Transportation industry

SAN FRANCISCO - The Los Angeles County Metropolitan Transportation Authority last week advanced a sales tax ballot measure that would raise as much as $40 billion to expand highways and public transportation in the nation's most notoriously congested region.

Portland could be heading to the market next year with a new-money transaction to help finance a $60 million expansion project at the Portland International Jetport.

The Metropolitan Transportation Authority will be challenged to close multimillion dollar deficits over the next four years but the New York agency is expected to balance its budget through state and local government assistance, fare increases, or operating cost reductions, Standard & Poor’s said in a report last week.

BRADENTON, Fla. -The Florida Department of Transportation on Wednesday received six responses from firms interested in the state's first-ever lease of an existing toll road, which is known as Alligator Alley.

CHICAGO - Even as rising gas costs threaten Michigan's transportation revenues, the state needs to double spending on its roads and bridges or up to 30% of roads will become unsafe within the next decade, according to a report on the state's transportation system released this week.

DALLAS - With growth coming from the world's largest Army post, El Paso, Tex., is moving toward a $1 billion comprehensive mobility plan that would complete a freeway loop around the city, add a rapid transit system, and build the first two toll roads in the area.

The House yesterday approved an $8 billion patch for the anemic Highway Trust Fund, while a Senate committee postponed this week's vote on a stimulus package that would inject billions more into transportation infrastructure.

New York's Metropolitan Transportation Authority yesterday asked the state, city, and subway and commuter train riders to pony up more money to help the agencyy close a budget gap that would rise to $903 million in 2009.

CHICAGO - With ratings in the double-A category and clearance from the Illinois auditor general, the Chicago Transit Authority is readying its long-planned issue of nearly $2 billion of taxable pension-related bonds for sale as soon as next week.

The Pennsylvania Turnpike Commission yesterday announced that it submitted a revamped application to the Federal Highway Administration, seeking approval to implement tolls on Interstate 80.

Facing a $20 million 2009 budget deficit stemming largely from rising fuel costs, the Greater Cleveland Regional Transit Authority last week issued a proposal to raise fares and cut service in Cuyahoga County.

Senate Appropriations Committee members are expected Thursday to vote on transportation funding as part of a second economic stimulus package, Peter Rogoff, staff director of the committee's transportation panel told airport executives meeting here yesterday.

New Mexico Gov. Bill Richardson has proposed a $200 million package of 13 road construction projects that would be financed with $100 million of energy severance tax bonds and $100 million from the state’s surplus.

DALLAS - With $5.4 billion of toll-road related projects on the drawing board, Harris County, Tex., today plans to issue $350 million of senior-lien toll road revenue bonds with maturities stretching to 40 years.

New York's Metropolitan Transportation Authority finance committee approved an amendment to its 2005-2009 capital program that would defer some $2.7 billion of projects. The full board will vote on the amendment tomorrow. The MTA board will also get a presentation tomorrow on the preliminary 2009 operating budget.

The Pennsylvania Turnpike Commission tomorrow will sell $234.8 million of subordinate revenue bonds to help the agency meet its initial fiscal 2009 payment to the state's Department of Transportation.

DALLAS — Harris County gets the show on the road this week for large Texas issuers with a $350 million toll road revenue bond deal led by Goldman, Sachs & Co.

A pair of issuers from Los Angeles will have starring roles in this week's primary market, which is expected to see an estimated $7.67 billion of new-issue volume, according to Thomson Reuters, compared with a revised $6.27 billion last week.

The Metropolitan Transportation Authority’s acting finance director has moved over to become treasurer. Vinay Dayal replaced MTA treasurer John Murphy, who retired after 35 years of service with the New York agency.

Critics of Massachusetts Gov. Deval Patrick's proposal to have the state extend its double-A credit rating to $2.2 billion of Massachusetts Turnpike Authority debt say the administration should look toward reforming MassPike and creating greater transparency before adding more debt on top of the commonwealth's $29 billion of outstanding debt.