Transportation industry

WASHINGTON — As both the House and Senate began debating highway reauthorization bills on Wednesday, the associated revenue measures came under attack.

The Port Authority of New York and New Jersey will earmark about half a billion dollars to renovate the 80-year-old George Washington Bridge, using money from toll and fare increases the bi-state agency recently implemented.

The Federal Aviation Administration reauthorization bill that President Obama signed into law Tuesday did not give airports new flexibility to raise fees used to back bonds, but an analysis by Moody's Investors Service said the law will still strengthen airport credits.

BRADENTON, Fla. — Metropolitan Atlanta Rapid Transit Authority officials said Tuesday that the American Energy and Infrastructure Jobs Act creates funding uncertainties because it would eliminate federal fuel taxes now dedicated for transit agencies.

Missouri Gov. Jay Nixon last week said any plan to implement tolls on Interstate 70 to fund its rebuilding should go before voters.

CHICAGO — Chicago Mayor Rahm Emanuel's finance team will introduce to the City Council this week an ordinance seeking approval to refund up to $1.75 billion of O'Hare International Airport general airport revenue bonds and passenger facility charge bonds for savings.

Stung by a scathing auditor's report that called the Port Authority of New York and New Jersey dysfunctional, its board of commissioners responded by saying it would not be business as usual at the bi-state agency.

The restructuring of three series of variable-rate demand bonds totaling $500 million by New York’s Triborough Bridge and Tunnel Authority is a credit-positive because it eliminates the risk of failed remarketings related to the credit of failed Dexia Credit Local, Moody’s Investors Service said in a report.

Michigan Gov. Rick Snyder unveiled a $48.2 billion fiscal 2013 budget that he said reflects the state's improving fiscal position, boosting spending for education and roads and making a deposit into the state's anemic rainy-day fund.

Ontario, Calif., officials now say that the $50 million payment they offered to Los Angeles for LA/Ontario International Airport was only part of a $250 million package the city offered to transfer title and operations of its airport, according to published reports.

CHICAGO — Missouri transportation officials are seeking legislative authority to turn Interstate 70 into a toll road to fund a $2 billion to $4 billion rebuilding and expansion of the aging highway, possibly through a pubic-private partnership.

While members of Congress have been loathe to take the politically unpopular step of raising the federal gas tax, which provides revenue for bond-financed roadwork and other highway projects, a number of states have increased their gas taxes during the past few years.

Two Kentucky senators are co-sponsoring a bill that would ban tolls on existing Interstates, according to the Courier-Journal.

The Georgia Legislature is considering a $300 million infusion of additional gas tax funds to shore up funding to build the first phase of the West by Northwest traffic-congestion relief project around Atlanta.

Ohio Gov. John Kasich defended his push to privatize the Ohio Turnpike and called for the proposal's critics to "chill out" during his annual state of the state address Tuesday afternoon.

Local Democratic officials from northeast Ohio who are opposed to Gov. John Kasich’s proposal to lease the Ohio Turnpike said last week they would launch their own study of the privatization plan.

The Senate Finance Committee Tuesday approved by a vote of 17-6, a transportation revenue measure that would increase the limit for bank-qualified bonds and exempt private-activity bonds from the alternative minimum tax through this year as well as authorize state infrastructure banks to issue tax-credit bonds for transportation.

The Senate gave final approval to a four-year reauthorization bill for the Federal Aviation Administration, failing to increase available funds for bond-financed airport construction projects but bringing about much-needed stability following five years of short-term extensions and partisan gridlock.

With its major tenant, American Airlines, in bankruptcy, Dallas-Fort Worth International Airport is taking advantage of low interest rates and a favorable tax ruling in a $450 million refunding.

CHICAGO — Cleveland Hopkins International Airport will enter the market Wednesday with $241 million of airport system refunding bonds.