CREDIT RISK PREMIUMS.

SEC. 11607. CREDIT RISK PREMIUMS. (a) Infrastructure Partners.—Section 502(f) (45 U.S.C. 822(f)) is amended— (1) in paragraph (1) by striking the first sentence and inserting the following: “In lieu of or in combination with appropriations of budget authority to cover the costs of direct loans and loan guarantees as required under section 504(b)(1) of the Federal Credit Reform Act of 1990 (2 U.S.C. 661c(b)(1)), including the cost of a modification thereof, the Secretary may accept on behalf of an applicant for assistance under this section a commitment from a non-Federal source, including a State or local government or agency or public benefit corporation or public authority thereof, to fund in whole or in part credit risk premiums and modification costs with respect to the loan that is the subject of the application or modification.”; (2) in paragraph (2)— (A) in subparagraph (D), by adding “and” after the semicolon; (B) by striking subparagraph (E); and (C) by redesignating subparagraph (F) as subparagraph (E); (3) by striking paragraph (4); (4) by redesignating paragraph (3) as paragraph (4); (5) by inserting after paragraph (2) the following: “(3) Creditworthiness.—An applicant may propose and the Secretary shall accept as a basis for determining the amount of the credit risk premium under paragraph (2) any of the following in addition to the value of any tangible asset: “(A) The net present value of a future stream of State or local subsidy income or other dedicated revenues to secure the direct loan or loan guarantee. “(B) Adequate coverage requirements to ensure repayment, on a non-recourse basis, from cash flows generated by the project or any other dedicated revenue source, including— “(i) tolls; “(ii) user fees; or “(iii) payments owing to the obligor under a public-private partnership. “(C) An investment-grade rating on the direct loan or loan guarantee, as applicable, except that if the total amount of the direct loan or loan guarantee is greater than $75,000,000, the applicant shall have an investment-grade rating from at least 2 rating agencies on the direct loan or loan guarantee.” ; and (6) in paragraph (4), as redesignated, by striking “amounts” and inserting “amounts (and in the case of a modification, before the modification is executed), to the extent appropriations are not available to the Secretary to meet the costs of direct loans and loan guarantees, including costs of modifications thereof”. (b) [45 U.S.C. 821 note] Savings Clause.—All provisions under section 22402 through 22404 of title 49, United States Code, as they existed on the day before enactment of this Act shall apply to direct loans provided by the Secretary prior to the date of enactment of this Act, and nothing in this title may be construed to limit the payback of a credit risk premium, with interest accrued thereon, if a direct loan provided by the Secretary under such sections has been paid back in full, prior to the date of enactment of this Act.