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Foreword
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This report assesses the accomplishments of the TE-045 Innovative Finance Research Initiative, a test and evaluation project of the United States Federal Highway Administration (FHWA). The financing strategies tested under TE-045 were identified through an ongoing solicitation process that was launched in April 1994; this report addresses the initiativeís achievements realized as of July 1996. In addition to serving as official evaluation of TE-045's progress toward meeting its basic objectives, this report provides perspectives on the structure and performance of the individual financing tools tested under the initiative. The report closes with commentary on opportunities for continued research and observations on various financial concepts that may be considered in connection with the 1997 reauthorization of the Federal-aid highway program.
The findings presented herein were developed through a written survey that covered the full universe of active TE-045 projects. The survey was performed during June and July 1996 in conjunction with the regular quarterly process through which FHWA updates information regarding the status of each active project. Survey responses were further clarified through independent telephone interviews with project managers, officials from FHWA headquarters and State division offices, and representatives from State departments of transportation. Additional interviews with transportation experts from the financial industry and the project development community provided further perspectives on the long-term implications of the TE-045 initiative.
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 an evaluation of the te-045 innovative finnance research initiative prepared for the u.s. federal highway administration |
