Transportation industry

CHICAGO — The St. Louis Metro will complete a ­refunding Wednesday of its $150 million floating-rate revenue bond issue from 2005, using a ­structure that provides a short-term salve for its fiscal challenges while the transit agency awaits a bump in sales tax dollars from a voter-approved increase.

Transportation stakeholders are divided this week on a renewed push by President Obama for Congress to provide $50 billion of funding and the release of a report by the Treasury Department and Council of Economic Advisers that stresses the economic risk of not spending more on infrastructure.

Illinois Gov. Pat Quinn last week announced the formation of an advisory council to help with the planning and building of the Elgin-O’Hare West Bypass to expand access to O’Hare International Airport.

CHICAGO — Chicago enters the market this week with $251 million of second-lien Midway International Airport bonds to refund outstanding commercial paper and wrap up financing for a new consolidated rental car facility.

The New Jersey Transportation Trust Fund Authority plans to market $1.4 billion of bonds this week to finance various capital projects.

Lower-than-expected construction bids have allowed the Arkansas Highway and Transportation Department to finance 132 projects with the $351 million the state received for road work under the 2009 federal stimulus bill.

After the deluge of supply last week, the municipal market will see a noticeable lull in new-issue activity this week.

New Jersey Gov. Chris Christie on Friday afternoon said he would reconsider killing a multibillion tunnel project after meeting with U.S. Transportation Secretary Ray LaHood.

The Metropolitan Transportation Authority at a special board meeting on Thursday approved fare hikes expected to yield an additional 7.5% in revenue.

The Santa Rosa Bay Bridge Authority board will work with bondholders to establish a creditors' committee in hopes of restructuring $115 million of debt for a toll bridge in northwest Florida that is headed for default next year.

New Jersey Gov. Chris Christie ­terminated an $8.7 billion passenger-rail tunnel project Thursday that would have doubled NJTransit rail capacity between New York City and northern New Jersey and created at least 6,000 construction jobs.

A planned merger between Southwest Airlines and AirTran Airways is expected to put more stress on U.S. airports, especially those that rely on either or both of the discount carriers for bond-related revenue, Moody's Investors Service warned in a report this week.

New Jersey has spent nearly $600 million on a new $8.7 billion passenger-rail tunnel called the Access to the Region’s Core, but Gov. Chris Christie may ­terminate the project due to escalating costs.

Westchester County Executive Robert Astorino wants to join a lawsuit challenging the legality of a tax enacted last year to help fund mass transit capital projects in the New York City area, he announced Wednesday.

The secretary of the South Carolina Department of Transportation is recommending a 5.5 cent increase in the state’s gasoline tax, which is among the lowest in the country.

Despite questions being raised about the cost of high-speed trains as November elections near, Florida is moving forward with the first phase of its $2.6 billion rail project from Tampa to Orlando.

BRADENTON, Fla. — The Atlanta City Council on Monday gave unanimous final approval for the sale of up to $800 million of revenue bonds to finance the completion of a new terminal at Hartsfield-Jackson Atlanta International Airport.

New York gubernatorial candidate Carl Paladino said Tuesday he would repeal a tax meant to support bonds for New York City transit projects, slash Medicaid, and cut personal income taxes.

Milwaukee County last week sold $31.5 million of new-money revenue bonds for projects at General Mitchell International Airport and $56.3 of refunding airport revenue bonds.

DALLAS — Standard & Poor’s and Fitch Ratings downgraded the Utah Transit Authority’s debt as it prepares to issue $200 million of Build America Bonds.