§ 16378. Authorization of appropriations; contract authority

382 words·~2 min read·/usc/title-42/section-16378

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(a)Authorization of appropriations

(1)In general There are authorized to be appropriated to the Secretary to carry out this part—

(A)$600,000,000 for each of fiscal years 2022 and 2023; and

(B)$300,000,000 for each of fiscal years 2024 through 2026.

(2)Spending and borrowing authority Spending and borrowing authority for a fiscal year to enter into Federal credit instruments shall be promptly apportioned to the Secretary on a fiscal-year basis.

(3)Reestimates If the subsidy amount of a Federal credit instrument is reestimated, the cost increase or decrease of the reestimate shall be borne by, or benefit, the general fund of the Treasury, consistent with section 661c(f) of title 2.

(4)Administrative costs Of the amounts made available to carry out the CIFIA program, the Secretary may use not more than $9,000,000 (as indexed for United States dollar inflation from November 15, 2021 (as measured by the Consumer Price Index)) each fiscal year for the administration of the CIFIA program.

(b)Contract authority

(1)In general Notwithstanding any other provision of law, execution of a term sheet by the Secretary of a Federal credit instrument that uses amounts made available under the CIFIA program shall impose on the United States a contractual obligation to fund the Federal credit investment.

(2)Availability Amounts made available to carry out the CIFIA program for a fiscal year shall be available for obligation on October 1 of the fiscal year.

(Pub. L. 109–58, title IX, § 999H, as added Pub. L. 117–58, div. D, title III, § 40304(a), Nov. 15, 2021, 135 Stat. 1000.)

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