Federal assistance to municipalities does not need to stop at providing grants. The federal government could also play an important role in helping municipalities to finance projects by establishing a lending vehicle similar to that of the state infrastructure banks (SIBS) that were discussed earlier. This revolving fund program - created by a federal grant - could be made flexible, offering term loans and lines of credit at varying interest rates, debt service guarantees, debt-service reserves, and bond insurance. The infrastructure bank would accomplish several objectives. First, it would complement the provincial efforts to assist municipalities to take better advantage of borrowing to finance projects. Second, such a vehicle could be used to lure private investment by lowering the financial risk. And, lastly, advice on lending decisions could be made by the same public-private advisory board as that created for the infrastructure funds to ensure that taxpayer money is well spent.