National Academies Press: OpenBook

Evolving Debt Finance Practices for Surface Transportation (2017)

Chapter: Additional Resources, References, and Links for State Debt Management Policies

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Page 45
Suggested Citation:"Additional Resources, References, and Links for State Debt Management Policies." National Academies of Sciences, Engineering, and Medicine. 2017. Evolving Debt Finance Practices for Surface Transportation. Washington, DC: The National Academies Press. doi: 10.17226/24801.
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Page 46
Suggested Citation:"Additional Resources, References, and Links for State Debt Management Policies." National Academies of Sciences, Engineering, and Medicine. 2017. Evolving Debt Finance Practices for Surface Transportation. Washington, DC: The National Academies Press. doi: 10.17226/24801.
×
Page 46
Page 47
Suggested Citation:"Additional Resources, References, and Links for State Debt Management Policies." National Academies of Sciences, Engineering, and Medicine. 2017. Evolving Debt Finance Practices for Surface Transportation. Washington, DC: The National Academies Press. doi: 10.17226/24801.
×
Page 47
Page 48
Suggested Citation:"Additional Resources, References, and Links for State Debt Management Policies." National Academies of Sciences, Engineering, and Medicine. 2017. Evolving Debt Finance Practices for Surface Transportation. Washington, DC: The National Academies Press. doi: 10.17226/24801.
×
Page 48
Page 49
Suggested Citation:"Additional Resources, References, and Links for State Debt Management Policies." National Academies of Sciences, Engineering, and Medicine. 2017. Evolving Debt Finance Practices for Surface Transportation. Washington, DC: The National Academies Press. doi: 10.17226/24801.
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Page 49

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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, opera­ tion, and maintenance of an integrated national transportation system. AASHTO’s resources related to debt management include technical service programs, centers of excellence (including the Build Amer­ 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 clearing­ house that provides a wide range of capacity­building 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, ASCE’s Report Card for America’s Infrastructure depicts the condition and perfor­ mance of American infrastructure in the familiar form of a school report card—assigning 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 decision­makers 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 alterna­ tive future investment scenarios. This edition of the report is the ninth in the series that combines information on the nation’s 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 tax­exempt 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 FHWA­funded grants and subgrants. http://www.fhwa.dot.gov/ipd/finance/resources/federal_aid/matching_strategies.aspx#flexible Public–Private 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 Fitch’s analytical approach to evaluating GARVEE bonds. Readers must log in to Fitch’s 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 Fitch’s website for access, but the article is not behind a paywall. https://www.fitchratings.com/creditdesk/reports/report_frame_render.cfm?rpt_id=874011 Moody’s Investors service Moody’s 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 & Poor’s Standard & Poor’s 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 govern­ 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/accurately­displaying­total­expenditures­budget­presentations Analyzing and Issuing Refunding Bonds GFOA provides key terms and definitions that are recommended to effectively evaluate a refunding candidate. http://www.gfoa.org/analyzing­and­issuing­refunding­bonds An Elected Official’s 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 poli­ cies before bonds are issued, the sales process, and outstanding debt management. http://www.gfoa.org/elected­officials­guide­debt­issuance kentucky transportation center Synthesis of Public–Private 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 Elec­ 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/publications­data/state­expenditure­report 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, 50­state review of transportation governance and finance, based largely on in­depth, original survey research. The project focused on transportation finance and on the roles of, and relation­ ships between, those state government entities that are most active in transportation issues: state legis­ 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 finance­related legislation (since 2013) in this database. http://www.ncsl.org/research/transportation/ncsl­transportation­funding­finance­legis­database.aspx Public–Private 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 Future—Now! This is a summary of the Fourth International Conference. TRB has conducted a series of four con­ 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 America’s 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 2013–2015 State Spending, NASBO, Washington, D.C., 2016, p. 3. National Conference of State Legislatures, Transportation Governance and Finance, pp. 34–35. lInks to stAte deBt MAnAgeMent PolIcIes In addition to these links, Illinois, Louisiana, Michigan, and New Mexico provided state debt man­ agement policies in response to the survey. Although not available on each state’s website, the poli­ cies are available as an e­appendix 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

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TRB's National Cooperative Highway Research Program (NCHRP) Synthesis 513: Evolving Debt Finance Practices for Surface Transportation explores a variety of debt mechanisms and tools to finance transportation infrastructure investment. The amount of debt and frequency of issuance vary substantially across states. In most states, provisions included in constitutions or statutes (or combinations of the two) govern the level and form of debt issuance. As well, many states have formal policies that govern debt issuance and management. The study documents new developments in flexible finance tools, including those offered by the federal government.

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