The following examples of State programs demonstrate the flexibility and diversity possible in structuring SIBs to best meet State needs:

• As of September 2001, the Oregon SIB had executed nine loan agreements with an aggregate value of over $11 million. The size, scope, and repayment sources of the Oregon Transportation Investment Board's loans are diverse. The bank has funded two transit projects, three bridge retrofits, a large right-of-way purchase, new street construction, and a reconstruction project to repair a road damaged by landslides. Loan maturities have ranged from two to 20 years with interest rates generally in the 3.5 - 5.0 percent bracket. State law permits the bank to be leveraged; it can issue up to $200 million in bonds, but has not yet used this authority.
  
  
• South Carolina's SIB provides the best example of a large, leveraged SIB. Since its inception, the SIB has approved financing and begun development of $3 billion in projects for eight applicants. SIB loans are financing most of the project costs. The SIB has issued over $1.2 billion in revenue bonds to provide funds for approved SIB projects. The SIB expects to issue another $800 million in revenue bonds over the next several years. The SIB financing mechanism is helping to compress 27 years of road and bridge projects into a seven year acceleration program, known as "27 in 7."
  
  
• The Missouri SIB is distinguished by its institutional structure. The Missouri Highway Commission used existing legislation to establish the Missouri Transportation Finance Corporation as the SIB lending entity. Missouri DOT provides staff support for the SIB. The Missouri bank, a TEA-21 pilot SIB, has a significant level of Federal capitalization. Missouri has capitalized its SIB with $42.5 million of FY 96 and FY 97 funds and $44 million of TEA-21 funds. Through September 2001, the Missouri SIB had entered into 10 loan agreements, totaling $69.3 million. These loans have financed 10 projects, including the acceleration of the I-55 overpass, the Gateway Multimodal Center in St. Louis (a joint FHWA/FTA project), and the Cape Girardeau Bridge.
  
  
• Both Florida and Arizona enacted State legislation that significantly expanded the States' ability to capitalize their respective SIBs.
  
  
• Initially, the Arizona SIB, designated as the Highway Expansion and Loan Extension Program (HELP), was capitalized with Federal dollars and State matching funds. In light of funding demands and limited Federal capitalization funds, comprehensive State legislation (SB 1201) was enacted in 1999 to enhance funding through a combination of direct General Fund appropriations, additional State highway funds, and an innovative financing mechanism called Board Funding Obligations (BFO's). BFOs are short-term funding obligations issued by the State Transportation Board, purchased by the State Treasury, and paid back by ADOT program funds. The interest rate on BFOs are tied to U.S. Treasury rates. Over the FY 1999-2007 period, by leveraging the new funding sources through short-term loans, the HELP program will provide an estimated $600 million in loans to accelerate needed highway projects throughout the State.
• In Florida, as in Arizona, SIB loan demands have exceeded available resources, even though the State has enjoyed expanded capitalization opportunities as one of the four TEA-21 SIBs. To meet increasing transportation needs in Florida, the 2000 legislature passed a major transportation funding package that included $150 million for Florida's SIB phased in over three years. This funding will capitalize a new "flexible" State SIB.