By Bill Toland, Pittsburgh Post-Gazette

In public finance circles, P3s are all the buzz.

That's shorthand for public-private partnerships, wherein government agencies sell or lease infrastructure to private consortiums, which is what Pennsylvania is thinking about doing with the turnpike. The government hopes to take in a short-term windfall and cut down on immediate expenses, while the investors want to tap a stable, long-term revenue flow.

Public-private partnerships aren't new. For decades, governments at all levels have raised money for major capital projects -- arenas, roadways, new high school buildings, sewer systems -- by attracting investors through the private bond market.

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Posted by pichu at January 28, 2007 8:37 PM