To cool you down during the summer heat, we bring you the TIFIA Times, your e-mail newsletter concerning the US Department of Transportation's credit program for large-scale surface transportation projects. We encourage you to share this newsletter with your associates throughout the transportation finance community.
The Federal Highway Administration (FHWA), on behalf of USDOT, is seeking to award legal and financial advisory task order contracts to assist the Transportation Infrastructure Finance and Innovation Act Joint Program Office (TIFIA JPO), Railroad Rehabilitation and Improvement Financing (RRIF) Program and the Maritime Administration Guaranteed Loan (Title XI) Program in evaluating applications and negotiating credit agreements for those projects seeking federal credit assistance. The legal and financial firms will provide expertise reviewing and drafting the legal terms of credit agreements and analyzing the financial and credit aspects of projects. Both the legal and financial advisor solicitations are available through the Federal Business Opportunities (FedBizOpps) web site at: (https://www.fbo.gov/)
On July 6, the TIFIA Credit Program and the South Carolina Transportation Infrastructure Bank (SCTIB) officially terminated their $215 million loan agreement for the Replacement of the Cooper River Bridges. The SCTIB requested the termination in order to issue on July 29th, $228 million in new tax-exempt revenue bonds backed by the revenues that had previously been pledged to the TIFIA loan, the proceeds of which had yet to be drawn down. Similar to the recent Alameda Corridor refinancing, this retirement of a TIFIA loan marks a successful milestone, as the Federal credit commitment in 2001 enabled project construction to get underway, to be replaced entirely by private investment after only three years at a financial savings to SCTIB. The $677 million project is on schedule for a 2006 completion.
With the regrettable departure of Theresa Stoll to the US Agency for International Development, the TIFIA JPO is seeking a program officer to oversee the budget and accounting functions of the program. The JPO seeks someone with knowledge of and/or experience relating to implementation of the Federal Credit Reform Act (FCRA). The responsibilities of this position include developing credit subsidy estimates of proposed TIFIA agreements pursuant to the requirements of FCRA and guidance of the Office of management and Budget, maintaining the TIFIA capital allocation model which calculates the credit subsidy estimate, overseeing the TIFIA loan servicing system and tracking the progress of the TIFIA credit program vis-a-vis specified performance indicators.
The mailing address for the TIFIA Credit Program is:
Federal Highway Administration (HABF-50)
400 Seventh Street, S.W.
Washington, DC 20590
Please e-mail your comments or inquiries regarding this newsletter or the TIFIA program to: Duane.Callender@fhwa.dot.gov.
TIFIA Credit Program
US Dept. of Transportation