Sec. 35605. Program administration

656 words·~3 min read·/bill/114/hr/22/eas/section-35605

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Section 502(i) ( 45 U.S.C. 822(i) ) is amended to read as follows: Not later than 30 days after the date that the Secretary receives an application under this section, the Secretary shall provide the applicant written notice as to whether the application is complete or incomplete. If the Secretary determines that an application is incomplete, the Secretary shall— provide the applicant with a description of all of the specific information or material that is needed to complete the application; and allow the applicant to resubmit the information and material described under subparagraph

(A)to complete the application. Not later than 60 days after the date the Secretary notifies an applicant that an application is complete under paragraph (1), the Secretary shall provide the applicant written notice as to whether the Secretary has approved or disapproved the application. In order to enable compliance with the time limit under subparagraph (A), the Office of Management and Budget shall take any action required with respect to the application within that 60-day period. The Secretary shall implement procedures and measures to economize the time and cost involved in obtaining an approval or a disapproval of credit assistance under this title. The Secretary shall post on the Department of Transportation's public Web site a monthly report that includes for each application— the name of the applicant or applicants; the location of the project; a brief description of the project, including its purpose; the requested direct loan or loan guarantee amount; the date on which the Secretary provided application status notice under paragraph (1); and the date that the Secretary provided notice of approval or disapproval under paragraph (3). . Section 503 ( 45 U.S.C. 823 ) is amended— in subsection (a), by striking the period at the end and inserting , including a program guide and standard term sheet and specific timetables. ; by redesignating subsections

(c)through

(l)as subsections

(d)through (m), respectively; by striking

(b)and inserting Assignment of loan guarantees .—

(c); Assignment of loan guarantees .— in subsection (d), as redesignated— in paragraph (1), by striking ; and and inserting a semicolon; in paragraph (2), by striking the period at the end and inserting ; and ; and by adding at the end the following: the modification cost has been covered under section 502(f). ; and by amending subsection (l), as redesignated, to read as follows: The Secretary may collect and spend from each applicant, obligor, or loan party a reasonable charge for— the cost of evaluating the application, amendments, modifications, and waivers, including for evaluating project viability, applicant creditworthiness, and the appraisal of the value of the equipment or facilities for which the direct loan or loan guarantee is sought, and for making necessary determinations and findings; the cost of award management and project management oversight; the cost of services from expert firms, including counsel, and independent financial advisors to assist in the underwriting, auditing, servicing, and exercise of rights with respect to direct loans and loan guarantees; and the cost of all other expenses incurred as a result of a breach of any term or condition or any event of default on a direct loan or loan guarantee. The Secretary may charge different amounts under this subsection based on the different costs incurred under paragraph (1). The Secretary may appoint a financial entity to assist the Secretary in servicing a direct loan or loan guarantee under this section. A servicer appointed under subparagraph

(A)shall act as the agent of the Secretary in serving a direct loan or loan guarantee under this section. A servicer appointed under subparagraph

(A)shall receive a servicing fee from the obligor or other loan party, subject to approval by the Secretary. Amounts collected under this subsection shall— be credited directly to the Safety and Operations account of the Federal Railroad Administration; and remain available until expended to pay for the costs described in this subsection. .

Connections2 off-index

2 references not yet in our index

45 USC 822(i)
45 USC 823

Citation graph

cites case law

Sec. 35605

Program administration

Cite45 USC 822(i)

Cite45 USC 823

Cites 2Cited by 0 across 0 sources