Sec. 302. RRIF improvements

554 words·~3 min read·/bill/114/hr/749/eh/section-302·

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Not later than 1 year after the date of enactment of this Act, the Secretary of Transportation shall issue regulations implementing the amendments made by this section. Section 502(h)(2) of the Railroad Revitalization and Regulatory Reform Act of 1976 ( 45 U.S.C. 822(h)(2) ) is amended— by striking

(2)The Secretary and inserting (2)(A) The Secretary ; by inserting The Secretary may subordinate rights of the Secretary under any provision of title 49 or title 23 of the United States Code, to the rights of the Secretary under this section and section 503. after from another source. ; and by adding at the end the following new subparagraph: The Secretary shall, for purposes of making a finding under subsection (g)(4), accept the net present value on a future stream of State or local subsidy income or dedicated revenue as collateral offered to secure the loan. . Section 502(i) of such Act ( 45 U.S.C. 822(i) ) is amended by inserting In order to enable compliance with such time limit, the Office of Management and Budget shall take any actions required with respect to the application within such 90-day period. after disapprove the application. . Section 502(i) of such Act ( 45 U.S.C. 822(i) ) is further amended— by striking and inserting Disapproval .—Not later than 90 days after receiving Disapproval.— Not later than 90 days after an application is determined pursuant to paragraph

(2)to be ; and by adding at the end the following new paragraphs: The Secretary shall establish procedures for making a determination, not later than 45 days after submission of an application under this section, whether the application is complete. Such procedures shall— provide for a checklist of the required components of a complete application; require the Secretary to provide to the applicant a description of the specific components of the application that remain incomplete if an application is determined to be incomplete; and permit reapplication without prejudice for applications determined to be incomplete. The Secretary shall assign an independent financial analyst within 45 days of submittal of a complete application. . Section 502(c)(1) of such Act ( 45 U.S.C. 822(c)(1) ) is amended by inserting , including projects for the installation of a positive train control (as defined in section 20157(i) of title 49, United States Code) system after public safety . Section 502 of such Act ( 45 U.S.C. 822 ) is further amended by adding at the end the following new subsection: Not later than 1 year after the date of enactment of the Passenger Rail Reform and Investment Act of 2015 , and annually thereafter, the Secretary shall transmit to Congress a report on the program under this section that provides information on loans approved and disapproved by the Secretary during the previous year. Such report shall not disclose the identity of direct loan or loan guarantee recipients. The report shall describe— the number of pre-application meetings with potential applicants; the number of applications received and determined complete under subsection (i)(2), including the requested loan amounts; the dates of receipt of applications; the dates applications were determined complete under subsection (i)(2); the number of applications determined incomplete under subsection (i)(2); the final decision dates for both approvals and disapprovals of applications; the number of applications withdrawn from consideration; and the annual loan portfolio asset quality. .

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45 USC 822(h)(2)
45 USC 822(i)
45 USC 822(c)(1)
45 USC 822

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Sec. 302

RRIF improvements

Cite45 USC 822(h)(2)

Cite45 USC 822(i)

Cite45 USC 822(c)(1)

Cite45 USC 822

Cites 4Cited by 0 across 0 sources