TABLE OF CONTENTS
Page/ s

INTRODUCTION

2

2009 HIGHLIGHTS AND LOANS

3

FINANCIAL CONDITION OF HELP FUND

4 - 11

HELP PROJECT LOCATION MAP

12 - 13

¡

INTRODUCTION
The Highway Expansion and Extension Loan Program (HELP) provides the state and its
communities with an innovative financing mechanism to accelerate the funding of transportation
projects. This mechanism is referred to as a State Infrastructure Bank (SIB) and was initially
authorized by Congress in 1995. A SIB operates like a bank by providing loans or credit
enhancement for eligible projects.
HELP, Arizona’s SIB, was established in 1998, and is operated under the authority of the State
Transportation Board. A seven member HELP Advisory Committee accepts loan applications,
reviews and evaluates requests for financial assistance, and makes recommendations to the State
Transportation Board on loan and financial assistance requests.
The current members of the State Transportation Board are:
Delbert Householder, Chair
Robert Montoya, Vice Chair
Felipe Andres Zubia
William Feldmeier
Barbara Ann Lundstrom
Victor Flores
Stephen Christy

Thatcher
Flagstaff
Avondale
Prescott
Nogales
Phoenix
Tucson

The current members of the HELP Advisory Committee are:
John Halikowski, Chair
Gary Bourne
Jim Glock
Robert Jackson

ADOT
Sun City
Tucson
Casa Grande

There are currently three vacant positions on the HELP Advisory Committee (one each
appointed by the Governor, Senate President and House Speaker).

2

2009 HIGHLIGHTS
HELP continues to be among the most active State Infrastructure Banks in the nation. The
Federal Highway Administration (FHWA) collects loan activity data from the states and
periodically publishes this information. As of the September 30, 2006 SIB loan activity report
(the latest data available from FHWA), HELP ranked:
•
•
•

fourth in total number of approved loans (60);
third in total amount of approved loans ($657million); and
second in loan amounts disbursed to recipients ($512 million).

As a result of the repayment of all outstanding Board Funding Obligations in April 2009, no new
HELP loans were approved in 2009. During the year, four of the previously outstanding loans
were paid in full, and loan principal repayments totaling $39 million were received.

3

FINANCIAL CONDITION OF THE HELP FUND
Arizona Department of Transportation
Highway Expansion and Extension Loan Program Fund
Statement of Net Assets
For the fiscal years ended June 30, 2009 and 2008
(Unaudited)

2009

2008

$ 50,220,090

$ 77,630,108

481,944
8,390,822
59,092,856

669,877
47,732,252
126,032,237

15,660,000
15,660,000
74,752,856

20,273,156
20,273,156
146,305,393

Liabilities
Current Liabilities:
Accrued payroll and other accrued expenses
Board Funding Obligations
Compensated absences
Advance fromother ADOT funds
Due to Arizona counties and cities
Total current liabilities

6,951
12,329
30,590
49,870

6,170
50,000,000
13,821
20,000,000
70,019,991

Non-current liabilities:
Accrued interest payable
Total non-current liabilities
Total liabilities

49,870

2,170,356
2,170,356
72,190,347

74,702,986
$ 74,702,986

74,115,046
$ 74,115,046

Assets
Current assets:
Restricted cash on deposit with the State Treasurer
Receivables:
Accrued interest
Loans
Total current assets
Non-current assets:
Receivables:
Loans
Total non-current assets
Total assets

Net assets
Restricted for loans and other financial assistance
Total net assets
4

FINANCIAL CONDITION OF THE HELP FUND
Arizona Department of Transportation
Highway Expansion and Extension Loan Program Fund
Statement of Activities
For the fiscal years ended June 30, 2009 and 2008
(Unaudited)

2009
Operating revenues:
Interest on loans receivables
Total operating revenues
Operating expenses:
Salaries and related benefits
Supplies
Professional and outside services
Travel
Interest on Board Funding Obligations
Other
Total operating expenses
Operating loss
Non-operating revenues:
Interest on investments
Investment expense
Distributions to other state agencies
Total non-operating revenues
Changes in net assets
Total net assets - July 1
Total net assets - June 30

$

1,127,759
1,127,759
141,207
197
32,000
1,877,425
461
2,051,290
<923,531>

2008
$

1,755,395
1,755,395
146,321
2,477
24,759
254
3,795,890
1,439
3,971,140
<2,215,745>

1,572,256
4,705,331
<58,785>
<80,251>
<2,000>
<2,000>
4,623,080
1,511,471
587,940
2,407,335
71,707,711
74,115,046
$ 74,702,986 $ 74,115,046

5

HIGHWAY EXPANSION AND EXTENSION LOAN PROGRAM
(HELP)
LOAN STATUS AS OF SEPTEMBER 2009
STATEWIDE LOANS
PROJECT
SPONSOR

PURPOSE OF
LOAN

PROJECT
LOCATION

LOAN
APPROVAL

INTEREST
RATE*

MAXIMUM
LOAN

FINAL
MATURITY

DRAWS TO
DATE

OUTSTANDING
LOAN BALANCE

ADOT

Reconstruction

SR260, Show Low to
Pinetop

02/18/2000

2.93%

$5,664,000

Feb-02

$4,666,837

Paid in full
02/25/2002

TOWN OF CHINO
VALLEY

Construction

Center Street

03/17/2000

4.50%

$300,000

Jan-05

$300,000

Paid in full
01/11/2005

ADOT

Design,
Right of Way

Various projects state
wide

05/19/2000

3.46%

$5,707,000

Mar-04

$5,165,861

Paid in full
03/16/2004

CITY OF
SIERRA VISTA

Construction

Buffalo Soldier Trail
7th St. to SR 90

07/21/2000

4.00%

$1,970,000

Jun-03

$1,970,000

Paid in full
06/13/2003

LA PAZ COUNTY

Reconstruction

Salome Road Centennial Wash

12/18/2000

2.93%

$2,000,000

Jan-04

$1,448,568

Paid in full
05/31/2002

ADOT

Reconstruction

SR 260, Pinetop
to Hon-Dah

01/19/2001

2.93%

$8,400,000

May-03

$6,038,856

Paid in full
05/20/2003

SANTA CRUZ
COUNTY

Reconstruction

South River Road

01/19/2001

3.11%

$1,150,000

Jan-07

$643,827

Paid in full
09/27/2005

ADOT

Design

Naha 'Ta' Dziil Rd
Sanders TI

03/16/2001

3.32%

$1,000,000

Jan-05

$1,000,000

Paid in full
01/20/2005

CITY OF YUMA

Reconstruction

Ave. A, 40th Street to
Desert Avenue

04/20/2001

1.65%

$1,000,000

Dec-06

$1,000,000

Paid in full
12/05/2006

TOWN OF
TAYLOR

Reconstruction

Paper Mill Road

05/18/2001

3.42%

$1,000,000

Jun-05

$1,000,000

Paid in full
06/02/2005

ADOT

Reconstruction

SR 260,
Christopher Creek

05/18/2001

2.85%

$41,900,000

Jul-05

$37,678,400

Paid in full
06/22/2005

TOWN OF
PAYSON

Reconstruction

McLane Road

06/15/2001

3.56%

$1,100,000

Jul-06

$1,100,000

Paid in full
06/30/2006

CITY OF YUMA

Reconstruction

I-8, Giss Parkway Redondo Drive TI

06/15/2001

1.77%

$2,000,000

Jul-06

$2,000,000

Paid in full
07/05/2006

LOAN STATUS AS OF SEPTEMBER 2009
STATEWIDE LOANS
PROJECT
SPONSOR

PURPOSE OF
LOAN

PROJECT
LOCATION

LOAN
APPROVAL

INTEREST
RATE*

MAXIMUM
LOAN

FINAL
MATURITY

DRAWS TO
DATE

OUTSTANDING
LOAN BALANCE

ADOT

Design,
Right of Way

SR89A, Glassford Hill
Section

09/21/2001

1.76%

$3,216,000

Sep-03

$2,031,264

Paid in full
09/17/2003

TOWN OF MIAMI

Reconstruction

Rose Road &
Sullivan Street

01/18/2002

2.20%

$80,000

Jun-05

$80,000

Paid in full
06/02/2005

ADOT

Construction

SR 89A, Glassford Hill
Section

03/15/2002

1.35%

$13,855,000

Oct-04

$13,855,000

Paid in full
10/19/2004

ADOT

Construction

Avenue 3E Traffic
Interchange

03/15/2002

0.86%

$9,900,000

Aug-04

$9,900,000

Paid in full
8/19/2004

YAVAPAI COUNTY

Construction

SR 89A, Glassford Hill
Section

03/15/2002

1.83%

$4,500,000

Jun-05

$4,500,000

Paid in full
06/06/2005

ADOT

Right of Way

US 60/SR 79 Traffic
Interchange

03/15/2002

1.56%

$4,000,000

Oct-04

$2,691,459

Paid in full
10/19/2004

ADOT

Design

SR 95, Parker to
Lakeside

03/15/2002

1.14%

$500,000

May-05

$500,000

Paid in full
05/19/2005

GILA COUNTY

Reconstruction

Fossil Creek Road

04/19/2002

1.43%

$1,237,500

Mar-09

$1,237,500

Paid in fill
03/19/2009

GILA COUNTY

Reconstruction

Six Shooter Canyon
Road

04/19/2002

1.81%

$600,000

Jun-08

$600,000

Paid in full
06/13/2008

GILA COUNTY

Construction

Six Shooter Road and
Bridge

04/19/2002

3.12%

$487,500

Dec-08

$487,500

Paid in full
12/05/2008

ADOT

Construction

SR 260, Cottonwood to
Camp Verde

05/17/2002

1.99%

$5,000,000

Jun-06

$5,000,000

Paid in full
06/19/2006

YAVAPAI COUNTY

Construction

Fain Road Realignment

06/21/2002

2.25%

$4,500,000

Jun-06

$4,500,000

Paid in full
05/31/2006

CITY OF LAKE
HAVASU CITY

Reconstruction

SR 95, North City
Limits

06/21/2002

1.18%

$789,508

Feb-05

$789,508

Paid in full
02/01/2005

LOAN STATUS AS OF SEPTEMBER 2009
STATEWIDE LOANS
PROJECT
SPONSOR

PURPOSE OF
LOAN

PROJECT
LOCATION

LOAN
APPROVAL

INTEREST
RATE*

MAXIMUM
LOAN

FINAL
DRAWS TO
MATURITY
DATE

ADOT

Design

Fort Grant Road Traffic
Interchange

06/21/2002

1.35%

$650,000

Nov-06

$650,000

Paid in full
04/26/2006

CITY OF SAFFORD

Construction

20th Avenue

08/16/2002

2.42%

$2,000,000

Oct-07

$2,000,000

Paid in full
10/02/2007

TOWN OF
THATCHER

Construction

20th Avenue

08/16/2002

1.56%

$2,000,000

Oct-07

$2,000,000

Paid in full
10/03/2007

CITY OF KINGMAN

Construction

North Bank Street

09/23/2005

3.11%

$2,000,000

Nov-11

$2,000,000

$1,100,000

CITY OF ELOY

Reconstruction

Sunshine Boulevard

11/16/2007

1.49%

$3,200,000

Mar-14

$3,200,000

$3,200,000

PINAL COUNTY

Reconstruction

Thornton Road

12/21/2007

2.35%

$2,000,000

May-12

$2,000,000

$1,500,000

CITY OF
TOMBSTONE

Construction

Yellow Jacket Way

11/18/2005

To be
Determined

$150,000

Nov-10

-

-

MOHAVE COUNTY

Design and
Construction

Highway 91, Beaver
Dam Wash Bridge

04/21/2006

To be
Determined

$8,700,000

Jun-10

-

-

CITY OF BISBEE

Reconstruction

Arizona Street

09/21/2007

To be
Determined

$2,400,000

Oct-10

-

-

TOWN OF PAYSON

Reconstruction

Bonita Street, Phase II

03/21/2008

To be
Determined

$1,200,000

May-13

-

-

TOWN OF
MAMMOTH

Reconstruction

Main Street

12/14/2001

-

$334,800

-

Withdrawn

OUTSTANDING
LOAN BALANCE

-

LOAN STATUS AS OF SEPTEMBER 2009
MAG LOANS
PROJECT
SPONSOR
CITY OF
CHANDLER
CITY OF MESA

ADOT

PURPOSE OF
PROJECT
LOAN
LOCATION
New Construction
Price Freeway: Warner
Urban Freeway
to Frye
System
New Construction
Red Mountain Freeway:
Urban Freeway
Country Club to Gilbert
System
Purchase of Right
Various: As stipulated
of Way for Urban
in Senate Bill 1201
Freeway System

LOAN
APPROVAL

INTEREST
RATE*

MAXIMUM
LOAN

FINAL
DRAWS TO
MATURITY
DATE

OUTSTANDING
LOAN BALANCE

03/20/1998

3.59%

$26,000,000

Jul-02

$26,000,000

Paid in full
11/30/2001

03/20/1998

4.41%

$24,000,000

Mar-03

$24,000,000

Paid in full
03/21/2003

11/15/1999

3.92%

$100,000,000

Jun-01

$90,324,109

Paid in full
06/28/2001

ADOT/
CITY OF PHOENIX

Construction

SR 51 Completion
Union Hills - L101

11/17/2000

2.48%

$22,500,000

Jun-05

$22,500,000

Paid in full
02/17/2005

ADOT

Right of Way,
Construction

Regional Freeway
System

09/21/2001

3.30%

$50,000,000

Dec-08

$50,000,000

Paid in full
04/17/2008

ADOT

Right of Way,
Construction

Regional Freeway
System

11/21/2003

1.44%

$80,500,000

Jun-09

$80,500,000

Paid in full
06/15/2009

CITY OF
GOODYEAR

Design

I-10 Widening

04/21/2006

3.13%

$7,369,000

Jun-10

$6,783,965

$3,474,182

MARICOPA
COUNTY

Design, Right of
Way, Construction

MC 85, 107th Ave. to
75th Ave.

03/21/2008

To be
Determined

$25,700,000

Jul-13

-

CITY OF PHOENIX

Design, Right of
Way, Construction

Dixileta Drive TI

11/18/2005

-

$11,900,000

-

Withdrawn

-

CITY OF PEORIA

Design,
Construction

SR 101 - Union Hills
Drive TI

05/16/2008

-

$9,910,000

-

Withdrawn

-

-

LOAN STATUS AS OF SEPTEMBER 2009
PAG LOANS
PROJECT
SPONSOR

PURPOSE OF
LOAN

PROJECT
LOCATION

LOAN
APPROVAL

INTEREST
RATE*

MAXIMUM
LOAN

FINAL
MATURITY

DRAWS TO
DATE

OUTSTANDING
LOAN BALANCE

CITY OF TUCSON

Street
Improvements

6th Avenue, 19th Street
to I-10

03/17/2000

4.50%

$2,000,000

Jan-05

$2,000,000

Paid in full
05/01/2001

ADOT

Design,
Right of Way

Various projects in
Pima County

05/19/2000

1.77%

$5,285,000

Jun-05

$5,285,000

Paid in full
06/22/2005

CITY OF TUCSON

Street
Improvements

6th Avenue, Ajo Way to
Rodeo Wash

06/15/2001

2.91%

$4,500,000

Jan-06

$4,500,000

Paid in full
01/03/2006

ADOT

Construction

I-10 / I-19 Interchange

09/21/2001

2.11%

$62,500,000

Jan-06

$62,500,000

Paid in full
04/18/2005

PIMA COUNTY

Street
Improvements

Ajo Way, Country Club
to Alvernon

12/14/2001

3.23%

$3,700,000

Jul-07

$3,700,000

Paid in full
01/17/2007

PIMA COUNTY

Street
Improvements

Shannon Road,
Ina Rd to Magee Rd

12/14/2001

3.23%

$1,400,000

Jul-07

$1,400,000

Paid in full
01/17/2007

ADOT

Design

I-10 Mainline,
Grant to Congress

03/15/2002

0.86%

$5,500,000

Jun-06

$4,098,869

Paid in full
06/20/2006

TOWN OF ORO
VALLEY

Construction

Tangerine Road
Widening

08/16/2002

1.19%

$1,716,000

Jul-05

$1,716,000

Paid in full
08/01/2005

TOWN OF ORO
VALLEY

Construction

La Canada Drive
Extension

02/20/2004

2.52%

$5,000,000

Feb-08

$5,000,000

Paid in full
03/07/2008

TOWN OF MARANA

Construction

Thornydale Road

11/19/2004

2.51%

$7,000,000

Mar-10

$7,000,000

$900,000

PIMA COUNTY

Construction

Alvernon Way, River
Rd. to Ft. Lowell

05/20/2005

3.06%

$4,836,000

Jun-09

$4,836,000

Paid in full
06/01/2009

CITY OF TUCSON

Construction

Mountain Avenue,
Roger Rd. to Ft. Lowell

03/16/2007

1.97%

$14,000,000

May-11

$13,400,000

$5,900,000

TOWN OF ORO
VALLEY

Construction

La Canada Drive
Widening

07/20/2007

3.20%

$8,000,000

Aug-12

$8,000,000

$8,000,000

LOAN STATUS AS OF SEPTEMBER 2009
PAG LOANS
PROJECT
SPONSOR

PURPOSE OF
LOAN

PROJECT
LOCATION

LOAN
APPROVAL

INTEREST
RATE*

MAXIMUM
LOAN

FINAL
MATURITY

DRAWS TO
DATE

OUTSTANDING
LOAN BALANCE

ADOT

Construction

I-10, Pinal Air Park
to Marana TI

11/19/2004

-

$18,500,000

-

Withdrawn

-

CITY OF TUCSON

Construction

Harrison Road

08/20/2004

-

$12,293,000

-

Withdrawn

-

TOWN OF
SAHUARITA

Construction

La Canada Phase II

09/23/2005

-

$3,900,000

-

Withdrawn

-

HELP
Projects Map and Table

Map Table
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41

Project Name
SR260 Showlow to Pinetop
Center Street
Carr Canyon Rd. - Hunter Canyon Rd.
Van’s Trading Post - East of SR264
Lake Havasu Blvd - Old London Bridge Rd.
US60 - SR79 TI
Glassford Hill
Ave 3E SR280 TI
Buffalo Soldier Trail
Salome Rd. Centennial Wash
SR260, Pinetop - Hon-dah
South River Rd.
Naha Ta Dziil Rd / Sanders TI.
Ave. A 40th st to Desert Ave
Paper Mill Rd.
SR260, Christopher Creek
McLane Rd.
I-18 - Giss Parkway - Redondo Dr. TI
SR89A, Glassford Hill Section
Rose Rd. to Sullivan Street
SR89A, Glassford Hill Section
Avenue 3E TI.
SR89A, Glassford Hill Section
US60 - SR79 TI
SR95 Parker to Lakeside
Fossil Creek Rd.
Six Shooter Canyon Rd.
SR260 Cottonwood to Camp Verde
Fain Rd. Realignment
SR95, North City Limits
Fort Grant Rd. TI
20th Avenue
20th Avenue
Six Shooter Rd. and Bridge
North Bank Street
Highway 91, Beaver Dam Wash Bridge
Yellow Jacket Way
Arizona Street, Cole Ave to Hazard Street
Sunshine Boulevard
Bonita Street, Phase II
Thornton Road

Project Description
Reconstruction
Construction
Design
Design
Design
Design
Design
Design
Construction
Reconstruction
Reconstruction
Reconstruction
Design
Reconstruction
Reconstruction
Reconstruction
Reconstruction
Reconstruction
Design
Reconstruction
Reconstruction
Reconstruction
Reconstruction
Reconstruction
Reconstruction
Reconstruction
Reconstruction
Construction
Construction
Construction
Construction
Construction
Construction
Construction
Construction
Construction
Construction
Reconstruction
Reconstruction
Reconstruction
Reconstruction

Loan Amount
$5,664,000
$300,000
$457,000
$500,000
$1,850,000
$600,000
$1,500,000
$800,000
$1,970,000
$2,000,000
$8,400,000
$1,150,000
$1,000,000
$1,000,000
$1,000,000
$41,900,000
$1,100,000
$2,000,000
$3,216,000
$80,000
$13,855,000
$9,900,000
$4,500,000
$4,000,000
$500,000
$1,237,500
$600,000
$5,000,000
$4,500,000
$789,508
$650,000
$2,000,000
$2,000,000
$487,500
$2,000,000
$8,700,000
$150,000
$2,400,000
$3,200,000
$1,200,000
$2,000,000

City / Location
Showlow
Chino Valley
Cochise Cty
Coconino Cty
Mohave Cty
Pinal Cty
Prescott Valley
Yuma
Sierra Vista
La Paz Cty
Pinetop
Santa Cruz Cty
Apache Cty
City of Yuma
Town of Taylor
Gila Cty
Payson
Yuma
Prescott Valley
Miami
Prescott Valley
Yuma
Prescott Valley
Pinal Cty
Parker
Gila Cty
Gila Cty
Yavapai Cty
Yavapai Cty
Mohave Cty
Cochise Cty
Safford
Thatcher
Gila Cty
Kingman
Mohave Cty
Tombstone
City of Bisbee
City of Eloy
Town of Payson
Pinal Cty

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

6th Avenue Project
I-10 - I-19 TI
I-10 Mainline Prince Rd.
I-10 - I-19 TI
6th Avenue Project Phase II
JCT I-10 / I-19 Phase 1&2
Ajo Way - Country Club Rd -Alvernon Way
Shannon Road: Ina Rd - Magee Rd.
I-10 Mainline Grant - Congress
Tangerine Rd.
La Canada Dr. Extension - Tangerine Rd.
Thornydale Rd. Reconstruction
Alvernon Way - River Rd. - Lowell Rd.
Mountain Ave, Roger Rd., Ft. Lowell Rd.
La Canada Drive Widening

Street improvements
Design
Design
Design
Street improvements
Construction
Street Improvements
Street Improvements
Design
Construction
Construction
Reconstruction
Construction
Reconstruction
Construction

$2,000,000
$3,285,000
$1,000,000
$1,000,000
$4,500,000
$62,500,000
$3,700,000
$1,400,000
$5,500,000
$1,716,000
$5,000,000
$7,000,000
$4,836,000
$14,000,000
$8,000,000

Tucson
Pima Cty
Pima Cty
Pima Cty
Tucson
Tucson
Pima Cty
Pima Cty
Pima Cty
Oro Valley
Oro Valley
Town of Marana
Pima Cty
Tucson
Oro Valley

1 Red Mountain Country Club - Gilbert
Construction
2 Price Freeway - Warner - Frye
Construction
Above two loans are not included in totals
3 Various: as stipulated / MAG
Right of way
4 SR51 Completion Union Hills - L101
Construction
5 Regional Freeway System / MAG
ROW Construction
6 Regional Freeway System / MAG
ROW Construction
7 I-10 Widening
Design
Design, RWY, Const
8 MC 85, 107th Ave. to 75th Ave.

13

$24,000,000 Mesa
$26,000,000 Chandler
$100,000,000
$22,500,000
$50,000,000
$80,500,000
$7,369,000
$25,700,000

Maricopa Cty
Phoenix
Maricopa Cty
Maricopa Cty
City of Goodyear
Maricopa Cty

Prepared By:
Arizona Department of Transportation
Financial Management Services
Highway Expansion and Extension Loan Program Section
206 S. 17th Avenue, Suite 200 B
Phoenix, AZ 85007-3213
Phone (602) 712-7441 * Fax (602) 712-6672