Transportation industry

CHICAGO - Ohio would launch a new bond program backed by toll revenues under a proposal proposed by Gov. Ted Strickland.

SAN FRANCISCO - Falling traffic and revenue prompted Fitch Ratings this week to cut its outlook on Foothill/Eastern Transportation Corridor Agency toll revenue bonds to negative from stable, while affirming the underlying BBB rating for $2.2 billion of debt backed by the 36-mile toll road network in Orange County, Calif.

The Port Authority of New York and New Jersey is considering using public-private partnerships to replace bridges that connect Staten Island to New Jersey, executive director Christopher Ward said yesterday.

CHICAGO - The Illinois State Toll Highway Authority board approved a list of six financial advisory firms to work with on its debt issues and other financing initiatives as the agency moves to wrap up borrowing for its five-year-old, $6.2 billion capital program and launch its new $1.8 billion follow-up.

A regional transit plan for the Detroit area could begin to take shape by April with the creation of regional transportation authority that would build and operate the system.

CHICAGO - The battle over dueling proposals to build bridges between Detroit and Windsor, Canada, is heating up following the U.S. Department of Transportation's recent approval of nearly $800 million in private-activity, tax-exempt bonding to help finance a replacement for a developer's existing private bridge.

The Massachusetts Turnpike Authority may file suit against companies involved in five floating-to-fixed-rate swaps with UBS Securities LLC that, if terminated, would cost the agency roughly $435 million.

A 56-mile tollway around the eastern and southern Austin metro area is expected to be open in April, although some of the highway will still be under construction. Officials had expected Texas 45 Southeast to begin operating in summer with all construction completed.

A coalition of Utah County legislators, mayors, and commissioners is urging Utah state lawmakers to approve issuing bonds to start work on $5 billion of improvements to Interstate 15.

The Phoenix City Council will consider this week a proposal from Phoenix Sky Harbor International Airport to cut $15.8 million in expenses and eliminate 47 jobs in fiscal 2010 due to a decline in flights and passengers using the facility.

New Jersey officials are looking for underwriting services for an upcoming grant anticipation revenue vehicle bond deal that will help finance road and bridge repairs estimated at $270 million.

As New York's 2009 legislative session kicks into high gear the state's largest issuers are looking for support for their annual wish lists.

WASHINGTON - The Montgomery, Md., County Council this week approved an east-west, light-rail system that would connect Montgomery and Prince George's counties, moving the $1.2 billion "Purple Line" project forward after more than 20 years of planning.

The New Jersey Turnpike Authority will now use a pool of 32 investment banks when it issues debt rather than reviewing underwriter proposals each time it heads to market.

WASHINGTON - House members last night voted 244 to 188 to approve a $819 billion economic stimulus bill that they had amended to tighten transportation funding requirements for state and local governments.

DALLAS - Texas Gov. Rick Perry yesterday told lawmakers that the state's condition was "good," while acknowledging the impact of a deepening national recession that has sent energy and home prices plummeting and prompted massive bailouts for finance and automotive firms.

CHICAGO - The Minneapolis-St. Paul Metropolitan Airports Commission this week signed off on a new agreement with Delta Air Lines Inc. that allows the carrier to close its former Northwest Airlines Corp. local headquarters without triggering immediate repayment of $245 million of debt.

Mayor Richard Daley yesterday announced his selection of Chicago Transit Authority president Ron Huberman to replace Arne Duncan as Chicago Public Schools chief after Duncan’s departure earlier this month to serve in President Obama’s cabinet as education secretary.

The Senate Appropriations Committee approved its $358 billion stimulus spending package yesterday, sending it to the full Senate without any amendments after less than three hours of committee discussion.

DALLAS - East Baton Rouge Parish intends to take $110 million of sales-tax-supported road and street improvement bonds to market today, but officials will watch the market before deciding whether to issue the debt as scheduled.