Transportation

The public tends to take transportation systems for granted - until it's time to build or expand. Transportation project development and financing are fraught with difficulties. PFM works to make sure that financing doesn't become the limiting factor and is implemented in the most effective manner. Our transportation practice focuses on the following sectors and strategies:

Mass Transit: PFM helps clients to secure traditional grant funding as well as bond financing, but we're also adept at merging alternative funding techniques. These alternatives may include techniques such as tax benefit transfers, rolling stock lease financing, and leveraged FTA funds, along with joint development and privatization.

State DOTs and Highway Agencies: PFM has served more than 20 state-level transportation agencies, work that ranges from various highway revenue bond securities to development of State Infrastructure Banks to DBOM program evaluations.

Toll Agencies: PFM experience ranges from difficult stand-alone start-up toll roads to mature turnpike system credits, and we have extensive expertise with the TIFIA program and various senior/subordinate lien structures.

Airports: PFM has a long history of assisting airport clients with traditional and innovative financing structures, including the use of variable-rate structures and interest-rate swaps to better manage private activity bond issuance.

Seaports: PFM is an industry leader in assisting public seaport clients. We have assisted with a variety of port facilities net revenue bonds as well as special purpose facility bonds backed by private port operator/shipping company corporate guarantees.

Public/Private Partnerships (P3s): For years, PFM has been at the forefront of advancing the use of private funding techniques and their application to the municipal sector, all in order to provide alternative sources of capital for transportation projects that face limited resources.

In every case, PFM offers our transportation clients a full-service approach. We prepare a financial plan and offer guidance on every available funding resource. We offer support during the credit ratings process and implementation of a debt program. And we help properly invest bond proceeds and other reserve funds.