The State Infrastructure Bank (SIB) pilot program was enacted by Congress in Section 350 of the National Highway System Designation Act of 1995 (NHS Act). As described in Section 350, a SIB is a State or multi-State entity that administers an investment fund with the capability to make loans and provide other forms of credit assistance to public and private entities to carry out highway construction and transit capital projects.
TEA-21 provided for a revised pilot program in four states: California, Florida, Missouri, and Rhode Island. These four states may enter into new or revised cooperative agreements that specify procedures and guidelines for establishing, operating, and providing assistance from the infrastructure bank. The revised pilot program does not set a limit on the amount of Federal funds that can be used to capitalize the infrastructure bank. Funds from Sections 5307, 5310, and 5311 (as well as Federal highway funds) can be used to capitalize the bank.
No funds were obligated for this purpose in FY 1999.