Sec. 7001. Transportation Infrastructure Finance and Innovation Act
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Section 602(a)(2) of title 23, United States Code, is amended— in subparagraph (A)(iv)— by striking a rating and inserting an investment grade rating ; and by striking $75,000,000 and inserting $150,000,000 ; and in subparagraph (B)— by striking the senior debt and inserting senior debt ; and by striking credit instrument is for an amount less than $75,000,000 and inserting total amount of other senior debt and the Federal credit instrument is less than $150,000,000 . Section 603(b) of title 23, United States Code, is amended by striking paragraph
(8)and inserting the following: Notwithstanding paragraph
(9)and section 117(j)(2), the proceeds of a secured loan under the TIFIA program shall be considered to be part of the non-Federal share of project costs required under this title or chapter 53 of title 49, if the loan is repayable from non-Federal funds. . Section 603(b)(9) of title 23, United States Code, is amended by adding at the end the following: Funds provided for a territory under section 165(c) shall not be considered Federal assistance for purposes of subparagraph (A). . Section 603(f) of title 23, United States Code, is amended by adding at the end the following: Not later than 120 days after the date of enactment of this paragraph, the Secretary shall implement an expedited decision timeline for public agency borrowers seeking secured loans that meet— the terms under paragraph (2); and the additional criteria described in subparagraph (B). The additional criteria referred to in subparagraph (A)(ii) are the following: The secured loan is made on terms and conditions that substantially conform to the conventional terms and conditions established by the National Surface Transportation Innovative Finance Bureau. The secured loan is rated in the A category or higher. The TIFIA program share of eligible project costs is 33 percent or less. The applicant demonstrates a reasonable expectation that the contracting process for the project can commence by not later than 90 days after the date on which a Federal credit instrument is obligated for the project under the TIFIA program. The project has received a categorical exclusion, a finding of no significant impact, or a record of decision under the National Environmental Policy Act of 1969 ( 42 U.S.C. 4321 et seq.). The Secretary shall provide to an applicant seeking a secured loan under the expedited decision process under this paragraph a written notice informing the applicant whether the Secretary has approved or disapproved the application by not later than 180 days after the date on which the Secretary submits to the applicant a letter indicating that the National Surface Transportation Innovative Finance Bureau has commenced the creditworthiness review of the project. . Section 605(f)(1) of title 23, United States Code, is amended by striking $2,000,000 and inserting $3,000,000 . Section 609(b)(2)(A) of title 23, United States Code, is amended— in clause
(iv)by striking and ; in clause
(v)by striking the period at the end and inserting ; and ; and by adding at the end the following: whether the project is located in a metropolitan statistical area, micropolitan statistical area, or neither (as such areas are defined by the Office of Management and Budget). . Section 609 of title 23, United States Code, is amended by adding at the end the following: The Secretary shall publish on the website for the TIFIA program— on a monthly basis, a current status report on all submitted letters of interest and applications received for assistance under the TIFIA program; and on a quarterly basis, a current status report on all approved applications for assistance under the TIFIA program. Each monthly and quarterly status report under paragraph
(1)shall include, at a minimum, with respect to each project included in the status report— the name of the party submitting the letter of interest or application; the name of the project; the date on which the letter of interest or application was received; the estimated project eligible costs; the type of credit assistance sought; and the anticipated fiscal year and quarter for closing of the credit assistance. .
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Sec. 7001
Transportation Infrastructure Finance and Innovation Act
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