WASHINGTON - The Washington Metropolitan Area Transit Authority will issue its first-ever long-term tax-exempt bonds under a refinancing agreement announced yesterday by U.S. Transportation Secretary Federico Pena and authority officials.

Pena hailed the agreement as a prime example of President Clinton's call to "reinvent government" and said the innovative refinancing will save taxpayers hundreds of millions of dollars.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.