(a)
(1)
(A) contingent on those funds being made available in law at a future date; and
(B) not an obligation of the Federal Government.
(2)
(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 relating to the project and improvements to land), environmental mitigation, construction contingencies, and acquisition of equipment;
(C) capitalized interest necessary to meet market requirements, reasonably required reserve funds, capital issuance expenses, and other carrying costs during construction; and
(D) capitalizing a rural projects fund.
(3)
(4)
(5)
(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.
(6)
(A) describes the project and the location, purpose, and cost of the project;
(B) outlines the proposed financial plan, including the requested credit assistance and the proposed obligor;
(C) provides a status of environmental review; and
(D) provides information regarding satisfaction of other eligibility requirements of the TIFIA program.
(7)
(8)
(A)
(i) the date on which a project application acceptable to the Secretary is submitted; or
(ii) the date on which the Secretary entered into a master credit agreement; and
(B) the date on which the Secretary executes the Federal credit instrument.
(9)
(10)
(A) make contingent commitments of 1 or more secured loans or other Federal credit instruments at future dates, subject to—
(i) the availability of future funds being made available to carry out the TIFIA program; and
(ii) the satisfaction of all of the conditions for the provision of credit assistance under the TIFIA program, including section 603(b)(1);
(B) establish the maximum amounts and general terms and conditions of the secured loans or other Federal credit instruments;
(C) identify the 1 or more dedicated non-Federal revenue sources that will secure the repayment of the secured loans or secured Federal credit instruments;
(D) provide for the obligation of funds for the secured loans or secured Federal credit instruments after all requirements have been met for the projects subject to the master credit agreement, including—
(i) completion of an environmental impact statement or similar analysis required under the National Environmental Policy Act of 1969 (42 U.S.C. 4321 et seq.);
(ii) receiving an investment grade rating from a rating agency;
(iii) compliance with such other requirements as are specified under the TIFIA program, including sections 602(c) and 603(b)(1); and
(iv) the availability of funds to carry out the TIFIA program; and
(E) require that contingent commitments result in a financial close and obligation of credit assistance not later than 3 years after the date of entry into the master credit agreement, or release of the commitment, unless otherwise extended by the Secretary.
(11)
(A) is primarily liable for payment of the principal of or interest on a Federal credit instrument; and
(B) may be a corporation, partnership, joint venture, trust, or governmental entity, agency, or instrumentality.
(12)
(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;
(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 by way of direct freight interchange between highway and rail carriers;
(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;
(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; and
(iv) is composed of related highway, surface transportation, transit, rail, or intermodal capital improvement projects eligible for assistance under this section in order to meet the eligible project cost threshold under section 602, by grouping related projects together for that purpose, subject to the condition that the credit assistance for the projects is secured by a common pledge;
(E) a project to improve or construct public infrastructure that is located within walking distance of, and accessible to, a fixed guideway transit facility, passenger rail station, intercity bus station, or intermodal facility, including a transportation, public utility, or capital project described in section 5302(3)(G)(v) of title 49, and related infrastructure; and
(F) the capitalization of a rural projects fund.
(13)
(14)
(15)
(16)
(A) established by a State infrastructure bank in accordance with section 610(d)(4);
(B) capitalized with the proceeds of a secured loan made to the bank in accordance with sections 602 and 603; and
(C) for the purpose of making loans to sponsors of rural infrastructure projects in accordance with section 610.
(17)
(18)
(19)
(20)
(A) calculated on a net present value basis; and
(B) excluding administrative costs and any incidental effects on governmental receipts or outlays in accordance with the Federal Credit Reform Act of 1990 (2 U.S.C. 661 et seq.).
(21)
(A) the opening of a project to vehicular or passenger traffic; or
(B) a comparable event, as determined by the Secretary and specified in the credit agreement.
(22)
(b)
Editorial Notes
References in Text
The Securities Act of 1933, referred to in subsec. (a)(5), is act May 27, 1933, ch. 38, title I, 48 Stat. 74, 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)(5), is set out in Title 26, Internal Revenue Code.
The National Environmental Policy Act of 1969, referred to in subsec. (a)(10)(D)(i), is Pub. L. 91–190, Jan. 1, 1970, 83 Stat. 852, 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 Federal Credit Reform Act of 1990, referred to in subsec. (a)(20)(B), 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, 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.
Amendments
2015—Subsec. (a). Pub. L. 114–94, §2001(a)(1), in introductory provisions, substituted "The" for "In this chapter, the" and inserted "to sections 601 through 609" after "apply".
Subsec. (a)(2)(D). Pub. L. 114–94, §2001(a)(2), added subpar. (D).
Subsec. (a)(3). Pub. L. 114–94, §2001(a)(3), substituted "the TIFIA program" for "this chapter".
Subsec. (a)(10). Pub. L. 114–94, §2001(a)(4)(A), inserted heading and introductory provisions and struck out former heading and introductory provisions. Prior to amendment, introductory provisions read as follows: "The term 'master credit agreement' means an agreement to extend credit assistance for a program of projects secured by a common security pledge (which shall receive an investment grade rating from a rating agency), or for a single project covered under section 602(b)(2) that would—".
Subsec. (a)(10)(A). Pub. L. 114–94, §2001(a)(4)(B), substituted "subject to—" for "subject to the availability of future funds being made available to carry out this chapter;" and added cls. (i) and (ii).
Subsec. (a)(10)(D)(ii). Pub. L. 114–94, §2001(a)(4)(C)(ii), added cl. (ii). Former cl. (ii) redesignated (iii).
Subsec. (a)(10)(D)(iii). Pub. L. 114–94, §2001(a)(4)(C)(i), (iii), redesignated cl. (ii) as (iii) and substituted "under the TIFIA program, including sections 602(c) and 603(b)(1)" for "in section 602(c)". Former cl. (iii) redesignated (iv).
Subsec. (a)(10)(D)(iv). Pub. L. 114–94, §2001(a)(4)(C)(i), (iv), redesignated cl. (iii) as (iv) and substituted "the TIFIA program" for "this chapter".
Subsec. (a)(12)(E), (F). Pub. L. 114–94, §2001(a)(5), added subpars. (E) and (F).
Subsec. (a)(15). Pub. L. 114–94, §2001(a)(6), substituted "means a surface transportation infrastructure project located in an area that is outside of an urbanized area with a population greater than 150,000 individuals, as determined by the Bureau of the Census." for "means a surface transportation infrastructure project located in any area other than a city with a population of more than 250,000 inhabitants within the city limits."
Subsec. (a)(16) to (22). Pub. L. 114–94, §2001(a)(7)–(10), added pars. (16) and (19), redesignated former pars. (16), (17), (18), (19), and (20) as pars. (17), (18), (20), (21), and (22), respectively, and inserted "established under sections 602 through 609" after "Department" in par. (22).
2012—Pub. L. 112–141 amended section generally. Prior to amendment, section related to generally applicable provisions.
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).
Statutory Notes and Related Subsidiaries
Effective Date of 2015 Amendment
Amendment by Pub. L. 114–94 effective Oct. 1, 2015, see section 1003 of Pub. L. 114–94, set out as a note under section 5313 of Title 5, Government Organization and Employees.
Effective Date of 2012 Amendment
Amendment by Pub. L. 112–141 effective Oct. 1, 2012, see section 3(a) of Pub. L. 112–141, set out as an Effective and Termination Dates of 2012 Amendment note under section 101 of this title.
Regional Infrastructure Accelerator Demonstration Program
Pub. L. 114–94, div. A, title I, §1441, Dec. 4, 2015, 129 Stat. 1435, provided that:
"(a)
"(b)
"(1) serve a defined geographic area; and
"(2) act as a resource in the geographic area to qualified entities in accordance with this section.
"(c)
"(d)
"(1) the need for geographic diversity among regional infrastructure accelerators; and
"(2) the ability of the proposal to promote investment in covered infrastructure projects, which shall include a plan—
"(A) to evaluate and promote innovative financing methods for local projects, including the use of the TIFIA program under chapter 6 of title 23, United States Code;
"(B) to build capacity of State, local, and tribal governments to evaluate and structure projects involving the investment of private capital;
"(C) to provide technical assistance and information on best practices with respect to financing the projects;
"(D) to increase transparency with respect to infrastructure project analysis and using innovative financing for public infrastructure projects;
"(E) to deploy predevelopment capital programs designed to facilitate the creation of a pipeline of infrastructure projects available for investment;
"(F) to bundle smaller-scale and rural projects into larger proposals that may be more attractive for investment; and
"(G) to reduce transaction costs for public project sponsors.
"(e)
"(f)
"(1) $11,750,000 for initial grants to regional infrastructure accelerators under subsection (b); and
"(2) $250,000 for administrative costs of carrying out the program."
Congressional Findings
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."
State Infrastructure Bank Pilot Programs
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 [former] paragraphs (1), (3), and (4) of section 104(b) and [former] section 144 of title 23, United States Code, excluding funds set aside under paragraphs (1) and (2) of [former] section 133(d) of such title; and
"(ii) the total amount of funds allocated to the State under [former] 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 [former] 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, former 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 [former] section 157 of such title and section 1013(c) of such Act [former 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 [former] 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)
Tried the LawStack mobile app?
Join thousands and try LawStack mobile for FREE today.
- Carry the law offline, wherever you go.
- Download CFR, USC, rules, and state law to your mobile device.
