REPORT ON FUNDING LEVELS AND ALLOCATIONS OF FUNDS.

SEC. 304. REPORT ON FUNDING LEVELS AND ALLOCATIONS OF FUNDS. Section 3 of the Urban Mass Transportation Act of 1964 is amended by adding at the end thereof the following new subsection: “(j) Report on Funding Levels and Allocations of Funds.—Not later than 30 days after the date of enactment of this subsection and each January 20 thereafter, the Secretary shall prepare and transmit to the Committee on Public Works and Transportation of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate— “(1) a proposal of the total amount of funds which should be made available in accordance with subsection (k)(1)(D) of this section to finance for the fiscal year beginning on October 1 of such year grants and loans for each of the following: 101 STAT. 224 “(A) the replacement, rehabilitation, and purchase of buses and related equipment and the construction of bus-related facilities, “(B) rail modernization, and “(C) construction of new fixed guideway systems and extensions to fixed guideway systems; and “(2) a proposal of the allocation of the funds to be made available to finance grants and loans for the construction of new fixed guideway systems and extensions to fixed guideway systems among applicants for such assistance.”.