A Sample of 63-20 Financing

California - The city of Irvine is considering using a 63-20 structure for a $125 million, five-mile guideway.

Massachusetts - A 63-20 corporation plans to sell $30 million in revenue bonds in April on behalf of the Massachusetts Bay Transportation Authority to finance a privately built parking garage in suburban Boston.

Nevada - The planned 4-mile, $325 million Las Vegas Monorail may be financed using a nonprofit 63-20 corporation.

South Carolina - Two weeks after the nonprofit Connector 2000 Association Inc. sold $200 million in toll revenue bonds a year ago, private developers broke ground on the 16-mile Southern Connector in Greenville County.

Virginia - Construction of the 895 Connector, also known as the Pocahontas Parkway, south of Richmond, is under way after $348 million of tax-exempt bonds were sold last June. Separately, the city of Chesapeake plans to use 63-20 financing to build a 10-mile long toll road stretching down to the North Carolina border. Of the total $125 million project cost, about $30 million would be financed by bonding. The city council is scheduled to vote on Feb. 23 on whether to approve the project.

Washington - The Washington Transportation Department is considering using 63-20 financing for construction of a new Tacoma Narrows bridge that would stretch parallel to the existing bridge. The new mile-long bridge would cost an estimated $350 million.

Source: State transportation, investing banking, and consulting officials.

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