TXDOT SEEKS APPLICATIONS FOR PASS-THROUGH FINANCING PROJECTS
The Texas Department of Transportation (TxDOT) has requested that TML distribute the following on TxDOTs behalf:
On February 26, 2009, the Texas Transportation Commission approved a program call for pass-through financing projects.
Unfortunately, the amount of funding available for this program call is very limited. The Commission can approve no more than $300 million in total reimbursements for projects selected in the pass-through financing program.
The deadline for the submission of pass-through financing applications is 3:00 pm on May 12, 2009.
For more details, please go to http://www.txdot.gov/project_information/pass_finance.htm.
Please call your local district office if you have any questions. Your interest in the pass-through finance program is appreciated.
(Editors Note: pass-through financing is a statutory tool that allows a city and/or county to fund upfront costs for constructing a state highway project. The state then reimburses a portion of the project cost to the city and/or county over time by paying a fee for each vehicle that drives on the new highway. TxDOT is asking cities to use reserve funds or other sources of revenue to invest in the state highway system in hopes that the city will someday be reimbursed. If legislators who wish to impose revenue caps on cities have their way, cities will find it extremely difficult to pay the upfront costs of state highway projects.)