109 HR 1631 IH: Rail Infrastructure Development and Expansion Act for the 21st Century U.S. House of Representatives 2005-04-14 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 109th CONGRESS 1st Session H. R. 1631 IN THE HOUSE OF REPRESENTATIVES April 14, 2005 Mr. Young of Alaska (for himself, Mr. Oberstar, Mr. LaTourette, and Ms. Corrine Brown of Florida) introduced the following bill; which was referred to the Committee on Transportation and Infrastructure, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To provide for the financing of high-speed rail infrastructure, and for other purposes.

1.

Short title

This Act may be cited as the Rail Infrastructure Development and Expansion Act for the 21st Century.

2.

High-speed intercity rail facility bonds

(a)

Amendment

Chapter 261 of title 49, United States Code, is amended by adding at the end the following new section:

26106.

High-speed rail infrastructure bonds

(a)

Designation

The Secretary may designate bonds for purposes of subsection (f) or section 54 of the Internal Revenue Code of 1986 if— (1)the bonds are to be issued by— (A)a State, if the entire railroad passenger transportation corridor containing the infrastructure project to be financed is within the State; (B)1 or more of the States that have entered into an agreement or an interstate compact consented to by Congress under section 410(a) of Public Law 105–134 (49 U.S.C 24101 nt); or (C)an agreement or an interstate compact described in subparagraph (B); (2)the bonds are for the purpose of financing— (A)projects that make a substantial contribution to providing the infrastructure and equipment required to complete a high-speed rail transportation corridor (including projects for the acquisition, financing, or refinancing of equipment and other capital improvements, including the introduction of new high-speed technologies such as magnetic levitation systems, track or signal improvements, the elimination of grade crossings, development of intermodal facilities, improvement of train speeds or safety, or both, and station rehabilitation or construction), but only if the Secretary determines that the projects are part of a viable and comprehensive high-speed rail transportation corridor design for intercity passenger service, including a design for minimally operable segments of a corridor designated under section 104(d)(2) of title 23, United States Code; or (B)projects for the Alaska Railroad; (3)for a railroad passenger transportation corridor design that includes the use of rights-of-way owned by a freight railroad, a written agreement exists between the applicant and the freight railroad regarding such use and ownership, including compensation for such use and assurances regarding the adequacy of infrastructure capacity to accommodate both existing and future freight and passenger operations, and including an assurance by the freight railroad that collective bargaining agreements with the freight railroad’s employees (including terms regulating the contracting of work) shall remain in full force and effect according to their terms for work performed by the freight railroad on such railroad passenger transportation corridor; (4)the corridor design eliminates existing railway-highway grade crossings that the Secretary determines would impede high-speed rail operations; (5)the applicant agrees to comply with— (A)the standards of section 24312, as in effect on September 1, 2002, with respect to the project in the same manner that the National Railroad Passenger Corporation is required to comply with such standards for construction work financed under an agreement made under section 24308(a); and (B)the protective arrangements established under section 504 of the Railroad Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 836) with respect to employees affected by actions taken in connection with the project to be financed by the bond; and (6)the applicant agrees not to pay the principal or interest on the bonds using funds derived directly or indirectly from the Highway Trust Fund, except as permitted by law as of the date of the enactment of this section. (b)

Bond amount limitation

(1)

In general

The amount of bonds designated under this section may not exceed— (A)in the case of subsection (f) bonds, $1,200,000,000 for each of the fiscal years 2006 through 2015; and (B)in the case of section 54 bonds, $1,200,000,000 for each of the fiscal years 2006 through 2015. (2)

Carryover of unused limitation

If for any fiscal year the limitation amount under subparagraph (A) or (B) of paragraph (1) exceeds— (A)with respect to subparagraph (A) of paragraph (1), the amount of subsection (f) bonds issued during such year; or (B)with respect to subparagraph (B) of paragraph (1), the amount of section 54 bonds issued during such year,the limitation amount under subparagraph (A) or (B) of paragraph (1), as the case may be, for the following fiscal year (through fiscal year 2019) shall be increased by the amount of such excess. (c)

Preference

The Secretary shall give preference to the designation under this section of bonds for projects— (1)to be funded through a combination of subsection (f) bonds and section 54 bonds; (2)which propose to link rail passenger service with other modes of transportation; (3)expected to have a significant impact on air traffic congestion; (4)expected to also improve commuter rail operations; (5)where all environmental work has already been completed and the project is ready to commence; or (6)that have received financial commitments and other support of State and local governments. (d)

Timely disposition of application

The Secretary shall grant or deny a requested designation within 9 months after receipt of an application. (e)

Annual reports

(1)

From issuer of bonds

The issuer of bonds designated under subsection (a) shall report annually to the Secretary regarding the terms of outstanding designated bonds and the progress made with respect to the project financed by the bonds. (2)

From Secretary

The Secretary, in consultation with the Secretary of the Treasury, shall transmit to the Congress an annual report which includes— (A)reports received under paragraph (1); and (B)an assessment of the progress made toward completion of high-speed rail transportation corridors resulting from projects financed by bonds designated under subsection (a). (f)

Tax treatment of subsection (f) bonds

(1)

Exclusion from gross income

The interest on a bond designated by the Secretary under subsection (a) for purposes of this subsection shall be excluded from gross income under section 103 of the Internal Revenue Code of 1986, notwithstanding section 149(c) of such Code. (2)

Exemption from volume cap

For purposes of section 146 of such Code, a bond designated by the Secretary under subsection (a) for purposes of this subsection shall be considered to be exempt from the volume cap of the issuing authority in the same manner as bonds listed in subsection (g) of such section 146. (g)

Refinancing rules

Bonds designated by the Secretary under subsection (a) may be issued for refinancing projects only if the indebtedness being refinanced (including any obligation directly or indirectly refinanced by such indebtedness) was originally incurred by the issuer— (1)after the date of the enactment of this section; (2)for a term of not more than 3 years; (3)to finance projects described in subsection (a)(2); and (4)in anticipation of being refinanced with proceeds of a bond designated under subsection (a). (h)

Provisions regarding high-speed rail service

(1)

Status as employer or carrier

Any entity providing railroad transportation (within the meaning of section 20102) that begins operations after the date of the enactment of this section and that uses property acquired pursuant to this section (except as provided in subsection (a)(2)(B)), shall be considered an employer for purposes of the Railroad Retirement Act of 1974 (45 U.S.C. 231 et seq.) and considered a carrier for purposes of the Railway Labor Act (45 U.S.C. 151 et seq.). (2)

Collective bargaining agreement

Any entity providing high-speed intercity passenger railroad transportation (within the meaning of section 20102) that begins operations after the date of enactment of this section on a project funded in whole or in part by bonds designated under subsection (a), and replaces intercity rail passenger service that was provided by another entity as of the date of enactment of this section, shall enter into an agreement with the authorized bargaining agent or agents for employees of the predecessor provider that— (A)gives each employee of the predecessor provider priority in hiring according to the employee’s seniority on the predecessor provider for each position with the replacing entity that is in the employee’s craft or class and is available within three years after the termination of the service being replaced; (B)establishes a procedure for notifying such an employee of such positions; (C)establishes a procedure for such an employee to apply for such positions; and (D)establishes rates of pay, rules, and working conditions. (3)

Immediate replacement of existing rail passenger service

(A)

Negotiations

If the replacement of preexisting intercity rail passenger service occurs concurrent with or within a reasonable amount of time before the commencement of the replacing entity’s high-speed rail passenger service, the replacing entity shall give written notice of its plan to replace existing rail passenger service to the authorized collective bargaining agent or agents for the employees of the predecessor provider at least 90 days prior to the date it plans to commence service. Within 5 days after the date of receipt of such written notice, negotiations between the replacing entity and the collective bargaining agent or agents for the employees of the predecessor provider shall commence for the purpose of reaching agreement with respect to all matters set forth in paragraph (2)(A)–(D). The negotiations shall continue for 30 days or until an agreement is reached, whichever is sooner. If at the end of 30 days the parties have not entered into an agreement with respect to all such matters, the unresolved issues shall be submitted for arbitration in accordance with the procedure set forth in subparagraph (B). (B)

Arbitration

If an agreement has not been entered into with respect to all matters set forth in paragraph (2)(A)–(D) as provided in subparagraph (A) of this paragraph, the parties shall select an arbitrator. If the parties are unable to agree upon the selection of such arbitrator within 5 days, either or both parties shall notify the National Mediation Board, which shall provide a list of seven arbitrators with experience in arbitrating rail labor protection disputes. Within 5 days after such notification, the parties shall alternately strike names from the list until only one name remains, and that person shall serve as the neutral arbitrator. Within 45 days after selection of the arbitrator, the arbitrator shall conduct a hearing on the dispute and shall render a decision with respect to the unresolved issues set forth in paragraph (2)(A)–(D). This decision shall be final, binding, and conclusive upon the parties. The salary and expenses of the arbitrator shall be borne equally by the parties; all other expenses shall be paid by the party incurring them. (C)

Service commencement

A replacing entity under this paragraph shall commence service only after an agreement is entered into with respect to the matters set forth in paragraph (2)(A)–(D) or the decision of the arbitrator has been rendered. (4)

Subsequent replacement of existing rail passenger service

If the replacement of existing rail passenger service takes place within 3 years after the replacing entity commences high-speed rail passenger service, the replacing entity and the collective bargaining agent or agents for the employees of the predecessor provider shall enter into an agreement with respect to the matters set forth in paragraph (2)(A)–(D). If the parties have not entered into an agreement with respect to all such matters within 60 days after the date on which the replacing entity replaces the predecessor provider, the parties shall select an arbitrator using the procedures set forth in paragraph (3)(B), who shall, within 20 days after the commencement of the arbitration, conduct a hearing and decide all unresolved issues. This decision shall be final, binding, and conclusive upon the parties. (i)

Issuance of regulations

Not later than 6 months after the date of the enactment of this section, the Secretary shall issue regulations for carrying out this section. (j)

Definitions

For purposes of this section— (1)

Subsection (f) bond

The term subsection (f) bond means a bond designated by the Secretary under subsection (a) for purposes of subsection (f). (2)

Section 54 bond

The term section 54 bond means a bond designated by the Secretary under subsection (a) for purposes of section 54 of the Internal Revenue Code of 1986 (relating to credit to holders of qualified high-speed rail infrastructure bonds).

. (b)

Table of sections amendment

The table of sections of chapter 261 of title 49, United States Code, is amended by adding after the item relating to section 26105 the following new item: 26106. High-speed rail infrastructure bonds.

3.

Tax credit to holders of qualified high-speed rail infrastructure bonds

(a)

In general

Part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 (relating to credits against tax) is amended by adding at the end the following new subpart: H

Nonrefundable credit for holders of qualified high-Speed rail infrastructure bonds

Sec. 54. Credit to holders of qualified high-speed rail infrastructure bonds

54.

Credit to holders of qualified high-speed rail infrastructure bonds

(a)

Allowance of credit

In the case of a taxpayer who holds a qualified high-speed rail infrastructure bond on a credit allowance date of such bond which occurs during the taxable year, there shall be allowed as a credit against the tax imposed by this chapter for such taxable year an amount equal to the sum of the credits determined under subsection (b) with respect to credit allowance dates during such year on which the taxpayer holds such bond. (b)

Amount of credit

(1)

In general

The amount of the credit determined under this subsection with respect to any credit allowance date for a qualified high-speed rail infrastructure bond is 25 percent of the annual credit determined with respect to such bond. (2)

Annual credit

The annual credit determined with respect to any qualified high-speed rail infrastructure bond is the product of— (A)the applicable credit rate, multiplied by (B)the outstanding face amount of the bond. (3)

Applicable credit rate

For purposes of paragraph (2), the applicable credit rate with respect to an issue is the rate equal to an average market yield (as of the day before the date of sale of the issue) on outstanding long-term corporate debt obligations (determined under regulations prescribed by the Secretary). (4)

Credit allowance date

For purposes of this section, the term credit allowance date means— (A)March 15, (B)June 15, (C)September 15, and (D)December 15.Such term includes the last day on which the bond is outstanding. (5)

Special rule for issuance and redemption

In the case of a bond which is issued during the 3-month period ending on a credit allowance date, the amount of the credit determined under this subsection with respect to such credit allowance date shall be a ratable portion of the credit otherwise determined based on the portion of the 3-month period during which the bond is outstanding. A similar rule shall apply when the bond is redeemed. (c)

Limitation based on amount of tax

(1)

In general

The credit allowed under subsection (a) for any taxable year shall not exceed the excess of— (A)the sum of the regular tax liability (as defined in section 26(b)) plus the tax imposed by section 55, over (B)the sum of the credits allowable under this part (other than this subpart and subpart C). (2)

Carryover of unused credit

If the credit allowable under subsection (a) exceeds the limitation imposed by paragraph (1) for such taxable year, such excess shall be carried to the succeeding taxable year and added to the credit allowable under subsection (a) for such taxable year. (d)

Credit included in gross income

Gross income includes the amount of the credit allowed to the taxpayer under this section (determined without regard to subsection (c)) and the amount so included shall be treated as interest income. (e)

Qualified high-speed rail infrastructure bond

For purposes of this part, the term qualified high-speed rail infrastructure bond means any bond issued as part of an issue if— (1)the issuer certifies that the Secretary of Transportation has designated the bond for purposes of this section under section 26106(a) of title 49, United States Code, as in effect on the date of the enactment of this section, (2)95 percent or more of the proceeds from the sale of such issue are to be used for expenditures incurred after the date of the enactment of this section for any project described in section 26106(a)(2) of title 49, United States Code, (3)the term of each bond which is part of such issue does not exceed 20 years, (4)the payment of principal with respect to such bond is the obligation solely of the issuer, and (5)the issue meets the requirements of subsection (f) (relating to arbitrage). (f)

Special rules relating to arbitrage

(1)

In general

Subject to paragraph (2), an issue shall be treated as meeting the requirements of this subsection if as of the date of issuance, the issuer reasonably expects— (A)to spend at least 95 percent of the proceeds from the sale of the issue for 1 or more qualified projects within the 3-year period beginning on such date, (B)to incur a binding commitment with a third party to spend at least 10 percent of the proceeds from the sale of the issue, or to commence construction, with respect to such projects within the 6-month period beginning on such date, and (C)to proceed with due diligence to complete such projects and to spend the proceeds from the sale of the issue. (2)

Rules regarding continuing compliance after 3-year determination

If at least 95 percent of the proceeds from the sale of the issue is not expended for 1 or more qualified projects within the 3-year period beginning on the date of issuance, but the requirements of paragraph (1) are otherwise met, an issue shall be treated as continuing to meet the requirements of this subsection if either— (A)the issuer uses all unspent proceeds from the sale of the issue to redeem bonds of the issue within 90 days after the end of such 3-year period, or (B)the following requirements are met: (i)The issuer spends at least 75 percent of the proceeds from the sale of the issue for 1 or more qualified projects within the 3-year period beginning on the date of issuance. (ii)Either— (I)the issuer spends at least 95 percent of the proceeds from the sale of the issue for 1 or more qualified projects within the 4-year period beginning on the date of issuance, or (II)the issuer pays to the Federal Government any earnings on the proceeds from the sale of the issue that accrue after the end of the 3-year period beginning on the date of issuance and uses all unspent proceeds from the sale of the issue to redeem bonds of the issue within 90 days after the end of the 4-year period beginning on the date of issuance. (g)

Recapture of portion of credit where cessation of compliance

(1)

In general

If any bond which when issued purported to be a qualified high-speed rail infrastructure bond ceases to be such a qualified bond, the issuer shall pay to the United States (at the time required by the Secretary) an amount equal to the sum of— (A)the aggregate of the credits allowable under this section with respect to such bond (determined without regard to subsection (c)) for taxable years ending during the calendar year in which such cessation occurs and the 2 preceding calendar years, and (B)interest at the underpayment rate under section 6621 on the amount determined under subparagraph (A) for each calendar year for the period beginning on the first day of such calendar year. (2)

Failure to pay

If the issuer fails to timely pay the amount required by paragraph (1) with respect to such bond, the tax imposed by this chapter on each holder of any such bond which is part of such issue shall be increased (for the taxable year of the holder in which such cessation occurs) by the aggregate decrease in the credits allowed under this section to such holder for taxable years beginning in such 3 calendar years which would have resulted solely from denying any credit under this section with respect to such issue for such taxable years. (3)

Special rules

(A)

Tax benefit rule

The tax for the taxable year shall be increased under paragraph (2) only with respect to credits allowed by reason of this section which were used to reduce tax liability. In the case of credits not so used to reduce tax liability, the carryforwards under subsection (c) shall be appropriately adjusted. (B)

No credits against tax

Any increase in tax under paragraph (2) shall not be treated as a tax imposed by this chapter for purposes of determining— (i)the amount of any credit allowable under this part, or (ii)the amount of the tax imposed by section 55. (h)

Other definitions and special rules

For purposes of this section— (1)

Bond

The term bond includes any obligation. (2)

Qualified project

The term qualified project means any project described in section 26106(a)(2) of title 49, United States Code. (3)

Treatment of changes in use

For purposes of subsection (e)(2), the proceeds from the sale of an issue shall not be treated as used for a qualified project to the extent that the issuer takes any action within its control which causes such proceeds not to be used for a qualified project. The Secretary shall prescribe regulations specifying remedial actions that may be taken (including conditions to taking such remedial actions) to prevent an action described in the preceding sentence from causing a bond to fail to be a qualified high-speed rail infrastructure bond. (4)

Partnership; s corporation; and other pass-thru entities

Under regulations prescribed by the Secretary, in the case of a partnership, trust, S corporation, or other pass-thru entity, rules similar to the rules of section 41(g) shall apply with respect to the credit allowable under subsection (a). (5)

Bonds held by regulated investment companies

If any qualified high-speed rail infrastructure bond is held by a regulated investment company, the credit determined under subsection (a) shall be allowed to shareholders of such company under procedures prescribed by the Secretary. (6)

Reporting

Issuers of qualified high-speed rail infrastructure bonds shall submit reports similar to the reports required under section 149(e).

. (b)

Amendments to other Code sections

(1)

Reporting

Subsection (d) of section 6049 of the Internal Revenue Code of 1986 (relating to returns regarding payments of interest) is amended by adding at the end the following new paragraph: (8)

Reporting of credit on qualified high-speed rail infrastructure bonds

(A)

In general

For purposes of subsection (a), the term interest includes amounts includible in gross income under section 54(d) and such amounts shall be treated as paid on the credit allowance date (as defined in section 54(b)(4)). (B)

Reporting to corporations, etc

Except as otherwise provided in regulations, in the case of any interest described in subparagraph (A), subsection (b)(4) shall be applied without regard to subparagraphs (A), (H), (I), (J), (K), and (L)(i) of such subsection. (C)

Regulatory authority

The Secretary may prescribe such regulations as are necessary or appropriate to carry out the purposes of this paragraph, including regulations which require more frequent or more detailed reporting.. (2)

Treatment for estimated tax purposes

(A)

Individual

Section 6654 of such Code (relating to failure by individual to pay estimated income tax) is amended by redesignating subsection (m) as subsection (n) and by inserting after subsection (l) the following new subsection: (m)

Special rule for holders of qualified high-speed rail infrastructure bonds

For purposes of this section, the credit allowed by section 54 to a taxpayer by reason of holding a qualified high-speed rail infrastructure bond on a credit allowance date shall be treated as if it were a payment of estimated tax made by the taxpayer on such date.. (B)

Corporate

Section 6655 of such Code (relating to failure by corporation to pay estimated income tax) is amended by adding at the end of subsection (g) the following new paragraph: (5)

Special rule for holders of qualified high-speed rail infrastructure bonds

For purposes of this section, the credit allowed by section 54 to a taxpayer by reason of holding a qualified high-speed rail infrastructure bond on a credit allowance date shall be treated as if it were a payment of estimated tax made by the taxpayer on such date.. (c)

Clerical amendments

(1)The table of subparts for part IV of subchapter A of chapter 1 is amended by adding at the end the following new item: Subpart H. Nonrefundable Credit for Holders of Qualified High-Speed Rail Infrastructure Bonds. (2)Section 6401(b)(1) is amended by striking and G and inserting G, and H. (d)

Issuance of regulations

Not later than 6 months after the date of the enactment of this section, the Secretary of the Treasury shall issue regulations for carrying out this section and the amendments made by this section. (e)

High-speed intercity rail facilities

(1)

Requirement to meet title 49 requirements

Section 142(i) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (4)

Additional requirements

A bond issued as part of an issue described in subsection (a)(11) shall not be considered an exempt facility bond unless the requirements of paragraphs (1) through (6) of section 26106(a) of title 49, United States Code, are met.. (2)

Revision of speed requirement

Section 142(i)(1) of such Code is amended by striking 150 miles per hour and inserting 110 miles per hour. (f)

Effective date

The amendments made by this section shall apply to obligations issued after the date of the enactment of this Act.

4.

High-speed rail corridor development

(a)

Corridor development

(1)

Amendments

Section 26101 of title 49, United States Code, is amended— (A)in the section heading, by striking planning and inserting development; (B)in the heading of subsection (a), by striking Planning and inserting Development; (C)by striking corridor planning each place it appears and inserting corridor development; (D)in subsection (b)(1)— (i)by inserting , or if it is an activity described in subparagraph (M) after high-speed rail improvements; (ii)by striking and at the end of subparagraph (K); (iii)by striking the period at the end of subparagraph (L) and inserting ; and; and (iv)by adding at the end the following new subparagraph: (M)the acquisition of locomotives, rolling stock, track, and signal equipment.; and (E)in subsection (c)(2), by striking planning and inserting development. (2)

Conforming amendment

The item relating to section 26101 in the table of sections of chapter 261 of title 49, United States Code, is amended by striking planning and inserting development. (b)

Authorization of appropriations

Section 26104 of title 49, United States Code, is amended to read as follows:

26104.

Authorization of appropriations

(a)

Fiscal years 2006 through 2013

There are authorized to be appropriated to the Secretary— (1)$70,000,000 for carrying out section 26101; and (2)$30,000,000 for carrying out section 26102,for each of the fiscal years 2006 through 2013. (b)

Funds to remain available

Funds made available under this section shall remain available until expended.

.

5.

Rehabilitation and improvement financing

(a)

Definitions

Section 102(7) of the Railroad Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 802(7)) is amended to read as follows: (7)railroad has the meaning given that term in section 20102 of title 49, United States Code; and. (b)

General authority

Section 502(a) of the Railroad Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 822(a)) is amended by striking Secretary may provide direct loans and loan guarantees to State and local governments, and inserting Secretary shall provide direct loans and loan guarantees to State and local governments, agreements or interstate compacts consented to by Congress under section 410(a) of Public Law 105–134 (49 U.S.C 24101 nt),. (c)

Extent of authority

Section 502(d) of the Railroad Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 822(d)) is amended— (1)by striking $3,500,000,000 and inserting $35,000,000,000; (2)by striking $1,000,000,000 and inserting $7,000,000,000; and (3)by adding at the end the following new sentence: The Secretary shall not establish any limit on the proportion of the unused amount authorized under this subsection that may be used for 1 loan or loan guarantee.. (d)

Cohorts of loans

Section 502(f) of the Railroad Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 822(f)) is amended— (1)in paragraph (2)— (A)by striking and at the end of subparagraph (D); (B)by redesignating subparagraph (E) as subparagraph (F); and (C)by adding after subparagraph (D) the following new subparagraph: (E)the size and characteristics of the cohort of which the loan or loan guarantee is a member; and; and (2)by adding at the end of paragraph (4) the following: A cohort may include loans and loan guarantees. The Secretary shall not establish any limit on the proportion of a cohort that may be used for 1 loan or loan guarantee.. (e)

Conditions of assistance

Section 502 of the Railroad Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 822) is amended— (1)in subsection (f)(2)(A), by inserting , if any after collateral offered; and (2)by adding at the end of subsection (h) the following: The Secretary shall not require an applicant for a direct loan or loan guarantee under this section to provide collateral. The Secretary shall not require that an applicant for a direct loan or loan guarantee under this section have previously sought the financial assistance requested from another source. The Secretary shall require recipients of direct loans or loan guarantees under this section to apply the standards of section 26106(a)(5) of title 49, United States Code, to their projects.. (f)

Time limit for approval or disapproval

Section 502 of the Railroad Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 822) is amended by adding at the end the following new subsection: (i)

Time limit for approval or disapproval

Not later than 90 days after receiving a complete application for a direct loan or loan guarantee under this section, the Secretary shall approve or disapprove the application.. (g)

Fees and charges

Section 503 of the Railroad Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 823) is amended by adding at the end the following new subsection: (l)

Fees and charges

Except as provided in this title, the Secretary may not assess any fees, including user fees, or charges in connection with a direct loan or loan guarantee provided under section 502.. (h)

Substantive criteria and standards

Not later than 30 days after the date of the enactment of this Act, the Secretary of Transportation shall publish in the Federal Register and post on the Department of Transportation web site the substantive criteria and standards used by the Secretary to determine whether to approve or disapprove applications submitted under section 502 of the Railroad Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 822).