Transportation industry

Few people with Richard Ravitch’s resume would call themselves a student, but with the state facing a $2.1 billion current-year budget deficit, New York’s lieutenant governor has hit the state’s books.

SAN FRANCISCO — After collecting more than $104 million from the Bay Area Toll Authority in return for terminating a swap agreement, Ambac Financial Services LLC sued the agency this week seeking an additional $50 million.

CHICAGO — With a shakily balanced fiscal 2010 budget now in place, Illinois Gov. Pat Quinn turned his attention yesterday after seven months in office to putting his stamp on a major bond-issuing state agency with the appointment of new board members to the Illinois State Toll Highway Authority.

Florida officials are disputing the way the federal government is calculating how the state spends transportation funds under the American Recovery and Reinvestment Act.

A plan to increase Massachusetts Bay Transportation Authority fares by 20% is now off the table as officials said they will wait for an outside review of the agency's finances before asking mass transit users to pay more on buses and trains.

Gov. Ted Strickland last week issued an executive order creating an automobile support council to help Ohio’s declining automobile industry.

The Oklahoma Transportation Commission has authorized an agreement with the Oklahoma Capitol Improvement Authority to issue $300 million to finance the Oklahoma Department of Transportation’s eight-year construction work plan.

The Texas Department of Transportation has awarded a contract to build a park on top of a below-grade connector roadway in downtown Dallas. Project financing includes $20 million from the city’s $1.2 billion general obligation bond program approved by voters in 2006.

DALLAS - Officials at Dallas-Fort Worth International Airport today will brief the Dallas City Council's finance committee on the airport's plans to refund up to $600 million of outstanding debt in the next two months.

New York's Metropolitan Transportation Authority faces a $9.91 billion funding gap in its next five-year capital plan, according to a draft released yesterday.

DALLAS - Denver is preparing up to $250 million of bonds, mainly to pay for short-term improvements while sketching plans for a major redevelopment of its landmark terminal building over the next five years.

CHICAGO - Cleveland today will begin to price $160 million of fixed-rate airport revenue bonds and later this month follow with a $50 million variable-rate transaction.

WASHINGTON - The Congressional Budget Office has issued a report analyzing the revenue effects of 188 budget options, including replacing exempt interest earnings from muni bonds with tax credits beginning in 2011, which it says would generate $19.8 billion over the next 10 years.

The Massachusetts Bay Transportation Authority will now look for a new general manager after Daniel Grabauskas Friday stepped down from the post under pressure from the Gov. Deval Patrick administration.

Moody’s Investors Service Tuesday downgraded the New Orleans Port Board of Commissioners revenue bonds to Baa1 from A2.

DALLAS - The Central Texas Regional Mobility Authority is accelerating plans for the $623 million U.S. 290 tollway near Austin to take advantage of federal stimulus funds, officials said.

BRADENTON, Fla. - Kentucky Gov. Steve Beshear, accompanied by Indiana Gov. Mitch Daniels, Tuesday made one of several stops in the Bluegrass State to ceremonially signing new legislation clearing the way for the two states to finance the $4.1 billion Louisville-Southern Indiana Ohio River Bridges Project.

Private-sector infrastructure executives in the U.S. are concerned that current investment in infrastructure is inadequate to create long-term economic growth, and that government ineffectiveness and poor economic conditions are more of a barrier to projects than the lack of available financing.

DALLAS - The North Texas Tollway Authority yesterday increased the size of its commercial paper refinancing and sold $1.4 billion in bonds, including $825 million of taxable Build America Bonds.

New York's Metropolitan Transportation Authority should create a separate fund for debt service and institute a rolling five-year capital plan, New York City Mayor Michael Bloomberg said at a campaign event yesterday.