SIBs can provide many types of financial assistance, ranging from loans to credit enhancements. Forms of assistance may include interest subsidies, letters of credit, capital reserves for bond financing, construction loans, and purchase and lease agreements for highway and transit projects.
More about SIBs in the Financing section of the BATIC Institute website.
States that have recently enacted legislation enabling SIBs are listed below.
The following examples provide brief overviews of several, more mature SIBs, along with links to the enabling legislation that established them.
According to the Florida DOT's SIB website, Florida was selected as one of ten initial states to create a SIB under the National Highway System (NHS) Act of 1995. The Florida SIB began as a revolving fund loan program, and evolved over time through a series of legislative acts between 2000 and 2007. The DOT website provides extensive documentation on the SIB program and the projects it has supported, together with links to related legislation and statutes.
Fla. Stat. §339.55
Fla. Stat. §215.617
The Minnesota Department of Transportation established the Transportation Revolving Loan Fund (TRLF) in 1997. The TRLF operates much like a commercial bank providing low interest loans to cities, counties, and other governmental entities for eligible transportation projects. When the loans are repaid, the funds are returned to the TRLF and used to finance additional transportation projects.
The TRLF was created by Minn. Stat. §446A.085. TRLF's comprehensive web site provides information on all aspects of its activities, including a listing of all TRLF loans and the projects they support.
First created in 1995 as one of ten initial pilot SIBs, the Texas SIB was established to encourage public and private investment in transportation facilities both within and outside of the state highway system, including facilities that contribute to the multimodal and intermodal transportation capabilities of the state. The SIB is also intended to develop financing techniques designed to:
The Texas DOT's website provides additional information about their SIB. Tex. Transportation Code Ann. §§222.071 et seq. contains the statutory language providing authority for the SIB.