This chapter, consisting of sections 601 to 610 of this title, was previously set out as subchapter II, consisting of sections 181 to 190, of chapter 1 of this title.
(a)
(1)
(A) development phase activities, including planning, feasibility analysis, revenue forecasting, environmental review, permitting, preliminary engineering and design work, and other preconstruction activities;
(B) construction, reconstruction, rehabilitation, replacement, and acquisition of real property (including land related to the project and improvements to land), environmental mitigation, construction contingencies, and acquisition of equipment; and
(C) capitalized interest necessary to meet market requirements, reasonably required reserve funds, capital issuance expenses, and other carrying costs during construction.
(2)
(3)
(4)
(A) a qualified retirement plan (as defined in section 4974(c) of the Internal Revenue Code of 1986) that is a qualified institutional buyer; and
(B) a governmental plan (as defined in section 414(d) of the Internal Revenue Code of 1986) that is a qualified institutional buyer.
(5)
(6)
(7)
(8)
(A) any surface transportation project eligible for Federal assistance under this title or chapter 53 of title 49;
(B) a project for an international bridge or tunnel for which an international entity authorized under Federal or State law is responsible;
(C) a project for intercity passenger bus or rail facilities and vehicles, including facilities and vehicles owned by the National Railroad Passenger Corporation and components of magnetic levitation transportation systems; and
(D) a project that—
(i) is a project—
(I) for a public freight rail facility or a private facility providing public benefit for highway users;
(II) for an intermodal freight transfer facility;
(III) for a means of access to a facility described in subclause (I) or (II);
(IV) for a service improvement for a facility described in subclause (I) or (II) (including a capital investment for an intelligent transportation system); or
(V) that comprises a series of projects described in subclauses (I) through (IV) with the common objective of improving the flow of goods;
(ii) may involve the combining of private and public sector funds, including investment of public funds in private sector facility improvements; and
(iii) if located within the boundaries of a port terminal, includes only such surface transportation infrastructure modifications as are necessary to facilitate direct intermodal interchange, transfer, and access into and out of the port.
(9)
(10)
(11)
(12)
(13)
(14)
(b)
(Added Pub. L. 105–178, title I, §1503(a), June 9, 1998, 112 Stat. 241, §181; renumbered §601 and amended Pub. L. 109–59, title I, §§1601(a), 1602(b)(1), (5), (d), Aug. 10, 2005, 119 Stat. 1239, 1246, 1247; Pub. L. 109–291, §4(b)(6), Sept. 29, 2006, 120 Stat. 1338; Pub. L. 110–244, title I, §101(r), June 6, 2008, 122 Stat. 1577.)
The Securities Act of 1933, referred to in subsec. (a)(4), is act May 27, 1933, ch. 38, title I, 48 Stat. 74, as amended, which is classified generally to subchapter I (§77a et seq.) of chapter 2A of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 77a of Title 15 and Tables.
The Internal Revenue Code of 1986, referred to in subsec. (a)(4), is set out in Title 26, Internal Revenue Code.
Section 3(a) of the Securities and Exchange Act of 1934, referred to in subsec. (a)(10), is classified to section 78c(a) of Title 15, Commerce and Trade.
The Federal Credit Reform Act of 1990, referred to in subsec. (a)(13), is title V of Pub. L. 93–344, as added by Pub. L. 101–508, title XIII, §13201(a), Nov. 5, 1990, 104 Stat. 1388–609, and amended, which is classified generally to subchapter III (§661 et seq.) of chapter 17A of Title 2, The Congress. For complete classification of this Act to the Code, see Short Title note set out under section 621 of Title 2 and Tables.
2008—Subsec. (a)(3). Pub. L. 110–244 inserted “bbb minus, BBB (low),” after “Baa3,”.
2006—Subsec. (a)(10). Pub. L. 109–291, which directed amendment of section 181(11) of this title by substituting “registered with the Securities and Exchange Commission as a nationally recognized statistical rating organization, as that term is defined in section 3(a) of the Securities Exchange Act of 1934” for “identified by the Securities and Exchange Commission as a nationally recognized statistical rating organization”, was executed to subsec. (a)(10) of this section by making the substitution for “identified by the Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization” to reflect the probable intent of Congress and the amendment by Pub. L. 109–59. See 2005 Amendment notes below.
2005—Pub. L. 109–59, §1602(d), renumbered section 181 of this title as this section.
Pub. L. 109–59, §1602(b)(1), (5), substituted “Generally applicable provisions” for “Definitions” in section catchline, designated existing provisions as subsec. (a), inserted heading, substituted “In this chapter” for “In this subchapter” in introductory provisions, “this chapter” for “this subchapter” in par. (2), “604” for “184” in par. (5), “603” for “183” in par. (11), and added subsec. (b).
Par (3). Pub. L. 109–59, §1601(a)(1), struck out “category” after “rating” and “offered into the capital markets” after “obligations”.
Par. (7). Pub. L. 109–59, §1601(a)(2), redesignated par. (8) as (7) and struck out heading and text of former par. (7). Text read as follows: “The term ‘local servicer’ means—
“(A) a State infrastructure bank established under this title; or
“(B) a State or local government or any agency of a State or local government that is responsible for servicing a Federal credit instrument on behalf of the Secretary.”
Par. (8). Pub. L. 109–59, §1601(a)(2), (3), redesignated par. (9) as (8), substituted semicolon for period at end of subpar. (B), added subpar. (D), and struck out former subpar. (D) which read as follows: “a project for publicly owned intermodal surface freight transfer facilities, other than seaports and airports, if the facilities are located on or adjacent to National Highway System routes or connections to the National Highway System.” Former par. (8) redesignated (7).
Par. (9). Pub. L. 109–59, §1601(a)(2), redesignated par. (10) as (9). Former par. (9) redesignated (8).
Par. (10). Pub. L. 109–59, §1601(a)(2), (4), redesignated par. (11) as (10) and substituted “credit” for “bond”. Former par. (10) redesignated (9).
Pars. (11) to (15). Pub. L. 109–59, §1601(a)(2), redesignated pars. (12) to (15) as (11) to (14), respectively. Former par. (11) redesignated (10).
Pub. L. 105–178, title I, §1502, June 9, 1998, 112 Stat. 241, provided that: “Congress finds that—
“(1) a well-developed system of transportation infrastructure is critical to the economic well-being, health, and welfare of the people of the United States;
“(2) traditional public funding techniques such as grant programs are unable to keep pace with the infrastructure investment needs of the United States because of budgetary constraints at the Federal, State, and local levels of government;
“(3) major transportation infrastructure facilities that address critical national needs, such as intermodal facilities, border crossings, and multistate trade corridors, are of a scale that exceeds the capacity of Federal and State assistance programs in effect on the date of enactment of this Act [June 9, 1998];
“(4) new investment capital can be attracted to infrastructure projects that are capable of generating their own revenue streams through user charges or other dedicated funding sources; and
“(5) a Federal credit program for projects of national significance can complement existing funding resources by filling market gaps, thereby leveraging substantial private co-investment.”
Pub. L. 105–178, title I, §1511, June 9, 1998, 112 Stat. 251, as amended by Pub. L. 107–117, div. B, §1108, Jan. 10, 2002, 115 Stat. 2332, provided that:
“(a)
“(1)
“(A) to provide credit enhancements;
“(B) to serve as a capital reserve for bond or debt instrument financing;
“(C) to subsidize interest rates;
“(D) to ensure the issuance of letters of credit and credit instruments;
“(E) to finance purchase and lease agreements with respect to transit projects;
“(F) to provide bond or debt financing instrument security; and
“(G) to provide other forms of debt financing and methods of leveraging funds that are approved by the Secretary and that relate to the project with respect to which the assistance is being provided.
“(2)
“(b)
“(1)
“(A)
“(B)
“(2)
“(c)
“(1)
“(A)(i) the total amount of funds apportioned to the State under each of paragraphs (1), (3), and (4) of section 104(b) and section 144 of title 23, United States Code, excluding funds set aside under paragraphs (1) and (2) of section 133(d) of such title; and
“(ii) the total amount of funds allocated to the State under section 105 of such title;
“(B) the total amount of funds made available to the State or other Federal transit grant recipient for capital projects (as defined in section 5302 of title 49, United States Code) under sections 5307, 5309, and 5311 of such title; and
“(C) the total amount of funds made available to the State under subtitle V of title 49, United States Code.
“(2)
“(3)
“(d)
“(1)
“(2)
“(3)
“(e)
“(1)
“(2)
“(3)
“(f)
“(1)
“(A) contribute, at a minimum, to the bank from non-Federal sources an amount equal to 25 percent of the amount of each capitalization grant made to the State and contributed to the bank under subsection (c), except that if the State has a higher Federal share payable under section 120(b) of title 23, United States Code, the State shall be required to contribute only an amount commensurate with the higher Federal share;
“(B) ensure that the bank maintains on a continuing basis an investment grade rating on its debt issuances and its ability to pay claims under credit enhancement programs of the bank;
“(C) ensure that investment income generated by funds contributed to the bank will be—
“(i) credited to the bank;
“(ii) available for use in providing loans and other assistance to projects eligible for assistance from the bank; and
“(iii) invested in United States Treasury securities, bank deposits, or such other financing instruments as the Secretary may approve to earn interest to enhance the leveraging of projects assisted by the bank;
“(D) ensure that any loan from the bank will bear interest at or below market rates, as determined by the State, to make the project that is the subject of the loan feasible;
“(E) ensure that repayment of the loan from the bank will commence not later than 5 years after the project has been completed or, in the case of a highway project, the facility has opened to traffic, whichever is later;
“(F) ensure that the term for repaying any loan will not exceed the lesser of—
“(i) 35 years after the date of the first payment on the loan under subparagraph (E); or
“(ii) the useful life of the investment; and
“(G) require the bank to make a biennial report to the Secretary and to make such other reports as the Secretary may require in guidelines.
“(2)
“(g)
“(h)
“(1) ensure that Federal disbursements shall be at an annual rate of not more than 20 percent of the amount designated by the State for State infrastructure bank capitalization under subsection (c)(1), except that the Secretary may disburse funds to a State in an amount needed to finance a specific project; and
“(2) revise cooperative agreements entered into with States under section 350 of the National Highway System Designation Act of 1995 (Public Law 104–59 [set out below]) to comply with this section.
“(i)
“(1)
“(A) funds made available under such title and contributed to an infrastructure bank established under this section, including the non-Federal contribution required under subsection (f); and
“(B) projects assisted by the bank through the use of the funds;
except to the extent that the Secretary determines that any requirement of such title (other than sections 113 and 114 of title 23 and section 5333 of title 49), is not consistent with the objectives of this section.
“(2)
“(j)
“(1)
“(2)
“(k)
“(l)
“(1)
“(2)
Pub. L. 104–59, title III, §350, Nov. 28, 1995, 109 Stat. 618, provided that:
“(a)
“(1)
“(2)
“(b)
“(1)
“(2)
“(A) 10 percent of the funds apportioned to the State for each of fiscal years 1996 and 1997 under each of sections 104(b)(1), 104(b)(3), 104(b)(5)(B), 144, and 160 of title 23, United States Code, and section 1015 of the Intermodal Surface Transportation Efficiency Act of 1991 [Pub. L. 102–240, 23 U.S.C. 104 note]; and
“(B) 10 percent of the funds allocated to the State for each of such fiscal years under each of section 157 of such title and section 1013(c) of such Act [formerly 23 U.S.C. 157 note];
into the highway account of the infrastructure bank established by the State. Federal funds contributed to such account under this paragraph shall constitute for purposes of this section a capitalization grant for the highway account of the infrastructure bank.
“(3)
“(4)
“(c)
“(d)
“(e)
“(1) contribute, at a minimum, in each account of the bank from non-Federal sources an amount equal to 25 percent of the amount of each capitalization grant made to the State and contributed to the bank; except that if the contribution is into the highway account of the bank and the State has a lower non-Federal share under section 120(b) of title 23, United States Code, such percentage shall be adjusted by the Secretary to correspond with such lower non-Federal share;
“(2) ensure that the bank maintains on a continuing basis an investment grade rating on its debt issuances or has a sufficient level of bond or debt financing instrument insurance to maintain the viability of the bank;
“(3) ensure that investment income generated by funds contributed to an account of the bank will be—
“(A) credited to the account;
“(B) available for use in providing loans and other assistance to projects eligible for assistance from the account; and
“(C) invested in United States Treasury securities, bank deposits, or such other financing instruments as the Secretary may approve to earn interest to enhance the leveraging of projects assisted by the bank;
“(4) provide that the repayment of a loan or other assistance from an account of the bank under this section shall be consistent with the repayment provisions of section 129(a)(7) of title 23, United States Code, except to the extent the Secretary determines that such provisions are not consistent with this section;
“(5) ensure that any loan from the bank will bear interest at or below market interest rates, as determined by the State, to make the project that is the subject of the loan feasible;
“(6) ensure that repayment of any loan from the bank will commence not later than 5 years after the project has been completed or, in the case of a highway project, the facility has opened to traffic, whichever is later;
“(7) ensure that the term for repaying any loan will not exceed 30 years after the date of the first payment on the loan under paragraph (6); and
“(8) require the bank to make an annual report to the Secretary on its status no later than September 30, 1996, and September 30, 1997, and to make such other reports as the Secretary may require by guidelines.
“(f)
“(g)
“(1) ensure that Federal disbursements shall be at a rate consistent with historic rates for the Federal-aid highway program and the Federal transit program, respectively;
“(2) issue guidelines to ensure that all requirements of title 23, United States Code, or title 49, United States Code, that would otherwise apply to funds made available under such title and projects assisted with such funds apply to—
“(A) funds made available under such title and contributed to an infrastructure bank established under this section; and
“(B) projects assisted by the bank through the use of such funds;
except to the extent that the Secretary determines that any requirement of such title is not consistent with the objectives of this section; and
“(3) specify procedures and guidelines for establishing, operating, and providing assistance from the bank.
“(h)
“(i)
“(j)
“(k)
“(1) an evaluation of the pilot program conducted under this section and the ability of such program to increase public investment and attract non-Federal capital; and
“(2) recommendations of the Secretary as to whether the program should be expanded or made a part of the Federal-aid highway and transit programs.
“(l)
“(1)
“(2)
“(3)
“(A) to provide credit enhancements;
“(B) to serve as a capital reserve for bond or debt instrument financing;
“(C) to subsidize interest rates;
“(D) to ensure the issuance of letters of credit and credit instruments;
“(E) to finance purchase and lease agreements with respect to transit projects;
“(F) to provide bond or debt financing instrument security; and
“(G) to provide other forms of debt financing and methods of leveraging funds that are approved by the Secretary and that relate to the project with respect to which such assistance is being provided.
“(4)
(a)
(1)
(2)
(3)
(A)
(i) $50,000,000; or
(ii) 331/3 percent of the amount of Federal highway assistance funds apportioned for the most recently completed fiscal year to the State in which the project is located.
(B)
(4)
(5)
(b)
(1)
(2)
(A)
(i) The extent to which the project is nationally or regionally significant, in terms of generating economic benefits, supporting international commerce, or otherwise enhancing the national transportation system.
(ii) The creditworthiness of the project, including a determination by the Secretary that any financing for the project has appropriate security features, such as a rate covenant, to ensure repayment.
(iii) The extent to which assistance under this chapter would foster innovative public-private partnerships and attract private debt or equity investment.
(iv) The likelihood that assistance under this chapter would enable the project to proceed at an earlier date than the project would otherwise be able to proceed.
(v) The extent to which the project uses new technologies, including intelligent transportation systems, that enhance the efficiency of the project.
(vi) The amount of budget authority required to fund the Federal credit instrument made available under this chapter.
(vii) The extent to which the project helps maintain or protect the environment.
(viii) The extent to which assistance under this chapter and chapter 1 would reduce the contribution of Federal grant assistance to the project.
(B)
(c)
(1) Title VI of the Civil Rights Act of 1964 (42 U.S.C. 2000d et seq.).
(2) The National Environmental Policy Act of 1969 (42 U.S.C. 4321 et seq.).
(3) The Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970 (42 U.S.C. 4601 et seq.).
(Added Pub. L. 105–178, title I, §1503(a), June 9, 1998, 112 Stat. 243, §182; renumbered §602 and amended Pub. L. 109–59, title I, §§1601(b), (c), 1602(b)(2), (5), (d), Aug. 10, 2005, 119 Stat. 1240, 1247.)
The Civil Rights Act of 1964, referred to in subsec. (c)(1), is Pub. L. 88–352, July 2, 1964, 78 Stat. 241, as amended. Title VI of the Act is classified generally to subchapter V (§2000d et seq.) of chapter 21 of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see Short Title note set out under section 2000a of Title 42 and Tables.
The National Environmental Policy Act of 1969, referred to in subsec. (c)(2), is Pub. L. 91–190, Jan. 1, 1970, 83 Stat. 852, as amended, which is classified generally to chapter 55 (§4321 et seq.) of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see Short Title note set out under section 4321 of Title 42 and Tables.
The Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970, referred to in subsec. (c)(3), is act Jan. 2, 1971, Pub. L. 91–646, 84 Stat. 1894, as amended, and which is classified principally to chapter 61 (§4601 et seq.) of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see Short Title note set out under section 4601 of Title 42 and Tables.
2005—Pub. L. 109–59, §1602(d), renumbered section 182 of this title as this section.
Subsec. (a). Pub. L. 109–59, §1602(b)(5), substituted “this chapter” for “this subchapter” in introductory provisions.
Subsec. (a)(1). Pub. L. 109–59, §1602(b)(5), substituted “this chapter” for “this subchapter”.
Pub. L. 109–59, §1601(b)(1), added par. (1) and struck out heading and text of former par. (1). Text read as follows: “The project—
“(A) shall be included in the State transportation plan required under section 135; and
“(B) at such time as an agreement to make available a Federal credit instrument is entered into under this subchapter, shall be included in the approved State transportation improvement program required under section 134.”
Subsec. (a)(2). Pub. L. 109–59, §1601(b)(1), added par. (2) and struck out heading and text of former par. (2). Text read as follows: “A State, a local servicer identified under section 185(a), or the entity undertaking the project shall submit a project application to the Secretary.”
Subsec. (a)(3)(A). Pub. L. 109–59, §1602(b)(5), substituted “this chapter” for “this subchapter” in introductory provisions.
Subsec. (a)(3)(A)(i). Pub. L. 109–59, §1601(b)(2), substituted “$50,000,000” for “$100,000,000”.
Subsec. (a)(3)(A)(ii). Pub. L. 109–59, §1601(b)(3), substituted “331/3” for “50”.
Subsec. (a)(3)(B). Pub. L. 109–59, §1601(b)(4), substituted “$15,000,000” for “$30,000,000”.
Subsec. (a)(4). Pub. L. 109–59, §1601(b)(5), substituted “The Federal credit instrument” for “Project financing” and inserted “that also secure the project obligations” before period at end.
Subsec. (b)(1). Pub. L. 109–59, §1601(c)(1), substituted “eligibility requirements” for “eligibility criteria”.
Subsec. (b)(2)(A)(iii), (iv), (vi). Pub. L. 109–59, §1602(b)(5), substituted “this chapter” for “this subchapter”.
Subsec. (b)(2)(A)(viii). Pub. L. 109–59, §1602(b)(2), inserted “and chapter 1” after “this chapter”.
Subsec. (b)(2)(B). Pub. L. 109–59, §1601(c)(2), inserted “, which may be the Federal credit instrument,” after “obligations”.
Subsec. (c). Pub. L. 109–59, §1602(b)(5), substituted “this chapter” for “this subchapter” in introductory provisions.
(a)
(1)
(A) to finance eligible project costs of any project selected under section 602; or
(B) to refinance interim construction financing of eligible project costs of any project selected under section 602; or
(C) to refinance long-term project obligations or Federal credit instruments if such refinancing provides additional funding capacity for the completion, enhancement, or expansion of any project that—
(i) is selected under section 602; or
(ii) otherwise meets the requirements of section 602.
(2)
(3)
(4)
(b)
(1)
(2)
(3)
(A) shall—
(i) be payable, in whole or in part, from tolls, user fees, or other dedicated revenue sources that also secure the senior project obligations; and
(ii) include a rate covenant, coverage requirement, or similar security feature supporting the project obligations; and
(B) may have a lien on revenues described in subparagraph (A) subject to any lien securing project obligations.
(4)
(5)
(6)
(7)
(8)
(c)
(1)
(2)
(3)
(A)
(B)
(i) continue to accrue interest in accordance with subsection (b)(4) until fully repaid; and
(ii) be scheduled to be amortized over the remaining term of the loan.
(C)
(i)
(ii)
(4)
(A)
(B)
(d)
(1)
(2)
(e)
(1)
(2)
(Added Pub. L. 105–178, title I, §1503(a), June 9, 1998, 112 Stat. 245, §183; renumbered §603 and amended Pub. L. 109–59, title I, §§1601(d), 1602(b)(3), (5), (d), Aug. 10, 2005, 119 Stat. 1240, 1247.)
2005—Pub. L. 109–59, §1602(d), renumbered section 183 of this title as this section.
Subsec. (a)(1). Pub. L. 109–59, §1601(d)(1), in subpars. (A) and (B) inserted “of any project selected under section 602” after “costs”, added subpar. (C), and struck out concluding provisions which read as follows: “of any project selected under section 182.”
Subsec. (a)(3). Pub. L. 109–59, §1602(b)(3), substituted “602(b)(2)(B)” for “182(b)(2)(B)”.
Subsec. (a)(4). Pub. L. 109–59, §1601(d)(2), substituted “The execution” for “The funding” and struck out before period at end “, except that—
“(A) the Secretary may fund an amount of the secured loan not to exceed the capital reserve subsidy amount determined under paragraph (3) prior to the obligations receiving an investment-grade rating; and
“(B) the Secretary may fund the remaining portion of the secured loan only after the obligations have received an investment-grade rating by at least 1 rating agency”.
Subsec. (b)(2). Pub. L. 109–59, §1601(d)(3)(A), inserted “the lesser of” before “33 percent” and “or, if the secured loan does not receive an investment grade rating, the amount of the senior project obligations” before period at end.
Subsec. (b)(3)(A)(i). Pub. L. 109–59, §1601(d)(3)(B), inserted “that also secure the senior project obligations” after “sources”.
Subsec. (b)(4). Pub. L. 109–59, §1601(d)(3)(C), struck out “marketable” before “United States Treasury securities”.
Subsec. (b)(8). Pub. L. 109–59, §1602(b)(5), substituted “this chapter” for “this subchapter”.
Subsec. (c)(3) to (5). Pub. L. 109–59, §1601(d)(4), redesignated pars. (4) and (5) as (3) and (4), respectively, in par. (3)(A), struck out “during the 10 years” after “at any time”, in par. (3)(B)(ii), substituted “loan” for “loan beginning not later than 10 years after the date of substantial completion of the project in accordance with paragraph (1)”, and struck out heading and text of former par. (3). Text read as follows: “The sources of funds for scheduled loan repayments under this section shall include tolls, user fees, or other dedicated revenue sources.”
(a)
(1)
(2)
(3)
(4)
(b)
(1)
(2)
(3)
(4)
(5)
(A) shall—
(i) be payable, in whole or in part, from tolls, user fees, or other dedicated revenue sources that also secure the senior project obligations; and
(ii) include a rate covenant, coverage requirement, or similar security feature supporting the project obligations; and
(B) may have a lien on revenues described in subparagraph (A) subject to any lien securing project obligations.
(6)
(7)
(A)
(B)
(8)
(9)
(10)
(c)
(1)
(2)
(Added Pub. L. 105–178, title I, §1503(a), June 9, 1998, 112 Stat. 247, §184; renumbered §604 and amended Pub. L. 109–59, title I, §§1601(e), 1602(b)(4), (d), Aug. 10, 2005, 119 Stat. 1241, 1247.)
2005—Pub. L. 109–59, §1602(d), renumbered section 184 of this title as this section.
Subsec. (a)(1). Pub. L. 109–59, §1602(b)(4)(A), substituted “602” for “182”.
Subsec. (a)(3). Pub. L. 109–59, §1602(b)(4)(B), substituted “602(b)(2)(B)” for “182(b)(2)(B)”.
Subsec. (b)(2). Pub. L. 109–59, §1601(e)(1)(A), added par. (2) and struck out heading and text of former par. (2). Text read as follows:
“(A)
“(B) 1-
Subsec. (b)(3). Pub. L. 109–59, §1601(e)(1)(B), substituted “but not including reasonably required financing reserves” for “, any debt service reserve fund, and any other available reserve”.
Subsec. (b)(4). Pub. L. 109–59, §1601(e)(1)(C), struck out “marketable” before “United States Treasury securities” and substituted “date of execution of the line of credit agreement” for “date on which the line of credit is obligated”.
Subsec. (b)(5)(A)(i). Pub. L. 109–59, §1601(e)(1)(D), inserted “that also secure the senior project obligations” after “sources”.
Subsec. (b)(6). Pub. L. 109–59, §1601(e)(1)(E), substituted “The full amount of the line of credit, to the extent not drawn upon,” for “The line of credit”.
Subsec. (b)(10). Pub. L. 109–59, §1602(b)(4)(C), substituted “603” for “183”.
Subsec. (c)(2). Pub. L. 109–59, §1601(e)(2)(A), struck out “scheduled” before “repayments”, inserted “be scheduled to” after “shall”, and substituted “to conclude, with full repayment of principal and interest,” for “be fully repaid, with interest,”.
Subsec. (c)(3). Pub. L. 109–59, §1601(e)(2)(B), struck out heading and text of par. (3). Text read as follows: “The sources of funds for scheduled loan repayments under this section shall include tolls, user fees, or other dedicated revenue sources.”
(a)
(b)
(1)
(A) the costs of services of expert firms retained pursuant to subsection (d); and
(B) all or a portion of the costs to the Federal Government of servicing the Federal credit instruments.
(c)
(1)
(2)
(3)
(d)
(Added Pub. L. 105–178, title I, §1503(a), June 9, 1998, 112 Stat. 249, §185; renumbered §605 and amended Pub. L. 109–59, title I, §§1601(f), 1602(b)(5), (d), Aug. 10, 2005, 119 Stat. 1241, 1247.)
2005—Pub. L. 109–59, §1602(d), renumbered section 185 of this title as this section.
Pub. L. 109–59, §1601(f), amended section catchline and text generally, substituting provisions relating to establishment by the Secretary of a uniform system to service the Federal credit instruments made available under this subchapter for provisions authorizing a State to identify a local servicer to assist the Secretary in servicing the Federal credit instrument made available under this subchapter.
Subsec. (a). Pub. L. 109–59, §1602(b)(5), substituted “this chapter” for “this subchapter”.
The provision of financial assistance under this chapter with respect to a project shall not—
(1) relieve any recipient of the assistance of any obligation to obtain any required State or local permit or approval with respect to the project;
(2) limit the right of any unit of State or local government to approve or regulate any rate of return on private equity invested in the project; or
(3) otherwise supersede any State or local law (including any regulation) applicable to the construction or operation of the project.
(Added Pub. L. 105–178, title I, §1503(a), June 9, 1998, 112 Stat. 249, §186; renumbered §606 and amended Pub. L. 109–59, title I, §1602(b)(5), (d), Aug. 10, 2005, 119 Stat. 1247.)
2005—Pub. L. 109–59, §1602(d), renumbered section 186 of this title as this section.
Pub. L. 109–59, §1602(b)(5), substituted “this chapter” for “this subchapter” in introductory provisions.
The Secretary may issue such regulations as the Secretary determines appropriate to carry out this chapter.
(Added Pub. L. 105–178, title I, §1503(a), June 9, 1998, 112 Stat. 249, §187; renumbered §607 and amended Pub. L. 109–59, title I, §1602(b)(5), (d), Aug. 10, 2005, 119 Stat. 1247.)
2005—Pub. L. 109–59, §1602(d), renumbered section 187 of this title as this section.
Pub. L. 109–59, §1602(b)(5), substituted “this chapter” for “this subchapter”.
(a)
(1)
(2)
(3)
(b)
(1)
(2)
(Added and amended Pub. L. 105–178, title I, §1503(a), (c), June 9, 1998, 112 Stat. 249, §188; Pub. L. 105–206, title IX, §9007(a), July 22, 1998, 112 Stat. 849; Pub. L. 108–88, §5(a)(10), Sept. 30, 2003, 117 Stat. 1115; Pub. L. 108–202, §5(a)(10), Feb. 29, 2004, 118 Stat. 481; Pub. L. 108–224, §4(a)(10), Apr. 30, 2004, 118 Stat. 629; Pub. L. 108–263, §4(a)(10), June 30, 2004, 118 Stat. 700; Pub. L. 108–280, §4(a)(10), July 30, 2004, 118 Stat. 879; Pub. L. 108–310, §5(a)(10), Sept. 30, 2004, 118 Stat. 1149; Pub. L. 109–14, §4(a)(10), May 31, 2005, 119 Stat. 327; Pub. L. 109–20, §4(a)(10), July 1, 2005, 119 Stat. 348; Pub. L. 109–35, §4(a)(10), July 20, 2005, 119 Stat. 381; Pub. L. 109–37, §4(a)(10), July 22, 2005, 119 Stat. 396; Pub. L. 109–40, §4(a)(10), July 28, 2005, 119 Stat. 413; renumbered §608 and amended Pub. L. 109–59, title I, §§1601(g), 1602(b)(5), (d), Aug. 10, 2005, 119 Stat. 1242, 1247.)
2005—Pub. L. 109–59, §1602(d), renumbered section 188 of this title as this section.
Pub. L. 109–59, §1601(g), reenacted section catchline without change and amended text generally, substituting provisions relating to funding for fiscal years 2005 through 2009 and contract authority, consisting of subsecs. (a) and (b), for provisions relating to funding for fiscal years 1999 through 2004 and for the period of Oct. 1, 2004, through July 30, 2005, contract authority, and limitations on credit amounts, consisting of subsecs. (a) to (c).
Subsec. (a)(1). Pub. L. 109–59, §1602(b)(5), substituted “this chapter” for “this subchapter”.
Subsec. (a)(1)(G). Pub. L. 109–40, §4(a)(10)(A), added subpar. (G) and struck out former subpar. (G) which read as follows: “$106,849,340 for the period of October 1, 2004, through July 27, 2005.”
Pub. L. 109–37, §4(a)(10)(A), added subpar. (G) and struck out former subpar. (G) which read as follows: “$105,300,000 for the period of October 1, 2004, through July 21, 2005.”
Pub. L. 109–35, §4(a)(10)(A), added subpar. (G) and struck out former subpar. (G) which read as follows: “$104,000,000 for the period of October 1, 2004, through July 19, 2005.”
Pub. L. 109–20, §4(a)(10)(A), added subpar. (G) and struck out former subpar. (G) which read as follows: “$97,500,000 for the period of October 1, 2004, through June 30, 2005.”
Pub. L. 109–14, §4(a)(10)(A), added subpar. (G) and struck out former subpar. (G) which read as follows: “$86,666,667 for the period of October 1, 2004, through May 31, 2005.”
Subsec. (a)(2). Pub. L. 109–40, §4(a)(10)(B), substituted “$1,660,000 for the period of October 1, 2004, through July 30, 2005” for “$1,643,836 for the period of October 1, 2004, through July 27, 2005”.
Pub. L. 109–37, §4(a)(10)(B), substituted “$1,643,836 for the period of October 1, 2004, through July 27, 2005” for “$1,620,000 for the period of October 1, 2004, through July 21, 2005”.
Pub. L. 109–35, §4(a)(10)(B), substituted “$1,620,000 for the period of October 1, 2004, through July 21, 2005” for “$1,600,000 for the period of October 1, 2004, through July 19, 2005”.
Pub. L. 109–20, §4(a)(10)(B), substituted “$1,600,000 for the period of October 1, 2004, through July 19, 2005” for “$1,500,000 for the period of October 1, 2004, through June 30, 2005”.
Pub. L. 109–14, §4(a)(10)(B), substituted “$1,500,000 for the period of October 1, 2004, through June 30, 2005” for “$1,333,333 for the period of October 1, 2004, through May 31, 2005”.
Subsec. (a)(3). Pub. L. 109–59, §1602(b)(5), substituted “administration of this chapter” for “administration of this subchapter”.
Subsec. (b)(1). Pub. L. 109–59, §1602(b)(5), substituted “this chapter” for “this subchapter”.
Subsec. (c). Pub. L. 109–40, §4(a)(10)(C), substituted “$2,158,000,000” for “$2,136,986,800” in item relating to fiscal year 2005 in table.
Pub. L. 109–37, §4(a)(10)(C), substituted “$2,136,986,800” for “$2,106,000,000” in item relating to fiscal year 2005 in table.
Pub. L. 109–35, §4(a)(10)(C), substituted “$2,106,000,000” for “$2,080,000,000” in item relating to fiscal year 2005 in table.
Pub. L. 109–20, §4(a)(10)(C), substituted “$2,080,000,000” for “$1,950,000,000” in item relating to fiscal year 2005 in table.
Pub. L. 109–14, §4(a)(10)(C), substituted “$1,950,000,000” for “$1,733,333,333” in item relating to fiscal year 2005 in table.
2004—Subsec. (a)(1)(F). Pub. L. 108–280, §4(a)(10)(A), added subpar. (F) and struck out former subpar. (F) which read as follows: “$116,666,667 for the period of October 1, 2003, through July 31, 2004.”
Pub. L. 108–263, §4(a)(10)(A), added subpar. (F) and struck out former subpar. (F) which read as follows: “$105,000,000 for the period of October 1, 2003, through June 30, 2004.”
Pub. L. 108–224, §4(a)(10)(A), added subpar. (F) and struck out former subpar. (F) which read as follows: “$81,666,666 for the period of October 1, 2003, through April 30, 2004.”
Pub. L. 108–202, §5(a)(10)(A), added subpar. (F) and struck out former subpar. (F) which read as follows: “$58,333,333 for the period of October 1, 2003, through February 29, 2004.”
Subsec. (a)(1)(G). Pub. L. 108–310, §5(a)(10)(A), added subpar. (G).
Subsec. (a)(2). Pub. L. 108–310, §5(a)(10)(B), inserted “and $1,333,333 for the period of October 1, 2004, through May 31, 2005” before period at end.
Pub. L. 108–280, §4(a)(10)(B), struck out “2003 and $1,666,667 for the period of October 1, 2003, through July 31,” before “2004.”
Pub. L. 108–263, §4(a)(10)(B), substituted “$1,666,667 for the period of October 1, 2003, through July 31, 2004” for “$1,500,000 for the period of October 1, 2003, through June 30, 2004”.
Pub. L. 108–224, §4(a)(10)(B), substituted “$1,500,000 for the period of October 1, 2003, through June 30, 2004” for “$1,166,667 for the period of October 1, 2003, through April 30, 2004”.
Pub. L. 108–202, §5(a)(10)(B), substituted “$1,166,667 for the period of October 1, 2003, through April 30, 2004” for “$833,333 for the period of October 1, 2003, through February 29, 2004”.
Subsec. (c). Pub. L. 108–310, §5(a)(10)(C), substituted “2005” for “2004” in introductory provisions and inserted item in table relating to fiscal year 2005.
Pub. L. 108–280, §4(a)(10)(C), substituted “$2,600,000,000” for “$2,166,666,667” in item relating to fiscal year 2004 in table.
Pub. L. 108–263, §4(a)(10)(C), substituted “$2,166,666,667” for “$1,950,000,000” in item relating to fiscal year 2004 in table.
Pub. L. 108–224, §4(a)(10)(C), substituted “$1,950,000,000” for “$1,516,666,667” in item relating to fiscal year 2004 in table.
Pub. L. 108–202, §5(a)(10)(C), substituted “$1,516,666,667” for “$1,083,333,333” in item relating to fiscal year 2004 in table.
2003—Subsec. (a)(1)(F). Pub. L. 108–88, §5(a)(10)(A), added subpar. (F).
Subsec. (a)(2). Pub. L. 108–88, §5(a)(10)(B), inserted “and $833,333 for the period of October 1, 2003, through February 29, 2004” after “2003”.
Subsec. (c). Pub. L. 108–88, §5(a)(10)(C), substituted “2004” for “2003” and inserted item in table relating to fiscal year 2004.
1998—Subsec. (a)(2). Pub. L. 105–178, §1503(c)(1), as added by Pub. L. 105–206, §9007(a), substituted “1999” for “1998”.
Subsec. (c). Pub. L. 105–178, §1503(c)(2), as added by Pub. L. 105–206, §9007(a), substituted “1999” for “1998” in introductory provisions, and substituted table for former table which read as follows:
“Fiscal year: | Maximum amount of credit: |
---|---|
1998 | $1,200,000,000 |
1999 | $1,200,000,000 |
2000 | $1,800,000,000 |
2001 | $1,800,000,000 |
2002 | $2,300,000,000 |
2003 | $2,300,000,000.” |
Title IX of Pub. L. 105–206 effective simultaneously with enactment of Pub. L. 105–178 and to be treated as included in Pub. L. 105–178 at time of enactment, and provisions of Pub. L. 105–178, as in effect on day before July 22, 1998, that are amended by title IX of Pub. L. 105–206 to be treated as not enacted, see section 9016 of Pub. L. 105–206, set out as a note under section 101 of this title.
On June 1, 2006, and every 2 years thereafter, the Secretary shall submit to Congress a report summarizing the financial performance of the projects that are receiving, or have received, assistance under this chapter (other than section 610), including a recommendation as to whether the objectives of this chapter (other than section 610) are best served—
(1) by continuing the program under the authority of the Secretary;
(2) by establishing a Government corporation or Government-sponsored enterprise to administer the program; or
(3) by phasing out the program and relying on the capital markets to fund the types of infrastructure investments assisted by this chapter (other than section 610) without Federal participation.
(Added Pub. L. 105–178, title I, §1503(a), June 9, 1998, 112 Stat. 250, §189; renumbered §609 and amended Pub. L. 109–59, title I, §§1601(h), 1602(d), Aug. 10, 2005, 119 Stat. 1242, 1247.)
2005—Pub. L. 109–59, §1602(d), renumbered section 189 of this title as this section.
Pub. L. 109–59, §1601(h), substituted “Reports” for “Report” in section catchline, “On June 1, 2006, and every 2 years thereafter,” for “Not later than 4 years after the date of enactment of this subchapter,” in introductory provisions, and “chapter (other than section 610)” for “subchapter” wherever appearing.
(a)
(1)
(2)
(A) to provide credit enhancements;
(B) to serve as a capital reserve for bond or debt instrument financing;
(C) to subsidize interest rates;
(D) to insure or guarantee letters of credit and credit instruments against credit risk of loss;
(E) to finance purchase and lease agreements with respect to transit projects;
(F) to provide bond or debt financing instrument security; and
(G) to provide other forms of debt financing and methods of leveraging funds that are approved by the Secretary and that relate to the project with respect to which such assistance is being provided.
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(b)
(c)
(1)
(2)
(d)
(1)
(A) 10 percent of the funds apportioned to the State for each of fiscal years 2005 through 2009 under each of sections 104(b)(1), 104(b)(3), 104(b)(4), and 144; and
(B) 10 percent of the funds allocated to the State for each of such fiscal years under section 105.
(2)
(3)
(4)
(A)
(B)
(C)
(5)
(6)
(e)
(f)
(g)
(1) deposit in cash, at a minimum, into each account of the bank from non-Federal sources an amount equal to 25 percent of the amount of each capitalization grant made to the State and deposited into such account; except that, if the deposit is into the highway account of the bank and the State has a non-Federal share under section 120(b) that is less than 25 percent, the percentage to be deposited from non-Federal sources shall be the lower percentage of such grant;
(2) ensure that the bank maintains on a continuing basis an investment grade rating on its debt, or has a sufficient level of bond or debt financing instrument insurance, to maintain the viability of the bank;
(3) ensure that investment income derived from funds deposited to an account of the bank are—
(A) credited to the account;
(B) available for use in providing loans and other forms of credit assistance to projects eligible for assistance from the account; and
(C) invested in United States Treasury securities, bank deposits, or such other financing instruments as the Secretary may approve to earn interest to enhance the leveraging of projects assisted by the bank;
(4) ensure that any loan from the bank will bear interest at or below market interest rates, as determined by the State, to make the project that is the subject of the loan feasible;
(5) ensure that repayment of any loan from the bank will commence not later than 5 years after the project has been completed or, in the case of a highway project, the facility has opened to traffic, whichever is later;
(6) ensure that the term for repaying any loan will not exceed 30 years after the date of the first payment on the loan; and
(7) require the bank to make an annual report to the Secretary on its status no later than September 30 of each year and such other reports as the Secretary may require under guidelines issued to carry out this section.
(h)
(1)
(A) funds made available under this title or such title and contributed to an infrastructure bank established under this section, including the non-Federal contribution required under subsection (g); and
(B) projects assisted by the bank through the use of the funds,
except to the extent that the Secretary determines that any requirement of such title (other than sections 113 and 114 of this title and section 5333 of title 49) is not consistent with the objectives of this section.
(2)
(i)
(j)
(k)
(Added Pub. L. 109–59, title I, §1602(a), Aug. 10, 2005, 119 Stat. 1243, §190; renumbered §610, Pub. L. 109–59, title I, §1602(d), Aug. 10, 2005, 119 Stat. 1247, as amended Pub. L. 110–244, title I, §101(f), June 6, 2008, 122 Stat. 1574.)
2008—Pub. L. 110–244 amended Pub. L. 109–59, §1602(d). See 2005 Amendment note below.
2005—Pub. L. 109–59, as amended by Pub. L. 110–244, renumbered section 190 of this title as this section.
Amendment by Pub. L. 110–244 effective as of the date of enactment of Pub. L. 109–59 (Aug. 10, 2005) and to be treated as included in Pub. L. 109–59 as of that date, and provisions of Pub. L. 109–59, as in effect on the day before June 6, 2008, that are amended by Pub. L. 110–244 to be treated as not enacted, see section 121(b) of Pub. L. 110–244, set out as a note under section 101 of this title.