)–Fitch Ratings has affirmed its ‘BBB-‘ rating on the $20.4 million series 2014 tax-exempt private activity bonds issued by the Colorado High Performance Transportation Enterprise, on behalf of Plenary Roads Denver, LLC, for the US 36 and I-25 Managed Lanes Project , $60 million Transportation Infrastructure Finance and Innovation Authority subordinate project loan to PRD for Phase 2 of US 36 , and $55.4 million senior TIFIA loan to HPTE, issued for Phase 1 of the US 36 managed lanes and assumed by Plenary Roads upon successful completion of Phase 1 of the project. Senior bonds are all fixed-rate and benefit from strong covenants, although Fitch notes that outstanding debt does not benefit from a cash-funded DSRF. The lack of DSRF is not viewed as a credit negative given the robust current and anticipated levels of unrestricted reserves.

At least 30 days prior to the incurrence of Permitted Debt described in clauses and of the definition thereof, the Concessionaire shall certify to the TIFIA Lender that such proposed Additional Senior Loans or purchase money obligations are authorized pursuant to this Section 16 and, in the case of Additional Senior Loans, specifying the subparagraph within such definition under which such indebtedness is authorized. Upon execution and delivery of this Agreement and the TIFIA Bond, the Concessionaire is not in default in any material respect under the terms hereof or thereof and no event has occurred or condition exists which, with due notice or lapse of time or both, would constitute an Event of Default. Each of this Agreement and the other TIFIA Loan Documents has been duly authorized, executed and delivered by the Concessionaire and constitutes the legal, valid and binding agreement of the Concessionaire enforceable in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of creditors generally and is subject to general principles of equity . Each of this Agreement and the other TIFIA Loan Documents has been duly authorized, executed and delivered by the Borrower/Issuer and constitutes the legal, valid and binding agreement of the Borrower/Issuer enforceable in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of creditors generally and is subject to general principles of equity . “Hedging Agreement” means the ISDA Master Agreement and the related schedules and confirmations, to be entered into by the Concessionaire and each Hedging Bank prior to the first disbursement of funds hereunder and any other agreement entered into, or to be entered into, by the Concessionaire and a Hedging Bank for a Hedging Transaction, in each case form and substance satisfactory to the TIFIA Lender. In December 2014, Loudoun County closed on a low-interest loan of $195 million through the U.S.

Capital Beltway Funding Corporation Of Virginia Subordinate Lien Tifia Toll Revenue Bond

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Such Appendix Two shall be revised or completed by or on behalf of TIFIA Lender in accordance with the terms of the TIFIA Loan tifia markets analysis Agreement. Payments hereon are to be made in accordance with Section 37 of the TIFIA Loan Agreement as the same become due.

TIFIA Loan proceeds shall be disbursed from time to time in accordance with Section 4. The secret to TIFIA’s leveraging ability is that a TIFIA loan does not get scored for budgetary purposes at the value of the loan, but at the risk the loan will default—an amount many times smaller. For example, a $100 million loan does not cost the federal government $100 million because it will be repaid. The cost of the loan is the likelihood it will default, a cost which averages about 6%.

The Concessionaire covenants to require its contractors and subcontractors to abide by all applicable federal and State laws. The list of federal laws attached as Exhibit E is illustrative of the type of requirements generally applicable forex to transportation projects. The VDOT and FHWA Virginia Division Office have oversight responsibility for ensuring compliance with all applicable provisions of federal transportation law for Project oversight activities.

The term of the TIFIA Loan shall extend from the Effective Date to the Final Maturity Date or to such earlier or later date as all amounts due or to become due to the TIFIA Lender hereunder have been paid. “Uniform Commercial Code” or “UCC” means the Uniform Commercial Code, as in effect from time to time in the State of New York. “Servicer” means such entity or entities as the TIFIA Lender shall designate from time to time to perform, or assist the TIFIA Lender in performing, certain duties hereunder.

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Capital Beltway Funding Corporation Of Virginia

timely manner all records and documentation relating to the Project that TIFIA Lender may reasonably request from time to time. Concessionaire under this Agreement, the TIFIA Bond or the other TIFIA Loan Documents then due and thereafter to become due, or to enforce performance and observance of any obligation, agreement or covenant of the Borrower/Issuer and the Concessionaire under this Agreement, the TIFIA Bond or the other TIFIA Loan Documents. the payment of fees and expenses pursuant to and Currencies forex in accordance with the provisions of the Technical Support Agreement. Neither the Borrower/Issuer nor the Concessionaire will create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues or rights in respect of any thereof, except Permitted Liens. The TIFIA Lender shall have a first-priority security interest in any funds on deposit in the TIFIA Sinking Fund, to the exclusion of the Senior Lenders.

The Concessionaire agrees to cooperate with VDOT and the FHWA Virginia Division Office in carrying out their duties. The Concessionaire agrees that there will be no irreversible or irretrievable commitment of resources, including but not limited to physical construction, before all state and/or federal environmental permits required for commencement of construction are finalized and approved by the appropriate resource agencies. In the event that an environmental permit that has not been obtained is required after construction has begun, the Concessionaire shall take immediate steps to acquire that state and/or federal permit. Department of Transportation ’s lending program TIFIA, which allows infrastructure developers to borrow up to one-third of project costs at Treasury rates.

Red And Purple Modernization Phase One Project Transit Tif Designation

TIFIA’s credit assistance has leveraged $82.6 billion in infrastructure investment. These projects have helped to reduce congestion on U.S. roads, valued at an annual average of approximately $1 billion, and lower greenhouse gas emissions by an average of 120,300 metric tons annually. Moreover, the TIFIA program stimulates an average of $6 billion in economic benefits and creates an average 24,300 jobs per project. The expressway’s 2007 opening culminated forex analytics with the nation’s housing crash, suppressing traffic flow and toll revenues. A decline in cross‐border commercial traffic and growing regional unemployment further exacerbated these problems. South Bay Expressway LP — the private firm which operated the roadway under lease — filed Chapter 11 bankruptcy. At the time, the firm owed the federal government $172 million for the TIFIA loan; up from the initial $140 million due to capitalized interest.

  • This Exhibit D sets out the procedures which the Concessionaire agrees to follow in submitting requests for the disbursement of TIFIA Loan proceeds to pay, or reimburse the Concessionaire for, Eligible Project Costs incurred in connection with the Project.
  • The most recent transportation bill provides the TIFIA program with $122 million in annual appropriations.
  • Both San Pedro Bay ports are well-positioned in terms of portside and inter-modal infrastructure, allowing them to accommodate local and non-local shipments, and generally placing them as market leaders despite some competition for discretionary cargo volumes.
  • A $20 billion investment in TIFIA could be leveraged to over $300 billion in refinancings.
  • Such obligations shall be payable not later than the date of Substantial Completion or upon earlier demand following the occurrence and during the continuation of an Event of Default under the TIFIA Loan by the Concessionaire, shall be in an aggregate amount not less than $340,000,000, and shall be made in cash except that amounts used to fund the Debt Service Reserve Fund may be funded in the manner permitted by Section 5.5 of the Indenture.
  • The latest available data indicates TIFIA has provided credit assistance to 56 projects, financing $82.6 billion in total project costs.

The Concessionaire has full power and authority to conduct its business as now conducted and as proposed to be conducted by it and to execute, deliver and perform its obligations under each TIFIA Loan Document , Related Document and Material Project Contract to which it is a party. The Borrower/Issuer is a Virginia nonstock, nonprofit corporation duly formed, validly existing and in good standing under the laws of the State. The Borrower/Issuer is qualified to do business in every jurisdiction where the character of its properties or the nature of its activities makes such qualification necessary. The Borrower/Issuer has full power and authority to conduct its business as now conducted and as proposed to be conducted by it and to execute, deliver and perform its obligations under each TIFIA Loan Document , Related Document and Material Project Contract to which it is a party. The Related Documents (other than those referred to in Section 13 hereof) shall have been executed and delivered to the TIFIA Lender in form and substance satisfactory to the TIFIA Lender and all conditions contained in such documents to the closing of the transactions contemplated hereby and thereby shall have been fulfilled or effectively waived.

WASHINGTON – As negotiations between the Biden Administration and congressional lawmakers over a federal infrastructure package continue, the National Association of Counties again today stated its strong opposition to any proposal that would repurpose urgently needed coronavirus recovery funds for infrastructure. Download MetaTrader 4 for PC to receive the most powerful and convenient tool for technical analysis and trading in the markets. During the first launch, you will be prompted to open a free demo account allowing you to test all the features of the trading platform. Nossaman LLP’s 30-plus infrastructure attorneys offer clients, colleagues, strategic partners, and industry media a wealth of practical experience, insider insight, and thoughtful analysis here on Infra Insight. We blog about what we know best, from industry-leading procurements to local and national policy developments that affect the market and our clients. Economic Impact Study – EPS analyzed the comprehensive economic impacts on the Denver Metro area generated by the $2.1 billion Denver Union Station project, a public-private redevelopment of the historic Denver Union Station into a multi-modal transportation hub. This study was performed in support of the formation of a Downtown Development Authority to provide Tax Increment Financing to the project.

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“Design Build Contractor” means Fluor Lane, LLC, a Delaware limited liability company, and its successors and permitted assigns. “Capitalized Interest Period” means the period beginning on the Effective Date and ending on the day prior to the Debt Service Payment Commencement Date for the TIFIA Loan. provided that, unless otherwise agreed by the TIFIA Lender, each lender of any such Additional Senior Loan , at the time of execution of any documentation with respect thereto, shall become a party to and be bound by the Intercreditor Agreement as a Senior Lender thereunder. In sum, we have an existing program in USDOT that, at a relatively small cost, can quickly generate billions of dollars of low-interest loans for infrastructure across our nation.

An executed counterpart of the Second Supplemental Indenture is on file at the office of the Borrower/Issuer and at the designated corporate trust offices of the Trustee and the Paying Agent. Reference is hereby made to the Indenture for the provisions, among others, with respect to the custody and application of the proceeds of the Bonds, the collection and disposition of the Revenues, the funds charged with and pledged to the payment of the interest on, the principal of and the premium, if any, on the Bonds, the nature and extent of the security, the terms and conditions on which the Bonds are issued, the rights, duties and obligations of the Borrower/Issuer and the Trustee and the rights of the owners of the Bonds. By the acceptance of this Bond, the registered owner hereof assents to all of the provisions of the Indenture. Except as otherwise provided in the Indenture upon the occurrence of a Bankruptcy Related Event, as defined in the Indenture, this Bond is subordinate to the Series of Bonds of the Borrower/Issuer designated “Senior Lien Multi-Modal Insured Toll Revenue Bonds (I-495 HOT Lanes Project), Series 2008A”, “Senior Lien Multi-Modal Toll Revenue Bonds (I-495 HOT Lanes Project), Series 2008B”, and any Additional Bonds, as defined in the Indenture, issued as Senior Xxxx Xxxxx, as defined in the Indenture. Additional Bonds that are Subordinate Xxxx Xxxxx, as defined in the Indenture, can be issued as provided therein. The TIFIA Lender shall not sell the TIFIA Bond at any time prior to the date of Substantial Completion. After such date, the TIFIA Lender may sell the TIFIA Bond to another entity or reoffer the TIFIA Bond into the capital markets only in accordance with the provisions of this Section.

Schedule Of Senior Loan Proceeds, Equity And Vdot Contributions

Port leverage for 2019 is low at 1.8x net debt/cash flow available for debt service on all obligations, though this is expected to rise to around 2.9x as borrowing for the full capital plan comes online over the next few years. With a large majority of operating revenues coming from the container business (approximately 76% of operating revenues), the port is exposed to fluctuations in international trade and competitive pressures, which can lead to volume volatility as seen from coronavirus in recent months. However, the port’s revenues have proven to be largely insulated from trade-related revenue volatility due to the high percentage of long-term guaranteed contracts in place with most tenants. Minimum guarantees accounted for 84% of operating revenues in fiscal 2019, consistent with prior years, and counterparties continue to honor their agreements despite coronavirus-related volume declines, stabilizing 2020 revenues.

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