[Federal Register Volume 77, Number 147 (Tuesday, July 31, 2012)]
[Notices]
[Pages 45411-45415]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-18785]
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DEPARTMENT OF TRANSPORTATION
Office of the Secretary of Transportation
Letters of Interest for Credit Assistance Under the
Transportation Infrastructure Finance and Innovation Act (TIFIA)
Program
AGENCIES: Office of the Secretary of Transportation (OST), U.S.
Department of Transportation (DOT), Federal Highway Administration
(FHWA), Federal Railroad Administration (FRA), Federal Transit
Administration (FTA).
ACTION: Notice of funding availability and request for comments.
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SUMMARY: Pursuant to the recently enacted Moving Ahead for Progress in
the 21st Century Act (MAP-21), DOT announces the availability of
funding authorized in the amount of $1.75 billion ($750 million in
Federal Fiscal Year (FY) 2013 funds and $1 billion in FY 2014 funds
(and any funds that may be available from prior fiscal years)) to
provide TIFIA credit assistance for eligible projects. The FY 2013 and
FY 2014 funds are subject to an annual obligation limitation that may
be established in appropriations law. The amount of TIFIA budget
authority available in a given year may be less than the amount
authorized for that fiscal year. Under TIFIA, DOT provides secured
(direct) loans, lines of credit, and loan guarantees to public and
private applicants for eligible surface transportation projects.
Projects must meet statutorily specified eligibility criteria to
receive credit assistance.
This notice outlines the process that project sponsors must follow
in seeking TIFIA credit assistance. DOT is publishing this notice to
give project sponsors an opportunity to submit Letters of Interest for
the newly authorized funding as soon as possible. However, in addition
to authorizing more funding for TIFIA credit assistance, MAP-21 made
some significant changes to the TIFIA program's structure, including
the terms and conditions pursuant to which DOT can provide TIFIA credit
assistance. While this notice provides guidance about how DOT will
implement some of the changes made by MAP-21, it does not provide
guidance about how DOT will implement all of these changes. Further
information about the changes made by MAP-21 and additional DOT
guidance for implementation of these provisions is provided in Part VII
below. Also, Part VII invites interested parties to submit comments
about DOT's implementation of MAP-21 and DOT's guidance for awarding
TIFIA credit assistance. Unless otherwise noted, statutory section
references in this notice are to sections of title 23 of the U.S. Code,
as amended by MAP-21, which takes effect on October 1, 2012.
Letter of Interest Submission: All project sponsors wishing to
apply for TIFIA credit assistance must first submit a Letter of
Interest, as more fully described in this notice of funding
availability. Letters of Interest will be received on a rolling basis
commencing on the date hereof, using the form on the TIFIA Web site:
http://www.fhwa.dot.gov/ipd/tifia/guidance_applications/index.htm.
Project sponsors that have previously submitted Letters of Interest for
a prior fiscal year's funding, but have not been asked by DOT to submit
an application as of the date of this notice, must submit a new Letter
of Interest to be considered for the funding described in this notice
of funding availability.
Addresses for Letters of Interest: Submit all Letters of Interest
to the attention of Mr. Duane Callender via email at:
TIFIACredit@dot.gov. Submitters should receive a confirmation email,
but are advised to request a return receipt to confirm transmission.
Only Letters of Interest received via email, as provided above, shall
be deemed properly filed.
Addresses for Comments: You must include the agency name (Office of
the Secretary of Transportation) and the docket number DOT-OST-2012-
0130 with your comments. To ensure your comments are not entered into
the docket more than once, please submit comments, identified by the
docket number DOT-OST-2012-0130, by only one of the following methods:
Web site: The U.S. Government electronic docket site is
www.regulations.gov. Go to this Web site and follow the instructions
for submitting comments into docket number DOT-OST-2012-0130;
Fax: Telefax comments to: 202-366-2908.
Mail: Mail your comments to U.S. Department of Transportation, 1200
New Jersey Avenue SE., Docket Operations, M-30, Room W12-140,
Washington, DC 20590; or
Hand Delivery: Bring your comments to the U.S. Department of
Transportation, 1200 New Jersey Avenue SE., Docket Operations, M-30,
West Building Ground Floor, Room W12-140, Washington, DC 20590, between
9 a.m. and 5 p.m., Monday through Friday, except Federal holidays.
Instructions for Submitting Comments: You must include the agency
name (Office of the Secretary of Transportation) and Docket number DOT-
OST-2012-0130 for this notice at the beginning of your comments. You
should submit two copies of your comments if you submit them by mail or
courier. For confirmation that the Office of the Secretary of
Transportation has received your comments you must include a self-
addressed stamped postcard. Note that all comments received will be
posted without change to www.regulations.gov, including any personal
information provided, and will be available to Internet users. You may
review the Department's complete Privacy Act Statement in the Federal
Register published April 11, 2000 (65 FR 19477), or you may visit
www.regulations.gov.
FOR FURTHER INFORMATION CONTACT: For further information regarding this
notice please contact Duane Callender via email at TIFIACredit@dot.gov
or via telephone at (202) 366-1059. A TDD is available at (202) 366-
7687. Substantial information, including the TIFIA Program Guide and
application materials, can be obtained from the TIFIA Web site: http://www.fhwa.dot.gov/ipd/tifia/. The TIFIA Program Guide is being updated
to reflect changes to the program under MAP-21.
SUPPLEMENTARY INFORMATION:
Table of Contents
I. Background
II. Program Funding
III. Eligible Projects
IV. Types of Credit Assistance
V. Eligibility Requirements
VI. Application Process
VII. Additional Guidance and Request for Comments
I. Background
The Transportation Equity Act for the 21st Century (TEA-21), Public
Law 105-178, 112 Stat. 107, 241 established the Transportation
Infrastructure Finance and Innovation Act of 1998 (TIFIA), authorizing
DOT to provide credit assistance in the form of secured (direct) loans,
lines of credit, and loan guarantees to public and private applicants
for eligible surface transportation projects. In 2005, Congress enacted
the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A
Legacy for Users (SAFETEA-LU)
[[Page 45412]]
(Pub. L. 109-59, 119 Stat. 1144), which made a number of amendments to
TIFIA including lowering the estimated project cost thresholds and
expanding eligibility for TIFIA credit assistance. On July 6, 2012, the
President signed into law MAP-21 (Pub. L. 112-141), which provided for
substantial changes in the TIFIA credit program under Sections 2001 and
2002 of MAP-21 (such sections are referred to in MAP-21 as the America
Fast Forward Financing Innovation Act of 2012). This notice of funding
availability addresses certain changes to the TIFIA credit program made
by MAP-21 and solicits Letters of Interest for the funding made
available under that law. The TIFIA program is a departmental program.
The Office of the Assistant Secretary for Budget and Programs and Chief
Financial Officer oversees the TIFIA program and the Joint Program
Office on behalf of the Secretary, including the evaluation of
individual projects, and provides overall policy direction and program
decisions for the TIFIA program. Final approval of credit assistance is
reserved for the Secretary.
II. Program Funding
MAP-21 authorizes $750 million in FY 2013 and $1 billion in FY 2014
in TIFIA budget authority from the Highway Trust Fund to pay the
subsidy cost of credit assistance. Additional funds may also be
available from budget authority carried over from previous fiscal
years. Any budget authority not obligated in the fiscal year for which
it is authorized remains available for obligation in subsequent
years.\1\ The TIFIA budget authority is subject to an annual obligation
limitation that may be established in appropriations law. Like all
funds subject to the annual Federal-aid obligation ceiling, the amount
of TIFIA budget authority available in a given year may be less than
the amount authorized for that fiscal year.
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\1\ If the cumulative unobligated and uncommitted balance of
funding available as of April 1 of any fiscal year beginning in FY
2014 is more than 75 percent of the amount made available for such
fiscal year, then the Secretary must distribute the amount in excess
of 75 percent of such amount among the States.
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After reductions for administrative expenses and application of the
annual obligation limitation, TIFIA will have approximately $690
million available in FY 2013 and $920 million in FY 2014 to provide
credit subsidy support to projects. Although dependent on the
individual risk profile of each credit instrument, collectively, and
based on historic subsidy costs, this budget authority could support
approximately $6.9 billion in lending capacity in FY 2013 and $9.2
billion in lending capacity in FY 2014. Given statutory changes in the
TIFIA credit program under MAP-21, and the need to calculate credit
subsidies on a project-by-project basis, actual lending capacity could
vary.
III. Eligible Projects
DOT has provided TIFIA credit assistance across a broad range of
project types, including a variety of transportation modes and the
surface transportation components of multifaceted development and
redevelopment projects. Generally, eligible projects include highway
projects, passenger rail projects, transit and intermodal projects,
private rail facilities providing public benefit to highway users,
surface transportation infrastructure modifications necessary to
facilitate direct intermodal transfer and access into and out of a port
terminal, intelligent transportation systems, surface transportation
projects eligible for Federal assistance under title 23 or title 49 of
the U.S. Code, international bridges and tunnels, and intercity
passenger bus or rail facilities and vehicles. Additionally, MAP-21
expands eligibility to include related improvement projects grouped
together, so long as the individual components are eligible and the
related projects are secured by a common pledge.
IV. Types of Credit Assistance
DOT may provide credit assistance in the form of secured (direct)
loans, lines of credit, and loan guarantees. These types of credit
assistance are defined in Section 601. The TIFIA credit facility, which
must have a senior or senior-parity lien in the event of bankruptcy,
liquidation or insolvency, can be subordinate as to cash flows absent
such an event.\2\ MAP-21 increases the maximum amount for a TIFIA
secured loan for a project to 49 percent \3\ of the project's eligible
project costs. For a TIFIA line of credit, the maximum amount remains
at 33 percent of the project's eligible project costs. Project sponsors
may not include any of the fees assessed by TIFIA, or costs related to
the application process (such as charges associated with obtaining the
required preliminary rating opinion letter referenced in Part VI),
among eligible project costs for the purpose of calculating the maximum
49 or 33 percent credit amount. Project sponsors should identify in
each Letter of Interest the level of funding (including the percentage
of eligible project costs) being requested, as specified in Part VI.
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\2\ MAP-21 includes a new provision pursuant to which a waiver
of TIFIA's nonsubordination requirement may be provided in
connection with secured loans or lines of credit for public agency
borrowers having senior bonds under preexisting indentures, so long
as (i) the TIFIA loan is rated A or higher, (ii) the revenue pledge
is not affected by project performance or is a system pledge and
(iii) TIFIA is financing 33 percent or less of the eligible project
costs. However, in such cases, the maximum credit subsidy to be paid
by the Government may not be more than 10 percent of the principal
amount of the loan, and the obligor is responsible to pay any
remaining subsidy cost.
\3\ Limited to 33 percent where the nonsubordination requirement
is waived, as described in footnote 3.
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Section 603(b)(4) provides that the interest rate on a secured loan
may not be less than the yield on U.S. Treasury securities of a similar
maturity to the maturity of the secured loan on the date of execution
of the loan agreement (for lines of credit, Section 604(b)(4) provides
that the interest rate may not be lower than the 30-year rate for U.S.
Treasury securities, as of the date of execution of the line of credit
agreement) (the Treasury Rate). In general, the TIFIA interest rate is
equal to the Treasury Rate on the date of execution of the TIFIA credit
instrument. However, MAP-21 allows for 10 percent of the TIFIA
program's budget authority to be provided to rural infrastructure
projects at a reduced interest rate of one-half of the Treasury Rate.
Rural infrastructure projects are defined in MAP-21 as surface
transportation infrastructure projects located in any area other than a
city with a population of more than 250,000 inhabitants within the city
limits. The reduced interest rate applies only to rural projects funded
with the 10 percent of budget authority set-aside.
To the extent adequate funds may not be available to provide a
reduced interest rate to all rural infrastructure projects submitting
Letters of Interest, DOT may prioritize rural infrastructure projects
to receive the reduced rate based on the project's (i) location outside
of an urbanized area (as defined in Section 101(a)(34)), (ii) alignment
with MAP-21's reduced total minimum eligible project cost requirement
of $25 million for rural infrastructure projects (as noted in Part V
below), and (iii) readiness to proceed, to avoid redistribution
pursuant to the directive in MAP-21 that any amounts set aside for
rural infrastructure that remain unobligated by June 1 of the fiscal
year for which the amounts were set aside shall be available for
obligation by the Secretary on projects other than rural infrastructure
projects.
In addition, MAP-21 allows existing Federal financing instruments
for rural infrastructure projects to be refinanced with TIFIA credit
assistance.
[[Page 45413]]
V. Eligibility Requirements
A project must meet all of the eligibility criteria set forth in
Section 602(a) to receive TIFIA credit assistance.
For instance, projects seeking TIFIA assistance must meet certain
statutory threshold requirements for project costs. Generally, the
minimum size for TIFIA projects are those having at least $50 million
in total eligible project costs; however, the minimum size for TIFIA
projects principally involving the installation of an intelligent
transportation system is $15 million. MAP-21 requires a minimum of $25
million in total eligible project costs for rural infrastructure
projects (as defined in Part IV above).
Each project seeking TIFIA assistance must submit an application
acceptable to the Secretary pursuant to the process set forth in this
notice, and must satisfy applicable State and local transportation
planning requirements. Each private applicant must receive public
approval for its project as demonstrated by satisfaction of the
applicable planning and programming requirements. Each project must
have a dedicated revenue source to repay the TIFIA loan. Projects
receiving TIFIA credit assistance have been supported by a variety of
revenue sources, including tolls, user fees, payments owing to the
obligor under a public-private partnership (or availability payments),
and other dedicated revenue sources that also secure or fund the
project obligations (including real estate tax increments,
interjurisdictional funding agreements and room and sales taxes).
The eligibility criteria also require a determination by DOT that
the project is creditworthy, which must be based on, at a minimum: (a)
A rate covenant, if applicable, (b) adequate coverage requirements to
ensure repayment, and (c) meeting the rating requirements set forth in
Part VI below. DOT will also utilize a report and recommendation from
an independent financial advisor and any other information it needs to
determine a project's creditworthiness.
Section 602(a) further requires that each project: (i) Foster (if
appropriate) partnerships that attract public and private investment
for the project, (ii) enable the project to proceed at an earlier date
than the project would otherwise be able to proceed or reduce lifecycle
costs (including debt service costs) of the project, and (iii) reduce
the contribution of Federal grant assistance for the project.
MAP-21 provides that all projects demonstrate that the construction
contracting process for the project can commence no more than 90 days
after execution of a TIFIA credit instrument. MAP-21 codifies an
already-existing regulation barring obligation of credit assistance for
a project until it receives a categorical exclusion, finding of no
significant impact or record of decision, pursuant to the National
Environmental Policy Act.
VI. Application Process
MAP-21 establishes a multi-step application process for TIFIA
credit assistance. This process begins with the submission of a Letter
of Interest and determination of eligibility. Only after a project
sponsor has submitted a Letter of Interest and met all statutory
eligibility requirements will the project sponsor be invited to submit
an application.
The Letter of Interest must (i) describe the project and the
location, purpose, and cost of the project, (ii) outline the proposed
financial plan, including the requested credit assistance and the
proposed obligor, (iii) provide a status of environmental review, and
(iv) provide information regarding satisfaction of other eligibility
requirements of the TIFIA credit program. Letters of Interest must be
submitted using the form on the TIFIA Web site: http://www.fhwa.dot.gov/ipd/tifia/guidance_applications/index.htm. DOT has
revised the form for the Letter of Interest to reflect changes made to
the TIFIA program by MAP-21.\4\
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\4\ For instance, the revised form no longer requires the
project sponsor to demonstrate alignment with specific selection
criteria, which were removed by MAP-21.
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The Letter of Interest form requires project sponsors to provide
information demonstrating satisfaction (or expected satisfaction if
permitted by the statute) of each of the eligibility requirements
included in MAP-21. These eligibility requirements are outlined above
in Part V and elsewhere in this notice.
As described in Part IV, MAP-21 authorizes DOT to provide TIFIA
secured loans to finance up to 49 percent of reasonably anticipated
eligible project costs, which is substantially more than the maximum of
33 percent that DOT could previously provide. The Letter of Interest
form requires project sponsors requesting TIFIA credit assistance to
provide a rationale for the amount of TIFIA credit assistance they are
requesting, as a percentage of their reasonably anticipated eligible
project costs. Similarly, the revised form requires any project sponsor
to specify whether it has flexibility in its financial plan to finance
the project with a reduced percentage of TIFIA credit assistance. In
providing a rationale for the amount of credit assistance requested, a
project sponsor can demonstrate that traditional sources of financing
are not available at feasible rates without the TIFIA assistance, or
that the costs of traditional financing options would constrain the
sponsor's ability to deliver the project, or that delivery of the
project through traditional financing approaches would constrain the
sponsor's ability to deliver a group of related projects, or a full
capital program. This information will help DOT ensure that it
allocates TIFIA's budget authority effectively.
Project sponsors must also describe the purpose of their project in
the Letter of Interest form, including the public purpose of the
project. Project sponsors should provide quantitative or qualitative
information about the public benefits that their projects will achieve.
Examples of public benefits include objectives specified in Section 101
and 49 U.S.C. 101(a) and 5301, other DOT grant or credit assistance
programs, relevant Federal, state, or local transportation laws or
plans, and other public benefits that can be achieved through
transportation investments. DOT will evaluate each Letter of Interest
to determine whether it would be in the public interest to provide
credit assistance to the proposed project. This evaluation of each
project's purpose will help DOT ensure accountability in its allocation
of TIFIA program funds.
In the context of a public-private partnership, where multiple
bidders may be competing for a concession such that the obligor has not
yet been identified, the procuring agency must submit the project's
Letter of Interest on behalf of the eventual obligor. DOT will not
consider Letters of Interest from entities that have not obtained
rights to develop the project.
Any project sponsor that has previously submitted a Letter of
Interest for a prior fiscal year's funding, but has not been asked by
DOT to submit an application as of the date of this notice, must submit
a Letter of Interest using the revised form.
DOT will review each Letter of Interest submitted in accordance
with this NOFA. DOT may contact project sponsors for clarification of
specific information included in the Letter of Interest. DOT will
notify project sponsors if DOT determines that their projects are not
eligible, or that DOT will not be able to continue reviewing their
Letter of Interest until certain eligibility concerns are addressed. If
DOT does not determine a project to be ineligible based on its initial
review, DOT will request additional information to supplement the
Letter of Interest and complete its eligibility determination.
[[Page 45414]]
This information may include, among other things, more detailed
descriptions of the project, the project's readiness to proceed, the
project's financial plan, including financial commitments to the
project from sources other than TIFIA, and/or the applicant and its
organizational structure. Before completing its review of a Letter of
Interest and rendering a determination of eligibility, DOT will request
that the project sponsor provide a preliminary rating opinion letter,
as further described below, and DOT will engage an independent
financial advisor to prepare a report and recommendation acceptable in
form and substance to DOT. DOT may also engage an independent legal
advisor to help complete its evaluation of a project's eligibility.
There is no fee to submit a Letter of Interest. However, the project
sponsor must pay fees in the amount of $100,000 before DOT hires
financial and/or legal advisors as part of the Letter of Interest
review process. These fees are due upon request by DOT.
After concluding its review of the Letter of Interest and making a
determination of eligibility, DOT will inform the project sponsor of
its determination. If a project is determined to be eligible, DOT will
inform the project sponsor that it may submit an application. If DOT
determines that a project is ineligible, it will notify the project
sponsors of this determination and/or that DOT will not be able to
continue reviewing the Letter of Interest until certain eligibility
concerns are addressed. DOT will review Letters of Interest on a
rolling basis and invite project sponsors to apply once a favorable
eligibility determination is made.
Prior to execution of a TIFIA credit instrument, the senior debt
obligations for each project receiving TIFIA credit assistance must
obtain investment grade ratings from at least two nationally recognized
rating agencies, and the TIFIA debt obligations must obtain ratings
from at least two nationally recognized rating agencies, unless the
total amount of the debt is less than $75 million, in which case only
one investment grade rating is required for the senior debt obligations
and one rating for the TIFIA debt obligations. The term rating agency
is defined in Section 601(a)(14) and 49 CFR part 80.3. If the TIFIA
credit instrument is proposed as the senior debt, then it must receive
the investment grade ratings.
To demonstrate the potential to achieve the above rating
requirements, each project sponsor must provide a preliminary rating
opinion letter from a credit rating agency that addresses the
creditworthiness of the senior debt obligations funding the project and
concludes that there is a reasonable probability for the senior debt
obligations to receive an investment grade rating. The preliminary
rating opinion letter should also provide an opinion on the default
risk for the TIFIA instrument and must provide indicative ratings for
both the senior debt obligations and the TIFIA credit instrument. A
project that does not demonstrate the potential for its senior
obligations to receive an investment grade rating will not be
considered for TIFIA credit assistance. More detailed information about
these TIFIA credit opinions and ratings may be found in the Program
Guide on the TIFIA Web site at: http://www.fhwa.dot.gov/ipd/tifia/guidance_applications/index.htm. As noted elsewhere in this notice of
funding availability, the Program Guide is being updated in light of
MAP-21.
An invitation to apply for credit assistance does not guarantee
DOT's approval, which will remain subject to a project's continued
eligibility, including creditworthiness, the successful negotiation of
terms acceptable to the Secretary, and the availability of funds. In
determining the availability of funds, DOT may consider other projects
seeking credit assistance through TIFIA.
MAP-21 contains a timeline for assessing applications for credit
assistance. No later than 30 days after receipt of an application, DOT
will inform each applicant whether its application is complete, or if
not complete, identify additional materials needed to complete the
application. No later than 60 days after issuing such notice, the
applicant will be notified whether the application is approved or
disapproved.
As noted above, the project sponsor must pay fees in the amount of
$100,000 before DOT hires financial and/or legal advisors as part of
the Letter of Interest review process. These fees are due upon request
by DOT. Additional fees will be charged after the credit instrument is
executed, including additional amounts required to fully cover TIFIA's
financial and legal advisory services costs in connection with the
evaluation and negotiation of terms of TIFIA credit assistance for the
project. More detailed information about these fees can be found in the
TIFIA Program Guide, which is in the process of being updated to
reflect the changes made by MAP-21: http://www.fhwa.dot.gov/ipd/pdfs/tifia/tifia_program_guide_072511.pdf.
TIFIA borrowers should expect to track and report certain
information with respect to each project's performance. The information
may be used to assist DOT in determining whether TIFIA is meeting the
program's goals of leveraging federal funds and encouraging private co-
investment. DOT may also use the information for purposes of
identifying and measuring performance with respect to goals,
strategies, time frames, resources and stakeholder involvement.
VII. Additional Guidance and Request for Comments
As noted in the Summary section, DOT is publishing this notice to
give project sponsors the opportunity to submit Letters of Interest for
the newly authorized funding as soon as is practicable. However, in
addition to authorizing more funding for TIFIA credit assistance, MAP-
21 made some significant changes to the TIFIA program's structure,
including the terms and conditions pursuant to which DOT can provide
TIFIA credit assistance. This notice identifies the process for
submitting letters of interest, and provides guidance about how DOT
will implement some of the changes made by MAP-21, but it does not
provide comprehensive guidance about how DOT will implement all of the
changes made by MAP-21 that become effective on October 1, 2012.
This notice also does not include an exhaustive list of statutory
and program requirements. The Background section of this notice
identifies the relevant laws that govern the TIFIA program. MAP-21
provides that the Secretary may promulgate such regulations as the
Secretary determines to be appropriate to carry out the TIFIA program.
The TIFIA regulations (49 CFR part 80), which provide specific guidance
on the program requirements, were last updated in 2001, and have not
been updated to reflect changes enacted in SAFETEA-LU and MAP-21.
Because such existing rules have not been updated, MAP-21 should be the
basis for up-to-date guidance. The primary document that the TIFIA
program has used in recent years to provide supplemental program
guidance has been a ``Program Guide'' published on the TIFIA Web site.
DOT expects to update the TIFIA Program Guide on the TIFIA Web site to
reflect changes made by MAP-21. For additional guidance, applicants are
encouraged to check the TIFIA program Web site regularly to obtain
updated programmatic and application information.
Because of the significance of the changes made by MAP-21 to the
TIFIA program, this notice invites interested parties to submit
comments about
[[Page 45415]]
DOT's implementation of MAP-21 and DOT's guidance for awarding TIFIA
credit assistance. Interested parties can provide comments on any
aspect of DOT's implementation of the changes made by MAP-21. DOT will
consider these comments as it continues to implement the program and
develop supplemental program guidance. The instructions for submitting
comments are included below.
Comments should be sent to DOT by September 1, 2012. Late-filed
comments will be considered to the extent practicable.
Authority: 23 U.S.C. Sec. Sec. 601-609 (as set forth in MAP-
21); 49 CFR part 1.48(b)(6); 23 CFR part 180; 49 CFR part 80; 49 CFR
part 261; 49 CFR part 640.
Issued on: July 27, 2012.
Ray LaHood,
Secretary.
[FR Doc. 2012-18785 Filed 7-30-12; 8:45 am]
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