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TRANSPORTATION RESEARCH BOARD
2005 EXECUTIVE COMMITTEE*
Chair: John E. Njord, Executive Director, Utah Department of Transportation, Salt Lake City
Vice Chair: Michael D. Meyer, Professor, School of Civil and Environmental Engineering, Georgia Institute of Technology, Atlanta
Executive Director: Robert E. Skinner, Jr., Transportation Research Board
Michael W. Behrens, Executive Director, Texas Department of Transportation, Austin
Larry L. Brown, Sr., Executive Director, Mississippi Department of Transportation, Jackson
Deborah H. Butler, Vice President, Customer Service, Norfolk Southern Corporation and Subsidiaries, Atlanta, Georgia
Anne P. Canby, President, Surface Transportation Policy Project, Washington, D.C.
John L. Craig, Director, Nebraska Department of Roads, Lincoln
Douglas G. Duncan, President and CEO, FedEx Freight, Memphis, Tennessee
Nicholas J. Garber, Professor of Civil Engineering, University of Virginia, Charlottesville
Angela Gittens, Consultant, Miami, Florida
Genevieve Giuliano, Director, Metrans Transportation Center, and Professor, School of Policy, Planning, and Development,
University of Southern California, Los Angeles (Past Chair, 2003)
Bernard S. Groseclose, Jr., President and CEO, South Carolina State Ports Authority, Charleston
Susan Hanson, Landry University Professor of Geography, Graduate School of Geography, Clark University, Worcester,
Massachusetts
James R. Hertwig, President, CSX Intermodal, Jacksonville, Florida
Gloria J. Jeff, Director, Michigan Department of Transportation, Lansing
Adib K. Kanafani, Cahill Professor of Civil Engineering, University of California, Berkeley
Herbert S. Levinson, Principal, Herbert S. Levinson Transportation Consultant, New Haven, Connecticut
Sue McNeil, Director and Professor, Urban Transportation Center, University of Illinois, Chicago
Michael Morris, Director of Transportation, North Central Texas Council of Governments, Arlington
Carol A. Murray, Commissioner, New Hampshire Department of Transportation, Concord
Philip A. Shucet, Commissioner, Virginia Department of Transportation, Richmond
Michael S. Townes, President and CEO, Hampton Roads Transit, Virginia (Past Chair, 2004)
C. Michael Walton, Ernest H. Cockrell Centennial Chair in Engineering, University of Texas, Austin
Linda S. Watson, Executive Director, LYNXCentral Florida Regional Transportation Authority, Orlando
Marion C. Blakey, Administrator, Federal Aviation Administration, U.S. Department of Transportation (ex officio)
Rebecca M. Brewster, President and COO, American Transportation Research Institute, Smyrna, Georgia (ex officio)
George Bugliarello, Chancellor, Polytechnic University, Brooklyn, New York; Foreign Secretary, National Academy of
Engineering, Washington, D.C. (ex officio)
Thomas H. Collins (Adm., U.S. Coast Guard), Commandant, U.S. Coast Guard, Washington, D.C. (ex officio)
Jennifer L. Dorn, Administrator, Federal Transit Administration, U.S. Department of Transportation (ex officio)
James J. Eberhardt, Chief Scientist, Office of FreedomCAR and Vehicle Technologies, U.S. Department of Energy (ex officio)
Stacey L. Gerard, Acting Deputy Administrator, Pipeline and Hazardous Materials Safety Administration,
U.S. Department of Transportation (ex officio)
Edward R. Hamberger, President and CEO, Association of American Railroads, Washington, D.C. (ex officio)
John C. Horsley, Executive Director, American Association of State Highway and Transportation Officials, Washington, D.C.
(ex officio)
Robert D. Jamison, Acting Administrator, Federal Railroad Administration, U.S. Department of Transportation (ex officio)
Edward Johnson, Director, Applied Science Directorate, National Aeronautics and Space Administration, John C. Stennis Space
Center, Mississippi (ex officio)
Rick Kowalewski, Deputy Director, Bureau of Transportation Statistics, U.S. Department of Transportation (ex officio)
William W. Millar, President, American Public Transportation Association, Washington, D.C. (ex officio) (Past Chair, 1992)
Mary E. Peters, Administrator, Federal Highway Administration, U.S. Department of Transportation (ex officio)
Eric C. Peterson, Deputy Administrator, Research and Innovative Technology Administration, U.S. Department of Transportation
(ex officio)
Suzanne Rudzinski, Director, Transportation and Regional Programs, U.S. Environmental Protection Agency (ex officio)
Jeffrey W. Runge, Administrator, National Highway Traffic Safety Administration, U.S. Department of Transportation (ex officio)
Annette M. Sandberg, Administrator, Federal Motor Carrier Safety Administration, U.S. Department of Transportation
(ex officio)
William G. Schubert, Administrator, Maritime Administration, U.S. Department of Transportation (ex officio)
Jeffrey N. Shane, Under Secretary for Policy, U.S. Department of Transportation (ex officio)
Carl A. Strock (Maj. Gen., U.S. Army), Chief of Engineers and Commanding General, U.S. Army Corps of Engineers,
Washington, D.C. (ex officio)
* Membership as of May 2005.
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CONFERENCE PROCEEDINGS 33
Transportation Finance
Meeting the Funding Challenge Today,
Shaping Policies for Tomorrow
Report of the Committee for the Third National
Conference on Transportation Finance
Chicago, Illinois
October 2730, 2002
Sponsored by
Transportation Research Board
Federal Highway Administration
TRANSPORTATION
RESEARCH BOARD
WASHINGTON, D.C.
2005
WWW.TRB.org
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Transportation Research Board Conference Proceedings 33
ISSN 1073-1652
ISBN 0-309-09499-2
Subscriber Category
IA planning and administration
Transportation Research Board publications are available by ordering individual publications directly
from the TRB Business Office, through the Internet at national-academies.org/trb, or by annual sub-
scription through organizational or individual affiliation with TRB. Affiliates and library subscribers
are eligible for substantial discounts. For further information, contact the Transportation Research
Board Business Office, 500 Fifth Street, NW, Washington, DC 20001 (telephone 202-334-3214;
fax 202-334-2519; or email TRBsales@nas.edu).
Printed in the United States of America.
NOTICE: The project that is the subject of this report was approved by the Governing Board of the
National Research Council, whose members are drawn from the councils of the National Academy of
Sciences, the National Academy of Engineering, and the Institute of Medicine. The members of the
committee responsible for the report were chosen for their special competencies and with regard for
appropriate balance.
This report has been reviewed by a group other than the authors according to the procedures
approved by a Report Review Committee consisting of members of the National Academy of Sciences,
the National Academy of Engineering, and the Institute of Medicine.
The views expressed in the presentations and papers contained in this report are those of the
authors and do not necessarily reflect the views of the committee, the Transportation Research Board,
the National Research Council, or the sponsors of the conference.
The conference was sponsored by the Transportation Research Board and the Federal Highway
Administration of the United States Department of Transportation.
Committee for the Third National Conference on Transportation Finance (As of 2002)
William D. Ankner, Rhode Island Department of Transportation, Chair
Peter (Jack) Basso, American Association of State Highway and Transportation Officials
Thomas W. Bradshaw, Jr., Salomon Smith Barney
Anne P. Canby, Canby Associates
Lowell R. Clary, Florida Department of Transportation
Yuval Cohen, PB Consult, Inc.
Edward J. Corcoran II, Foley Hoag, LLP
John W. Flora, World Bank
Bryan Grote, Mercator Advisors, LLC
Dennis G. Houlihan, American Federation of State, County, and Municipal Employees
Susan P. Mortel, Michigan Department of Transportation
Michael A. Pagano, University of IllinoisChicago
William G. Reinhardt, Public Works Financing
Anthony J. Taormina, OmniTRAX, Inc.
Vicki L. Winston, Alameda County Public Works Agency
Liaison Members
Paul Marx, Federal Transit Administration
JoAnne McGowan, Federal Railroad Administration
Suzanne H. Sale, Federal Highway Administration
Transportation Research Board and Conference Staff
Mark R. Norman, Director, Technical Activities
Claire L. Felbinger, Senior Program Officer, Transportation Policy and Management
Bruce Millar, Meeting Coordinator
Mary Kissi, Program Assistant
Tamar Henkin, TransTech Management, Inc.
Karin DeMoors, TransTech Management, Inc.
Publications Office
Joseph E. Gawel, Ann E. Petty, and Norman Solomon, Editors
Jennifer J. Weeks, Senior Editorial Assistant
Kristin M. Sawyer, Proofreader
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The National Academy of Sciences is a private, nonprofit, self-perpetuating society of distinguished
scholars engaged in scientific and engineering research, dedicated to the furtherance of science and
technology and to their use for the general welfare. On the authority of the charter granted to it by
the Congress in 1863, the Academy has a mandate that requires it to advise the federal government
on scientific and technical matters. Dr. Bruce M. Alberts is president of the National Academy of
Sciences.
The National Academy of Engineering was established in 1964, under the charter of the National
Academy of Sciences, as a parallel organization of outstanding engineers. It is autonomous in its
administration and in the selection of its members, sharing with the National Academy of Sciences
the responsibility for advising the federal government. The National Academy of Engineering also
sponsors engineering programs aimed at meeting national needs, encourages education and research,
and recognizes the superior achievements of engineers. Dr. William A. Wulf is president of the
National Academy of Engineering.
The Institute of Medicine was established in 1970 by the National Academy of Sciences to secure the
services of eminent members of appropriate professions in the examination of policy matters per-
taining to the health of the public. The Institute acts under the responsibility given to the National
Academy of Sciences by its congressional charter to be an adviser to the federal government and, on
its own initiative, to identify issues of medical care, research, and education. Dr. Harvey V. Fineberg
is president of the Institute of Medicine.
The National Research Council was organized by the National Academy of Sciences in 1916 to asso-
ciate the broad community of science and technology with the Academy's purposes of furthering
knowledge and advising the federal government. Functioning in accordance with general policies
determined by the Academy, the Council has become the principal operating agency of both the
National Academy of Sciences and the National Academy of Engineering in providing services to the
government, the public, and the scientific and engineering communities. The Council is administered
jointly by both the Academies and the Institute of Medicine. Dr. Bruce M. Alberts and Dr. William
A. Wulf are chair and vice chair, respectively, of the National Research Council.
The Transportation Research Board is a division of the National Research Council, which serves the
National Academy of Sciences and the National Academy of Engineering. The Board's mission is to
promote innovation and progress in transportation through research. In an objective and interdisci-
plinary setting, the Board facilitates the sharing of information on transportation practice and pol-
icy by researchers and practitioners; stimulates research and offers research management services
that promote technical excellence; provides expert advice on transportation policy and programs;
and disseminates research results broadly and encourages their implementation. The Board's varied
activities annually engage more than 5,000 engineers, scientists, and other transportation researchers
and practitioners from the public and private sectors and academia, all of whom contribute their
expertise in the public interest. The program is supported by state transportation departments, fed-
eral agencies including the component administrations of the U.S. Department of Transportation,
and other organizations and individuals interested in the development of transportation.
www.TRB.org
www.national-academies.org
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