Transportation industry

New Jersey Gov.-elect Chris Christie will take office next month, and along with confronting high property taxes, a heavy debt burden, and the issue of encouraging shared services at the local level, the new administration will face a transportation funding spigot set to dry up by mid-2011.

Fitch Ratings revised its outlook on New York's Metropolitan Transportation Authority's revenue bonds and dedicated tax-fund bonds to negative from stable last week.

New York Gov. David Paterson doesn't want to cut capital spending, but delaying projects may be inevitable, he said in an exclusive interview with The Bond Buyer.

Chicago's $8 billion expansion of O'Hare International Airport won a major court victory late last week that paves the way for its acquisition and relocation of a cemetery now in the path of a planned runway.

Kentucky Gov. Steve Beshear announced late last week the sale of $100 million of grant anticipation revenue vehicle bonds for the Ohio River Bridge Project.

Arkansas Gov. Mike Beebe last week shot down a proposal to shift a portion of sales tax revenues to highway projects before a transportation financing committee had a chance to suggest the move.

New Jersey will take on $157.4 million of moral obligation debt this week as the South Jersey Port Corp. will issue the marine terminal revenue bonds with the expectation that state allocations to meet the corporation's debt service costs will continue.

Moody's Investors Service last week revised the outlook of New York's Metropolitan Transportation Authority to negative from stable and affirmed its A2 rating.

The Metropolitan Transportation Authority did not violate New York laws when it agreed to sell the development rights over rail yards in Brooklyn to Forest City Ratner Cos., a state Supreme Court judge ruled last week.

The Regional Transportation Authority early next month will issue $179 million of general obligation bonds under its deal with Illinois aimed at freeing up capital funds to help close a fiscal 2010 budget gap at the Chicago Transit Authority without a fare hike.

Financing for road-widening projects and upgrades to its two toll roads will keep the New Jersey Turnpike Authority issuing debt in 2010 after selling $1.75 billion of new-money bonds in 2009.

Florida Gov. Charlie Crist Wednesday visited four cities to conduct the ceremonial signing of the state's first comprehensive passenger rail bill, which has the potential to jump-start the long-delayed central Florida commuter rail project known as SunRail.

In a reprise of last year, New York's Metropolitan Transportation Authority yesterday passed a "doomsday" budget that slashes services, but on a delayed schedule.

Federal lawmakers will have to become more comfortable with tolling highways, tunnels, and bridges if they want to obtain the revenues needed to create a national infrastructure bank or fund large capital projects in the future, transportation advocates said yesterday.

New York's Metropolitan Transportation Authority plans major service cuts next year to deal with revenue shortfalls in the current month and beyond, the agency announced yesterday.

The Senate and House have both approved an omnibus appropriations bill for fiscal 2010 that provides funding for high-speed rail projects and grants to states for transportation infrastructure.

The Delaware River Port ­Authority plans to issue roughly $715 million of new-money and refunding debt in late February to finance capital projects and replace fixed-rate debt with variable-rate bonds under terms of a swap option that will be exercised Jan. 1.

Providence would get a $76 million streetcar system to meet the city’s growing transit needs under recommendations in a report that was released by the Rhode Island Public Transit Authority last week.

BRADENTON, Fla. — Florida Gov. Charlie Crist is urging U.S. Transportation Secretary Ray LaHood to approve Florida’s application for high-speed rail funding now that lawmakers have passed a statewide rail policy and funding bill.

WASHINGTON — House Democrats plan to introduce and vote next week on a jobs bill, Speaker Nancy Pelosi said yesterday as the chamber voted 221 to 202 to approve a nearly half-trillion dollar appropriations bill with funding for high-speed rail.