TRANSPORTATION INFRASTRUCTURE FINANCE AND INNOVATION ACT AMENDMENTS.

SEC. 1601. TRANSPORTATION INFRASTRUCTURE FINANCE AND INNOVATION ACT AMENDMENTS.(a) Definitions.—Section 181 of title 23, United States Code, is amended—(1) in paragraph (3) by striking “category” and “offered into the capital markets”;(2) by striking paragraph (7) and redesignating paragraphs (8) through (15) as paragraphs (7) through (14), respectively;(3) in paragraph (8) (as redesignated by paragraph (2) of this subsection)—(A) in subparagraph (B) by striking the period at the end and inserting a semicolon; and(B) by striking subparagraph (D) and inserting the following:“(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.”; and119 STAT. 1240(4) in paragraph (10) (as redesignated by paragraph (2) of this subsection) by striking “bond” and inserting “credit”.(b) Determination of Eligibility.—Section 182(a) of such title is amended—(1) by striking paragraphs (1) and (2) and inserting the following:“(1) Inclusion in transportation plans and programs.—The project shall satisfy the applicable planning and programming requirements of sections 134 and 135 at such time as an agreement to make available a Federal credit instrument is entered into under this subchapter.“(2) Application.—A State, local government, public authority, public-private partnership, or any other legal entity undertaking the project and authorized by the Secretary, shall submit a project application to the Secretary.”;(2) in paragraph (3)(A)(i) by striking “$100,000,000” and inserting “$50,000,000”;(3) in paragraph (3)(A)(ii) by striking “50” and inserting “33⅓”;(4) in paragraph (3)(B) by striking “$30,000,000” and inserting “$15,000,000”; and(5) in paragraph (4)—(A) by striking “Project financing” and inserting “The Federal credit instrument”; and(B) by inserting before the period at the end “that also secure the project obligations”.(c) Project Selection.—Section 182(b) of such title is amended—(1) in paragraph (1) by striking “criteria” the second place it appears and inserting “requirements”; and(2) in paragraph (2)(B) by inserting “, which may be the Federal credit instrument,” after “obligations”.(d) Secured Loans.—(1) Agreements.—Section 183(a)(1) of such title is amended—(A) in subparagraph (A) by inserting “of any project selected under section 602” after “costs”;(B) by striking the semicolon at the end of subparagraph (B) and all that follows through “under section 182.” and inserting “of any project selected under section 602; or”; and(C) by adding at the end the following:“(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) Investment-grade rating requirement.—Section 183(a)(4) of such title is amended—(A) by striking “The funding” and inserting “The execution”; and(B) by striking the first comma and all that follows through “1 rating agency”.(3) Terms and limitations.—Section 183(b) of such title is amended—119 STAT. 1241(A) in paragraph (2)—(i) by inserting “the lesser of” after “exceed”; and(ii) by inserting “or, if the secured loan does not receive an investment grade rating, the amount of the senior project obligations” after “costs”;(B) in paragraph (3)(A)(i) by inserting “that also secure the senior project obligations” after “sources”; and(C) in paragraph (4) by striking “marketable”.(4) Repayment.—Section 183(c) of such title is amended—(A) by striking paragraph (3);(B) by redesignating paragraphs (4) and (5) as paragraphs (3) and (4), respectively;(C) in paragraph (3)(A) (as redesignated by subparagraph (B) of this paragraph) by striking “during the 10 years”; and(D) in subparagraph (3)(B)(ii) (as so redesignated) by striking “loan” and all that follows and inserting “loan.”.(e) Lines of Credit.—(1) Terms and limitations.—Section 184(b) of such title is amended—(A) by striking paragraph (2) and inserting the following:“(2) Maximum amounts.—The total amount of the line of credit shall not exceed 33 percent of the reasonably anticipated eligible project costs.”;(B) in paragraph (3) by striking “, any debt service reserve fund, and any other available reserve” and inserting “but not including reasonably required financing reserves”;(C) in paragraph (4)—(i) by striking “marketable”;(ii) by striking “on which” and inserting “of execution of ”; and(iii) by striking “is obligated” and inserting “agreement”;(D) in paragraph (5)(A)(i) by inserting “that also secure the senior project obligations” after “sources”; and(E) in paragraph (6) by striking “line of credit” and inserting “full amount of the line of credit, to the extent not drawn upon,”.(2) Repayment.—Section 184(c) of such title is amended—(A) in paragraph (2)—(i) by striking “scheduled”;(ii) by inserting “be scheduled to” after “shall”; and(iii) by striking “be fully repaid, with interest,” and inserting “to conclude, with full repayment of principal and interest,”; and(B) by striking paragraph (3).(f) Program Administration.—Section 185 of such title is amended to read as follows:“§ 185. Program administration“(a) Requirement.—The Secretary shall establish a uniform system to service the Federal credit instruments made available under this subchapter.“(b) Fees.—119 STAT. 1242“(1) In general.—The Secretary may collect and spend fees, contingent upon authority being provided in appropriations Acts, at a level that is sufficient to cover—“(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) Servicer.—“(1) In general.—The Secretary may appoint a financial entity to assist the Secretary in servicing the Federal credit instruments.“(2) Duties.—The servicer shall act as the agent for the Secretary.“(3) Fee.—The servicer shall receive a servicing fee, subject to approval by the Secretary.“(d) Assistance From Expert Firms.—The Secretary may retain the services of expert firms, including counsel, in the field of municipal and project finance to assist in the underwriting and servicing of Federal credit instruments.” .(g) Funding.—Section 188 of such title is amended to read as follows:“§ 188. Funding“(a) Funding.—“(1) In general.—There is authorized to be appropriated from the Highway Trust Fund (other than the Mass Transit Account) to carry out this subchapter $122,000,000 for each of fiscal years 2005 through 2009.“(2) Availability.—Amounts made available to carry out this chapter shall remain available until expended.“(3) Administrative costs.—From funds made available to carry out this chapter, the Secretary may use, for the administration of this subchapter, not more than $2,200,000 for each of fiscal years 2005 through 2009.“(b) Contract Authority.—“(1) In general.—Notwithstanding any other provision of law, approval by the Secretary of a Federal credit instrument that uses funds made available under this subchapter shall impose upon the United States a contractual obligation to fund the Federal credit investment.“(2) Availability.—Amounts authorized under this section for a fiscal year shall be available for obligation on October 1 of the fiscal year.” .(h) Dates for Submission of Reports.—Section 189 of such title is amended—(1) by striking the section designation and heading and inserting the following:“§ 189. Reports to Congress” ;(2) by striking “Not later than 4 years after the date of enactment of this subchapter,” and inserting “On June 1, 2006, and every 2 years thereafter,”; and(3) by striking “subchapter” each place it appears and inserting “chapter (other than section 610)”. 119 STAT. 1243(i) Clerical Amendment.—The analysis for chapter 1 of such title is amended by striking the item relating to section 185 and inserting the following: “185. Program administration.”.