Transportation industry

DALLAS — The Texas Transportation Commission is preparing a record $1.5 billion bond issue under the voter-approved program known as Proposition 14 that dedicates fuel taxes and vehicle fees toward highway construction.

New Hampshire Gov. John Lynch last week signed a $3.62 billion 10-year transportation plan into law.

WASHINGTON — Airports would receive steady funding until August, and the federal government would reclaim $17.4 million of unused transit funding this fiscal year, if two separate bills approved this week by the Senate and a House committee become law.

WASHINGTON — The Metropolitan Washington Airports Authority’s outlook was revised to negative by Moody’s Investors Service on Wednesday, ahead of a $350 million revenue bond transaction it has scheduled for later this month.

Moody’s Investors Service Wednesday downgraded $2.68 billion of subordinate Pennsylvania Turnpike Commission bonds to A3 from A2 and assigned a negative outlook to the credit.

The House yesterday unanimously approved legislation that would extend airport funding for one month and give airports the ability to collect passenger facilities charges, which they often use to repay bonds.

The Austin City Council voted last week to spend $100,000 to study how to finance an urban rail system that is expected to cost $1.3 billion.

Deb Miller, secretary of the Kansas Department of Transportation, last week said the federal stimulus program has created more than 3,300 transportation-related jobs in the state along with a total monthly payroll of some $4.4 million.

An interim draft report from a special committee looking at Arkansas highway financing includes an option for a 10-year, 0.5% sales tax that would back a bond program.

SAN FRANCISCO — If there are any solutions to the nation's persistent shortfalls in financing transportation infrastructure, they're more likely to come from the local level, according to members of an expert panel Friday.

Last year, Congress created the Build America Bonds program to spur infrastructure investment in our communities and to help thaw the frozen credit markets. We believe this program has been a great success and it should be made permanent, as currently considered by Congress, for the following reasons.

DALLAS — Dallas-Fort Worth International Airport expects its annual debt service cost to double over the next decade as it embarks on a $2 billion renovation of its original four terminals built in 1974.

WASHINGTON — The Connector 2000 Association Inc., the troubled South Carolina toll road that went into default on Jan. 1, filed for bankruptcy on Thursday.

CHICAGO — The Regional Transportation Authority of Illinois board yesterday approved a $140 million taxable working cash-flow note issue that will help the agency keep Chicago-area buses and trains in service as it awaits its overdue state aid.

ALAMEDA, Calif. — Officials in the Los Angeles area say momentum is building behind a plan to accelerate construction of multiple transit projects — a plan that would require as-yet-uncreated forms of federal financial support.

The California Public Employees’ Retirement System announced the acquisition of a 12.7% stake in London Gatwick Airport from Global Infrastructure Partners. The pension fund has committed up to $155 million for the purchase.

DALLAS — Voters in Texas' capital city could decide in November on an $84.8 million general obligation bond package for transportation projects if the Austin City Council adopts the program and schedule proposed by city manager Marc Ott.

WASHINGTON — At least $300 million in funding to the Washington Metropolitan Area Transit Authority for its 2011 fiscal year budget is at risk over a dispute between Northern Virginia municipalities and Gov. Robert F. McDonnell over his request to appoint half of Virginia's share of the WMATA board of directors.

The Port Authority of New York and New Jersey is looking to reserves to provide self-liquidity for its commercial paper program, officials said Tuesday.

Illinois Gov. Pat Quinn and Indiana Gov. Mitch Daniels have signed a memorandum of understanding outlining a partnership on a new expressway linking the two states.