Sec. 9104. Railroad rehabilitation and improvement financing

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Section 502 of the Railroad Revitalization and Regulatory Reform Act of 1976 ( 45 U.S.C. 822 ) is amended— in subsection (b)— in paragraph (1)— in subparagraph

(A)by inserting civil works such as cuts and fills, stations, tunnels, after components of track, ; and in subparagraph

(D)by inserting , permitting, after reimburse planning ; and by striking paragraph (3); in subsection (f)— in paragraph

(3)by adding at the end the following: A projection of freight or passenger demand for the project based on regionally developed economic forecasts, including projections of any modal diversion resulting from the project. ; and in paragraph (4)— by inserting In the case of an applicant seeking a loan that is less than 50 percent of the total cost of the project, half of the credit risk premiums under this subsection shall be paid to the Secretary before the disbursement of loan amounts and the remaining half shall be paid to the Secretary in equal amounts semiannually and fully paid not later than 10 years after the first loan disbursement is executed. after modifications thereof. ; by striking Credit risk premiums and inserting

(A); and Timing of payment.— Credit risk premiums by adding at the end the following: In granting assistance under this section, the Secretary may pay credit risk premiums required under paragraph

(3)for entities described in paragraphs

(1)through

(3)of subsection (a), in whole or in part, with respect to a loan or loan guarantee. Of the amounts made available for payments for a fiscal year under clause (i), the Secretary shall reserve $175,000,000 for payments for passenger rail projects, to remain available until expended. The Secretary shall repay the credit risk premium of each loan in cohort 3, as defined by the memorandum to the Office of Management and Budget of the Department of Transportation dated November 5, 2018, with interest accrued thereon, not later than 60 days after the date on which all obligations attached to each such loan have been satisfied. For each such loan for which obligations have been satisfied as of the date of enactment of the TRAIN Act , the Secretary shall repay the credit risk premium of each such loan, with interest accrued thereon, not later than 60 days after the date of the enactment of such Act. ; and by adding at the end the following: The proceeds of a loan provided under this section may be used as the non-Federal share of project costs under this title or chapter 53 of title 49 if such loan is repayable from non-Federal funds. In awarding direct loans or loan guarantees under this section, the Secretary shall require each recipient to comply with section 22905(a) of title 49, United States Code. Notwithstanding paragraph (1), the Secretary shall require— Amtrak to comply with section 24305(f) of title 49, United States Code; and a commuter authority (as defined in section 24102 of title 49, United States Code), as applicable, to comply with section 5320 of title 49, United States Code. .

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45 USC 822

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Sec. 9104

Railroad rehabilitation and improvement financing

Cite45 USC 822

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