Toll Financing Practices in the United States

Jianling Li

Municipal Finance Journal, 2006, vol. 27, issue 3, 45 - 68

Abstract: In response to the increase in travel demand and the shortfall in financial resources, many state and local governments are exploring toll financing as an option to finance transportation infrastructure. To facilitate such a venture, this paper examines current practices in toll financing through extensive literature search and surveys of state departments of transportation (DOTs) and toll operators in the United States. Many financial methods have been used in financing and advancing toll projects. While debt financing is a commonly used instrument for financing toll road development, other mechanisms also play significant roles. Public opinion and financial constraints are main factors to be considered in project selection and prioritization decisions, although DOTs and toll operators may weigh each of these factors differently. The paper identifies additional strategies for project management and marketing and discusses the implications of the findings.

Date: 2006
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