Sec. 2001. Transportation Infrastructure Finance and Innovation Act of 1998 amendments

2,613 words·~12 min read·/bill/114/hr/22/enr/section-2001

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

Section 601(a) of title 23, United States Code, is amended— in the matter preceding paragraph (1)— by striking In this chapter, the and inserting The ; and by inserting to sections 601 through 609 after apply ; in paragraph (2)— in subparagraph

(B)by striking and at the end; in subparagraph

(C)by striking the period at the end and inserting ; and ; and by adding at the end the following: capitalizing a rural projects fund. ; in paragraph

(3)by striking this chapter and inserting the TIFIA program ; in paragraph (10)— by striking

(10)and all that follows before subparagraph

(A)and inserting the following: Master credit agreement.— The term master credit agreement means a conditional agreement to extend credit assistance for a program of related projects secured by a common security pledge covered under section 602(b)(2)(A) or for a single project covered under section 602(b)(2)(B) that does not provide for a current obligation of Federal funds, and that would— ; in subparagraph

(A)by striking subject to the availability of future funds being made available to carry out this chapter; and inserting “subject to— the availability of future funds being made available to carry out the TIFIA program; and the satisfaction of all of the conditions for the provision of credit assistance under the TIFIA program, including section 603(b)(1); ; and in subparagraph (D)— by redesignating clauses

(ii)and

(iii)as clauses

(iii)and (iv), respectively; by inserting after clause

(i)the following: receiving an investment grade rating from a rating agency; ; in clause

(iii)(as so redesignated) by striking in section 602(c) and inserting under the TIFIA program, including sections 602(c) and 603(b)(1) ; and in clause

(iv)(as so redesignated) by striking this chapter and inserting the TIFIA program ; in paragraph (12)— in subparagraph

(C)by striking and at the end; in subparagraph (D)(iv) by striking the period at the end and inserting a semicolon; and by adding at the end the following: a project to improve or construct public infrastructure that is located within walking distance of, and accessible to, a fixed guideway transit facility, passenger rail station, intercity bus station, or intermodal facility, including a transportation, public utility, or capital project described in section 5302(3)(G)(v) of title 49, and related infrastructure; and the capitalization of a rural projects fund. ; in paragraph

(15)by striking means and all that follows through the period at the end and inserting means a surface transportation infrastructure project located in an area that is outside of an urbanized area with a population greater than 150,000 individuals, as determined by the Bureau of the Census. ; by redesignating paragraphs (16), (17), (18), (19), and

(20)as paragraphs (17), (18), (20), (21), and (22), respectively; by inserting after paragraph

(15)the following: The term rural projects fund means a fund— established by a State infrastructure bank in accordance with section 610(d)(4); capitalized with the proceeds of a secured loan made to the bank in accordance with sections 602 and 603; and for the purpose of making loans to sponsors of rural infrastructure projects in accordance with section 610. ; by inserting after paragraph

(18)(as so redesignated) the following: The term State infrastructure bank means an infrastructure bank established under section 610. ; and in paragraph

(22)(as so redesignated), by inserting established under sections 602 through 609 after Department . Section 602 of title 23, United States Code, is amended— in subsection (a)— in paragraph

(1)in the matter preceding subparagraph (A), by striking this chapter and inserting the TIFIA program ; in paragraph (2)(A) by striking this chapter and inserting the TIFIA program ; in paragraph

(3)by striking this chapter and inserting the TIFIA program ; in paragraph (5)— by striking the paragraph heading and inserting ; Eligible project cost parameters .— in subparagraph (A)— in the matter preceding clause (i), by striking subparagraph (B), to be eligible for assistance under this chapter, a project and inserting subparagraph (B), a project under the TIFIA program ; by striking clause

(i)and inserting the following: $50,000,000; and ; and in clause

(ii)by striking assistance ; and in subparagraph (B)— by striking the subparagraph designation and heading and all that follows through In the case and inserting the following: In the case ; and by adding at the end the following: In the case of a project described in section 601(a)(12)(E), eligible project costs shall be reasonably anticipated to equal or exceed $10,000,000. In the case of a rural infrastructure project or a project capitalizing a rural projects fund, eligible project costs shall be reasonably anticipated to equal or exceed $10,000,000, but not to exceed $100,000,000. Eligible project costs shall be reasonably anticipated to equal or exceed $10,000,000 in the case of a project or program of projects— in which the applicant is a local government, public authority, or instrumentality of local government; located on a facility owned by a local government; or for which the Secretary determines that a local government is substantially involved in the development of the project. ; in paragraph (9), in the matter preceding subparagraph (A), by striking this chapter and inserting the TIFIA program ; and in paragraph (10)— by striking To be eligible and inserting the following: Except as provided in subparagraph (B), to be eligible ; by striking this chapter each place it appears and inserting the TIFIA program ; by striking not later than and inserting no later than ; and by adding at the end the following: In the case of a project capitalizing a rural projects fund, the State infrastructure bank shall demonstrate, not later than 2 years after the date on which a secured loan is obligated for the project under the TIFIA program, that the bank has executed a loan agreement with a borrower for a rural infrastructure project in accordance with section 610. After the demonstration is made, the bank may draw upon the secured loan. At the end of the 2-year period, to the extent the bank has not used the loan commitment, the Secretary may extend the term of the loan or withdraw the loan commitment. ; in subsection

(b)by striking paragraph

(2)and inserting the following: The Secretary may enter into a master credit agreement for a program of related projects secured by a common security pledge on terms acceptable to the Secretary. If the Secretary fully obligates funding to eligible projects for a fiscal year and adequate funding is not available to fund a credit instrument, a project sponsor of an eligible project may elect to enter into a master credit agreement and wait to execute a credit instrument until the fiscal year for which additional funds are available to receive credit assistance. ; in subsection (c)(1), in the matter preceding subparagraph (A), by striking this chapter and inserting the TIFIA program ; and in subsection

(e)by striking this chapter and inserting the TIFIA program . Section 603 of title 23, United States Code, is amended— in subsection

(a)by striking paragraph

(2)and inserting the following: A loan under paragraph

(1)shall not refinance interim construction financing under paragraph (1)(B)— if the maturity of such interim construction financing is later than 1 year after the substantial completion of the project; and later than 1 year after the date of substantial completion of the project. ; in subsection (b)— in paragraph (2)— by striking The amount of and inserting the following: Except as provided in subparagraph (B), the amount of ; and by adding at the end the following: In the case of a project capitalizing a rural projects fund, the maximum amount of a secured loan made to a State infrastructure bank shall be determined in accordance with section 602(a)(5)(B)(iii). ; in paragraph (3)(A)(i)— in subclause

(III)by striking or at the end; in subclause

(IV)by striking and at the end and inserting or ; and by adding at the end the following: in the case of a secured loan for a project capitalizing a rural projects fund, any other dedicated revenue sources available to a State infrastructure bank, including repayments from loans made by the bank for rural infrastructure projects; and ; in paragraph (4)(B)— in clause

(i)by striking under this chapter and inserting or a rural projects fund under the TIFIA program ; and in clause

(ii)by inserting and rural project funds after rural infrastructure projects ; in paragraph (5)— by redesignating subparagraphs

(A)and

(B)as clauses

(i)and (ii), respectively, and indenting appropriately; in the matter preceding clause

(i)(as so redesignated) by striking The final and inserting the following: Except as provided in subparagraph (B), the final ; and by adding at the end the following: In the case of a project capitalizing a rural projects fund, the final maturity date of the secured loan shall not exceed 35 years after the date on which the secured loan is obligated. ; in paragraph

(8)by striking this chapter and inserting the TIFIA program ; and in paragraph (9)— by striking The total Federal assistance provided on a project receiving a loan under this chapter and inserting the following: The total Federal assistance provided for a project receiving a loan under the TIFIA program ; and by adding at the end the following: A project capitalizing a rural projects fund shall satisfy subparagraph

(A)through compliance with the Federal share requirement described in section 610(e)(3)(B). ; and by adding at the end the following: Not later than 180 days after the date of enactment of the FAST Act, the Secretary shall make available an expedited application process or processes available at the request of entities seeking secured loans under the TIFIA program that use a set or sets of conventional terms established pursuant to this section. In establishing the streamlined application process required by this subsection, the Secretary may include terms commonly included in prior credit agreements and allow for an expedited application period, including— the secured loan is in an amount of not greater than $100,000,000; the secured loan is secured and payable from pledged revenues not affected by project performance, such as a tax-backed revenue pledge, tax increment financing, or a system-backed pledge of project revenues; and repayment of the loan commences not later than 5 years after disbursement. . Section 605 of title 23, United States Code, is amended— by striking this chapter each place it appears and inserting the TIFIA program ; and by adding at the end the following: Of the funds made available to carry out the TIFIA program for each fiscal year, and after the set aside under section 608(a)(5), not less than $2,000,000 shall be made available for the Secretary to use in lieu of fees collected under subsection

(b)for projects under the TIFIA program having eligible project costs that are reasonably anticipated not to equal or exceed $75,000,000. Any funds not used under paragraph

(1)in a fiscal year shall be made available on October 1 of the following fiscal year to provide credit assistance to any project under the TIFIA program. . Section 606 of title 23, United States Code, is amended in the matter preceding paragraph

(1)by striking this chapter and inserting the TIFIA program . Section 607 of title 23, United States Code, is amended by striking this chapter and inserting the TIFIA program . Section 608 of title 23, United States Code, is amended— by striking this chapter each place it appears and inserting the TIFIA program ; and in subsection (a)— in paragraph

(2)by inserting of after 504(f) ; in paragraph (3)— in subparagraph (A), by inserting or rural projects funds after rural infrastructure projects ; and in subparagraph (B), by inserting or rural projects funds after rural infrastructure projects ; by striking paragraphs

(4)and

(6)and redesignating paragraph

(5)as paragraph (4); and by inserting at the end the following: Of the amounts made available to carry out the TIFIA program, the Secretary may use not more than $6,875,000 for fiscal year 2016, $7,081,000 for fiscal year 2017, $7,559,000 for fiscal year 2018, $8,195,000 for fiscal year 2019, and $8,441,000 for fiscal year 2020 for the administration of the TIFIA program. . Section 609 of title 23, United States Code, is amended by striking this chapter (other than section 610) each place it appears and inserting the TIFIA program . Section 610 of title 23, United States Code, is amended— in subsection

(a)by adding at the end the following: The term rural infrastructure project has the meaning given the term in section 601. The term rural projects fund has the meaning given the term in section 601. ; in subsection (d)— in paragraph (1)(A) by striking each of fiscal years and all that follows through the end of subparagraph

(A)and inserting each of fiscal years 2016 through 2020 under each of paragraphs (1), (2), and

(5)of section 104(b); and ; in paragraph

(2)by striking fiscal years 2005 through 2009 and inserting fiscal years 2016 through 2020 ; in paragraph

(3)by striking fiscal years 2005 through 2009 and inserting fiscal years 2016 through 2020 ; by redesignating paragraphs

(4)through

(6)as paragraphs

(5)through (7), respectively; by inserting after paragraph

(3)the following: Subject to subsection (j), the Secretary may permit a State entering into a cooperative agreement under this section to establish a State infrastructure bank to deposit into the rural projects fund of the bank the proceeds of a secured loan made to the bank in accordance with sections 602 and 603. ; and in paragraph

(6)(as so redesignated) by striking section 133(d)(3) and inserting section 133(d)(1)(A)(i) ; by striking subsection

(e)and inserting the following: A State infrastructure bank established under this section may— with funds deposited into the highway account, transit account, or rail account of the bank, make loans or provide other forms of credit assistance to a public or private entity to carry out a project eligible for assistance under this section; and with funds deposited into the rural projects fund, make loans to a public or private entity to carry out a rural infrastructure project. The amount of a loan or other form of credit assistance provided for a project described in paragraph

(1)may be subordinated to any other debt financing for the project. A State infrastructure bank established under this section may— with funds deposited into the highway account, transit account, or rail account of the bank, make loans or provide other forms of credit assistance to a public or private entity in an amount up to 100 percent of the cost of carrying out a project eligible for assistance under this section; and with funds deposited into the rural projects fund, make loans to a public or private entity in an amount not to exceed 80 percent of the cost of carrying out a rural infrastructure project. Initial assistance provided with respect to a project from Federal funds deposited into a State infrastructure bank under this section may not be made in the form of a grant. ; in subsection (g)— in paragraph

(1)by striking each account and inserting the highway account, the transit account, and the rail account ; and in paragraph

(4)by inserting , except that any loan funded from the rural projects fund of the bank shall bear interest at or below the interest rate charged for the TIFIA loan provided to the bank under section 603 after feasible ; and in subsection

(k)by striking fiscal years 2005 through 2009 and inserting fiscal years 2016 through 2020 .