State Infrastructure Bank
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Authorization and Statutes
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CLOSED FOR APPLICATIONS
SIB funds for the upcoming application cycle will not be available until July 1, 2013. Anticipated application dates for federal/state eligible production-ready projects in Fiscal Year 2013/14 are as follows:
Applications are accepted for federal and state eligible projects during the published advertisement period via the department's on-line application process. Application and award dates are preliminary and subject to change. Awards are contingent upon legislative/budget appropriation, negotiation of the SIB loan agreement and successful issuance of SIB revenue bonds/bonding requirements, if necessary.
The State Infrastructure Bank (SIB) is a revolving loan and credit enhancement program consisting of two separate accounts and is used to leverage funds to improve project feasibility. The SIB can provide loans and other assistance to public or private entities carrying out or proposing to carry out projects eligible for assistance under federal and state law. The SIB cannot provide assistance in the form of a grant. The federally-funded account is capitalized by federal money matched with state money as required by law under the Transportation Equity Act for the 21st Century (TEA-21). All repayments are repaid to the federally-funded SIB account and revolved for future loans. Projects must be eligible for assistance under title 23, United States Code (USC) or capital projects as defined in Section 5302 or title 49 USC. Projects must be included in the adopted comprehensive plans of the applicable Metropolitan Planning Organization (MPO) and must conform to all federal and state laws, rules and standards.
The state-funded account is capitalized by state money and bond proceeds per Sections 339.55, F.S. and 215.617, F.S. All repayments are repaid to the State Board of Administration where debt service is paid on any outstanding bonds with the remainder returned to the state-funded account and revolved for future loans. Projects must be on the State Highway System or provide increased mobility on the State's transportation system, or provide intermodal connectivity with airports, seaports, rail facilities and other transportation terminals. Also eligible are projects of the Transportation Regional Incentive Program (TRIP) per Section 339.2819(4), F.S. Projects must be consistent, to the maximum extent feasible, with local Metropolitan Planning Organizations (MPO) and local government comprehensive plans and must conform to policies and procedures within applicable Florida Statutes and other appropriate state standards for the transportation system.
For more information, please contact:
Jennifer G. Weeks, SIB Program Manager