Transportation industry

Independent Massachusetts bonding authorities would no longer have the power to enter into derivative transactions if lawmakers approve, as amended, a bill to help the Massachusetts Turnpike Authority ward off a potential $350 million termination-event fee.

DALLAS - The Harris County, Tex., Metropolitan Transit Authority will invest $1.5 billion to build 20 miles of light rail under a plan approved by the board of directors Wednesday.

DALLAS - Louisiana will accept up to $2.5 billion of federal stimulus funds over the next two years, but Gov. Bobby Jindal's administration is reviewing another $1.5 billion allocated to the state before deciding whether to use the available funds.

The Georgia State Transportation Board last week voted to fire Department of Transportation Commissioner Gena Evans.

The Orlando-Orange County Expressway Authority last Thursday increased tolls in central Florida for the first time in nearly nine years. The base toll will increase 25 cents beginning April 5 with future increases every five years based on the consumer price index.

The House Transportation and Infrastructure Committee is slated to vote today on two bills that would authorize federal funding for water infrastructure and airports - including bond-related funds - and to outline how the fiscal 2010 budget summary released by the White House last week would affect infrastructure.

CHICAGO - Months after narrowly avoiding its first default, the Cleveland-Cuyahoga County Port Authority is faced with another delinquent bond-fund borrower that has warned it would likely have a tough time making its full monthly debt payments this year due to the weak economy.

DALLAS - Utah will turn to the bond market to ease its budget crunch, issuing up to $3.3 billion of debt this year for expansion of Interstate 15 under an agreement between Gov. Jon Huntsman Jr. and legislative leaders.

Chicago received clearance from the Federal Aviation Administration last week to use $182 million in passenger facility charges collected on airline tickets to finance design work on new and expanded runways and a western terminal that are part of the later phases of the $7.5 billion expansion at O’Hare International Airport.

Fitch Ratings last week stripped $40.1 million of Lake of the Ozarks Community Bridge Corp. bonds of their investment-grade status amid management’s refusal to raise tolls.

Fitch Ratings this week downgraded to BBB-minus from BBB the implied revenue bond rating on the Cleveland-Cuyahoga County Port Authority, and revised its outlook to negative from stable.

DALLAS - The eight states of the Southwest region have already put their $30 billion share of the federal stimulus in motion, launching transportation projects, patching holes in their budgets, and restoring programs that would otherwise go begging.

DALLAS - In a ceremony overlooking one of metropolitan Denver's busiest freeways, Colorado Gov. Bill Ritter yesterday signed SB 108 creating a $250 million revenue stream for bonds to accelerate road construction.

WASHINGTON - President Obama's fiscal 2010 budget request proposes what some see as an enormous and potentially damaging shift in the way state and local transportation projects are funded, and the idea is already drawing opposition from key lawmakers.

The New York Legislature took a step toward funding the Metropolitan Transportation Authority’s capital program last week when Assembly Speaker Sheldon Silver, D-Manhattan, proposed tolling the Harlem and East River bridges and imposing a payroll tax. No legislation has been introduced, however, though lawmakers in both chambers are reviewing a draft program bill from Gov. David Paterson.

WASHINGTON - State and local governments need prompt guidance from the Treasury Department before they can issue the new taxable Build America or Recovery Zone bonds for cash subsidies or investor tax credits, market participants said last week.

Transportation projects in New Jersey will benefit from $3.21 billion of funds from the federal stimulus package, with a new passenger rail tunnel connecting Newark to Manhattan gaining up to $1.2 billion of support.

Standard & Poor’s Friday downgraded all of the Puerto Rico Highways and Transportation Authority’s debt, affecting more than $6.6 billion of outstanding bonds. The outlook is stable.

Standard & Poor's Tuesday downgraded $58.5 million of Puerto Rico Port Authority debt issued for international airport in San Juan to BBB-minus from A-minus, citing borrowing to meet interest payments, among other factors. The outlook is stable.

CHICAGO - The Michigan Strategic Fund Wednesday tabled a request to issue nearly $800 million of private-activity tax-exempt bonds on behalf of a company planning to build a bridge spanning the busy trade route between Detroit and Canada.