The use of advance construction allows a state to deliver transportation benefits to the public earlier, to better coordinate transportation development with a state's economic initiatives, and to preserve a project's eligibility for Federal aid. Partial Conversion of Advance Construction is a form of advance construction in which the state converts, obligates, and receives reimbursement for only part of its funding for an advance construction project in a given year. This removes any requirement to wait until the full amount of obligational authority is available. Obligational authority is the ceiling or limit on the total obligations that can be incurred for Federal-aid highway programs during a year. A Rating Agency is an organization that provides ratings of securities issues.
Bond Ratings are designations of the quality of bonds or notes.
Under the FCRA, the budget reflects the authority and outlays needed to cover the subsidy costs of loans or loan guarantees at the time they are extended to borrowers. Permission from FHWA, the editor, or any other party is not necessary.