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Abstract: 

The third NFMA panel, on current issues, was summarized by one participant as involving the transportation of vehicles, energy and effluent! David Seltzer, a top project finance innovator at the Federal Highway Administration, highlights the federal financial tools for surface transportation and gives special attention to the use by states of GARVEE bonds to immediately capitalize up to 20 years of future federal highway funds. Arthur C. Corbin, president and general manager of a statewide municipal gas authority, details the bond transactions that involve the purchase of forward-gas supply contracts. Senior credit officer Mary Francoeur examines the state revolving fund sector that includes both wastewater treatment and drinking water.

Keywords: state revolving funds; transportation finance; regulatory incentives; tax and credit incentives; discretionary grants; TEA-21; natural gas supply transactions; rating private water companies

Affiliations:  1: Moody’s Investors Service; 2: Federal Highway Administration; 3: Municipal Gas Authority of Georgia; 4: Moody’s Investor Services.