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Innovative Finance

Table of Contents

1.0 Executive Summary.

1.1 Results in Brief.

1.2 Background: The Federal Role in Highway Finance.

1.3 Legislative History and Administrative Milestones.

1.4 Organization of Report.

2.0 Performance Measurement Approach.

2.1 Quantitative Analysis.

2.2 Case Study Approach.

3.0 Innovative Finance Performance Review.

3.1 Expanding Available Resources Through Leverage.

3.2 Project Acceleration Effects.

3.3 Economic Effects.

4.0 Case Studies.

4.1 Representative Case Studies.

4.2 TE-045 Tools.

4.3 GARVEEs.

4.4 State-Based Credit: SIBS and 129 Loans.

4.5 Federal Credit.

5.0 Observations and Conclusions.

5.1 Addressing Impediments.

5.2 Transforming the Innovative into the Everyday.

5.3 Opportunities for Continued Innovation.

5.4 New Flexibilities; Minimal Federal Outlays.

Appendix A

Data Elements for Project Inventory

Appendix B

Selected Resources

Appendix C

Glossary

List of Tables

1.1 Summary of Quantifiable Results: Evaluation of Innovative Finance

1.2 Highway Finance Statistics: Relative Share

1.3 Comparison of Transportation Spending and Investment Needs: Quantifying the Gap

1.4 Innovative Finance Goals

2.1 Summary of Projects by Innovative Finance Category

2.2 Breakdown of TE-045 Projects by Tool

2.3 Projects by State

2.4 Potential Leveraging Ratios for Innovative Finance Tools: Assisting a Hypothetical $300 Million Bridge Project

2.5 Summary of Analysis Approach by Type of Benefit

3.1 Summary of Quantifiable Results: Evaluation of Innovative Finance

3.2 Non-Federal Co-Investment (Leveraging) Results

3.3 Funding Profile for GARVEE Projects

3.4 Federal Funding Sources for Direct Federal Credit Projects

3.5 User- or Project-Based Revenue Pledges

3.6 Alternative Sources of Cost Savings

3.7 Summary of TE-045 Innovative Finance Methods and Acceleration Benefits

3.8 Economic Effects by Innovative Finance Category

3.9 Economic Effects by Mode 3-20

4.1 State of California Advance Construction Balance - 1995 Through 2000

4.2 High-Priority Project Funding Annual Allocation Percentages

4.3 Isaac's Canyon Interchange Project Funding Summary

4.4 Summary of I-195 Relocation Project Funding

4.5 Southeast Corridor Project Funding

4.6 Summary of NM 44 Project Funding

4.7 Summary of Florida SIB Projects - as of October 2000

4.8 Miami Intermodal Center Project Funding

4.9 Summary of MTFC Projects - as of May 2001

4.10 President George Bush Turnpike Project Financing

4.11 Tren Urbano Project Funding

4.12 SR 125 Project Funding Summary

5.1 Benefit Potential of Federal Innovative Finance Tools

5.2 Matching Tools to Projects

List of Figures

3.1 Distribution of Years of Projects.

3.2 Relationship of Project Cost to Acceleration.

4.1 I-195 Relocation Project (Cash Surplus/Deficit).

4.2 I-195 Relocation Project (Required Authorizations and Advance Construction Balance).

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