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The Journal of Structured Finance

The Journal of Structured Finance

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Primary Article

The Evolving Role of the Private Sector in the U.S. Toll Road Market

Carol Rein, Mitchell Gold and James Calpin
The Journal of Structured Finance Winter 2004, 9 (4) 27-33; DOI: https://doi.org/10.3905/jsf.2004.320325
Carol Rein
Managing director and manager of the Transportation Finance Group at UBS Financial Services Inc. in New York City.
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  • For correspondence: carol.rein@ubs.com
Mitchell Gold
First vice president of the Transportation Finance Group at UBS Financial Services Inc. in New York City.
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  • For correspondence: mitchell.gold@ubs.com
James Calpin
First vice president of the Transportation Finance Group at UBS Financial Services Inc. in New York City.
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  • For correspondence: james.calpin@ubs.com
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Abstract

Since the mid 19th century, the construction, financing, operation, and maintenance of toll roads in the United States has been the near-exclusive domain of government entities such as state departments of transportation and public toll road authorities. Beginning in the late 1980s, the private sector has been encouraged to play a more significant role by a variety of factors including changes in federal rules governing design and construction of highways, state legislative initiatives designed to foster innovative procurement and financing, the emergence of design/build as an accepted procurement strategy, and the development of international toll road concession practices. The evolution of the private sector's role has led to a similar evolution in the way toll roads are financed, away from a purely public finance basis and toward a project financing model. The most significant obstacle to private sector involvement in the United States continues to be the tax-exempt financing rules that require government ownership and use of these facilities. The U.S. is likely to continue to see gradually increasing allocation of risk and responsibility to private-sector participants, but a broad European-style “privatization” of U.S. toll facilities is unlikely to take place absent fundamental change in the tax-exempt debt rules.

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The Journal of Structured Finance
Vol. 9, Issue 4
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The Evolving Role of the Private Sector in the U.S. Toll Road Market
Carol Rein, Mitchell Gold, James Calpin
The Journal of Structured Finance Jan 2004, 9 (4) 27-33; DOI: 10.3905/jsf.2004.320325

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The Evolving Role of the Private Sector in the U.S. Toll Road Market
Carol Rein, Mitchell Gold, James Calpin
The Journal of Structured Finance Jan 2004, 9 (4) 27-33; DOI: 10.3905/jsf.2004.320325
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