Resolution in Support of the Transportation Infrastructure Finance and Innovation Act

Resolution in Support of the Transportation Infrastructure Finance and Innovation Act

Summary

This Resolution urges Congress to continue and work to expand the program created under the “Transportation Infrastructure Finance and Innovation Act” (TIFIA). The TIFIA program remains one of the critical methods available in this country to advance major transportation projects by leveraging private sector funding.

Model Resolution

WHEREAS, the “Transportation Infrastructure Finance and Innovation Act” (TIFIA) program was created by the United States Congress to provide credit assistance, such as low-interest direct loans to leverage scarce public funds and support projects that utilize a specific local revenue stream for repayment to nationally or regionally significant surface transportation projects; and

WHEREAS, it is in the economic interest of the State of [insert state] and the United States to encourage local investment in nationally and regionally significant infrastructure, create jobs in near and long term, and improve the quality of life for hard-working families and businesses who rely on major highways to access employment, customers, and their families; and

WHEREAS, TIFIA is a highly successful federal program that as of July 2010 had provided financial assistance to 27 projects in 13 states and territories totaling $7.9 billion, and leveraging a total project investment of $29.4 billion; and

WHEREAS, TIFIA is currently oversubscribed having received more applications for assistance relative to funding available under the program; and

WHEREAS, the TIFIA program remains one of the critical methods available in this country to advance major transportation projects by leveraging private sector funding;

THEREFORE BE IT RESOLVED, by the Assembly and the Senate of the State of [insert state], that; it is critical that Congress provide, at a minimum, the current authorized level of funding to TIFIA for the upcoming fiscal year and work with the US Department of Transportation to identify opportunities to expand TIFIA; and

BE IT FURTHER RESOLVED, that the Chief Clerk of the Assembly transmit copies of this resolution to the President and Vice President of the United States, to the Speaker of the United States House of Representatives, to the Majority Leader in the Senate, to each Senator and Representative from [insert state] in the Congress of the United States, to the Secretary of United States Department of Transportation, and to the author for appropriate distribution.

 Approved by the ALEC Board of Directors on June 7, 2011.

Keyword Tags: Commerce Insurance and Economic Development Task Force, Infrastructure, Transportation