends over the past two decades challenges claims of "crumbling infrastructure," which have been used by transportation advocates and policymakers as justification for everything from higher taxes to new or expanded bond programs.

Florida's Santa Rosa Bay Bridge default makes it the largest issuer in default of its municipal bonds this year, according to Bank of America Merrill Lynch.

Texas lawmakers are weighing raising fuel taxes or levying a new sales tax on vehicles and related products.

The Houston City Council last week approved a lease agreement between William P. Hobby Airport and Southwest Airlines, clearing a path for Southwest's first international flights.

Federal, state and local departments of transportation have so far obligated $7 billion in federal highway funds during fiscal year 2013, a 56% increase over the same period last year, according to a new report from the American Road & Transportation Builders Association.

Managed lanes are the way of the future for transportation finance in Texas, but some experts question how far high-speed tollways can go toward closing highway revenue gaps.

Honolulu Mayor Kirk Caldwell reaffirms commitment to alternative transit options following the release of a study placing Oahu's rush hour traffic second in the nation behind Los Angeles.

Public finance officials and infrastructure investors need to stop talking about "the deal" and start managing political risks with clear, easily understood language, participants at a U.S. Chamber of Commerce panel said Wednesday.

Chicago's plans to enter the market later this year with up to $900 million of O'Hare International Airport revenue debt to raise about $300 million for the airport's capital improvement program and ongoing $8 billion runway expansion program.

Market participants say munis are key to reaching the infrastructure goals laid out in President Obama's State of the Union Address, but caution that cuts to munis' tax benefits could make it difficult to fund the large-scale projects Obama described.

Transportation and business leaders on Wednesday discussed controversial solutions for funding American infrastructure, including Build America Bonds, gasoline tax increases, and wider use of tolling.

New York's Metropolitan Transportation Authority held more than $90 million in funds and bank accounts that it could have used to meet budgeted costs, state Comptroller Thomas DiNapoli said.

The Indiana Motor Speedway would be able to issue up to $100 million of bonds backed by a new pledge of state taxes under a bill set to be debated Thursday.

President Obama is expected to focus on the need for infrastructure investments in his fifth State of the Union address Tuesday night amid a sluggish economic backdrop.

Infrastructure finance experts and high-speed rail advocates are largely united in the belief that public-private partnerships are the way to finance ambitious bullet train plans, but the exact details continue to be elusive.

The Pennsylvania Turnpike Commission's burdensome requirement to pay the state DOT $450 million annually would expire in 10 years under Gov. Tom Corbett's proposal.