we just received of grant that took one year to process through tifia. to have the project financing infrastructure financing is terribly important it doesn't replace the need for a permanent funding source but financing is a key component. the reasons are simple. you need a place to get the long term capital. with the government backstop it could save 200 basis points a project could be $50 million. and third commanding the folks at tifia give your expertise around road, rail, water, ports, th at is important in virginia in one spot of we have the expertise on the private sector side to go against wall street. but particularly for smaller states, but for smaller projects that we have modified to lower the minimum amount and increase the amount. they will not have the expertise at the local level without to draw upon. i don't want to overstate you have to have the funding sources as well but the notion of the infrastructure financing authority how to use private capital can you comment on that? >> senator we are in total agreement. we need to have conven

that assessment to the challenge i'm trying to leverage private capital into infrastructure is, one, tifia is a great initiative but it's not a career path. we need long-term capital that is taking capital. with lots and lots of american pension fund dollars are going abroad because there's not enough projects or to finance. there's no financing mechanism. number two, we need that backdrop that lowers the interest rates, 200 basis point interest rate saves 30 or $49 on a 20 year, 30 alone. three, unique expertise to concentrate to be would have on the public sector cited billy to go toe to toe with wall street. there's lots of public-private initiatives out and around the states these days. some are good, some are bad deals perhaps. this is more commercial than a question. i apologize, but say that as we come upon highway trust fund challenge, around labor day, that ever sucked a financing authority that would be initially capitalized at $10 or only scored 7 billion, it becomes self-funded because of the keys that are charged. and while not a solution, i don't want to oversell because it d

third, i commend the folks at tif tifia, you need to cons trapt your expertise around road, water, rail, energy, ports, something grant to senator isaks north caronaisaks north carolinas d in virginia on the private sector side for wall street. more important but particularly for smaller states, this is a -- an asset that for smaller projects that we've modified from previous proposals would lower the minimum amount and increase the amount that goes to rural communities. they won't have the expertise at the local level to do this without ability to draw upon national expertise. i just would like you to -- i don't want to overstate. it's not a silver bullet. you have to have the permanent funding source as well to leverage private capital. this notion of an infrastructure financing authority or how we get private capital into our infrastructure needs, if you'd like to comment on that. >> senator, we're in total agreement. we don't think it's a choice. we need to have our conventional funding mechanisms, that's why the highway bill reauthorizationization and funding mechanism to have fede