January 12, 2004
Kansas Transportation Revolving Fund Established by Innovative Finance Quarterly, Winter 2004In December 2003, the Kansas Department of Transportation (KDOT) used a portion of state revenues from its State Highway Fund to establish a Transportation Revolving Fund. The fund is patterned after existing state water revolving funds and other state transportation revolving funds. The KDOT fund is intended to assist cities and counties improve their transportation facilities. Eligibility extends to locally sponsored projects both on and off the State Transportation System. The fund will be initially capitalized with $25 million during FY 2004. Applicants are limited to $6 million in loan requests annually. Prior to implementation of the fund, 25 units of government had expressed interest in the fund. The fund received four applications totaling $13 million in the first month of operation. Interest in project funding ranges from $45,000 to $6 million. Applications and inquiries come from all regions of the state.
|
|