Transportation industry

WASHINGTON — Transportation stakeholders are urging increased support from the Department of Transportation for state and local governments and railroads to take advantage of a rail financing program that provides low-interest federal loans and credit for infrastructure projects and debt refinancing.

Keeping Massachusetts’ main east-west roadway in a state of good repair will cost $544 million through 2017, according to a recent review of the 123-mile Western Turnpike.

The Massachusetts Turnpike Authority's coffers may run dry by June 30 due to unforeseen infrastructure needs and an 8% dip in traffic on the Metropolitan Highway System in March.

The Metropolitan Atlanta Rapid Transit Authority is experiencing severe budget constraints affecting operations, and sales tax revenues dedicated to paying debt service are down.

DALLAS - The North Texas Tollway Authority is considering issuing as much as $500 million of taxable Build America Bonds in June, though discussions are very preliminary, officials say.

CHICAGO - Chicago's $2.52 billion groundbreaking agreement to lease Midway Airport to a private consortium under a federal pilot program was canceled yesterday over the group's inability to raise financing for the 99-year transaction amid the ongoing international credit crunch.

The New York State Senate Democratic majority offered a new rescue package for the cash-strapped Metropolitan Transportation Authority late Monday. The proposal would raise $1.76 billion annually, which includes debt service on $1.2 billion of bonds that would finance road, bridge and rail projects in upstate New York and Long Island, Austin Shafran, spokesman for Senate Majority Leader Malcolm Smith, D-Queens, said. The proposal would eliminate service cuts and reduce fare and toll yield hikes to 8% from the 23% the MTA board approved last month, Shafran said.

John McGee, chief financial officer of the Arizona Department of Transportation, said last week that public-private partnerships could help solve at least part of the state’s transportation funding problem.

Standard & Poor’s last week raised $4.8 billion of outstanding New Jersey Turnpike Authority revenue bonds to A-plus from A. The outlook is stable.

Pennsylvania airports received a boost last week as four facilities gained $10.5 million from the federal stimulus package, including $5 million for Philadelphia International Airport for runway rehabilitation.

BRADENTON, Fla. - After a three-day political powwow at the state capital last week, Florida Transportation Secretary Stephanie Kopelousos agreed to resume negotiations with the concessionaire originally chosen to finance and build the $1.2 billion Port of Miami Tunnel Project.

DALLAS — The Harris County Toll Road Authority is coming to market this week with the first of two sales expected this year to fund completion of the Sam Houston Tollway and extension of the Hardy Toll Road to downtown Houston.

A program to fund congestion-related transportation projects that is likely to be included in a forthcoming federal transportation bill may allow metropolitan areas to issue tax-exempt bonds and taxable tax-credit bonds.

DALLAS — Louisiana will avoid $75 million of a potential $120 million in swap termination fees on a delayed issue of $485 million of fuels-tax revenue bonds with a reconfigured structure that will finance an ongoing highway improvement program for the next six to 12 months.

WASHINGTON — The Obama administration yesterday unveiled its strategy for the creation of a national high-speed rail network, inviting states and localities to compete in the coming months for federal funding. The grants may favor states that can provide matching funds, from bonds or other sources, market participants said.

The New Jersey Turnpike Authority yesterday nearly tripled the size of its revenue bond deal set for Monday to $1.75 billion from $650 million, with the transaction to potentially include $1.25 billion of taxable Build America Bonds.

West Virginia is looking at increasing turnpike toll rates this summer. It would be the first toll increase since 1981.

BRADENTON, Fla. - Miami-Dade County is preparing to sell $600 million of airport revenue bonds in an offering next week that takes advantage of provisions in the federal stimulus bill that allows the county to sell the debt without being subject to the alternative minimum tax.

Porter County officials have said they plan to withdraw from the Northwest Indiana Regional Development Authority, a move that could impact a proposed $1 billion commuter rail expansion and development at the Gary/Chicago International Airport.

DALLAS - With the money running out within weeks, Louisiana officials have yet to agree on a structure for issuing $485 million of fuel tax bonds that would finance constitutionally mandated road projects.