Region: North America
Country: United States
Transportation officials at all levels of government are challenged to identify ways to pay for improvements to our Nation's transportation infrastructure. Despite record levels of investment in surface transportation infrastructure in recent years, traditional funding sources have not kept pace with the investment demands of an aging and increasingly complex U.S. transportation system.
For almost two decades, the Federal government has responded to this investment gap by providing new techniques that complement and enhance existing grant reimbursement programs. This Project Finance Primer describes those techniques and provides examples of such techniques as applied by State and local partners.
This Project Finance Primer is an update to the Innovative Finance Brochure, published by FHWA in 2002 (Publication No. FHWA-AD-02-006). This primer focuses on bonds and credit assistance and incorporates new project finance techniques that have become available for transportation projects since the brochure's publication in 2002, including changes and new programs adopted under SAFETEA-LU. Innovative management of Federal funds and project delivery options are NOT covered in this primer.
For more information about this sector, please visit Public–Private Partnerships in Transport.
Table of Contents
|Chapter 1: Introduction|
|Definition of Project Finance|
|Types of Project Finance Techniques|
|Bond and Debt Financing Terms|
|Loans and Credit Assistance Terms|
|Evolution and History of Project Finance and Federal Role|
|Chapter 2: Bonds and Debt Financing|
|Definition and Concepts|
|Grant Anticipation Revenue Vehicles (GARVEEs)|
|How Does It Work?|
|What Are the Benefits?|
|How Is It Used?|
|Build America Bonds (BABs)|
Updated: August 25, 2020