(a)
(1)
(A) to finance eligible project costs of any project selected under section 602;
(B) to refinance interim construction financing of eligible project costs of any project selected under section 602;
(C) to refinance existing Federal credit instruments for rural infrastructure projects; or
(D) to refinance long-term project obligations or Federal credit instruments, if the 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)
(A) if the maturity of such interim construction financing is later than 1 year after the substantial completion of the project; and
(B) later than 1 year after the date of substantial completion of the project.
(3)
(b)
(1)
(2)
(A)
(B)
(3)
(A) shall—
(i) be payable, in whole or in part, from—
(I) tolls;
(II) user fees;
(III) payments owing to the obligor under a public-private partnership;
(IV) other dedicated revenue sources that also secure the senior project obligations; or
(V) in the case of a secured loan for a project capitalizing a rural projects fund, any other dedicated revenue sources available to a State infrastructure bank, including repayments from loans made by the bank for rural infrastructure projects; 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)
(A)
(B)
(i)
(ii)
(C)
(i) 1½ percentage points (150 basis points); or
(ii) the amount of the increase in the interest rate.
(5)
(A)
(i) 35 years after the date of substantial completion of the project; and
(ii) if the useful life of the capital asset being financed is of a lesser period, the useful life of the asset.
(B)
(6)
(A)
(B)
(i)
(I) the secured loan is rated in the A category or higher;
(II) the secured loan is secured and payable from pledged revenues not affected by project performance, such as a tax-backed revenue pledge or a system-backed pledge of project revenues; and
(III) the TIFIA program share of eligible project costs is 33 percent or less.
(ii)
(I) the maximum credit subsidy to be paid by the Federal Government shall be not more than 10 percent of the principal amount of the secured loan; and
(II) the obligor shall be responsible for paying the remainder of the subsidy cost, if any.
(7)
(8)
(9)
(A)
(B)
(c)
(1)
(A) the projected cash flow from project revenues and other repayment sources; and
(B) the useful life of the project.
(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)
(f)
(1)
(2)
(A) the secured loan is in an amount of not greater than $100,000,000;
(B) the secured loan is secured and payable from pledged revenues not affected by project performance, such as a tax-backed revenue pledge, tax increment financing, or a system-backed pledge of project revenues; and
(C) repayment of the loan commences not later than 5 years after disbursement.
Editorial Notes
References in Text
The date of enactment of the FAST Act, referred to in subsec. (f)(1), is the date of enactment of Pub. L. 114–94, which was approved Dec. 4, 2015.
Amendments
2015—Subsec. (a)(2). Pub. L. 114–94, §2001(c)(1), added par. (2) and struck out former par. (2). Prior to amendment, text read as follows: "A loan under paragraph (1) shall not refinance interim construction financing under paragraph (1)(B) later than 1 year after the date of substantial completion of the project."
Subsec. (b)(2). Pub. L. 114–94, §2001(c)(2)(A), designated existing provisions as subpar. (A), inserted subpar. (A) heading, substituted "Except as provided in subparagraph (B), the amount of" for "The amount of", and added subpar. (B).
Subsec. (b)(3)(A)(i)(V). Pub. L. 114–94, §2001(c)(2)(B), added subcl. (V).
Subsec. (b)(4)(B)(i). Pub. L. 114–94, §2001(c)(2)(C)(i), substituted "or a rural projects fund under the TIFIA program" for "under this chapter".
Subsec. (b)(4)(B)(ii). Pub. L. 114–94, §2001(c)(2)(C)(ii), inserted "and rural project funds" after "rural infrastructure projects".
Subsec. (b)(5). Pub. L. 114–94, §2001(c)(2)(D), designated existing provisions as subpar. (A) and inserted heading, substituted "Except as provided in subparagraph (B), the final" for "The final", redesignated former subpars. (A) and (B) as cls. (i) and (ii), respectively, of subpar. (A), and added subpar. (B).
Subsec. (b)(8). Pub. L. 114–94, §2001(c)(2)(E), substituted "the TIFIA program" for "this chapter".
Subsec. (b)(9). Pub. L. 114–94, §2001(c)(2)(F), designated existing provisions as subpar. (A) and inserted heading, substituted "The total Federal assistance provided for a project receiving a loan under the TIFIA program" for "The total Federal assistance provided on a project receiving a loan under this chapter", and added subpar. (B).
Subsec. (f). Pub. L. 114–94, §2001(c)(3), added subsec. (f).
2012—Pub. L. 112–141 amended section generally. Prior to amendment, section related to secured loans.
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."
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.
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