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51 Appendix A Survey Questionnaire BAckground And inStructionS The Transportation Research Board (TRB) is preparing a synthesis on debt management practices among state departments of transportation (DOTs). This survey is being conducted for the National Cooperative Highway Research Program (NCHRP), under the sponsorship of the American Association of State High- way and Transportation Officials (AASHTO), in cooperation with the Federal Highway Administration (FHWA). The survey is specifically designed to extend the 2009 NCHRP Synthesis 395: Debt Finance Practices for Surface Transportation, in which most states reported a need for assistance in developing prudent debt management practices. This updated Synthesis will highlight the current state of practice and emerging issues, and identify new research needs based on gaps in knowledge and practice. This questionnaire is designed to be completed by each state DOT Chief Financial Officer or Finance Director and supporting staff, as appropriate. Depending on the structure of debt management respon- sibilities within the state, assistance from personnel outside of the DOT (e.g., state finance authority, treasurerâs office, etc.) also may be necessary. Further, to provide a comprehensive picture, to the extent possible we ask that you describe the transportation-related debt issuance policies and practices for your stateâs transportation system, whether contained within the state DOT or shared with other state agencies or authorities (e.g., independent state toll, turnpike, bridge/tunnel, airport, or port authorities). The questionnaire has 5 parts, and you will be asked to complete only a subset of questions based upon your stateâs experience with debt issuance. We estimate that it should take 30â60 minutes to complete, depending on the complexity of your stateâs debt management structures. Please complete and submit this survey by March 30, 2016. If you have any questions while complet- ing the survey, please contact either of our principal investigators, Tamar Henkin or Karin DeMoors at High Street Consulting Group. Karin DeMoors, Email: firstname.lastname@example.org, Phone (240) 252-5111, ext. 105 Tamar Henkin, Email: email@example.com, Phone (240) 252-5111, ext. 102 Thank you for your time and expertise! Questionnaire Instructions â¢ To save your partial answers and complete the questionnaire later, click on the âSave and Continue Laterâ link at the top of your screen. A link to the incomplete questionnaire will be emailed to you from SurveyGizmo. To return to the questionnaire later, open the email from SurveyGizmo and click on the link. We suggest using the âSave and Continue Laterâ feature if there will be more than 15 minutes of inactivity while the survey is opened, as some firewalls may terminate the survey due to inactivity. â¢ To pass a partially completed questionnaire to a colleague, click on the Save and Continue Later link at the top of your screen. A link to the incomplete questionnaire will be emailed to you from SurveyGizmo. Open the email from SurveyGizmo and forward it to a colleague. â¢ To view and print your answers before submitting the survey, click forward to the page following Part V. Print using âcontrol p.â â¢ To submit the survey, click on âSubmitâ on the last page.
52 Please enter the date (MM/DD/YYYY). Please enter your contact information. Agency/Organization: Title: First Name: Last Name: Years in Current Position with Agency: E-mail Address: Phone Number: Part I. Authority to Issue Transportation Related Debt Yes No 2) If yes, from what source is this authority to issue debt derived? (Select all that apply.) The State Constitution State Statute Special Citizen Referendum OtherâWrite in: 3) For which purposes does your state have authority to issue transportation-related debt? (Select all that apply.) Non-Tolled Highway, Bridges, and Tunnels Tolled Highways, Bridges, and Tunnels Transit Rail Seaports Airports Ferries and Marine Transportation Facilities OtherâWrite in: 4) Which state entity(ies) have authority to issue transportation-related debt? (Please select all that apply.) State DOT 1) Does your state currently have authority to issue debt (including bonds and other forms of debt) for transportation investment purposes? If no, skip to question 7. State Treasurer State Finance Authority Independent State Toll, Turnpike, or Bridge/Tunnel Authority State Airport Authority State Transit Agency/Authority Special Purpose or Project-Specific Financing Conduits (e.g., 63-20 corporations and other special purpose entities) OtherâWrite in:
53 5) Which types of debt are currently authorized? General Obligation Highway/Transportation Revenue Bonds (includes bonds backed by motor fuel taxes and sales taxes on motor fuels, motor vehicle registration fees, and other revenue streams dedicated to transportation investment; excludes toll revenue and other general revenue) Toll Revenue Bonds Sales Tax Revenue Bonds (excludes bonds backed by sales taxes on motor fuels which should be included under the Highway/Transportation Revenue Bonds category) Grant Anticipation Notes/Bonds (e.g., GARVEE debt) Lease Revenue Bonds (including Certificates of Participation) Borrowing from Federal Government (e.g., Transportation Infrastructure Finance and Innovation Act loans (TIFIA), Railroad Rehabilitation and Improvement Financing loans (RRIF))? Double barreled (e.g., multiple repayment sources are dedicated in a hierarchical fashion) OtherâWrite in: 6) Which debt structures are currently authorized? Please note that some debt structures may not be specifically authorized but are permissible (e.g., long-term and fixed rate structures). If a particular structure is utilized, please mark as authorized. Long-term debt (i.e., over 12 months) Short-term debt (i.e., 12 months or less) Commercial paper Fixed rate debt Variable rate debt Bond anticipation notes (BANs) Revenue or tax anticipation notes (RANs, TANs) Interagency borrowing (e.g., from State Treasurer) Use of derivative products (e.g., interest rate swaps, synthetic rates) OtherâWrite in: Part II. Historical and Current Debt Issuance 7) Does your state have state-issued debt outstanding for highway/roadway investment purposes (including bridges and tunnels)? (If possible, please exclude debt associated with headquarters buildings or other non-infrastructure related uses.) Yes, current outstanding state-issued debt for roadway investment purposes (as of state fiscal year 2015) is: No 8) Does your state have state-issued debt outstanding for other transportation purposes (including transit, airport, rail infrastructure and rolling stock, etc.)? Yes, current outstanding state-issued debt for other transportation purposes (as of state fiscal year 2015) is: No Donât know
54 9) What percent of state fiscal year 2015 transportation revenues within the purview of the state DOT were utilized for debt service payments (please exclude refundings and other one-time restructuring payments)? Less than 1% Between 1% and 4% Between 5% and 10% Between 11% and 15% Between 16% and 24% 25% or Above 10) Please provide any additional explanation for Question 9. In particular, please describe the extent to which this includes toll revenue debt of a toll entity housed within the DOT or other special circumstances: Part III. Policies and Guidelines to Govern Debt Issuance 11) Are there constitutional and/or statutory provisions that govern debt issuance practices for transportation purposes in your state? If no, skip to Question 13. Yes No 12) Which of the following limitations are included in the constitutional and/or statutory provisions? Select all that apply. Please add additional categories in the last field (you may add up to 3 separate items). Constitutional Statutory Limitations on the aggregate dollar amount that can be issued or outstanding by the state Limitations on the amount of outstanding debt relative to a specific benchmark (e.g., per capita, as percent tax revenues) Limitations on debt structure types Limitations on debt service terms (i.e., years outstanding) Limitations on the allowable sources for debt service repayment (e.g., highway fund, other special revenues) Limitations on the use of bond insurance or other credit enhancement Limitations on the debt issuance method (i.e., competitive versus negotiated transactions)
55 13) For the following items, please address whether your state has a formal written policy or informal policy. Select all that apply. For any items where neither formal or informal policy exists, please leave blanks. Please add additional categories in the last field (you may add up to 3 separate items). Written/Formal Policy Informal Policy Amount of total transportation-related debt that can be issued or outstanding Amount of debt relative to a fixed benchmark that can be issued or outstanding (e.g., percent of gas tax revenues, per capita, percent of overall capital program, etc.) Purposes for which debt can be issued Debt structures Debt terms (i.e., years outstanding) Use of fixed vs. variable rate debt Use of negotiated sale vs. competitive bid sales Use of bond issuance or other credit enhancements Use of derivative products (e.g., interest rate swaps) Minimum credit ratings Benchmarks to execute refinancing of outstanding debt Role of the DOT relative to central finance agency of state government regarding bond issuance and monitoring responsibilities 14) If your state has a written debt policy that can be accessed through a web link please provide the link here. 15) If your state has a written debt policy that is unavailable online but can be uploaded, please upload here. Select upload after selecting your file. 16) Does your state forecast current and future debt capacity and debt levels as part of a capital planning process and/or financial plan? If no, skip to Question 18. 17) Please describe the debt capacity forecasting method used for such forecasts and analysis. Please also provide the length of time that the forecast and/or financial plan covers in your response. Yes No
56 Part IV. Emerging Issues 18) How does your state decide which state-level sources (e.g., gas taxes, general funds, etc.) to utilize for debt repayment? Please describe the process briefly. 19) How does your state decide between whether to issue debt backed by federal funding (e.g., GARVEEs) or state funding for transportation purposes? Please describe the process briefly. 20) How is GARVEE debt treated in debt capacity (e.g., debt per capita, net tax-supported debt, etc.) measures? Included Excluded Hybrid Addressed Separately 21) Please provide any additional information about how your agency treats GARVEE debt in debt capacity measures. 22) Has your state issued debt to capitalize (assemble upfront capital to lend) a State Infrastructure Bank (SIB), similar bank, or state revolving fund for transportation-related lending? Yes No 23) Does your state have authority to utilize publicâprivate partnerships (P3s) for transportation infrastructure? If no or you donât know, skip to Question 29. Yes No Donât know 24) Is the authority to utilize P3 approaches granted for a single project or purpose or more broadly provided? Single project or purpose Broad authority Donât know 25) Has the P3 authority been utilized? Yes No Donât know
57 Availability payments are a means of compensating a private concessionaire for its responsibility to design, construct, operate, and/or maintain a tolled or non-tolled roadway or other transportation infrastructure for a set period of time. These payments are made by a public project sponsor (a state DOT or authority, for example) based on particular project milestones or facility performance standards. 26) Has your state employed or considered the use of availability payments in the context of P3s? If No, skip to Question 29. Yes No 27) If utilized or considered, how are Availability payments treated for the purpose of calculating outstanding debt for debt capacity measures (e.g., tax-supported debt as percent of income, per capita, etc.)? Included Excluded It depends Donât know 28) Please provide any additional explanation to how availability payments are treated for debt capacity measures, including whether treatment is determined by formal (e.g., constitutional, statutory, formal written policy) requirements or informal guidelines: 29) Does your state or DOT have authority to enter into contractor financing arrangements (e.g., DesignâBuildâFinance)? If no or you don't know, skip to Question 32. Yes No Donât know 30) If yes, do associated contractor payments count as debt in debt capacity measures? Yes No Donât know 31) Please provide any further description for Question 30 here, including whether this is by statute/constitutional provisions, written policy, or informal policy/practice: 32) Have Private Activity Bonds (PABs) been issued for transportation purposes in your state? Yes No Donât know 33) If yes, please provide additional explanation, including the role of the DOT with respect to PAB issuance and oversight (e.g., securing PAB allocation, etc.).
58 Part V. Best Practices and Research Needs 34) What are the major transportation-related debt financing issues faced by your state? 35) Does your state or DOT employ specific debt management practices that you believe would be of potential interest to other DOTs (i.e., practices that you consider to be a âbest practiceâ or that have helped you address a specific challenge)? If yes, please briefly explain. 36) Has your DOT implemented any noteworthy changes in your debt management practices in the last 3â5 years? If no or you donât know, skip to Question 38. Yes No Donât know 37) If Yes, please describe the change(s) and the reasons for implementing. 38) Are there areas of debt management that you believe your DOT needs to improve upon? If yes, please briefly explain. 39) Are there cooperative research efforts that you think should be undertaken that would benefit state DOTs in improving their debt management practices? If yes, please briefly explain.