Debt Finance Practices for Surface Transportation
This report presents basic principles of debt issuance for public agencies. The primary focus is on the current practices of state agencies with responsibilities for surface transportation investment. The report may be useful in assisting in the decision on when and how to best use debt financing techniques to fund investments in transportation infrastructure. Anticipated audiences include those with financial oversight responsibilities for state departments of transportation (DOTs), public authorities, and local governments. Others who may benefit include legislative oversight committees and the media. Information for this report was gathered through a literature review, a comprehensive survey of state DOTs, selected interviews, and a study of selected state policies, guidelines, and documentation. Tamar Henkin, on behalf of TransTech Management, Inc., Washington, D.C., collected and synthesized the information and wrote the report. The members of the topic panel are acknowledged on the preceding page. This synthesis is an immediately useful document that records the practices that were acceptable within the limitations of the knowledge available at the time of its preparation. As progress in research and practice continues, new knowledge will be added to that now at hand.
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CHAPTER TWO DEBT ISSUANCE FOR SURFACE TRANSPORTATION PURPOSES
CHAPTER THREE DEBT ISSUANCE POLICIES AND GUIDELINES
CHAPTER FOUR CANDIDATE BEST PRACTICES AND AREAS FOR IMPROVEMENT
NATIONAL DEBT AND INNOVATIVE FINANCE RESOURCES
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AASHTO amount of debt annual Anticipation Notes authority to issue best practices Bond Finance bond issue bond proceeds bond sales bonds backed Borrowing budget California Transportation Commission capital costs Debt Affordability debt financing debt is issued debt issuance debt issued debt management plan debt obligations debt outstanding debt policy debt programs debt service debt structures document entity federal funds Federal Highway Administration FHWA financial plan Fitch Ratings fuel taxes GARVEE bonds GFOA Grant Anticipation guidelines Highway Statistics Highway/Transportation Revenue Bonds include the following innovative finance interest rate interest rate swaps issue debt issuer lease loan long-term maturity ment pay-as-you-go percentage pledged repayment sources responding Sales Tax Sales Tax Revenue state’s surface transportation survey synthesis Tax Revenue Bonds TIFIA tion Toll Revenue Bonds Transportation Infrastructure transportation investment transportation program transportation purposes Transportation Research Board transportation-related debt TransTech Turnpike types of debt