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46 AnnotAted RefeRences American Association of state Highway and transportation officials AASHTO is a nonprofit, nonpartisan association representing highway and transportation departments in the 50 states, the District of Columbia, and Puerto Rico. It represents all five transportation modes: air, highways, public transportation, rail, and water. Its primary goal is to foster the development, operaÂ tion, and maintenance of an integrated national transportation system. AASHTOâs resources related to debt management include technical service programs, centers of excellence (including the Build AmerÂ ica Transportation Investment Center), training and education, and other forms of information sharing. http://www.transportation.org/ Build America transportation Investment center Institute: An AAsHto center of excellence The Build America Transportation Investment Center (BATIC) Institute is an information clearingÂ house that provides a wide range of capacityÂbuilding tools, resources, and information, with a particular focus on emerging transportation funding and finance innovation. The site includes links to legislation authorizing innovative financing techniques, financing mechanisms, current projects, and detailed explanations of what is innovative finance. http://www.financingtransportation.org/ Project finance state by state: Benchmarking data This resource, developed in partnership with the National Conference of State Legislatures, provides a snapshot of states that have implemented various finance tools, including private activity bonds, Transportation Infrastructure Financing and Innovation Act (TIFIA) loans, GARVEE debt, state infrastructure banks (SIBs), and Build America Bonds. http://financingtransportation.org/tools/state_by_state/map.aspx American society of civil engineers Infrastructure Report Card Every 4 years, ASCEâs Report Card for Americaâs Infrastructure depicts the condition and perforÂ mance of American infrastructure in the familiar form of a school report cardâassigning letter grades based on the physical condition and needed investments for improvement. http://www.infrastructurereportcard.org/ federal Highway Administration Highway Finance Data and Information The Highway Finance Data and Information office collects information from state DOTs and prepares annual reports and statistics on the status of debt and debt service. The annual report is Highway Statistics. https://www.fhwa.dot.gov/policyinformation/statistics.cfm Conditions and Performance Report The Conditions and Performance Report provides decisionÂmakers with an appraisal of the physical conditions, operational performance, and financing mechanisms of highways, bridges, and transit AddItIonAl ResouRces, RefeRences, And lInks foR stAte deBt MAnAgeMent PolIcIes
47 systems based on the current state and projected future state of these systems under a set of alternaÂ tive future investment scenarios. This edition of the report is the ninth in the series that combines information on the nationâs highway and transit systems. http://www.fhwa.dot.gov/policy/2010cpr/ Project Finance Primer The Office of Innovative Program Delivery published the Project Finance Primer in 2010 as an update to the Innovative Finance Brochure, which was published by FHWA in 2002. The primer focuses on bonds and credit assistance and incorporates new project finance techniques that include changes and new programs adopted under the Safe Accountable Flexible Efficient Transportation Equity Act: A Legacy for Users. http://www.fhwa.dot.gov/ipd/finance/resources/general/ Federal Credit Assistance Resources The Office of Innovative Program Delivery maintains a website that provides numerous resource materials, including descriptions of the federal credit programs, an overview of section 129 loans, and an overview and introductory webinar for state infrastructure banks. http://www.fhwa.dot.gov/ipd/finance/resources/federal_credit/ Federal Debt-Financing Tools The Office of Innovative Program Delivery maintains a website that provides linked information to debt instrument tools, including GARVEEs, private activity bonds (PABs), and Build America Bonds. GARVEEs are backed by money sources not previously used to secure debt, and PABs permit private involvement in taxÂexempt municipal bonds. U.S.DOT and FHWA approve projects for GARVEE financing and administer the allocation of PABs. http://www.fhwa.dot.gov/ipd/finance/tools_programs/federal_debt_financing/ Federal Aid Fund Management Tools FHWA maintains a website that provides guidance on matching requirements for FHWAÂfunded grants and subgrants. http://www.fhwa.dot.gov/ipd/finance/resources/federal_aid/matching_strategies.aspx#flexible PublicâPrivate Partnership Oversight: How FHWA Reviews P3s The Office of Innovative Program Delivery provided a guidance document as a reference to help state and local transportation agencies and the private sector understand how FHWA conducts stewardship and oversight of federal aid projects for which P3s are being considered or implemented. http://www.fhwa.dot.gov/ipd/pdfs/p3/p3_oversight_how_FHWA_reviews.pdf fitch Ratings Leveraging Federal Transportation Grants The following report from December 2015 provides an overview of Fitchâs analytical approach to evaluating GARVEE bonds. Readers must log in to Fitchâs website for access, but the article is not behind a paywall. https://www.fitchratings.com/creditdesk/reports/report_frame_render.cfm?rpt_id=874011
48 Rating Criteria for Availability-Based Projects This report, issued in October 2015, is an update to previously issued criteria for availability payment debt structures. Readers must log in to Fitchâs website for access, but the article is not behind a paywall. https://www.fitchratings.com/creditdesk/reports/report_frame_render.cfm?rpt_id=874011 Moodyâs Investors service Moodyâs Investors Service includes a range of research and ratings information on project finance and public finance sector ratings criteria and approaches. https://www.moodys.com/ standard & Poorâs Standard & Poorâs includes a range of research and ratings information on project finance and public finance sector ratings criteria and approaches. https://www.standardandpoors.com/en_US/web/guest/home government finance officers Association Accurately Displaying Total Expenditures in Budget Presentations The Government Finance Officers Association (GFOA) provides recommendations to help governÂ ments ensure entitywide budget totals reflect real economic activity and material double counting does not occur. Factors the can be used to safeguard against double counting are provided. http://www.gfoa.org/accuratelyÂdisplayingÂtotalÂexpendituresÂbudgetÂpresentations Analyzing and Issuing Refunding Bonds GFOA provides key terms and definitions that are recommended to effectively evaluate a refunding candidate. http://www.gfoa.org/analyzingÂandÂissuingÂrefundingÂbonds An Elected Officialâs Guide: Debt Issuance This publication provides readers with an introduction to the principles and practices of issuing debt. Each step of the debt issuance process is described: the development of financing plans and debt poliÂ cies before bonds are issued, the sales process, and outstanding debt management. http://www.gfoa.org/electedÂofficialsÂguideÂdebtÂissuance kentucky transportation center Synthesis of PublicâPrivate Partnerships: Potential Issues and Best Practices for Program and Project Implementation and Administration Drawing from a number of sources, this report expands on several factors that policy makers should consider as they deliberate on whether a P3 is the best procurement option for specific projects. http://www.ktc.uky.edu/files/2015/08/KTC_15_13_SPR15_500_1F.pdf Municipal securities Rulemaking Board The Municipal Securities Rulemaking Board (MSRB) establishes rules for municipal securities firms, banks, and municipal advisors that engage in municipal securities and advisory activities. The MSRB
49 supports market transparency by making trade data and disclosure documents available on its ElecÂ tronic Municipal Market Access (EMMA) website, the official repository for information on virtually all municipal bonds. The MSRB also serves as an objective resource on the municipal market, conducts extensive education and outreach to market stakeholders, and provides market leadership on key issues. http://www.msrb.org/ national Association of state Budget officers State Expenditure Report An annual report that examines spending in the functional areas of state budgets, including transportation. http://www.nasbo.org/publicationsÂdata/stateÂexpenditureÂreport national conference of state legislatures Transportation Governance and Finance: A 50-State Review of State Legislatures and Departments of Transportation From 2010 to 2011, the National Conference of State Legislatures and AASHTO partnered to produce an unprecedented, 50Âstate review of transportation governance and finance, based largely on inÂdepth, original survey research. The project focused on transportation finance and on the roles of, and relationÂ ships between, those state government entities that are most active in transportation issues: state legisÂ latures and, under the authority of governors, state DOTs. The resulting report provides an overview of state transportation governance and finance as well as detailed profiles and other information for each state, the District of Columbia, and Puerto Rico. finance.org/pdf/50_State_Review_State_Legislatures_Departments_Transportation.pdf Transportation Funding and Finance Legislation Database The National Conference of State Legislatures tracks transportation funding and financeÂrelated legislation (since 2013) in this database. http://www.ncsl.org/research/transportation/ncslÂtransportationÂfundingÂfinanceÂlegisÂdatabase.aspx PublicâPrivate Partnerships for Transportation: Categorization and Analysis of State Statutes The National Conference of State Legislatures categorized and compiled the provisions of state law addressing P3s for transportation, publishing the results in January 2016. http://www.ncsl.org/Portals/1/Documents/transportation/P3_state_statutes.pdf transportation Research Board NCHRP Synthesis 395: Debt Finance Practices for Surface Transportation NCHRP Synthesis 395: Debt Finance Practices for Surface Transportation was published in 2009 and reports the results of a survey of all state DOTs on the topics of debt management policy and practice. http://onlinepubs.trb.org/onlinepubs/nchrp/nchrp_syn_395.pdf Financing Surface Transportation in the United States Forging a Sustainable FutureâNow! This is a summary of the Fourth International Conference. TRB has conducted a series of four conÂ ferences addressing the evolution of transportation finance and funding. They conferences focus on a variety of new tools and techniques, known collectively as innovative finance, as well as revenue generation alternatives. http://onlinepubs.trb.org/onlinepubs/conf/CP48.pdf
50 RefeRences American Society of Civil Engineers (ASCE), 2013 Report Card for Americaâs Infrastructure, ASCE, Reston, Va. [Online]. Available: www.infrastructurereportcard.org. Federal Highway Administration (FHWA), 2010 Conditions and Performance Report, FHWA, Washington, D.C. [Online]. Available: www.infrastructurereportcard.org. Federal Highway Administration (FHWA) Design-Build, Office of International Programs, FHWA, Washington, D.C. [Online]. Available: https://www.fhwa.dot.gov/policyinformation/statistics.cfm. Federal Highway Administration (FHWA), Highway Statistics [Online]. Available: http://international. fhwa.dot.gov/contractadmin/04.cfm. Fitch Ratings, June 17, 2015, Exposure Draft: Rating Criteria for Availability-Based Projects. Fitch Ratings, October 2015, Rating Criteria for Availability-Based Projects. Henkin, T., NCHRP Synthesis 395: Debt Finance Practices for Surface Transportation, Transportation Research Board of the National Academies, Washington, D.C., 2009, 84 pp. National Association of State Budget Officers (NASBO), State Expenditure Report: Examining Fiscal 2013â2015 State Spending, NASBO, Washington, D.C., 2016, p. 3. National Conference of State Legislatures, Transportation Governance and Finance, pp. 34â35. lInks to stAte deBt MAnAgeMent PolIcIes In addition to these links, Illinois, Louisiana, Michigan, and New Mexico provided state debt manÂ agement policies in response to the survey. Although not available on each stateâs website, the poliÂ cies are available as an eÂappendix to this report at http://www.TRB.org/Publications/PubsNCHRP Publications.aspx. State Link Alaska http://treasury.dor.alaska.gov/Portals/0/docs/AK%20Debt%20Capacity%20FINAL%20VERSION%202-4-2016.pdf?ver=2016-02-03-162554-773 Arizona http://aztransportationboard.gov/downloads/board-policies.pdf Florida http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statut e&Search_String=&URL=0300-0399/0339/Sections/0339.139.html Georgia https://gsfic.georgia.gov/sites/gsfic.georgia.gov/files/related_files/docum ent/FY%202016-2020%20Debt%20Managment%20Plan%20FINAL.pdf Massachusetts http://www.mass.gov/anf/budget-taxes-and-procurement/...finance/fab/ Minnesota http://www.dot.state.mn.us/policy/financial/fm007.html Mississippi http://www.dfa.ms.gov/media/1038/sbc-debt-management-policy-final-4-25-12.pdf Missouri http://www.modot.org/about/MHTCPolicies.html Nevada https://nevadatreasurer.gov/debt/ Texas http://ftp.dot.state.tx.us/pub/txdot-info/fin/investor/policies/debt.pdf Virginia http://law.lis.virginia.gov/vacodefull/title2.2/chapter27/article5/ Washington http://www.tre.wa.gov/investors/stateFinance.shtml