WASHINGTON - More than three years after its creation, the Department of Transportation's $15 billion private-activity bond program designed to help states and localities finance infrastructure through private investment - a program that DOT officials want to expand - has resulted in only one $589 million transaction.

Market participants and analysts say that the program's progress has been slow because public-private partnerships take months and sometimes years to put together, and adverse market conditions in recent weeks have deterred at least one such transaction.

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