The passage of the Transportation Equity Act for the 21st Century (TEA-21) in
1998 represents unprecedented opportunity for communities that are seeking to
build or expand their transit systems. This opportunity will be realized through
significantly increased overall spending on surface transportation, the
retention of the ability of communities to "flex" highway dollars for
transit projects, the creation of new programs and by program changes that allow
local communities to raise capital through the use of innovative financing. Most
importantly, Congress established "guaranteed" funding for surface
transportation projects, which ensures a minimum funding level each fiscal year
until TEA-21 expires on September 30, 2003.
