A TIFIA loan was involved with the Monroe Bypass.
https://www.fhwa.dot.gov/ipd/project_profiles/nc_monroe_expressway.aspx
I’m not necessarily sure that would count as federal funding, though I’m not 100% sure.
Sure, it is. It's just such a bad deal that NYSDOT steered clear of them (can't remember if NY used them for anything): "Why use federal funds at 80/20 or borrow through State bonding when you could borrow federal funds that you have to pay 100% back with interest?" NC's bonding capability must really suck for them to turn to TIFIA.
I think that this is more of an issue about the [cost of money] than bond ratings. It looks like the North Carolina Turnpike Authority can still get TIFIA loans under 2%, whereas recent NCTA bonds are grabbing as much as 5% interest (yet still rated as Fitch AA+). I'm curious as to whether the use of TIFIA loans requires NCTA to adhere to the entirety of FHWA regulations for highway construction. At some point, there is a crossover for which the additional 20% from the Feds doesn't make sense to take.
Interesting. So, it was because bonding sucked.
I believe that they would have to follow fed-aid requirements, given FHWA's oversight of the funds.
One interesting requirement is that TIFIA and other federal-aid can only constitute 49% of the project's cost, which explains why authorities have been using them for the most part.
One annoying thing I didn't know is that they eat into a State's annual obligation authority (!). For a state like NY, there had to be coordination with the authorities on their projects, which utilized TIFIA (Moynihan, Goethals Bridge, etc.).