Transportation industry

WASHINGTON — The Internal Revenue Service has told the Toledo-Lucas County Port Authority that $3.5 million of development revenue bonds it issued in 2005 to finance a manufacturing facility could be ­taxable.

After heated debate, New Jersey lawmakers Monday approved a $1.4 billion Transportation Trust Fund Authority debt restructuring deal that also includes new-money bonds.

The House last week approved a bill that would allow state transportation departments and other tolling entities to offer discounted tolls to residents and nearby commuters, as individuals challenge the discounts in at least three lawsuits against tolling agencies.

A $1.4 billion New Jersey Transportation Trust Fund Authority deal is caught in a political stalemate as the state’s Department of Transportation announced Friday it would halt all state-funded transportation projects until the Legislature approves the bond sale.

Congress and the Obama administration would be wasting an opportunity to revive infrastructure if they set up a national infrastructure bank and its investment-selection process the same way that existing programs are structured, an economic analyst said here Friday morning.

New Jersey Gov. Chris Christie picked former state Attorney General David Samson to replace Anthony Coscia on Thursday as chairman of the Port Authority of New York and New Jersey.

WASHINGTON — The Obama administration is preparing a proposal for a multi-year transportation bill that will talk about the importance of developing “institutional capacity” to support a national high-speed rail network, a federal rail official revealed Wednesday night at a conference here.

CHICAGO — Branson Airport LLC in Missouri has proposed borrowing up to $17 million of unrated tax-exempt revenue bonds to cover final construction costs and bolster reserve funds tapped to help cover interest payments on $113 million of debt issued in 2007 to finance the privately built and operated airport.

WASHINGTON — Congress should create two types of direct-pay transportation bonds to help states and localities build and repair crumbling infrastructure, market participants told the Senate Environment and Public Works Committee during a hearing Tuesday.

DALLAS — After successfully pricing $825 million of revenue bonds Monday to expand its light-rail system, the Dallas Area Rapid Transit board turned its attention Tuesday to a $1.26 billion budget requiring job cuts and service reductions.

DALLAS — Dallas County District Judge Craig Smith agreed Monday to a one-week delay in deciding whether the Dallas suburb of Irving can issue up to $200 million of revenue bonds for an entertainment center near Dallas-Fort Worth International Airport.

The New Jersey Turnpike Authority approved up to $2.53 billion of new-money and refunding bonds Tuesday to help finance capital projects and generate potential debt-service savings.

A civil engineering group gave Indiana’s infrastructure a grade of D-plus in a report card, warning it needs billions of dollars in improvements. The state’s grade was slightly higher than the nationwide average of D.

The Cook County Board of Commissioners’ earlier this month gave their preliminary approval to a plan to use $90 million in federal recovery zone facility bonds to help support Navistar International Corp.’s expansion plans.

An Illinois appellate court has upheld a DuPage County court ruling allowing Chicago to acquire St. Johannes Cemetery, paving the way for a new runway at O’Hare International Airport as part of an ongoing $8 billion expansion project that is being partly financed with bonds.

DALLAS — With billions of dollars worth of bond-financed projects underway or on the boards, the nation’s airports began adjusting to another competitive shift Monday as Southwest Airlines announced its $1.4 billion stock swap for low-cost competitor AirTran Airways.

The New York Metropolitan Transportation Authority’s finance committee approved a pool of banks Monday that could replace liquidity facilities on $4.6 billion of variable-rate bonds due to expire over the next four years.

SAN FRANCISCO — The Port of Long Beach, Calif., the second-busiest port in the country, could see its rating come under pressure if a local ballot measure passes that would strengthen the hand of the city in its operations.

DALLAS — The Arizona Transportation Board will complete its pricing of $180 million of revenue bonds Tuesday in a deal that will finance construction of highways in Maricopa County, including Phoenix and its suburbs.

WASHINGTON — Virginia Gov. Robert F. McDonnell on Thursday released an audit of the state’s Department of Transportation that showed $1.45 billion could be freed up for projects and that these new funds could possibly accelerate VDOT’s bond issuances, sources said.