Transportation industry

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.

New York's Metropolitan Transportation Authority plans to sell $200 million of taxable Build America Bonds next week, with a one day for retail orders Wednesday and institutional pricing Thursday.

Voters in Topeka last week approved a proposal to levy an additional 0.5% sales tax to repair streets and other infrastructure by a margin of 47% to 43%. The 10-year tax will go into effect Oct. 1, and cannot be extended without voter approval.

DALLAS - Fitch Ratings cited New Orleans' gradually improving economy in raising the rating on the city's tax-secured general obligation bonds to BBB from BBB-minus yesterday. The move applies to $523.9 million in outstanding GO debt.

WASHINGTON - Two lawsuits in federal courts seeking class action status that claim it's illegal for tolling authorities in Rhode Island and Massachusetts to discount tolls for certain residents and not others could spell trouble for toll-backed muni bonds and potentially affect issuers in other states, some market participants said.

DALLAS - The Harris County Toll Road Authority serving the Houston area expects a good reception when it takes $250 million of senior-lien revenue bonds to market next week.

The Arkansas Highway Commission last week approved the state’s first road projects financed through federal stimulus funds by awarding $21.2 million of highway resurfacing work.

Moody's Investors Service's rating action on the Metropolitan Transportation Authority's revenue bonds on Friday didn't appear to have an impact yesterday on secondary trading of the cash-strapped New York agency's bonds.

BRADENTON, Fla. - Miami-Dade County Mayor Carlos Alvarez is objecting to the Florida Department of Transportation's decision to reject further negotiations with the concessionaire originally selected to build the $1.2 billion Port of Miami Tunnel project.

House members last week approved their version of a transportation reform bill, one that would terminate the Massachusetts Turnpike Authority and allow the state to issue special obligation bonds to help finance future infrastructure improvements throughout the state. The bill received initial approval in the lower chamber in a 147 to 7 vote.