ppt课件-extracting private equity through public- private（通过公共-私人提取私人股本）.pptVIP

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ppt课件-extracting private equity through public- private（通过公共-私人提取私人股本）.ppt

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C:\Temp\DocuCenter2004\STANDARD\Public Private Partnerships\Conference.047\P-042607.ppt C:\Temp\DocuCenter2004\STANDARD\Public Private Partnerships\Conference.047\P-042607.ppt Federal, State Private Role in Financing P3s Table of Contents I. Evolution of Federal Role Federal aid for transportation projects can take many forms. Federal lending vehicles have endured over time. Recent Government Subsidies/Financing Sources TIFIA Overview The Transportation Infrastructure Financing and Innovation Act (TIFIA) provides loans, guarantees and standby lines of credit for transportation infrastructure projects. It is a taxable US Treasury rate. In order to become eligible for credit assistance, a project must meet certain threshold criteria, including: Large surface transportation projects (project costs must exceed $100 million or 50% of State federal highway funds for most recent fiscal year). TIFIA contribution limited to 33 percent Investment grade rating requirement (for senior debt) Dedicated revenues for repayment Private Activity Bonds (PABs) Qualified PABs are tax-exempt bonds issued by a state or local government, the proceeds of which are used to build certain qualified facilities that will be owned, leased or otherwise used by an entity other than the government issuing the bonds. For a PAB to be tax-exempt, 95% or more of the net bond proceeds must be used for one of the several qualified purposes, as described in the Internal Revenue Code. Section 142 of the Code specifically describes what qualifies as an Exempt Facility Bond, which is issued to finance various types of facilities owned or used by private entities. As opposed to state-by-state volume cap allocations that limit the issuance of certain other PABs, SAFETEA-LU establishes a national limit of $15 billion to be allocated by 2009 and issued by 2015. As a result of this new provision, tax exempt financing will be made available to surface transportation projects with significantly more private parti