Transportation industry

The House Committee on Oversight and Government Reform has launched a probe of the California High Speed Rail Authority, asking its board members to preserve all records related to the nearly $4 billion in federal funds approved that, along with a proposed $2.7 billion bond issue, would finance the bullet train along the California coast.

Despite legislative setbacks and an ongoing battle with a powerful Detroit family, the leaders of Michigan and Canada continue to tout as a top priority a new $4 billion bridge to span the nation's busiest trade route between Detroit and Canada.

The Port Authority of New York and New Jersey is expected to pay $60.3 million to BNP Paribas Capital Services Inc. on Monday after settling on a credit swap the bank previously announced it would terminate.

A $300 million bond issue designed to keep tolls down on the controversial Dulles Toll Road may be in jeopardy as the Virginia General Assembly votes on a proposed budget that does not include the authorization for the debt.

Alaska Railroad Corp.'s $135 million of bonds backed by federal transportation funds have been endangered by recent legislation. That risk prompted Moody's Investors Service to downgrade the debt on Thursday to A2 from A1.

CHICAGO — The Federal Aviation Administration on Thursday granted Chicago's request to preserve its ability to pursue a privatization of Midway Airport under a federal pilot program until the end of the year.

Bond attorneys are studying a recent IRS ruling that allowed Dallas-Fort Worth International Airport to issue $1 million of bonds that were not subject to the alternative minimum tax.

The Department of Transportation has received $10.2 billion in applications for the $500 million available through its latest round of TIGER funding, highlighting the pressing need for infrastructure investment, Transportation Secretary Ray LaHood announced Thursday.

WASHINGTON — The Maryland Transportation Authority will price more than $260 million of tax-exempt bonds to refund 2002 bonds and to finance a passenger walkway and tunnel for the Baltimore-Washington International Thurgood Marshall Airport, according to bond documents released Tuesday.

Current record-high gas prices are not hurting the credit quality of state highway user tax bonds, according to Standard & Poor's.

Memphis-headquartered Pinnacle Airlines Corp. filed for Chapter 11 reorganization on Sunday.

A proposal to issue $325 million of revenue bonds to upgrade and repair state rural roads was approved by the Louisiana House Tuesday without a dissenting vote.

The Georgia Department of Transportation said Tuesday it and federal agencies have officially begun preparation of an environmental impact statement on the proposed multi-modal passenger terminal in Atlanta.

Standard & Poor's issued its first public rating of a public-private partnership in the United States, a BBB-minus for a project to build a tunnel under the Elizabeth River between Norfolk, Va., and Portsmouth.

SAN FRANCISCO —The projected price tag for California's planned high-speed rail system between San Francisco and Los Angeles has been cut by a third.

Chicago has requested a federal extension until the end of the year to decide whether to attempt to privatize Midway Airport, a move that preserves the city's ability to resurrect a lease deal that could generate several billion dollars in up-front cash.

The Port Authority of New York and New Jersey is scheduled to auction $400 million of its consolidated bonds on Wednesday.

CHICAGO — The Michigan Senate last week advanced a measure to divert a piece of the state's fuel sales tax to finance transportation infrastructure projects, part of an effort to raise more money for the depleted roads fund.

WASHINGTON — A coalition of state departments of transportation have banded together to urge the House Republican leadership to avoid including any language in a transportation bill that would remove "important optional financing tools" for some public-private partnerships.

New York's Metropolitan Transportation Authority has purchased 300 new rail cars for $600 million.