Which of the following is a benefit of borrowing for capital projects?

Prompt availability of major facilities is a significant benefit of borrowing for capital projects. When a government entity borrows funds, it can quickly access the necessary capital to initiate and complete a project without delaying the timeline. This means that essential facilities, such as schools, roads, or hospitals, can be built or upgraded more rapidly, which is particularly crucial in responding to community needs or urgent demands.

Having immediate access to funding allows planning and construction processes to move forward without waiting for the accumulation of funds through tax revenues or other sources. This can significantly enhance the ability to address infrastructure deficits or to capitalize on time-sensitive opportunities.

The other options do not adequately capture the core advantages associated with borrowing. While minimizing the project timeline can be a factor, it is more about the immediacy with which a project can begin rather than the timeline itself. Lower overall project costs due to borrowing and requiring immediate payment from taxpayers are more complex issues that don't directly relate to the immediate benefits of quickly providing facilities.