Details | Total Road Improvement Program


Funder

 

California Statewide Communities Development Authority

Implementer

 

California Statewide Communities Development Authority

Description

 

The deterioration of streets and highways is a critical issue facing California. According to Surface Transportation Policy Project calculations, the backlog of pavement repair costs in California currently exceeds $10.5 billion. Over time, the cost to repair a street dramatically increases as its condition degrades, turning mi0r maintenance projects into major reconstruction projects. There is a huge opportunity for substantial savings by funding street maintenance and improvement projects early. CSCDA offers a pooled securitization program to assist local agencies in bonding against future payments to obtain funding for more projects today. As a pooled public offering, program participants will benefit from reduced issuance costs and better interest rates as compared to stand alone issues. The program does not require a pledge of the local agency General Fund. The Gas Tax Accelerated Street Improvement Program will allow local governments to leverage their State Motor Vehicle Fuel Tax (the Gas Excise Tax) to finance road improvement projects. The use of proceeds from the Gas Excise Tax, an 18-cent State excise tax collected on fuel sales, is restricted to the maintenance and construction of public streets and highways. The obligations will be secured solely by a pledge of Gas Excise Tax revenues of the participating agencies.

Funding guidance

 

Applications open

 

None

Applications close

 

None

Type

 

Bond

Category

 

Financing

Territory

 

California

Applicant type

 

Public Agency

Project

 

Rehabilitation of Existing Infrastructure

Sector

 

Public

Sub-sector

 

City  |  County  |  Special Districts

Sustainability

 

Transportation

Additional website

 

Small business

 

False

Disadvantaged communities

 

False

Cost sharing amount

 

None

Cost sharing percent

 

None

Cost sharing note

 

Minimum repayment years

 

None

Maximum repayment years

 

None

Interest rate comment

 

Incentive