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Untitled - Ministerstwo Rozwoju Regionalnego

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State Infrastructure Banks<br />

Funds Management<br />

Techniques<br />

• Matching Strategies<br />

– Flexible Match<br />

– Tapered Match<br />

– Toll Credits<br />

– STP Program Match<br />

• Advance Construction<br />

and Partial Conversion<br />

Marketable<br />

Revenue<br />

Projects<br />

Revenue Projects<br />

Requiring Credit<br />

Assistance<br />

Traditional Non-Revenue<br />

Projects<br />

State loans<br />

nistration. As the diagram presented in Fig. 77 indicates, traditional non profit<br />

projects are the prevailing form in the American market, which can also be supported<br />

by state bonds issued under a special programme, GARVEE - Grant Anticipation<br />

Revenue Vehicles. Federal funds are used to repay debts by servicing<br />

the bonds issued by the state. Innovative techniques of project management are<br />

also used for that purpose. They increase the flexibility of funds use and thus<br />

enable faster implementation of projects, which in turn increase their effectiveness.<br />

Innovative management of federal funds consists in cash flows shifting,<br />

enabling state authorities to implement the necessary projects faster. When<br />

there is a shortage of federal funds for the implementation of an infrastructural<br />

project in any given period, state authorities can use the opportunity of accelerated<br />

construction process, which consists in refund of the costs incurred in implementation<br />

of investments, after the approval by Federal Road Administration<br />

and on completion of the project. The project is implemented with the use of<br />

own funds of state authorities, and part of the costs incurred (pro rata to the set<br />

share of federal funds) is refunded on completion of the project. Innovative are<br />

also the changes in cash flows, which enable state authorities to recover their<br />

own funds allocated to finance projects, in accordance with the time schedule,<br />

TIFIA<br />

GARVEE<br />

Bonds<br />

Fig. 77. Infrastructure projects financing instruments in the United States<br />

Source: Innovative Finance Primer. Federal Highway Administration. US Department of Transportation.<br />

http://www.fhwa.dot.gov/innovativefinance/ifp.<br />

367

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