USDOT and FHWA participate in the application of many other bonding and debt instrument tools used to finance surface transportation projects. A large number of these are tax-exempt municipal debt instruments issued and regulated at the state and local level. In addition, nonprofit organizations or public benefit corporations can act as conduit issuers of tax-exempt debt on behalf of a private partner. The AASHTO Center for Excellence in Project Finance provides comprehensive coverage of these types of bonding tools.
At the Federal level, Build America Bonds (BABs) are a new form of tax credit bonds available to surface transportation projects administered by the Treasury Department.