Transportation industry

A plan to extend the Bay Area Rapid Transit system to Silicon Valley scored a come-from-behind victory this week, as the Santa Clara County registrar of voters certified that an eighth-cent sales tax to operate the new line was approved by voters last month.

New York's Metropolitan Transportation Authority could issue as much as $30 billion of bonds over five years under a new credit backed by a payroll tax, according to a proposal released yesterday by a state commission.

The $5.2 billion Dulles Metrorail extension, all but dead nearly a year ago, was revived Wednesday when the Federal Transit Administration signed off on the plan, essentially guaranteeing $900 million of funding for a project that will be partly financed with more than $2 billion of tax-exempt bonds.

CHICAGO - The Chicago City Council overwhelmingly approved a 75-year lease of the city's parking meter system to a private group for $1.157 billion, just two days after Mayor Richard Daley unveiled the winning bid and his plans for the proceeds.

SAN FRANCISCO - Kevin Kone sold $90 million of notes with a 1.5% yield this week, and he's going on vacation.

After more than a year of effort, Atlanta finally has its first formal comprehensive transportation plan.

CHICAGO - Mayor Richard Daley yesterday announced a winning bid of $1.157 billion from a private consortium to lease Chicago's parking meter system for 75 years, with more than half of the proceeds earmarked to see the city through the current recession.

DALLAS - A heavily traveled turnpike north of Austin will become the first part of a tollway system under a finance plan approved by regional planners.

Standard & Poor's downgraded the New York State Thruway Authority to A-plus with a stable outlook from AA-minus yesterday, affecting $2.4 billion of outstanding general revenue bonds.

House Democratic leaders yesterday said they will have an economic recovery package ready for Congress to consider when it begins its new session on Jan. 6 that includes billions of dollars for infrastructure projects and other initiatives to spur job growth, as well as proposals from President-elect Barack Obama.

Charging New York motor vehicles registration fees based on weight could generate more than $1 billion for the cash-strapped Metropolitan Transportation Authority, New York City Comptroller William C. Thompson Jr. said last week.

The Port Authority of New York and New Jersey plans to competitively market $300 million of federally taxable notes on Wednesday. The deal will be the largest competitive municipal debt sale since the market froze up in mid-September following the bankruptcy of Lehman Brothers.

Swap agreements continue to plague the Massachusetts Turnpike Authority, as the agency would need to pay approximately $450 million in combined termination fees in the event of further credit rating downgrades.

To stimulate investment in infrastructure and to boost domestic employment, Congress should permit pension fund purchasers of municipal bonds to reassign only the tax-benefit - the exemption feature - of those bonds to U.S. taxpayers seeking tax deductions.

WASHINGTON - President-elect Barack Obama yesterday vowed to work closely with state and local officials to craft his two-year, multibillion-dollar stimulus plan and stressed that it will focus on providing funding for transportation and infrastructure projects that are already underway or ready to go.

The Metro transit agency late last week approved a 50-cent fare increase in a move aimed at shoring up its operating budget following voter rejection earlier this month of a sales tax hike.

BRADENTON, Fla. - The North Carolina Turnpike Authority plans next week to announce a concessionaire to enter into a pre-development agreement for the Mid-Currituck Bridge project, the agency's first public-private partnership.

CHICAGO - The Minnesota Metropolitan Airports Commission will vote next month on a $125.8 million capital budget, as a $800 million terminal expansion remains on hold and officials await a proposal from Delta Air Lines over repayment of commission-backed bonds issued for the former Northwest Airlines.

WASHINGTON - President-elect Barack Obama yesterday announced his economic team and said he has directed them to draft a broad, multibillion-dollar stimulus package within the next two months that would provide funds for infrastructure projects. He also warned that the deficit will grow significantly whether or not stimulus legislation is enacted and did not rule out repealing Bush administration tax cuts before they expire.

DALLAS - Utah has halted $3.9 billion of road projects representing all new construction amid a worsening budget crunch, officials said.