Sec. 303. NEC fast forward
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Section 502(d) of the Railroad Revitalization and Regulatory Reform Act of 1976 ( 45 U.S.C. 822(d) ) is amended by inserting 40 percent shall be available solely for projects described in subsection (l)(1), and after Of this amount, . Section 502 of such Act is further amended by adding at the end the following new subsection: The Secretary, as part of the Railroad Rehabilitation and Improvement Financing program, shall provide direct loans and loan guarantees to eligible entities described in subsection
(a)for capital projects to improve the Northeast Corridor (as used in section 24906 of title 49, United States Code). Loans made or guaranteed under this subsection shall require collateral equal to the loan amount requested. A direct loan or loan guarantee shall be made under this subsection only if a rating agency has assigned an investment grade rating of BBB minus, Baa3, bbb minus, BBB (low), (or equivalent) or higher to the project obligation. For purposes of this paragraph, the term rating agency means a credit rating agency registered with the Securities and Exchange Commission as a nationally recognized statistical rating organization (as that term is defined in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) )). Loans and loan guarantees made under this subsection shall be for projects that are included in the most recent 5-year budget and business plan prepared pursuant to section 24906(a) of title 49, United States Code. Loans made or guaranteed under this subsection shall not be used for the refinancing of outstanding debt incurred. Subsection (f)(4) shall not apply to loans made or guaranteed under this subsection. . Not later than 180 days after the date of enactment of this Act, the Comptroller General shall transmit to the Committee on Transportation and Infrastructure of the House of Representatives and the Committee on Commerce, Science, and Transportation of the Senate a report identifying potential revenue sources, projects, and service improvements that could be achieved by the amendments made by subsections
(a)and (b). Section 24405 of title 49, United States Code, is amended— by striking 15 days and inserting 30 days in subsection (a)(4)(B); and by adding at the end the following: Not later than 1 year after the date of enactment of the Passenger Rail Reform and Investment Act of 2014 , and annually thereafter, the Secretary shall transmit to the Committee on Commerce, Science, and Transportation of the Senate and the Committee on Transportation and Infrastructure of the House of Representatives a report listing any waiver issued under this section during the preceding year. . Section 502(h)(3) of the Railroad Revitalization and Regulatory Reform Act of 1976 ( 45 U.S.C. 822(h)(3) ) is amended— by striking and at the end of subparagraph (A); by striking the period at the end of subparagraph
(B)and inserting ; and ; and by adding at the end the following: the requirements of section 24405(a) of title 49, United States Code. .
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U.S. Code
2 references not yet in our index
- 45 USC 822(d)
- 45 USC 822(h)(3)
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