Sec. 31326. Program administration
228 words·~1 min read·
/bill/116/hr/2/eh/section-31326A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Assistant Secretary shall establish a uniform system to service the Federal credit instruments made available under the BIFIA program. The Assistant Secretary may collect and spend fees, contingent on authority being provided in appropriations Acts, at a level that is sufficient to cover— the costs of services of expert firms retained pursuant to subsection (d); and all or a portion of the costs to the Federal Government of servicing the Federal credit instruments. The Assistant Secretary may appoint a financial entity to assist the Assistant Secretary in servicing the Federal credit instruments. A servicer appointed under paragraph
(1)shall act as the agent for the Assistant Secretary. A servicer appointed under paragraph
(1)shall receive a servicing fee, subject to approval by the Assistant Secretary. The Assistant Secretary may retain the services of expert firms, including counsel, in the field of municipal and project finance to assist in the underwriting and servicing of Federal credit instruments. The Assistant Secretary shall implement procedures and measures to economize the time and cost involved in obtaining approval and the issuance of credit assistance under the BIFIA program. Of the amount appropriated under section 31329(a), and after the set-aside for administrative expenses under section 31329(b), not less than 20 percent shall be made available for the Assistant Secretary to use in lieu of fees collected under subsection
(b)for small projects.