Transportation industry

Moody's Investors Service assigned a negative outlook last week to the Greater Cleveland Regional Transit Authority's outstanding limited-tax general obligation debt, saying it faces a number of economic and fiscal challenges, including depleted reserves and a steep decline in its main revenue source.

A DuPage County Circuit Court judge last week handed over the title of St. Johannes Cemetery to Chicago, advancing the city's effort to clear a path for one of several new runways planned as part of the $8 billion expansion of O'Hare International Airport.

WASHINGTON — The South Carolina-based issuer of $322.5 million of toll road revenue bonds that are in default appears to be preparing to file for bankruptcy, according to a disclosure ­document.

WASHINGTON — A mileage-based revenue system to fund federally assisted transportation projects could be implemented within about five years, the RAND Corp. said in a report released online last week.

SAN FRANCISCO — Voters in two counties north of San Francisco gave overwhelming support in 2008 to a ballot measure taxing themselves to build a new commuter train line.

CHICAGO — The Chicago Transit Authority board this week signed off on the agency’s planned sale of $550 million of sales tax-backed, mostly taxable Build America Bonds to finance the acquisition of new rail cars.

CHICAGO — A central Indiana task force yesterday unveiled a nearly $10 billion regional transportation plan that recommends imposing a local sales tax and building express toll lanes to help keep Indianapolis competitive in the Midwest.

The Georgia State Transportation Board last Friday voted 9 to 2 to rescind a prior decision that would have changed the way the Georgia Department of Transportation conducts its accounting practice, a spokeswoman said.

Moody’s Investors Service issued a report this week warning that it remains pessimistic about airports and is keeping a negative outlook based on expectations for the next 12 to 18 months.

Over the past three years, 38 of Michigan’s counties have returned their roads to gravel because they lacked the money needed to maintain their paved infrastructure — and this year nearly half of the state’s counties will be faced with making the same decision, the County Road Association of Michigan warned last week.

New York Gov. David Paterson wants to increase the level of taxation on New York City businesses to support the Metropolitan Transportation Authority, the according to a press release yesterday.

WASHINGTON — South Carolina lawmakers last Wednesday voted against legislation that would have paved the way for restructuring more than $200 million of tax-exempt bonds issued by the Southern Connector 2000 Association for a 16-mile toll road in Greenville, which went into default on Jan. 1.

ARLINGTON, Va. — The Federal Railroad Administration is currently evaluating options states could use to build high-speed rail, including ways to encourage multi-state projects, deputy administrator Karen Rae said in an interview yesterday.

Policymakers should allocate 25% of all federal transportation funding to competitive programs across all modes of travel as they consider overhauling federal laws, according to a recent report by the nonprofit Bipartisan Policy Center’s National Transportation Policy Project.

WASHINGTON — Senate Democrats yesterday said they plan on Monday to take up the first of a series of jobs bills, which will include expansion of the Build America Bonds and TIGER grant programs, an extension of the transportation law, and transportation and water infrastructure funding.

SAN FRANCISCO — Despite this week’s downgrade of the rail corridor that connects them to the nation, the ports of Long Beach and Los Angeles are beginning to show signs of growth again, adding to evidence that the Great Recession is easing, analysts, economist and port officials say.

BRADENTON, Fla. — The new bi-state authority created by Kentucky and Indiana to develop a $4.1 billion finance plan to build new bridges over the Ohio River met for the first time Tuesday in an organizational session.

Moody’s Investors Service yesterday downgraded the New York Metropolitan Transportation Authority’s revenue bonds to A3 with stable outlook from A2 with negative outlook.

Senate Democrats plan to unveil a “jobs agenda” as early as this morning that would extend surface transportation programs for a year, expand the Build America Bonds program, and augment the popular TIGER discretionary transportation grant program.

SAN FRANCISCO — Moody’s Investors Service downgraded the Alameda Corridor Transportation Authority’s senior and subordinate debt yesterday, citing declines in trade volumes at the Los Angeles-Long Beach port complex.