Guidebook for Effective Policies and Practices for Managing Surface Transportation Debt (2022) / Chapter Skim
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Pages 13-18
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From page 13... ...
13 2.1 Overview This chapter provides an overview of the national context for state surface transportation debt finance. While states, municipalities, and public authorities are the primary issuers of debt for surface transportation, federal agencies and national entities have a role in establishing and overseeing regulations, issuing guidance, and administering financing programs.
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14 Guidebook for Effective Policies and Practices for Managing Surface Transportation Debt 2.2.1 Securities and Exchange Commission SEC is an independent federal agency. The SEC Office of Municipal Securities (OMS)
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National Context for Debt Issuance 15 collection agency. Given that most transportation debt is tax-exempt, practitioners must be aware of IRS-issued rules and must continue to monitor the IRS webpage to be alerted when new rules are issued.
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16 Guidebook for Effective Policies and Practices for Managing Surface Transportation Debt Per SEC's report on the municipal securities market, "GASB is part of the not-for-profit Financial Accounting Foundation (FAF) and was established by agreement of the FAF and ten national associations of state and local government officials in order to establish standards of financial accounting and reporting for state and local governmental entities.
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National Context for Debt Issuance 17 corporations, state and local governments, limited-option freight shippers, and joint ventures with any of these entities are eligible to receive RRIF loans. RRIF financing loans can be used to finance 100 percent of the development of new rail facilities, improvements, rehabilitation and acquisition of rail or intermodal facilities and equipment, transit-oriented development, reimbursement of planning and design expenses, and refinancing of outstanding debt.
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18 Guidebook for Effective Policies and Practices for Managing Surface Transportation Debt direct loans to state projects and provides states with the ability to negotiate the interest and terms of the loans. After the loan has been repaid, state authorities are required to use the funds for credit enhancement activities or for a Title 23 eligible project.
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