INNOVATIVE FINANCING OPTIONS FOR KENTUCKY'S TRANSPORTATION INFRASTRUCTURE

During the last two decades, Kentucky's Road Fund revenue growth has dramatically lagged behind the growth of motor vehicle travel. As a consequence, Kentucky must search for alternative and innovative means of financially supporting the continued maintenance and development of the state's system of roads. The purpose of this study was to review and analyze new transportation financing innovations suggested by the Federal Highway Administration (FHWA). The FHWA suggestions may provide ways to leverage funds from traditional sources and to incorporate new sources of revenue into the Commonwealth's transportation financing plan. In the study, the workings of these financing innovations were evaluated and other states' applications of these financing techniques were reviewed. In addition, a preliminary assessment was made of the potential applicability of these financing innovations in Kentucky. Obstacles and barriers to their use were also identified. Five general categories of innovative transportation financing options were evaluated: (1) the TE-045 Program; (2) State Infrastructure Banks; (3) GARVEEs (grant anticipation revenue vehicles) and FRANs (federal reimbursement anticipation notes); (4) the TIFIA (Transportation Infrastructure and Innovation Act); and (5) public/private partnerships.

• Record URL:
  https://doi.org/10.13023/KTC.RR.2001.08
• Record URL:
  https://ntlrepository.blob.core.windows.net/lib/19000/19400/19454/PB2002107104.pdf
• 
• Corporate Authors:

  University of Kentucky, Lexington

  Kentucky Transportation Center
  College of Engineering, 176 Raymond Building
  Lexington, KY  United States  40506-0281
• Authors:
  • Hackbart, M M
• Publication Date: 2001-4

Language

• English

Media Info

• Features: Appendices; Figures; Tables;
• Pagination: 96 p.

Subject/Index Terms

• TRT Terms: Federal aid; Financing; Grant aid; Infrastructure; Innovation; Public private partnerships; Transportation
• Identifier Terms: Grant Anticipation Revenue Vehicles (GARVEEs); State Infrastructure Banks; TE-045 Program; Transportation Infrastructure Finance and Innovation Act
• Uncontrolled Terms: Federal reimbursement anticipation notes
• Geographic Terms: Kentucky
• Subject Areas: Finance; Transportation (General); I10: Economics and Administration;

Filing Info

• Accession Number: 00960047
• Record Type: Publication
• Report/Paper Numbers: KTC-01-08/UI1-00-1F,, Research Report
• Files: NTL, TRIS
• Created Date: Jul 9 2003 12:00AM