Transportation industry

New York's Metropolitan Transportation Authority plans sell up to $2.59 billion of bonds in 2009, the agency said yesterday.

The Senate Appropriations Committee will meet today to vote on a stimulus spending bill that offers less funding than requested by water utilities, municipal housing finance officials, and some senators. The groups are pushing for a revision.

The South Jersey Port Corp. last week sold $25.8 million of debt aided by radio and print advertisements for a sister bond deal as retail buyers held back on the bonds.

President Obama's cabinet grew last week as the Senate confirmed Shaun Donovan as the new secretary of Housing and Urban Development, and Ray LaHood as head of the Department of Transportation.

BRADENTON, Fla. - Florida's largest public-private project may be back on after all.

Responding to difficulties accessing the credit market with competitive deals, the Port Authority of New York and New Jersey yesterday raised its maximum allowable interest rate on debt issuance to 12% from 8%.

House Speaker Nancy Pelosi vowed yesterday that she will bring $358 billion of bond-related and other federal spending provisions to the House floor next week as part of the economic stimulus package.

DALLAS - Southwest Airlines is ready to launch a $519 million redevelopment of its flagship Love Field Airport in Dallas, even though the carrier's growth is "suspended indefinitely," chairman Gary Kelly said yesterday.

CHICAGO - The Regional Transportation Authority is considering taking out a short-term loan if Illinois fails in the next few weeks to catch up on $160 million of matching sales-tax dollars it owes to the agency.

The New York State Thruway Authority yesterday authorized the sale of up to $450 million of tax-exempt bonds on the state's second general highway and bridge trust fund credit. The deal comprises up to $250 million of new money and up to $200 million of refunding.

The House Appropriations Committee yesterday amended its proposal for the spending portion of the economic recovery package, easing a use-it-or-lose-it provision that would have required states to obligate their funds from the stimulus bill within four months.

Former Rep. Ray LaHood, a Republican from Illinois, yesterday was poised to become secretary of the Department of Transportation after he sailed through a Senate confirmation hearing on his nomination.

CHICAGO - Under pressure to act soon, the financially strapped St. Louis Metro transit agency is weighing how best to restructure $100 million of insured floating-rate bonds from a 2002 issue, a task complicated by increased liquidity costs and possible swap termination payments.

The New Jersey Turnpike Authority is gearing up to address its problematic auction-rate securities with a $225 million bond sale set to price this month that will refinance some of the debt into variable-rate mode. It also hopes to sell $275 million of notes to buy back more of its $800 million of outstanding ARS.

Dallas Area Rapid Transit has named former Irving municipal finance manager David Leininger as its new chief financial officer. Leininger will supervise all financial activities, including budgeting, financial planning, federal funding, accounts payable, and general accounting.

Gov. Bill Ritter Jr. and legislative leaders hope to ease Colorado’s transportation funding crisis with a program dubbed FASTER, for Funding Advancement for Surface Transportation Economic Recovery.

DALLAS - New Orleans' recovery director said yesterday that bond-financed projects in the city are viable despite sluggish sales of Gulf Opportunity Zone bonds dedicated to economic restoration efforts.

WASHINGTON - House appropriations and tax committees yesterday described several municipal bond initiatives among the $550 billion of spending provisions and $275 billion of targeted tax cuts to be included in economic stimulus legislation, which lawmakers hope to take up beginning next week.

The Florida Department of Transportation has postponed the date that bids are due for the potential leasing of Alligator Alley, an existing toll road in South Florida.

Massachusetts Senate leaders yesterday released their proposal to reform the state's transportation system with the goal of bringing efficiency and cost-savings to roadways, bridges, and mass transit operations.