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Oregon Transportation Oregon Transportation Infrastructure Bank (OTIB)Infrastructure Bank (OTIB)
Prepared by: Matthew Harris, Senior Financial Analyst
What is OTIB?• Loan program for transportation projects in
Oregon• Established in 1996-97 as a pilot State
Infrastructure Bank• Capitalization of $58.4 million
Goals of OTIB
• Leveraging Transportation Funds• Accelerating Planned Projects• Improving Communities’ Ability to Meet
Transportation Needs• Encouraging Economic Development• Facilitating Non-Traditional Projects
Who can apply?• State agencies• Cities• Counties• Special Districts
(including LIDs, Transit, Road)
• Tribal Governments• Private Sector
Businesses
What can be funded?• Highway projects (If Federalized, Title 23)• Transit projects (Title 49)• Other infrastructure related projects
Projects must be in the Statewide Transportation Improvement Program (STIP)
Funds Available
• State Highway Funds - $5.9M
• Comingled State/Federal
Highway Funds - $2.2M
• State Highway Funds subject to
Title 23 Requirements - $1.5M
• Transit/Federal Funds - $2.5M
• Available Line of Credit from State Highway
Fund - $7.9M
Highway Projects - Eligible Expenditures
• Preliminary Engineering• Right-Of-Way Acquisition• Roadway Construction• Bridge Rehabilitation & Replacement• Construction Management• Signals• Loan Fee• Other Costs as Identified in State & Federal
Law
Transit Projects – Eligible Expenditures
• Vehicle Purchases• ADA-Related Equipment• Transit Facilities (intermodal facilities,
maintenance facilities, and shelters)• Vanpools• Loan Fee• Other Costs Identified in Federal
Regulations
Loan Process• Project Proposal• Application• Staff Review• CFO or OTC Approval• Terms & Conditions Letter• Loan Documents
Why OTIB?• Generally “AA” Costs of Borrowing Through
Pledge of Higher User Tax Apportionment• Draw Down Construction Loans• Low Cost of Financing (1%)• Very Flexible Terms• No Prepayment Penalty• DOJ Standardized Loan
Documents
Case StudyNewberg-Dundee Bypass
City of McMinnville• $3,209,000• 20 years @ 2.26%• Aa3 (15bps spread)• Interest Savings:
$58,108• Total Savings:
$91,318 (2.18%)
Yamhill County• $10,366,640• 20 years @ 2.26%• A (44bps spread)• Interest Savings:
$553,628• Total Savings:
$594,498 (4.32%)
What’s Next for OTIB?• Outreach!• Revamp of Application Process• Recapitalization
For More Information, Contact:Matthew HarrisSenior Financial AnalystOregon Department of Transportation(503) [email protected]