Transportation industry

Michigan could issue $40 million of one-year debt to secure up to half the necessary funds to avoid losing $475 million in federal highway funds next year. The proposed transportation budget includes $84 million needed to avoid losing the federal money.

A public policy group funded by local businesses wants to overhaul Illinois’ transportation policies and practices to fuel job creation and economis growth.

WASHINGTON — Three firms have submitted conceptual proposals to the Virginia Department of Transportation for a public-private partnership that would develop a new tolled highway in the southern part of the state.

DALLAS — Utah, one of the most fiscally fit states in the mountain West, expects to price the largest issue in its history next week — a $1.25 billion deal that will combine taxable Build America Bonds with tax-exempt debt.

New York’s Metropolitan Transportation Authority will offer up to $900 million of tax-exempt bond anticipation notes issued in the form of commercial paper under a new program.

WASHINGTON — Five airports will receive a total of $9 million in unexpected grants from the American Recovery and Reinvestment Act because of lower-than-expected bids on other airports’ stimulus projects.

New York plans to market new-money, tax-exempt personal income tax bonds next week for the first time since March.

DALLAS — Houston’s transportation authority, Metro, faces delays and growing costs on a $1.5 billion light-rail expansion after its purchase of 103 rail cars from a Spanish manufacturer was found to violate federal law.

Moody’s Investors Service downgraded $80 million of Alaska Industrial Development and Export Authority rental car facility revenue bonds to Baa1 from A3 with a negative outlook, amid falling rentals at Ted Stevens Anchorage International Airport.

Moody’s Investors Service late Tuesday upgraded to A1 from A2 the Southeastern Pennsylvania Transportation Authority, affecting $327 million of debt. The outlook is stable.

DALLAS — Oklahoma is preparing a list of highway projects that could get under way quickly if Congress approves President Obama’s proposed $50 billion infrastructure stimulus program.

CHICAGO — The Chicago City Council Wednesday approved up to $1 billion of new-money and refunding debt that will help the city keep its $8 billion O’Hare International Airport expansion project on track as negotiations with the airlines over upcoming projects continue.

The West Virginia Parkways Authority cleared a technical hurdle last week toward advancing a bond deal for the U.S. 35 toll road and the issue could be priced by the end of the year.

The Georgia Department of Transportation is revising the process by which it will seek a developer for a new multi-modal passenger terminal in downtown Atlanta.

CHICAGO — The Chicago City Council’s Finance Committee Tuesday advanced the sale of up to $1 billion of new-money and refunding O’Hare International Airport revenue bonds and debt backed by passenger facility charges to raise funds for the second phase of an $8 billion expansion that has yet to win airline approval.

WASHINGTON — The president is expected Wednesday in Cleveland to announce details of a $50 billion measure that would lead into a long-term program containing a national infrastructure bank — a proposal already offered by the administration but now being rolled out as part of an economic package.

DALLAS — The New Orleans Regional Transit Authority will build two new streetcar lines with proceeds from the upcoming negotiated sale of $75 million of sales tax revenue bonds.

MENLO PARK, Calif. — Alaska’s state airport authority will sell $174 million of tax-exempt paper next week to pay for debt refunding and runway repairs, according to a state official.

The Regional Transportation Authority of Illinois board has elected John Gates Jr. to serve as its new chairman, filling the vacancy left by Jim Reilly who resigned in May to serve as the special trustee overseeing reforms at the Metropolitan Pier and Exposition Authority.

WASHINGTON — Transportation stakeholders expecting a comprehensive bill anytime soon could be disappointed as major legislation reauthorizing federal highway and transit programs could be delayed until 2013, sources said last week.