Transportation industry

DALLAS — The Arizona Department of Transportation is developing a $4 billion plan to reduce congestion on freeways in Maricopa County with bonds backed by sales tax revenue.

The Massachusetts Department of Transportation today will issue its first-ever bond transaction, a $274.7 million fixed-rate refinancing to generate savings.

CHICAGO — Moody’s Investors Service yesterday downgraded O’Hare International Airport’s passenger facility charge-backed bonds to A2 from A1 ahead of Chicago’s sale in mid-April of roughly $1.3 billion of new-money and refunding airport-related bonds.

DALLAS — As other Texas cities struggle to finance light-rail lines, El Paso is planning a much less costly bus rapid-transit system with vehicles that look like rail cars but travel on dedicated paved pathways.

The Missouri Highways and Transportation Commission last week announced the resignation of Pete Rahn as head of the Missouri Department of Transportation.

The Illinois State Toll Highway Authority last week picked Kristi Lafleur, a close aide of Gov. Pat Quinn, to become its new executive director.

SAN FRANCISCO — After California granted a franchise to build a private toll highway in San Diego County, it took almost 17 years before the 10-mile road opened to the public.

SAN FRANCISCO — When ­Wisconsin’s insurance regulator divided Ambac Assurance Corp.’s insurance portfolio into good and bad policies last week, municipal bonds issued for the bankrupt Las Vegas Monorail were the only muni debt placed into the Ambac rehabilitation account, which consists largely of the toxic mortgage-related securities that brought the company to its knees.

Texas Sen. John Carona, R-Dallas, chairman of the Senate Committee on Transportation and Homeland Security, said last week that the state must find a way to finance highway projects, including an increase in the gasoline tax.

The Port Authority of New York and New Jersey plan to competitively sell $116.8 million of bonds on Wednesday to refund outstanding debt.

DALLAS — Faced with sharply falling revenue, Dallas Area Rapid Transit is considering delaying a key light-rail line to Dallas-Fort Worth International Airport, among other measures to reduce spending.

BRADENTON, Fla. — Florida’s largest ever public-private partnership — a $1.8 billion, limited-access toll road in Jacksonville — will begin moving forward soon.

The Massachusetts Bay Transportation Authority last week approved Richard Davey as general manager of the state’s largest mass-transit system.

Public finance veteran Robert Foran will today be named the new chief financial officer of New York’s Metropolitan Transportation Authority. Foran, 53, a public finance banker for nearly three decades, has been working with MTA since the 1980s and was a key figure in its $15 billion restructuring that began in 2002.

Moody’s Investors Service Thursday upgraded the Port Authority of New York and New Jersey to Aa2 with a stable outlook from Aa3, citing its favorable financial results in tough economic times. The upgrade affects $12.4 billion of outstanding debt.

WASHINGTON — The House Thursday voted 276 to 145 to approve a bill that would increase the maximum allowable passenger facilities charge that airports can collect to $7.00 from $4.50.

New York’s cash strapped Metropolitan Transportation Authority approved a package of service cuts at its board meeting yesterday to help close a $800 million current year deficit.

The House today is expected to vote on a bill that would reauthorize federal aviation programs and allow airports to ramp up revenue they use to back bonds.

DALLAS — The North Texas ­Tollway Authority yesterday named its underwriting team for $900 million of bonds expected to be issued in the next 90 days, including a $500 million deal that will be the first of its kind in Texas.

Faced once again with less revenue to support the state’s general fund budget, Florida lawmakers are looking at taking money set aside for transportation projects for the second year in a row.