Sec. 1402. Transportation Infrastructure Finance and Innovation Act of 1998 amendments
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Section 601(a)(10) of title 23, United States Code, is amended to read as follows: 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 (which shall receive an investment grade rating from a rating agency) prior to the Secretary entering into such master credit agreement 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— make contingent commitments of 1 or more secured loans or other Federal credit instruments at future dates, subject to the availability of future funds being made available to carry out this chapter and subject to the satisfaction of all the conditions for the provision of credit assistance under this chapter, including section 603(b)(1); establish the maximum amounts and general terms and conditions of the secured loans or other Federal credit instruments; identify the 1 or more dedicated non-Federal revenue sources that will secure the repayment of the secured loans or secured Federal credit instruments; provide for the obligation of funds for the secured loans or secured Federal credit instruments after all requirements have been met for the projects subject to the master credit agreement, including— completion of an environmental impact statement or similar analysis required under the National Environmental Policy Act of 1969 ( 42 U.S.C. 4321 et seq. ); compliance with such other requirements as are specified in this chapter, including sections 602(c) and 603(b)(1); and the availability of funds to carry out this chapter; and require that contingent commitments result in a financial close and obligation of credit assistance not later than 3 years after the date of entry into the master credit agreement, or release of the commitment, unless otherwise extended by the Secretary. .
Section 601(a)(15) of title 23, United States Code, is amended to read as follows: The term rural infrastructure project means a surface infrastructure project located outside of a Census Bureau-defined urbanized area. . Section 602(b)(2) of title 23, United States Code, is amended to read as follows: 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 in 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 during which additional funds are available to receive credit assistance. .
Section 602(d)(2) of title 23, United States Code, is amended to read as follows: Not later than 60 days after the date of issuance of the written notice of a complete application under paragraph (1), the Secretary shall provide to the applicant a written notice informing the applicant whether the Secretary has approved or disapproved the application. . Section 603(a)(1)(D) of title 23, United States Code, is amended to read as follows: to refinance long-term project obligations or Federal credit instruments, if the refinancing provides additional demonstrated funding capacity for the completion, enhancement, or expansion of any project that— is selected under section 602; or otherwise meets the requirements of section 602. .
Section 603(a)(2) of title 23, United States Code, is amended to read as follows: 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 one year after the substantial completion of the project, and later than one year after the date of substantial completion of the project. . Section 605 of title 23, United States Code, is amended by inserting at the end the following: The Secretary may use up to $5,000,000 of funds made available to carry out this chapter in a fiscal year in lieu of fees collected under subsection
(b)for projects under this chapter having eligible project costs that are reasonably anticipated not to equal or exceed $75,000,000. . Section 608(a) of title 23, United States Code, is amended— by striking paragraph (4); and by renumbering paragraphs
(5)and
(6)as
(4)and (5), respectively. Section 608(a)(6) of title 23, United States Code, is amended to read as follows: Of the amounts made available to carry out this chapter, the Secretary may use not more than $10,000,000 in fiscal year 2016, $12,000,000 in fiscal year 2017, $14,000,000 in fiscal year 2018, $15,000,000 in fiscal year 2019, $15,000,000 in fiscal year 2020, and $15,000,000 in fiscal year 2021 for the administration of this chapter. .
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Sec. 1402
Transportation Infrastructure Finance and Innovation Act of 1998 amendments
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