PROGRAM EFFICIENCIES.

SEC. 1501. PROGRAM EFFICIENCIES.(a) Advance Construction.—Section 115 of title 23, United States Code, is amended—(1) by redesignating subsection (c) as subsection (d); and(2) by striking subsections (a) and (b) and inserting the following:“(a) In General.—The Secretary may authorize a State to proceed with a project authorized under this title—“(1) without the use of Federal funds; and“(2) in accordance with all procedures and requirements applicable to the project other than those procedures and requirements that limit the State to implementation of a project—“(A) with the aid of Federal funds previously apportioned or allocated to the State; or“(B) with obligation authority previously allocated to the State.“(b) Obligation of Federal Share.—The Secretary, on the request of a State and execution of a project agreement, may obligate all or a portion of the Federal share of a project authorized to proceed under this section from any category of funds for which the project is eligible.”.(b) Obligation and Release of Funds.—Section 118(d) of such title is amended to read as follows:“(d) Obligation and Release of Funds.—“(1) In general.—Funds apportioned or allocated to a State for a purpose for any fiscal year shall be considered to be obligated if a sum equal to the total of the funds apportioned or allocated to the State for that purpose for that fiscal year and previous fiscal years is obligated.“(2) Released funds.—Any funds released by the final payment for a project, or by modifying the project agreement for a project, shall be—“(A) credited to the same class of funds previously apportioned or allocated to the State for the project; and119 STAT. 1236“(B) immediately available for obligation.“(3) Net obligations.—Notwithstanding any other provision of law (including a regulation), obligations recorded against funds made available under this subsection shall be recorded and reported as net obligations.”.