FY 19-20 Budget Priorities Summary

Executive Summary Highlights of the S.C. Transportation Infrastructure Bank The funding sources dedicated to the Bank by the General Assembly, such as truck registration fees, motor vehicle registration fees, and one cent of the gasoline fuel fees, have been used to provide financial assistance to more than $5.3 billion in highway road and bridge projects since 1997. Issuing bonds for major road construction completes the projects much sooner than with pay-as-you-go funding, thus increasing safety and mobility to the motoring public and improving economic development opportunities. Also, the roads and bridges are constructed at a lower cost as the cost of interest is less than the inflationary costs of highway construction and land acquisition. The success of the Bank is due to partnerships with counties, municipalities, and the SCDOT. These entities are the applicants to the Bank, and often provide a significant amount of funding to the projects. The South Carolina Transportation Infrastructure Bank continues to be recognized as the largest and most efficient State Infrastructure Bank, and has been named in Federal Highway Publications as a national model for the way progressive states can fund and build transportation infrastructure. Over one hundred projects in thirty four counties and municipalities have benefited from Bank funding by direct application for assistance, and partnerships with the SCDOT, including the design-build bridge replacement program. One partnership with SCDOT resulted in replacement of the Cooper River Bridges in Charleston County. The Bank provides assistance to the SCDOT, as well as counties and cities that submit applications. Bank's $5.3 billion in construction has a tremendous effect on the economy of the state Important role in economic development Clemson University International Center for Automotive Research (ICAR) Distribution Center in Berkeley County New infrastructure to encourage tourism in Charleston, Beaufort and Horry Counties Truckers now have a 4-lane Highway 17 from I-95 to Charleston Financing for the back-up dam at Lake Murray and 2 additional lanes of traffic - helping to protect Columbia from a disaster (pictured on cover page) Installation of cable barriers on interstate medians. The bank provided $30 million, and the barriers have experienced over 31,000 hits, saving hundreds of lives and preventing many serious injuries. Catalyst for over 100 projects in 29 counties and 5 municipalities By law, reviews applications for major projects (at least $25 million) with local participation Evaluation Committee uses 39 criteria similar to Act 114 to grade applications in consultation with SCDOT Every project and bond issue reviewed and approved by Joint Bond Review Committee and the SCDOT Commission Major contributions to SC economic development Built strong relationships with credit rating agencies and investment industry. 4

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