borrowing

New York's Metropolitan Transportation Authority (MTA) has broken a financial logjam successfully selling $550m of bonds Friday.  Many other toll authorities are unable to borrow due to the great financial crisis. North Carolina Turnpike Authority and North Texas Tollway Authority both recently postponed attempts to raise bond money.

Shorn of the prospect of tangible new toll revenues by the populist anti-toll revolt that has captured the state Republican Party, TxDOT has been put on a borrowing binge. Texas Transportation Commission (TTC) has just approved borrowing of $1.5 billion based on no new revenue whatever, just "proposals".