GLOBAL DEVELOPMENT ALLIANCE

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• GLOBAL DEVELOPMENT ALLIANCE
• MODEL FOR MUNICIPAL DEVELOPMENT THROUGH
  INFRASTRUCTURE FINANCING

USAID JASON GIRARD JENE THOMAS ELIZABETH
BAUCH USAID EVENSEN DODGE INTERNATIONAL FERNAN
DO GAMA SENIOR VICEPRESIDENT EVENSEN DODGE
MINNEAPOLIS, MN. USA. TEL. [phone] FAX.
952 471-1196 fgama_at_evensendodge.com
PARIS, FRANCE. DECEMBER 2003
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INTRODUCTION

• EVENSEN DODGE, FOUNDED IN 1922, WAS THE FIRST
  PUBLIC-FINANCE ADVISORY FIRM IN THE UNITED
  STATES.
• HAS PARTICIPATED IN DEVELOPING THE SUBNATIONAL
  FINANCING MODEL IN THE U.S.
• ASSISTS MORE THAN 400 SUBNATIONAL ENTITIES TO
  ACCESS BILLONS OF DOLLARS ANNUALLY
• IS WORKING INTERNATIONALLY WITH USAID

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FINANCIAL ADVISOR COORDINATES FINANCING PROJECT
A SUBNATIONAL FINANCING MODEL
FINANCIAL STRUCTURE
INVESTORS
ISSUE DEBT
STATES, MUNICIPALITIES INSTITUTES

MASTER TRUST
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(No Transcript)
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PHASES .
PHASES TO CONSOLIDATE A NEW SUBNATIONAL
FINANCING MARKET IN A GIVEN COUNTRY
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PHASE 1 FINANCIAL PLANNING DESIGNING OF
FINANCIAL STRUCTURE

• ANALYZE CLIENT FINANCIAL NEEDS,
• STUDY LEGAL FRAMEWORK,
• DESIGN ADEQUATE FINANCIAL STRUCTURE

• POOL FINANCING STRUCTURE
• ONE STRUCTURE FOR VARIOS JURISDICTIONS
• SMALLER ISSUERS MAY ACCESS FINANCING
• COST AND RISK REDUCED

REQUEST FINANCING
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PHASE 1 (CONTINUES) FINANCIAL PLANNING
DESIGNING OF FINANCIAL STRUCTURE
REQUEST FINANCING
INVESTORS
JURISDICTION PAYS FOR DEBT OBLIGATION
PROJECT PROCEEDS PAY FOR DEBT OBLIGATION
BUILDS, OPERATES AND TRANSFRS
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PHASE 2 STATE REVOLVING FUND
STATE COMITEE OF PUBLIC DEBT
STATE TREASURER
IRREVOCABLE MANDATE TO FEDERAL GOVERNMENT TO
AFFECT IRREVOCABLY FEDERAL TAX TRANSFERS TO
JURISDICTION TO DEVIATE A OF FEDERAL TAX
TRANSFERS TO THE JURIDICTION INTO AN IRREVOLCABLE
TRUST
IRREVOCABLE INSTRUCTIONES TO TRUST DEFINE
CRITERIA TO PAYING DEBT OBLIGATIONS
OFFICIAL STATEMENTS FOR BOND ISSUANCE OR BANK
CONTRACTS

INTERCEPTED FLOWS
1
2
n

IRREVOCABLE TRUST
COUPON PAYMENTS
TO JURISDICTION
FUND TO PAY DEBT 1
PAYING AGENT OR BANK 1
JURISDICTION TREASURY
FUND TO PAY DEBT 1
PAYING AGENT OR BANK 2
FUND TO PAY DEBT n
PAYING AGENT OR BANK n
EXCESS REVENUE FLOWS GO BACK TO JURISDICTION
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DIAGRAMA DE REVOLVENCIA FINANCIERA
ADMINISTRACIÓN DEL FINANCIAMIENTO RECIBIDO
DESARROLLO DE PROYECTOS
PAGO DE OBLIGACIONES
FUJJOS ORIGINALES PROVENIENTES DE SHCP
COMITÉ TÉCNICO DEL FIDEICOMISO DE ADMINISTRACIÓN
DE OBRA Y DE SUPERVISIÓN DE AVANCE DE PROYECTOS
n
POR CADA NUEVO FINANCIAMIENTO HABRÁ UNA NUEVA
INSTRUCCIÓN IRREVOCABLE AL FIDUCIARIO DETALLANDO
COMO PAGAR AL CONCESIONARIO DE CADA PROYECTO
EL COMITÉ SUPERVISARÁ EL AVANCE DE OBRA DE CADA
PROYECO Y OTORGARÁ AUTORIZACIÓN AL FIDUCIARIO
PARA REALIZAR PAGOS DE AVANCE DE OBRA AL
FRANQUICITARIO DE CADA PROYECTO
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FIDEICOMISO DE ADMINISTRACIÓN, INVERSIÓN Y PAGO

ACREEDORES
FIDEICOMISO DE ADMINISTRACIÓN DE OBRA
MAS FLUJOS
FONDO PAGO CREDITO 1
AUTORIZACIÓN DE PAGO
FINANCIAMIENTO
FONDO DESARROLLO PROYECTO 1
FONDO PAGO CREDITO 2
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CONCESIONARIO PROYECTO 1
PAGOS PREVIA AUTORIZACIÓN Y CONTRA ENTREGA DE
FACTURA
FINANCIAMIENTO
FONDO DESARROLLO PROYECTO n
n
CONCESIONARIO PROYECTO n
FLUJOS DE LOS PROYECTOS SON INTERCEPTADOS
ACREEDORES
FONDO PAGO CREDITO A
FINANCIAMIENTO NUEVO
UN PORCENTAJE ES PARA CONTRATAR NUEVOS CRÉDITOS
FONDO DESARROLLO PROYECTO A
CONCESIONARIO PROYECTO A
A
FONDO PAGO CREDITO B
UN PORCENTAJE SE DEVUELVE PARA MANTENIMIENTO,
OPERACIÓN Y UTILIDAD DEL FRANQUICIATARIO
MAS FINANCIAMIENTOS
MAS CREDITOS
MAS PROYECTOS
EXEDENTES PASAN A LA TESORERÍA
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PHASE 3 ACCESS FINANCING
INFRASTRUCTURE PROJECT
FINANCIAL ADVISOR COORDINATES PROJECT
BOND COUNSEL
POST SALE ANALYSIS
REQUEST FINANCING
INVESTORS
TRUST
TRUST
FINANCING
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THANK YOU
USAID EVENSEN DODGE
ASSITNG
JURISDICTIONS ACCESS FINANCING

• JASON GIRARD
• Community Planner
• USAID Urban Programs Team
• Washington, DC
• Tel [phone]
• Fax [phone]
• Email jgirard_at_usaid.gov

FERNANDO GAMA SENIOR VICE-PRESIDENT MINNEAPOLIS,
MN. TEL. [phone]. FAX. [phone] Email
fgama_at_evensendodge.com