Transportation industry

BRADENTON, Fla. — The Santa Rosa Bay Bridge Authority meets Wednesday to continue working toward a resolution on its $115.9 million of defaulted bonds, which were sold to build a toll bridge in north Florida.

CHICAGO — The trustee on $113 million of bonds that financed construction of the privately owned Branson, Mo., Airport opted not to nearly drain remaining reserves to make a Jan. 1 debt-service payment as airport operators struggle to bolster operations and stave off future bondholder enforcement actions.

WASHINGTON — Despite the financial struggles and criticism faced by prominent fast-rail projects in California and Florida, high-speed and regional rail is likely to proceed out of necessity, according to an analysis by Fitch Ratings.

Republican lawmakers in California have introduced a bill that would block the state from selling bonds for a planned high-speed rail system.

With the Jan. 31 expiration date of the latest Federal Aviation Administration reauthorization law coming up fast, hopes for a long-awaited multi-year bill are giving way to pessimism as airport lobbyists fear that deep partisan divides and a limited number of congressional work days may wind up producing another short-term measure or FAA shutdown.

WASHINGTON — Increased reliance on public-private partnerships to fund construction of roads, rail, water, sewers, public buildings and other projects could save Maryland millions of dollars annually and create thousands of jobs, according to a state legislative commission report.

A recently abandoned plan to build a light-rail line in Detroit won new life last week when the federal government agreed to give local officials 90 days to refine a less costly plan.

With one of its two hub airlines in bankruptcy, Chicago officials breathed a bit easier last month when Moody’s Investors Service affirmed its ratings on Chicago O’Hare International Airport’s $5.6 billion of general airport revenue debt.

Dire warnings about the future of the Pennsylvania Turnpike Commission based on a $450 million-per-year infrastructure payment requirement are overstated, according to a research report.

The New York Senate on Monday confirmed Gov. Andrew Cuomo's nomination of Joseph Lhota as chairman and chief executive of the Metropolitan Transportation Authority, which runs New York City's transit system.

WASHINGTON — Public-private partnerships do not necessarily supply more funds for highway construction than traditional government financing, and spending by the private party must be restricted by budget caps or legal limits for states and localities to see benefits from P3s, a Congressional Budget Office study concluded Monday.

The Indiana Finance Authority has issued a request for qualifications from legal firms interested in serving as transaction counsel on the state's portion of the $2.6 billion bi-state Ohio River Bridges project.

Standard & Poor's has placed the Puerto Rico Highway and Transportation Authority's grant anticipation revenue bonds on credit watch with negative implications.

Colorado Republican lawmakers plan to introduce a bill to restore a funding formula benefitting transportation construction that was repealed under 2009 legislation.

Standard & Poor’s last Thursday lowered its long-term and underlying rating on two series of Alameda Corridor Transportation Authority bonds just two weeks after Fitch Ratings affirmed the agency’s ratings.

A peer review panel has recommended California hold off on borrowing billions of dollars for its estimated $98 billion high-speed passenger rail project.

A bipartisan House duo has introduced legislation that would authorize up to $50 billion of tax-credit bonds to be used over six years to finance transportation infrastructure projects, mirroring a bill pending in the Senate and garnering support from lobbyists even as some question whether such bonds could overcome expected hesitancy from investors.

The Illinois Department of Transportation will receive $186 million to continue construction on a high-speed rail line linking Chicago with St. Louis, U.S. Transportation Secretary Ray LaHood announced Wednesday.

Indiana lawmakers returned to work Wednesday for a short session that begins with controversial labor legislation but will also likely include bills advancing a $1.3 billion bond-funded mass transit plan and raising more revenue for cash-strapped local governments.

Kentucky and Indiana officials announced last week that they reached consensus on a basic plan to finance and build the $2.6 billion Ohio River Bridges Project.