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Original Articles

Clean Water State Revolving Fund Program: Analysis of Variations in State Practices

Pages 117-136 | Published online: 01 Feb 2008

REFERENCES

  • United State General Accounting Office. (November 2001). Water Infrastructure: Information on Federal and State Financial Assistance, GAO-02-134; 1. http://www.gao.gov/new.items/d02134.pdf (Accessed: July 2002 ).
  • Water Infrastructure Network. Clean & Safe Water for the 21st Century: A Renewed National Commitment to Water and Wastewater Infrastructure http://www.amsa-cleanwater.org/advocacy/winreport/winreport2000.pdf (Accessed: July 2002 ).
  • 3. National Highway System Designation Act of 1995, Public Law 104–59, as amended Through Public Law 107–136, January 24, 2002. www.senate.gov/∼epw/nhs95.pdf (accessed June 2002); State Revolving Funds for Schools Act, 107th Congress, 1st Session, H.R. 720, February 27, 2001; www.nabl.org/government/107/house/html/hr729.html (accessed March 2002).
  • 4. United State General Accounting Office; 6. (For an interesting discussion and simulation of the long-run viability of SRFs, see Holcombe & Randall G. (1992). Revolving fund finance: The case of wastewater treatment. Public Budgeting & Finance, 12 (3): 50–65.
  • 5. United State General Accounting Office, 8.
  • Author's calculations based on data from the U.S. Environmental Protection Agency, CWSRF National Information Management System. http://www.epa.gov/r5water/cwsrf/ (Accessed: June 2002 ).
  • U.S. Environmental Protection Agency. (January 29, 1998). Initial Guidance for State Revolving Funds, 3–4. www.epa.gov/owm/cwfinance/cwsrf/enhance/docfiles/guidance.pdf (Accessed: July 2002 ).
  • U.S. Environmental Protection Agency, Clean Water State Revolving Fund, www.epa.gov/owm/cwfinance/cwsrf/index.htm (Accessed: May 2003 ).
  • U.S. Environmental Protection Agency, Financing America's Clean Water Since 1987: A Report of Progress and Innovation, May 2001, EPA-832-R-00–011; 6 http://www.epa.gov/owm/cwfinance/cwsrf/progress.pdf (Accessed: June 2001 ).
  • Congressional Research Services, CRS Issue Brief for Congress: IB89102 Water Quality: Implementing the Clean Water Act, August 15, 2001. http://cnie.org/NLE/CRSreports/water/h2o-15.cfm (Accessed: July 2002 ).
  • U.S. Environmental Protection Agency, CWSRF National Information Management System http://www.epa.gov/r5water/cwsrf/ (Accessed: June 2002 ).
  • 12. Massachusetts Water Pollution Abatement Trust, Personal Correspondence, Nancy Parrillo, Treasurer, May 29, 2002; Michigan Municipal Bond Authority, State Revolving Fund Revenue Bonds, Series Official Statement; 2001.
  • South Dakota Department of Environment and Natural Resources, The South Dakota Conservancy District Clean Water State Revolving Fund Annual Report, October 1, 2000 – September 30, 2001 http://www.state.sd.us/denr/document.htm (Accessed: July 2002 ).
  • 14. Kansas Development Finance Authority, Official Statement: Kansas Water Pollution Control Revolving Fund Revenue Bonds, 2001 Series I (State Match Bonds) and 2001 Series II (Leveraged Bonds), August 31, 2001: 16.
  • Illinois Environmental Protection Agency, FY2002 Wastewater Loan Program, Intended Use Plan http://www.epa.state.il.us/water/financial-assistance/waste-water/forms/wpc-intended-use-plan.pdf (Accessed: July 2002 ).
  • 16. Maryland Department of the Environment, Water Quality Revolving Loan Fund Program Intended Use Plan, Baltimore, June 3, 2002, 1.
  • Oregon Secretary of State, Oregon Administrative Rules, Department of Environmental Quality, Division 54, State Revolving Fund Program http://arcweb.sos.state.or.us/rules/OARS_300/OAR_340/340_054.html (Accessed: July 2002 ).
  • 18. New Hampshire Department of Environmental Services, The State of New Hampshire Revolving Loan Fund Providing Low-Interest Loans for Sewer and Wastewater Projects, Concord, NY. Brochure-no date.
  • Oregon Secretary of State, Oregon Administrative Rules, Department of Environmental Quality, Division 54, State Revolving Fund Program http://arcweb.sos.state.or.us/rules/OARS_300/OAR_340/340_054.html (Accessed: July 2002 ).
  • Pennsylvania Infrastructure Investment Authority and Pennsylvania Department of Environmental Protection, Clean Water State Revolving Fund, Draft Intended Use Plan, FY 2002, January 5, 2002, 6. http://www.dep.state.pa.us/dep/deputate/watermgt/WSM/WSM_TAO/RevolvFd_CW-02IUP.PDF (Accessed: June 2002 ).
  • 21. West Virginia Department of Environmental Protection, Intended Use Plan: West Virginia Water Pollution Control Revolving Fund (CWSRF) Fiscal Year 2002, August 31, 2001: 6.
  • 22. Minnesota Pollution Control Agency, Intended Use Plan Water Pollution Control Revolving Fund, January 9, 2002, 2.
  • 23. Texas Water Development Board, State Revolving Fund, Senior Lien Revenue Bonds, Program Series 2000A, Official Statement, August 15, 2000, B-5.
  • 24. The interest rates in Table 1 were estimated based on data from “Market Statistics,” The Bond Buyer, June 14, 2002.
  • U.S. Environmental Protection Agency, Financing America's Clean Water Since 1987: A Report of Progress and Innovation, May 2001, EPA-832-R-00–011; 8. http://www.epa.gov/owm/cwfinance/cwsrf/progress.pdf (Accessed: June 2002 ).
  • U.S. Environmental Protection Agency, EPA Implements $50 Million Hardship Grants Program, Headquarters Press Release, March 27, 1997 http://yosemite.epa.gov/opa/admpress.nsf/016bcfb1deb9fecd85256aca005d74df/03a255a4e940bac8525646e006c6b4a?OpenDocument (Accessed: July 2002 ).
  • Maine Department of Environmental Protection, Maine State Revolving Loan Fund http://www.state.me.us/dep/blwq/docgrant/srfparag.htm (Accessed: July 2002 ).
  • 28. Author's calculations based on data from the U.S. Environmental Protection Agency, CWSRF National Information Management System.
  • 29. Minnesota Pollution Control Agency, Intended Use Plan Water Pollution Control Revolving Fund, January 9, 2002, 3.
  • 30. New Hampshire Department of Environmental Services, The State of New Hampshire Revolving Loan Fund Providing Low-Interest Loans for Sewer and Wastewater Projects, Concord, NY. Brochure-no date.
  • 31. Commonwealth of Pennsylvania, Phone Conversation with Paul Marchetti, Executive Director, PENNVEST, May 29, 2002.
  • 32. Maryland Department of the Environment, Water Quality Revolving Loan Fund Program Intended Use Plan, Baltimore, June 3, 2002, 3.
  • 33. For a good discussion of the use of leveraged bonds as a strategy for augmenting revolving funds, see Johnson, Craig L. (1995). Managing financial resources to meet environmental infrastructure needs: The case of state revolving funds. Public Productivity & Management Review, (18): 263–275.
  • U.S. Environmental Protection Agency. CWSRF National Information Management System http://www.epa.gov/r5water/cwsrf/ (Accessed: June 2002 ).
  • 35. Sigo, S. (June 15, 2001). Inaugural Florida SRF deal could be as alluring as state's clean water. Bond Buyer, June 15, 2001, 336 (31161), 3; Shields, Y. (June 7, 2002). Illinois forgoes rating from S&P on triple-A SRF deal. Bond Buyer, 340 (31403), 3.
  • Richman , M. 1997 . States maximize value of SRF money to help finance projects . Water Environment & Technology , 9 October : 29 – 31 .
  • New York State Environmental Facilities Corporation. Intended Use Plan, Clean Water State Revolving Fund for Water Pollution Control, Fiscal 2002, September, 2001. http://www.nysefc.org/IUP/iup2002/loans.htm (Accessed: July 2002 ).
  • 38. Personal Interview with Douglas Scott, Director, U.S. Water/Sewer Group Co-Coordinator, Fitch Ratings, Austin, TX, August 2, 2002.
  • 39. Iowa Finance Authority. Iowa State Revolving Fund Revenue Bonds, Series 2001, Official Statement, December 7, 2001, 18.
  • 40. Michigan Municipal Bond Authority, State Revolving Fund Revenue Bonds, Series 2001, Official Statement, 24.
  • 41. Personal Interview with Douglas Scott, Director, U.S. Water/Sewer Group Co-Coordinator, Fitch Ratings, Austin, TX, August 2, 2002.
  • 42. New Jersey, Department of Environmental Protection. (February 2002). Clean Water Financing: Proposed Priority System, Intended Use Plan and Project Priority List for Federal Fiscal Year 2003, 15.
  • Fitch IBCA . November 4 1999 . SRF bonds provide safe harbor , November 4 , 6 New York : Fitch IBCA .
  • 44. Virginia Resources Authority. Clean Water State Revolving Fund Revenue Bonds, Series 2000, Official Statement, October 18, 2001, 15; New Jersey Environmental Infrastructure Trust. Environmental Infrastructure Bonds, Series 2001A, 2001B, and 2001C, Official Statement, October 17, 2001, 25; Massachusetts Water Pollution Abatement Trust, Pool Program Bonds, Series 7, June 28, 2001, 2.
  • 45. U.S. Environmental Protection Agency. Financing America's Clean Water Since 1987: A Report of Progress and Innovation. May 2001, EPA-832-R-00–011, 14, http://www.epa.gov/owm/cwfinance/cwsrf/progress.pdf (accessed June 2001); Iowa Finance Authority, Iowa State Revolving Fund Revenue Bonds, Series 2001, Official Statement, December 7, 2001, (7), 14.
  • Author's calculations based on data from the U.S. Environmental Protection Agency, CWSRF National Information Management System. http://www.epa.gov/r5water/cwsrf/ (Accessed: June 2002 ).
  • 47. Ibid.
  • 48. Massachusetts Water Pollution Abatement Trust, Personal Correspondence, Nancy Parrillo, Treasurer, May 29, 2002.
  • 49. Massachusetts Water Pollution Abatement Trust. Pool Program Bonds, Series 7, June 28, 2001.

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