Sec. 3011. LOCAL SHARE

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## SEC. 3011 LOCAL SHARE ###

(a)In General Notwithstanding any other provision of law, for fiscal years 1999 through 2004 and for the period of October 1, 2004, through July 30, 2005, a recipient of assistance under section 5307 or 5309 of title 49, United States Code, may use, as part of the local matching funds for a capital project (as defined in section 5302(a) of title 49, United States Code), the proceeds from the issuance of revenue bonds. ###

(b)Maintenance of Effort The Secretary shall approve of the use of the proceeds from the issuance of revenue bonds for the remainder of the net project cost (as defined in section 5302(a) of title 49, United States Code) only if the aggregate amount of financial support for mass transportation in the urbanized area from the State and affected local governmental authorities during the next 3 fiscal years, as programmed in the State Transportation Improvement Program under section 135 of title 23, United States Code, is not less than the aggregate amount provided by the State and affected local governmental authorities in the urbanized area during the preceding 3 fiscal years. ###

(c)Report ####

(1)In general Not later than January 1, 2003, the Secretary shall submit to the Committee on Transportation and Infrastructure of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, a report on the recipients described in subsection

(a)that have used, as part of the local matching funds for a capital project, the proceeds from the issuance of revenue bonds, during the period described in subsection (a). ####

(2)Contents of report The report required by this subsection shall include— #####

(A)information on each project undertaken, the amount of the revenue bonds issued, and the status of repayment of the bonds; and #####

(B)any recommendations of the Secretary regarding the application of this section.