109 HR 2992 IH: True Reinvestment for Amtrak Infrastructure in the 21st Century Act U.S. House of Representatives 2005-06-20 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. 2992 IN THE HOUSE OF REPRESENTATIVES June 20, 2005 Mr. Menendez (for himself, Mr. Nadler, and Ms. Schwartz of Pennsylvania) 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 continued operation of Amtrak, to establish a program for support of certain rail infrastructure projects, and for other purposes.
1.
Short title; table of contents
(a)
Short title
This Act may be cited as the True Reinvestment for Amtrak Infrastructure in the 21st Century Act. (b)
Table of contents
The table of contents for this Act is as follows: Sec. 1. Short title; table of contents Title I—Amtrak Sec. 101. Findings amendments Sec. 102. Authorization of appropriations Sec. 103. Labor standards Sec. 104. Board of Directors Sec. 105. Redemption of common stock Sec. 106. Repeal of Amtrak Reform Council Sec. 107. Revolving credit Title II—Rail Service Corridors Sec. 201. Enhanced Rail Service Corridor Pilot Program Sec. 202. Additional projects Sec. 203. State rail plans Sec. 204. Additional high-speed rail corridors Sec. 205. High-speed rail corridor development Title III—Rail Infrastructure Finance Corporation Sec. 301. Establishment of Corporation Sec. 302. Board of Directors Sec. 303. Officers and employees Sec. 304. Nonprofit and nonpolitical nature of the Corporation Sec. 305. Purpose and activities of Corporation Sec. 306. Report to Congress Sec. 307. Administrative matters Sec. 308. Rail Infrastructure Finance Trust Title IV—Rail infrastructure tax credit bonds Sec. 401. Credit to holders of qualified rail infrastructure bonds Sec. 402. Issuance of regulations Sec. 403. Effective date
<enum>I</enum><header>Amtrak</header> <section id="H3E28941D303543E4BF6E353E96E13F87"><enum>101.</enum><header>Findings amendments</header><text display-inline="no-display-inline"><external-xref legal-doc="usc" parsable-cite="usc/49/24101">Section 24101(a)</external-xref> of title 49, United States Code, is amended—</text> <paragraph id="H570DCFDEF9804088B2B9D30058DC6217"><enum>(1)</enum><text>by redesignating paragraph (8) as paragraph (10); and</text></paragraph> <paragraph id="H1AF3B7DA7A6D42FC949FF6DBC7A361E6"><enum>(2)</enum><text>by inserting after paragraph (7) the following new paragraphs:</text> <quoted-block style="OLC" id="H3C8E991BD3B548D38EE119B4BAF0F8D" display-inline="no-display-inline"> <paragraph id="H8FC6C4256C8F4BA396BAD70014D54C8C" indent="up1"><enum>(8)</enum><text display-inline="yes-display-inline">Where Amtrak currently owns the rights-of-way over which it operates, the cost complexities and risk inherent in separating operations from infrastructure outweigh the benefits.</text></paragraph> <paragraph id="HCFBA6DB369F24CE89E5FE1CDFFD0546F" indent="up1"><enum>(9)</enum><text>The Federal Government, through Amtrak, is responsible for providing funding for capital and maintenance support for the valuable interstate transportation asset that the Northeast Corridor represents.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></section> <section id="HF8B42C92668547F1B95C11151B40E88B"><enum>102.</enum><header>Authorization of appropriations</header><text display-inline="no-display-inline"><external-xref legal-doc="usc" parsable-cite="usc/49/24104">Section 24104</external-xref> of title 49, United States Code, is amended to read as follows:</text> <quoted-block style="USC" id="H7F39F11DA6E045579B5D1B36DDDB017E"> <section id="H1B1ADB45309D416882CC60F9FCA290CD"><enum>24104.</enum><header>Authorization of appropriations</header> <subsection id="HC1F0B41B7B4749EABBC5DA32B248CC18"><enum>(a)</enum><header>In general</header><text>There are authorized to be appropriated to the Secretary of Transportation $2,000,000,000 for each of the fiscal years 2006 through 2011, for the benefit of Amtrak for capital expenditures under chapters 243, 247, and 249 of this title, operating expenses, and payments described in subsection (b).</text></subsection> <subsection id="H408FC0294C6D4F90B4066E99A2258BE"><enum>(b)</enum><header>Mandatory payments</header> <paragraph id="H1A6D005886764A3D93C494BBA2F747E"><enum>(1)</enum><header>In general</header><text>Funds authorized under subsection (a) shall include—</text> <subparagraph id="H15C5424A19F6441A914C357517EA626D"><enum>(A)</enum><text>an amount equal to the amount Amtrak is required to pay under <external-xref legal-doc="usc" parsable-cite="usc/26/3221">section 3221</external-xref> of the Internal Revenue Code of 1986 (<external-xref legal-doc="usc" parsable-cite="usc/26/3221">26 U.S.C. 3221</external-xref>) that is more than the amount needed for anticipated benefits for individuals who retire from Amtrak and for their beneficiaries; and</text></subparagraph> <subparagraph id="H88DF8B93BBDE4FBA81D9C9AA92A7469"><enum>(B)</enum><text>amounts necessary to pay—</text> <clause id="HF4038232F6054BEFACD5EBC572572FA"><enum>(i)</enum><text>obligations of Amtrak under section 8(a) of the Railroad Unemployment Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/45/358">45 U.S.C. 358(a)</external-xref>) due in those fiscal years that are more than obligations of Amtrak calculated on an experience-related basis; and</text></clause> <clause id="H03D4077CACA240D4995CCFD17BB200F4"><enum>(ii)</enum><text>obligations of Amtrak due under <external-xref legal-doc="usc" parsable-cite="usc/26/3321">section 3321</external-xref> of the Internal Revenue Code of 1986 (<external-xref legal-doc="usc" parsable-cite="usc/26/3321">26 U.S.C. 3321</external-xref>).</text></clause></subparagraph></paragraph> <paragraph id="HE50E97E312604040A91F8900F3C1E2F9"><enum>(2)</enum><header>Request for transfer of funds</header><text>The Secretary shall make payments to the Treasury of amounts authorized under paragraph (1) only after the Secretary has received from Amtrak a request for the transfer of such funds, which shall include materials supporting, to the satisfaction of the Secretary, the amount of the request.</text></paragraph></subsection> <subsection id="H204EFC0A9BD440FBBA0092A0F6E4D946"><enum>(c)</enum><header>Contractual obligations</header><text>From amounts appropriated pursuant to this section, the Secretary and the Amtrak Board of Directors shall ensure that sufficient funds are reserved to satisfy Amtrak’s contractual obligations for commuter and State-supported passenger rail service.</text></subsection> <subsection id="H89847B60BD1A43DC9E6233A1FF715525"><enum>(d)</enum><header>Annual business plan and supplemental reports</header> <paragraph id="H8F91CFCC78444C158027D99E03598834"><enum>(1)</enum><header>Business plan</header><text>Not later than September 15 of each of 2005, 2006, 2007, 2008, 2009, and 2010, Amtrak shall transmit to the Secretary and the Congress a comprehensive business plan for the subsequent fiscal year, including, as applicable, targets for ridership, revenues, and capital and operating expenses. The plan shall include the following:</text> <subparagraph id="H37B345CB27DD4A74857DA0D1C27C562C"><enum>(A)</enum><text>A separate accounting of such targets for each of the following:</text> <clause id="H6ED05F7668314C31B77012EF1D084E24"><enum>(i)</enum><text>Northeast Corridor.</text></clause> <clause id="H796B03738D3E433FAB17DA148472D9A9"><enum>(ii)</enum><text>Commuter service.</text></clause> <clause id="HA88D314A2C214BC392DA6353F2F49FD"><enum>(iii)</enum><text>Long-distance Amtrak service.</text></clause> <clause id="H4C2956AC5B3049E1BADAA5ABE38DECB3"><enum>(iv)</enum><text>State-supported service.</text></clause> <clause id="HCBD28FF1441845C0A2317C379511095B"><enum>(v)</enum><text>Commercial activities (including contract operations and mail and express).</text></clause><continuation-text continuation-text-level="subparagraph">The plan shall also include targets for each intercity train route, including Autotrain.</continuation-text></subparagraph> <subparagraph id="H672F79B22DE645689EDF6046F703CEE"><enum>(B)</enum><text>With respect to capital projects, a description of the work to be funded, a work timetable, cost estimates, and a list of other funding sources if the project is not entirely funded by the Federal Government.</text></subparagraph></paragraph> <paragraph id="H4AC3B1DF61E74CFEB31F00C2EE6E3601"><enum>(2)</enum><header>Supplemental reports</header><text>Not later than October 1, 2005, and once each alternate month thereafter, Amtrak shall transmit to the Secretary and the Congress a supplemental report regarding the business plan transmitted under paragraph (1), which shall describe the work completed to date, any changes to the business plan, and the reasons for such changes.</text></paragraph></subsection> <subsection id="HB1D4FEC9BBBC4FB99D94628905BFFAA7"><enum>(e)</enum><header>Availability of amounts and early appropriations</header> <paragraph display-inline="yes-display-inline" id="HDEFA679B52E94AFE8EF6D23E7210E1F"><enum>(1)</enum><text>Amounts appropriated under this section remain available until expended.</text></paragraph> <paragraph indent="up1" id="HC2E4DB88B82344AC9C98C7D55944EEA9"><enum>(2)</enum><text>Amounts for capital acquisitions and improvements may be appropriated in a fiscal year before the fiscal year in which the amounts will be obligated.</text></paragraph></subsection> <subsection id="H1F824879843742BD9FD4E1C435F1B292"><enum>(f)</enum><header>Limitations on use</header><text>Amounts appropriated under this section may not be used to subsidize operating losses of commuter rail passenger or rail freight transportation.</text></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block></section> <section id="HB0B7B54B136B4D8C85561E007E7146A1"><enum>103.</enum><header>Labor standards</header> <subsection id="HCDFFDF9007C14436AECA80C791D95E40"><enum>(a)</enum><header>Current employee protections</header><text>Nothing in this Act, or in any amendment made by this Act, shall affect the level of protection provided to freight railroad employees, employees of the National Passenger Railroad Corporation, and mass transportation employees as it existed on the day before the date of enactment of this Act.</text></subsection> <subsection id="HFD6B1AA597C14F7AAEABE025F4320038"><enum>(b)</enum><header>Labor standards</header> <paragraph id="HBA2D8F09FCBA4304BC63D3EB3FE20716"><enum>(1)</enum><header>Prevailing wages</header><text>The Secretary of Transportation—</text> <subparagraph id="H5A3B9DDB7A2F493EBE8F8E20F898E92"><enum>(A)</enum><text>shall ensure that laborers and mechanics employed by contractors and subcontractors in construction work financed in whole or in part by funds authorized by this Act or by any amendment made by this Act will be paid wages not less than those prevailing on similar construction in the locality, as determined by the Secretary of Labor under the Act of March 3, 1931 (known as the Davis-Bacon Act; <external-xref legal-doc="usc" parsable-cite="usc/40/276a">40 U.S.C. 276a et seq.</external-xref>); and</text></subparagraph> <subparagraph id="H34FBC5DC4F004BF084F019AF9FF595C5"><enum>(B)</enum><text>may make such funds available with respect to construction work only after being assured that required labor standards will be maintained on the construction work.</text></subparagraph></paragraph> <paragraph id="HFE2905B9F9E44EE8B6329EB29DF636B2"><enum>(2)</enum><header>Wage rates</header><text>Wage rates in a collective bargaining agreement negotiated under the Railway Labor Act (<external-xref legal-doc="usc" parsable-cite="usc/45/151">45 U.S.C. 151 et seq.</external-xref>) are deemed for purposes of this subsection to comply with the Act of March 3, 1931 (known as the Davis-Bacon Act; <external-xref legal-doc="usc" parsable-cite="usc/40/276a">40 U.S.C. 276a et seq.</external-xref>).</text></paragraph> <paragraph id="H675DE228A23F47A3878260E1D86507F8"><enum>(3)</enum><header>Employee protection</header><text>The Secretary of Transportation shall require as a condition of any project financed in whole or in part by funds authorized by this Act that the project be conducted in a manner that provides a fair arrangement at least as protective of the interests of employees who are affected by the project so funded as the terms imposed under arrangements reached under section 141 of the Amtrak Reform and Accountability Act of 1997 (<external-xref legal-doc="usc" parsable-cite="usc/49/24706">49 U.S.C. 24706</external-xref> note).</text></paragraph></subsection></section> <section id="H11D2190981D14E09819FF8BE4D35005C"><enum>104.</enum><header>Board of Directors</header><text display-inline="no-display-inline"><external-xref legal-doc="usc" parsable-cite="usc/49/24302">Section 24302</external-xref> of title 49, United States Code, is amended—</text> <paragraph id="HAB9825A175A34062B7ADC3B9EC578324"><enum>(1)</enum><text>in subsection (a)(2)(A)—</text> <subparagraph id="HCB7CD01BA1E14A9F80325400B7E0ACA"><enum>(A)</enum><text>by striking <quote>(A)(i)</quote> and inserting <quote>(A)</quote>;</text></subparagraph> <subparagraph id="HE9C00C177EC4468685D961C1E000E4CF"><enum>(B)</enum><text>by inserting <quote>, 6 of whom shall be</quote> after <quote>7 voting members</quote>;</text></subparagraph> <subparagraph id="HA4B3B21CB1E14A0990F298EFF0AE7E95"><enum>(C)</enum><text>by inserting <quote>or until their successors are appointed, and the President of Amtrak, ex officio</quote> after <quote>term of 5 years</quote>; and</text></subparagraph> <subparagraph id="H55867304801A45AA8472B0D0002340F0"><enum>(D)</enum><text>by striking clause (ii);</text></subparagraph></paragraph> <paragraph id="HF9BA9BD6B13F46E2BDE5D77FD451CBE0"><enum>(2)</enum><text>in subsection (a)(2)(C)(iii), by striking <quote>6 of the 7</quote> and inserting <quote>5 of the 6</quote>; and</text></paragraph> <paragraph id="HD9D2082CFEEC496AACA8280327582171"><enum>(3)</enum><text>by amending subparagraph (D) of subsection (a)(2) to read as follows:</text> <quoted-block style="OLC" id="HF17371B5FDB04DCF9600009B5020B04D" display-inline="no-display-inline"> <subparagraph id="HB00A39A9795E4BB7819D7908C350155" indent="up1"><enum>(D)</enum><text display-inline="yes-display-inline">The President of Amtrak may appoint 2 additional nonvoting members who are not current employees of Amtrak.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></section> <section id="H9E33CC8598004EADA78B6130D5CCB21B"><enum>105.</enum><header>Redemption of common stock</header> <subsection id="H86516EE3B31B4086BFB43E6E98669385"><enum>(a)</enum><header>General authority</header><text display-inline="yes-display-inline"><external-xref legal-doc="usc" parsable-cite="usc/49/24311">Section 24311(a)(1)</external-xref> of title 49, United States Code, is amended—</text> <paragraph id="H84ED19AC5B9F4D68BA7B58F3E9F4E1D"><enum>(1)</enum><text>by striking <quote>or</quote> at the end of subparagraph (A);</text></paragraph> <paragraph id="H1E52C0055FA74CFF9E588B3EBDB3AA70"><enum>(2)</enum><text>by striking the period at the end of subparagraph (B) and inserting <quote>; or</quote>; and</text></paragraph> <paragraph id="H15FBA95F34BF4D0ABA7E62E9B7B32D26"><enum>(3)</enum><text>by adding at the end the following new subparagraph:</text> <quoted-block style="OLC" id="H3BECAB9A87E940D28F741097CFFD2267" display-inline="no-display-inline"> <subparagraph id="HDE50C2B1A8E4471095E9C058381F82B7" indent="up1"><enum>(C)</enum><text display-inline="yes-display-inline">necessary to redeem its common stock outstanding as of the date of enactment of this subparagraph.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection> <subsection id="HE092B93D14934B7BB893ABF335C6CC92"><enum>(b)</enum><header>Employee stock option plans</header><text><external-xref legal-doc="usc" parsable-cite="usc/49/24304">Section 24304</external-xref> of title 49, United States Code, is amended by adding at the end the following: <quote>Amtrak may transfer to any such plan the stock redeemed from its common stockholders. Employees participating in such plans may elect one nonvoting member to Amtrak’s Board of Directors.</quote>.</text></subsection></section> <section id="H3684B546786C42BE977523092FA3674B"><enum>106.</enum><header>Repeal of Amtrak Reform Council</header><text display-inline="no-display-inline">Sections 203, 204, and 205 of the Amtrak Reform and Accountability Act of 1997 (<external-xref legal-doc="usc" parsable-cite="usc/42/24101">42 U.S.C. 24101</external-xref> note), and the items relating thereto in the table of contents of that Act, are repealed.</text></section> <section id="H0052E7F818A9490BB0880017A304C400"><enum>107.</enum><header>Revolving credit</header><text display-inline="no-display-inline">Amtrak is authorized to issue and sell up to $250,000,000 of obligations in the form of revolving loans and letters of credit to the Federal Financing Bank. The Secretary of Transportation shall guarantee 100 percent of the principal and interest of such obligations. Such obligations shall—</text> <paragraph id="H6E2ACEE127BA4BEA82628F244EE8BBE0"><enum>(1)</enum><text>have a final maturity date no later than 10 years after the date of commitment;</text></paragraph> <paragraph id="H983AE48E61864D6B8897B0C148E9B4E2"><enum>(2)</enum><text>with respect to revolving loans, shall be repaid by Amtrak on an annual basis; and</text></paragraph> <paragraph id="H5802264FEA1C4E4A8CF6C704E3E38B55"><enum>(3)</enum><text>with respect to letters of credit, shall be repaid on commercially reasonable terms that are acceptable to the Secretary of Transportation.</text></paragraph></section> <enum>II</enum><header>Rail Service Corridors</header> <section id="H1DA89AE55ED54FDC826C099363837C9B"><enum>201.</enum><header>Enhanced Rail Service Corridor Pilot Program</header> <subsection id="HB7288045103A42119FE6009D8653476D"><enum>(a)</enum><header>Establishment</header><text display-inline="yes-display-inline">The Secretary of Transportation shall establish an Enhanced Rail Service Corridor Pilot Program to support rail infrastructure projects undertaken by States or multi-State compacts, using funding provided through the Rail Infrastructure Finance Corporation under title III.</text></subsection> <subsection id="H413E3D0FA6A44626BF234BD39C49ADF"><enum>(b)</enum><header>Purposes</header><text>The program established under subsection (a) shall be for the purpose of improving rail service along the rail corridors described in subsection (c), with respect to the following performance metrics:</text> <paragraph id="HE50D55CE72E44C08A4BA1539B7131CFA"><enum>(1)</enum><text>Increasing the frequency of trains along a corridor.</text></paragraph> <paragraph id="H3C8CF69789B74E758C412DD9DD8FF68"><enum>(2)</enum><text>Decreasing the travel time along a corridor.</text></paragraph> <paragraph id="HEE66BCBC56404E3EA8267424809CE015"><enum>(3)</enum><text>Increasing overall ridership.</text></paragraph> <paragraph id="HCC6D3C5FD4474C41003E328E56043B26"><enum>(4)</enum><text>Increasing the overall amount of passenger-miles.</text></paragraph> <paragraph id="H5EC83782C3984E55AD143B4F13488486"><enum>(5)</enum><text>Increasing the ratio of operating revenue to operating expenses.</text></paragraph></subsection> <subsection id="H5AB28E9E6F514C4EA99B6FC6D9E6700"><enum>(c)</enum><header>Eligible corridors</header><text>Projects on the following 4 corridors are eligible under the pilot program established under this section:</text> <paragraph id="HDB7311E8B3F0469192F58C066EAE0B"><enum>(1)</enum><text>Southeast Corridor—From the District of Columbia to Jacksonville, Florida, via Richmond, Virginia, Raleigh, North Carolina, Columbia, South Carolina, and Savannah, Georgia, with branches from Raleigh, North Carolina, to Atlanta, Georgia, via Charlotte, North Carolina, and Greenville, South Carolina, and from Charlotte, North Carolina, to Charleston, South Carolina, via Columbia, South Carolina.</text></paragraph> <paragraph id="H5D1ABFC014AA4E5B92B9E9009C59E0CF"><enum>(2)</enum><text>Midwest Corridor—From Chicago, Illinois, to Detroit, Michigan; Chicago, Illinois, to Minneapolis/St. Paul, Minnesota, via Milwaukee, Wisconsin, and Madison, Wisconsin; and Chicago, Illinois, to Kansas City, Missouri, via St. Louis, Missouri.</text></paragraph> <paragraph id="H47B0B316E9A842CF936066B2D1E7D2F7"><enum>(3)</enum><text>California Corridor—From the San Francisco Bay Area to San Diego via Santa Barbara and Los Angeles; from San Jose to Auburn via Oakland and Sacramento; and from Oakland to Bakersfield via Stockton.</text></paragraph> <paragraph id="HF61E38E4ACB44F2F924662D477A5D317"><enum>(4)</enum><text>Pacific Northwest Corridor—From Eugene, Oregon, to Vancouver, British Columbia, via Portland, Oregon, and Seattle, Washington.</text></paragraph></subsection> <subsection id="H8C6EAD60327E47318646B0B999A56CF"><enum>(d)</enum><header>Eligible projects</header><text>Only the following projects are eligible under the pilot program established under this section:</text> <paragraph id="H70DCC1825AF3415892DAB663FDBA4487"><enum>(1)</enum><text>Planning, including activities described in <external-xref legal-doc="usc" parsable-cite="usc/49/26101">section 26101(b)(1)</external-xref> of title 49, United States Code, and environmental impact studies.</text></paragraph> <paragraph id="HF286B3BF1DA94A07B1A9FCC63F35E8C"><enum>(2)</enum><text>New rail line development, including right of way and infrastructure acquisition and construction of track and facilities.</text></paragraph> <paragraph id="H1EBE7BE0D6544005B3AC90162CAF4B35"><enum>(3)</enum><text>Track upgrades and restoration.</text></paragraph> <paragraph id="H94421470ACB94EF0BD4040CAB7C800CB"><enum>(4)</enum><text>Highway-rail grade crossing improvement or elimination.</text></paragraph> <paragraph id="H3DD70C3ADDC14F61B45B40887EAB5E41"><enum>(5)</enum><text>Track, infrastructure, and facility relocation.</text></paragraph> <paragraph id="H904741821C544F8C88001D325CA29CE3"><enum>(6)</enum><text>Acquisition, financing, or refinancing of locomotives and rolling stock.</text></paragraph> <paragraph id="H728E6738CB5040A7913624042CC807F"><enum>(7)</enum><text>Intermodal and station facilities.</text></paragraph> <paragraph id="H2BADB8D1FE9846BABF7F8B5972004841"><enum>(8)</enum><text>Tunnel and bridge repair or replacement.</text></paragraph> <paragraph id="HE9DD0BD887B54BDF821F682B4C109E25"><enum>(9)</enum><text>Communications and signaling improvements.</text></paragraph> <paragraph id="H8B55A36C72DB4583A8C2FBBCDF2358ED"><enum>(10)</enum><text>Environmental impact mitigation.</text></paragraph> <paragraph id="H153036CA4612430896AAA2B52F4CE522"><enum>(11)</enum><text>Security improvements.</text></paragraph></subsection> <subsection id="H7FD560F928774680BC00F48E5EC0EA76"><enum>(e)</enum><header>Approved projects</header><text>A project described in this section may receive assistance from the Rail Infrastructure Finance Corporation under title III only if the Secretary of Transportation has approved it under this subsection. The Secretary shall approve projects under this subsection only if all of the following conditions are met:</text> <paragraph id="H901F921BFB844959A0215F658C5452EF"><enum>(1)</enum><text>The Secretary has approved under <external-xref legal-doc="usc" parsable-cite="usc/49/22505">section 22505</external-xref> of title 49, United States Code, a State rail plan for the corridor.</text></paragraph> <paragraph id="H9BDDB21A7D3344E3BC731BC66245F219"><enum>(2)</enum><text>A near-term (6-year) service plan is provided that includes both a market/revenue forecast and an operating expense forecast.</text></paragraph> <paragraph id="H33324C476D8D436DA22E71A3E0A1FFF"><enum>(3)</enum><text>A near-term (6-year) investment plan is provided for both infrastructure and equipment.</text></paragraph> <paragraph id="H8AC9AD027A9B4F499B2FB202C0906BE4"><enum>(4)</enum><text>A signed agreement, with any owner of rail infrastructure or right of way over which service under the project will be operated, is provided that authorizes the State or multi-State compact to proceed with the project.</text></paragraph> <paragraph id="H10A30DC5DEAB459FBF9B00E00850085"><enum>(5)</enum><text>Existence is established of firm funding commitments to provide the 20 percent match for the Federal grant required under section 305(a)(4).</text></paragraph> <paragraph id="H95FEDBEAACBA42DE8C00960400D5026D"><enum>(6)</enum><text>The project meets all safety and environmental requirements, including applicable requirements under the National Environmental Policy Act of 1969.</text></paragraph> <paragraph id="HC3FBBF081EA94A4FA420AD1800043E29"><enum>(7)</enum><text>Amtrak will be the sole operator of intercity passenger rail service on the corridor.</text> </paragraph></subsection></section> <section id="H9B476742CFED4CBCBB8D414EC9A79BFF"><enum>202.</enum><header>Additional projects</header> <subsection id="HA64850C3FD9A466BA915CAC231CF31D"><enum>(a)</enum><header>Authority</header><text display-inline="yes-display-inline">The Secretary of Transportation, using funding provided through the Rail Infrastructure Finance Corporation under title III, shall, pursuant to the allocation percentages under section 305(a)(5)(A), support additional rail infrastructure improvement projects—</text> <paragraph id="HFE8CB75CE3054A1384F4F6C8DDC0B82E"><enum>(1)</enum><text>on high-speed corridors identified under <external-xref legal-doc="usc" parsable-cite="usc/23/104">section 104(d)</external-xref> of title 23, United States Code;</text> </paragraph> <paragraph id="HD3C85E8AFDA744BAA023B2B184DD7738"><enum>(2)</enum><text>sponsored by States or multi-State compacts not at the time of the award of assistance served by Amtrak;</text></paragraph> <paragraph id="H5A4F5362DD93481A802C88609326CF72"><enum>(3)</enum><text display-inline="yes-display-inline">sponsored by States or multi-State compacts served by Amtrak but not eligible for assistance under section 201 of this Act; and</text></paragraph> <paragraph id="H2978D771E7B2436FA1CBC07BA26FFB03"><enum>(4)</enum><text>on the Alaska Railroad.</text></paragraph></subsection> <subsection id="HD382E37AC9E647E8984C979790E71764"><enum>(b)</enum><header>Eligible projects</header><text>Only projects that are described in section 201(d)(1) through (11) are eligible to receive support under this section.</text></subsection> <subsection id="H595A6BFF2AA643B7BF31D42C2FE04265" display-inline="no-display-inline"><enum>(c)</enum><header>Approved projects</header><text display-inline="yes-display-inline">A project described in this section may receive assistance from the Rail Infrastructure Finance Corporation under title III only if the Secretary of Transportation has approved it under this subsection. The Secretary shall approve projects under this subsection only if all of the following conditions are met:</text> <paragraph id="HE28527132AC841BFB697D70064F78D85"><enum>(1)</enum><text>With respect to projects under subsection (a)(1) or (3)—</text> <subparagraph id="H51B76F0CA858442F8FE689DF8098FC2"><enum>(A)</enum><text>a signed agreement, with any owner of rail infrastructure or right of way over which service under the project will be operated, is provided that authorizes the State or multi-State compact to proceed with the project;</text></subparagraph> <subparagraph id="H3EBD2279F3834928A56D8315DA1C815"><enum>(B)</enum><text>existence is established of firm funding commitments to provide the 20 percent match for the Federal grant required under section 305(a)(4);</text></subparagraph> <subparagraph id="HC9713972B61C4A0B80671EDF035C9D06"><enum>(C)</enum><text>the project meets all safety and environmental requirements, including applicable requirements under the National Environmental Policy Act of 1969; and</text></subparagraph> <subparagraph id="H3F7D6BE15020438CAC2EB38D15EAD608"><enum>(D)</enum><text>Amtrak will be the sole operator of intercity passenger rail service on the corridor.</text></subparagraph></paragraph> <paragraph id="H625B15F2BC864A6500D4B395A9DF46AC"><enum>(2)</enum><text>With respect to projects under subsection (a)(2) or (4)—</text> <subparagraph id="H496FF3D3861E448CA7AAADB828EEBCC7"><enum>(A)</enum><text>a signed agreement, with any owner of rail infrastructure or right of way over which service under the project will be operated, is provided that authorizes the State or multi-State compact to proceed with the project;</text></subparagraph> <subparagraph id="H6BB047CC131846E5983C13F7F2CB765C"><enum>(B)</enum><text>existence is established of firm funding commitments to provide the 20 percent match for the Federal grant required under section 305(a)(4); and</text></subparagraph> <subparagraph id="H444858EE22C440BE9DD8DF731DFE49DF"><enum>(C)</enum><text>the project meets all safety and environmental requirements, including applicable requirements under the National Environmental Policy Act of 1969.</text></subparagraph></paragraph> </subsection></section> <section id="HB37B6B9B6C5E4281BDBCF12100720073" display-inline="no-display-inline" section-type="subsequent-section"> <enum>203.</enum> <header>State rail plans</header> <subsection id="HA91F678E3F10411987A64FE888B354AD"> <enum>(a)</enum> <header>In general</header> <text>Part B of subtitle V of title 49, United States Code, is amended by adding at the end the following:</text> <quoted-block style="USC" id="H16A153D358E147B4A4B83AF9E95E9A8"> <chapter id="H11D93EB1349544CBB4D4EA1C92916F4E"> <enum>225</enum> <header>State rail plans</header> <toc regeneration="no-regeneration"> <toc-entry level="section">Sec</toc-entry> <toc-entry level="section">22501. Authority</toc-entry> <toc-entry level="section">22502. Purposes</toc-entry> <toc-entry level="section">22503. Transparency; coordination; review</toc-entry> <toc-entry level="section">22504. Content</toc-entry> <toc-entry level="section">22505. Approval</toc-entry> <toc-entry level="section">22506. Definitions</toc-entry> </toc> <section id="H39D78D536AAD4407B4B1971556960048"> <enum>22501.</enum> <header>Authority</header> <subsection id="HE3B14576F79F4FB599E26CDC6EDE446F"> <enum>(a)</enum> <header>In general</header> <text>Each State may prepare and maintain a State rail plan in accordance with the provisions of this chapter.</text> </subsection> <subsection id="HEA36798716AC413DB100DCB9B9A50116"> <enum>(b)</enum> <header>Requirements</header> <text>For the preparation and periodic revision of a State rail plan, a State shall—</text> <paragraph id="H050245725D4D4132878FC601D839A581"> <enum>(1)</enum> <text>establish or designate a State rail transportation authority to prepare, maintain, coordinate, and administer the plan;</text> </paragraph> <paragraph id="H75EAC3B4B7AD4CA5B19F302C2506B9A9"> <enum>(2)</enum> <text>establish or designate a State rail plan approval authority to approve the plan;</text> </paragraph> <paragraph id="H1CE6C0250F454EE8AF2EDB44D0172DF0"> <enum>(3)</enum> <text>submit the State’s approved plan to the Secretary of Transportation for approval; and</text> </paragraph> <paragraph id="H9BAF3D27012C422AACE47CF7D10321ED"> <enum>(4)</enum> <text>revise and resubmit a State-approved plan no less frequently than once every 5 years for reapproval by the Secretary.</text> </paragraph> </subsection> </section> <section id="HED039A8C7509472EBECC54002DA804FB"> <enum>22502.</enum> <header>Purposes</header> <subsection id="H60356E108118436DBEC4AD109531608C"> <enum>(a)</enum> <header>Purposes</header> <text>The purposes of a State rail plan are as follows:</text> <paragraph id="H9593C80B2A074850A8BA12A7BA6B3F2"> <enum>(1)</enum> <text>To set forth State policy involving freight and passenger rail transportation, including commuter rail operations, in the State.</text> </paragraph> <paragraph id="H0483D2CDB56342FEA512AA2EB3A3E26"> <enum>(2)</enum> <text>To establish the period covered by the State rail plan.</text> </paragraph> <paragraph id="HCE68C338C70440C4BFBA6860DDB9EA5"> <enum>(3)</enum> <text>To present priorities and strategies to preserve, enhance, or expand rail service in the State that benefits the public.</text> </paragraph> <paragraph id="HA42641D4F6FB41AA8244A3B6FBE6F018"> <enum>(4)</enum> <text>To serve as the basis for Federal and State rail investments within the State.</text> </paragraph> </subsection> <subsection id="H4BE12F6FFF954B7BAC082F2200B7EF81"> <enum>(b)</enum> <header>Coordination</header> <text>A State rail plan shall be coordinated with other State transportation planning goals and programs and set forth rail transportation’s role within the State transportation system.</text> </subsection> </section> <section id="HAB6020ADD52A4B42A722BDC3FEB48223"> <enum>22503.</enum> <header>Transparency; coordination; review</header> <subsection id="H93E691C03AD247739E191C09FA564501"> <enum>(a)</enum> <header>Preparation</header> <text>A State shall provide adequate and reasonable notice and opportunity for comment and other input to the public, rail carriers, commuter and transit authorities operating in, or affected by rail operations within the State, units of local government, and other interested parties in the preparation and review of its State rail plan.</text> </subsection> <subsection id="HF5BBD2FEDAAD403B96F5D95791EF9481"> <enum>(b)</enum> <header>Intergovernmental coordination</header> <text>A State shall review the freight and passenger rail service activities and initiatives by regional planning agencies, regional transportation authorities, and municipalities within the State, or in the region in which the State is located, while preparing the plan, and shall include any recommendations made by such agencies, authorities, and municipalities as deemed appropriate by the State.</text> </subsection> <subsection id="H17F178C58CB1464FBF40D898BCED1607"> <enum>(c)</enum> <header>Annual reviews</header> <text>Each State shall transmit an annual report on its plan to the Secretary of Transportation. The report shall include, for the year preceding the year in which submitted, the following matters:</text> <paragraph id="H675B9933A7294166A94F720095E32535"> <enum>(1)</enum> <text>A review of progress made, and actions taken, under the plan during the year, including an update on the budget, schedule, and financing for each project on the freight or passenger rail capital project list compiled under section 22504(a).</text> </paragraph> <paragraph id="H72C7997D346C45C4B5B85DE68E0575F"> <enum>(2)</enum> <text>Any modifications made in the plan after approval of the plan by the Secretary or after the submission of the most recent annual report on the plan to the Secretary, including any modifications made to the priority freight or passenger rail capital list required by section 22504(b).</text> </paragraph> </subsection> <subsection id="HD9D3D07F890D4DB5BF183DCD045B7FD6"> <enum>(d)</enum> <header>Approval of modified plans</header> <text>Modifications of a State rail plan that are determined substantive by the Secretary, including any modification to a priority freight or passenger rail capital project list required by section 22504(b), is subject to approval (for the purposes of this chapter) by the Secretary.</text> </subsection> </section> <section id="HF8F5DB4E539A4966A94F58C72368F19"> <enum>22504.</enum> <header>Content</header> <subsection id="H0BD35D79153545C2BDAF05D388073278"> <enum>(a)</enum> <header>In general</header> <text>Each State rail plan shall contain the following:</text> <paragraph id="HB02FF6B9B876485A8700B235F37ECDBA"> <enum>(1)</enum> <text>An evaluation of the existing overall rail transportation system and rail services and facilities within the State, a prioritization of such services and facilities in terms of their contributions to the State’s rail and transportation system.</text> </paragraph> <paragraph id="H9FDE896CEE6648A2ADC69F639F90DF79"> <enum>(2)</enum> <text>A comprehensive review of all rail lines within the State, including proposed high speed rail corridors and significant rail line segments not currently in service, containing an overview of the transportation services provided by those lines, their ownership, operating characteristics, and the general state of their infrastructure.</text> </paragraph> <paragraph id="H23F623E2838E49CDA4391BAEF7D1EAF8"> <enum>(3)</enum> <text>A statement of the State’s freight and passenger rail service objectives, including minimum service levels, for rail transportation routes in the State.</text> </paragraph> <paragraph id="HBB93894DC41147E0979400CE1500F9C"> <enum>(4)</enum> <text>A general analysis of rail’s transportation, economic, and environmental impacts in the State, including congestion mitigation, trade and economic development, air quality, land-use, energy-use, and community impacts.</text> </paragraph> <paragraph id="H1A23A77F5D2948F3006175CD21E9600"> <enum>(5)</enum> <text>A long-range rail service and investment program for current and future freight and passenger services in the State that meets the requirements of subsection (b).</text> </paragraph> <paragraph id="H86348EE1E8CC4059A94BC3DAC3C6D7FD"> <enum>(6)</enum> <text>A statement of public financing issues for rail projects and service in the State, including a list of current and prospective capital and operating funding resources, public subsidies, State taxation, and other financial policies relating to rail service and rail infrastructure development.</text> </paragraph> <paragraph id="HE52FA070225E46249266F0D84332C62C"> <enum>(7)</enum> <text>A statement of rail service issues within the State, such as congestion and capacity, and current system deficiencies on a regional, intrastate, and interstate basis, that reflects consultation with neighboring States and describes any coordination of regional rail service.</text> </paragraph> <paragraph id="H0A3A12495BDA4655B4324EAFBE9D68FF"> <enum>(8)</enum> <text>A review of major passenger and freight intermodal rail connections and facilities within the State, including seaports, and prioritized options to maximize service integration and efficiency between rail and other modes of transportation within the State.</text> </paragraph> <paragraph id="H1E4F396E050D490FAF6C97D4283D009D"> <enum>(9)</enum> <text>A description of new technology that relates to rail transportation within the State, including logistics and process improvements.</text> </paragraph> <paragraph id="HEC6C7889FAE24C9BA1CA07292F8E9C7B"> <enum>(10)</enum> <text>A review of publicly funded projects within the State to improve rail transportation safety and security, including all major projects funded under <external-xref legal-doc="usc" parsable-cite="usc/23/130">section 130</external-xref> of title 23.</text> </paragraph> <paragraph id="H77FDD65BE7DA406085950013003B8B70"> <enum>(11)</enum> <text>A performance evaluation of passenger rail services operating in the State, including possible improvements in those services, and a description of strategies to achieve those improvements.</text> </paragraph> <paragraph id="H58BAE59603234E19874E2FAA8849D82E"> <enum>(12)</enum> <text>A compilation of studies and reports on high-speed rail corridor development within the State not included in a previous plan under this chapter, and a plan for funding any recommended development of such corridors in the State.</text> </paragraph> <paragraph id="H65686172336E422AB498AE6FEB1CA2F7"> <enum>(13)</enum> <text>A statement that the State is in compliance with the requirements of section 22102.</text> </paragraph> </subsection> <subsection id="HCB9B8616FC9D47FF91BE9CE6FB394DA9"> <enum>(b)</enum> <header>Long-Range service and investment program</header> <paragraph id="HBA168F4DA15A47BBB2ECBC53FDC78B8"> <enum>(1)</enum> <header>Program content</header> <text>A long-range rail service and investment program included in a State rail plan under subsection (a)(5) shall include the following matters:</text> <subparagraph id="HB4293234D26D40D7A38DCF32B79EC6D3"> <enum>(A)</enum> <text>Two ranked lists for rail capital projects, 1 for freight rail capital projects and 1 for intercity passenger rail capital projects.</text> </subparagraph> <subparagraph id="H8B6E8A19F84A42DF99FC1F2B90CCE9F"> <enum>(B)</enum> <text>A detailed funding plan for the projects.</text> </subparagraph> </paragraph> <paragraph id="HF526EAF6FEEA45F087E555BBDF627F3"> <enum>(2)</enum> <header>Project list content</header> <text>The ranked list of freight and intercity passenger rail capital projects shall contain—</text> <subparagraph id="H8A3790AF87B14A79833232322C0032D3"> <enum>(A)</enum> <text>a description of the anticipated public and private benefits of each such project; and</text> </subparagraph> <subparagraph id="HFE016B8E196A42629DC3400009400B4"> <enum>(B)</enum> <text>a statement of the correlation between—</text> <clause id="H3BCB6B9952A74748A5D4D78EAA76996C"> <enum>(i)</enum> <text>public funding contributions for the projects; and</text> </clause> <clause id="H3074B19E2E714515AE42521897C7C0FE"> <enum>(ii)</enum> <text>the public benefits.</text> </clause> </subparagraph> </paragraph> <paragraph id="H47CB43C60D44419C81F5FB37A9879F91"> <enum>(3)</enum> <header>Considerations for project list</header> <text>In preparing the ranked list of freight and intercity passenger rail capital projects, a State rail transportation authority shall take into consideration the following matters:</text> <subparagraph id="HD71FA1C2412F4611A27F80431C002561"> <enum>(A)</enum> <text>Contributions made by non-Federal and non-State sources through user fees, matching funds, or other private capital involvement.</text> </subparagraph> <subparagraph id="HE8D61BF6BF274B12A8B0F0F9D81D5C66"> <enum>(B)</enum> <text>Rail capacity and congestion effects.</text> </subparagraph> <subparagraph id="H0F4FB50F8A574CF2A78865B8E6A698FB"> <enum>(C)</enum> <text>Effects to highway, aviation, and maritime capacity, congestion, or safety.</text> </subparagraph> <subparagraph id="H7CFC2E0D50964D3E9E9F80A21F007863"> <enum>(D)</enum> <text>Regional balance.</text> </subparagraph> <subparagraph id="H6DDC1D7998D84ADA00F2B8AFF23C5BC"> <enum>(E)</enum> <text>Environmental impact.</text> </subparagraph> <subparagraph id="H8878B62EE4E24778A538A3C2B375BEC5"> <enum>(F)</enum> <text>Competitive and service impacts for rail carriers and shippers.</text> </subparagraph> <subparagraph id="H64CE49E29895457AB4B154D818C88C64"> <enum>(G)</enum> <text>Preservation of rail service.</text> </subparagraph> <subparagraph id="H49268788F7EF4C2180E0958F1571BF80"> <enum>(H)</enum> <text>Economic and employment impacts.</text> </subparagraph> <subparagraph id="HFBC2410052294D8B95EBC7008E972CF8"> <enum>(I)</enum> <text>Projected ridership and other service measures for passenger rail projects.</text> </subparagraph> </paragraph> </subsection> <subsection id="H35930C17A58F46A5874BB7A4A99674F8"> <enum>(c)</enum> <header>Waiver</header> <text>The Secretary may waive any requirement of subsection (a) upon application under circumstances that the Secretary determines appropriate.</text> </subsection> </section> <section id="HED952E471E30400E91005BBF6537F7EC"> <enum>22505.</enum> <header>Approval</header> <subsection id="H7381AD58CB934DBC887E35620046003B"> <enum>(a)</enum> <header>Criteria</header> <text>The Secretary may approve a State rail plan for the purposes of this chapter if—</text> <paragraph id="H33CBC4E1FEFD43D7AD00D18BB18B9B50"> <enum>(1)</enum> <text>the plan meets all of the requirements applicable to State plans under this chapter;</text> </paragraph> <paragraph id="HB9C3826D7C2040D29F04139F3E96AC43"> <enum>(2)</enum> <text>for each ready-to-commence project listed on the ranked list of freight and intercity passenger rail capital projects under the plan—</text> <subparagraph id="H5FEA4BAB44ED4B0386109DC176C38F55"> <enum>(A)</enum> <text>the project meets all safety and environmental requirements including those prescribed under the <act-name parsable-cite="NEPA69">National Environmental Policy Act of 1969</act-name> (<external-xref legal-doc="usc" parsable-cite="usc/42/4331">42 U.S.C. 4331 et seq.</external-xref>) that are applicable to the project under law; and</text> </subparagraph> <subparagraph id="H146876C51D7A4230BD10C2C5F81F3583"> <enum>(B)</enum> <text>the State has entered into an agreement with any owner of rail infrastructure or right of way over which service under the project will be operated that authorizes the State to proceed with the project; and</text> </subparagraph> </paragraph> <paragraph id="HD15527394281458D95DA5EF421362E8"> <enum>(3)</enum> <text>the content of the plan is coordinated with—</text> <subparagraph id="HC4C00DC78D5347C600A8137F237EDF5F"> <enum>(A)</enum> <text>State transportation plans developed pursuant to <external-xref legal-doc="usc" parsable-cite="usc/23/135">section 135</external-xref> of title 23; and</text> </subparagraph> <subparagraph id="H3B039066F6D84F71A3131D5D2CE00044"> <enum>(B)</enum> <text>the national rail plan, the 50-year intermodal blueprint developed under section 5503(e) of this title (if either is available), and any other transportation plan of the Federal Government that is required by law and that the Secretary considers relevant.</text> </subparagraph> </paragraph> </subsection> <subsection id="HCF684001729E4213846BFC7500C9EE1E"> <enum>(b)</enum> <header>Procedures for State rail plan submission and approval</header> <text>The Secretary shall prescribe procedures for States to submit State rail plans for review under this chapter, including standardized format and data requirements and procedures for resubmittal if a State rail plan is disapproved. The procedures shall provide for the Secretary to review a State rail plan and issue a record of decision of approval or disapproval, with comment, on such plan within 180 days after the plan is submitted.</text> </subsection> </section> <section id="H57D116AAB15A4F2EAB5E666613D502D4"> <enum>22506.</enum> <header>Definitions</header> <text display-inline="no-display-inline">In this chapter:</text> <paragraph id="HFC537B240AE54062B2ACE429A712811F"> <enum>(1)</enum> <header>Private benefit</header> <text>The term <term>private benefit</term> means a benefit accrued to a person or private entity, other than Amtrak, that directly improves the economic and competitive condition of that person or entity through improved assets, cost reductions, service improvements, or any other means as defined by the Secretary of Transportation. The Secretary may seek the advice of the States and rail carriers in further defining this term.</text> </paragraph> <paragraph id="HF4DD47336E92475FB8A600A36000A2A6"> <enum>(2)</enum> <header>Public benefit</header> <text>The term <term>public benefit</term> means a benefit accrued to the public in the form of enhanced mobility of people or goods, environmental protection or enhancement, congestion mitigation, enhanced trade and economic development, improved air quality or land use, more efficient energy use, enhanced public safety or security, reduction of public expenditures due to improved transportation efficiency or infrastructure preservation, and any other positive community effects as defined by the Secretary. The Secretary make seek the advice of the States and rail carriers in further defining this term.</text> </paragraph> <paragraph id="H8A9BA2CE02E74A738B5C7B08178EB6BE"> <enum>(3)</enum> <header>State</header> <text>The term <term>State</term> means any of the 50 States and the District of Columbia.</text> </paragraph> <paragraph id="HE7D71C3552994995B6CE9480663962DE"> <enum>(4)</enum> <header>State rail Transportation authority</header> <text>The term <term>State rail transportation authority</term> means the State agency or official responsible under the direction of the Governor of the State or a State law for preparation, maintenance, coordination, and administration of the State rail plan.</text> </paragraph> </section> </chapter> <after-quoted-block>.</after-quoted-block> </quoted-block> </subsection> <subsection id="H4A8B6279D0084D0DADAFB28845D141CA"> <enum>(b)</enum> <header>Clerical amendment</header> <text>The table of chapters for subtitle V of title 49, United States Code, is amended by inserting after the item relating to chapter 223 the following:</text> <quoted-block style="USC" id="H60F0D4E3824047A88DD751EA5DFC6728" display-inline="no-display-inline"> <toc regeneration="no-regeneration"> <multi-column-toc-entry level="section" bold="on"><toc-enum>225.</toc-enum><level-header level="section">STATE RAIL PLANS</level-header><target>22501</target></multi-column-toc-entry></toc><after-quoted-block>.</after-quoted-block></quoted-block></subsection></section> <section id="H3A9EDB88606A4239AF2C73A28B35D289"><enum>204.</enum><header>Additional high-speed rail corridors</header><text display-inline="no-display-inline"><external-xref legal-doc="usc" parsable-cite="usc/23/104">Section 104(d)(2)(B)</external-xref> of title 23, United States Code, is amended—</text> <paragraph id="H6829C9E6D8E04849A86B19B1B39FB1E4"><enum>(1)</enum><text>by striking <quote>and</quote> at the end of clause (iv);</text></paragraph> <paragraph id="HFC42CC70288A493CA832002468C827C"><enum>(2)</enum><text>by striking the period at the end of clause (v) and inserting a semicolon; and</text></paragraph> <paragraph id="HF564AE0AE9C046D9B7B9C6D2F5004506"><enum>(3)</enum><text>by adding at the end the following new clauses:</text> <quoted-block style="OLC" id="H08F3160128244772B9F82F173D46583C" display-inline="no-display-inline"> <clause id="H1D1E11F893E7437994B9B37DBCD6FC26"><enum>(vi)</enum><text>a Gulf of Mexico high-speed corridor from Mobile, Alabama, to San Antonio, Texas, via New Orleans, Louisiana, and Houston, Texas;</text></clause> <clause id="H3B7A82CE18CB4E7BBF0060F1C9C6AF15"><enum>(vii)</enum><text>a Mississippi River high-speed corridor from New Orleans, Louisiana, to Memphis, Tennessee, via Jackson, Mississippi; and</text></clause> <clause id="H2D6D953D1B8C44F7BD36F8E2F8B9E212"><enum>(viii)</enum><text>a Las Vegas high-speed corridor from Los Angeles, California, to Las Vegas, Nevada.</text></clause><after-quoted-block>.</after-quoted-block></quoted-block> </paragraph></section> <section id="H064DBF4A980443AB9166095194799FE3" display-inline="no-display-inline" section-type="subsequent-section"><enum>205.</enum><header>High-speed rail corridor development</header> <subsection id="H0B1423AE73DC413A9E117DD4E6E94992"><enum>(a)</enum><header>Corridor development</header> <paragraph id="H67F0F568F0B04B0DBF4985ABBCB29440"><enum>(1)</enum><header>Amendments</header><text><external-xref legal-doc="usc" parsable-cite="usc/49/26101">Section 26101</external-xref> of title 49, United States Code, is amended—</text> <subparagraph id="H1787F115763244D88D29A999E69CAC69"><enum>(A)</enum><text>in the section heading, by striking <quote><header-in-text level="section" style="USC">planning</header-in-text></quote> and inserting <quote><header-in-text level="section" style="USC">development</header-in-text></quote>;</text></subparagraph> <subparagraph id="HCA801556F5B64861005529C927A3B200"><enum>(B)</enum><text>in the heading of subsection (a), by striking <quote><header-in-text level="subsection" style="OLC">Planning</header-in-text></quote> and inserting <quote><header-in-text level="subsection" style="OLC">Development</header-in-text></quote>;</text></subparagraph> <subparagraph id="HF526659C1E2240D5A5B8C2CB305D3EC"><enum>(C)</enum><text>by striking <quote>corridor planning</quote> each place it appears and inserting <quote>corridor development</quote>;</text></subparagraph> <subparagraph id="H0B67FD41BD124C10A980FAF3C12E892"><enum>(D)</enum><text>in subsection (b)(1)—</text> <clause id="HC109CD556C0B4A15840297CDA1ACDA15"><enum>(i)</enum><text>by inserting <quote>, or if it is an activity described in subparagraph (M)</quote> after <quote>high-speed rail improvements</quote>;</text></clause> <clause id="H052921737ED54B00A719314CEE9BF5F5"><enum>(ii)</enum><text>by striking <quote>and</quote> at the end of subparagraph (K);</text></clause> <clause id="H4B6DC4818FEA41B89B647BA7526F5551"><enum>(iii)</enum><text>by striking the period at the end of subparagraph (L) and inserting <quote>; and</quote>; and</text></clause> <clause id="HD48CDB2E35DA437CABAF7800BFBEF878"><enum>(iv)</enum><text>by adding at the end the following new subparagraph:</text> <quoted-block id="H6BB4EAD26CC04050B25BB89800069C6C"> <subparagraph indent="up1" id="HF11B87C39E6F45CBB6488B951444C675"><enum>(M)</enum><text>the acquisition of locomotives, rolling stock, track, and signal equipment.</text></subparagraph><after-quoted-block>; and</after-quoted-block></quoted-block></clause></subparagraph> <subparagraph id="H5E0B1973435041189F13C94DBD83538D"><enum>(E)</enum><text>in subsection (c)(2), by striking <quote>planning</quote> and inserting <quote>development</quote>.</text></subparagraph></paragraph> <paragraph id="H4984CA7241E646A9AD7EB6F944D03DF"><enum>(2)</enum><header>Conforming amendment</header><text>The item relating to section 26101 in the table of sections of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/49/261">chapter 261</external-xref> of title 49, United States Code, is amended by striking <quote>planning</quote> and inserting <quote>development</quote>.</text></paragraph></subsection> <subsection id="H0D95B1DD7D574A2C8C6C72D05E34DACB"><enum>(b)</enum><header>Authorization of appropriations</header><text><external-xref legal-doc="usc" parsable-cite="usc/49/26104">Section 26104</external-xref> of title 49, United States Code, is amended to read as follows:</text> <quoted-block style="USC" id="H5DF5937D47FD4A1CB19B79D0ADA334D4"> <section id="H4AB26E1D1B0349B1AB3455D2D11EDAC0"><enum>26104.</enum><header>Authorization of appropriations</header> <subsection id="HA9F8DAB8EED0481F886BE5ECA2765FC1"><enum>(a)</enum><header>Fiscal years 2006 through 2013</header><text>There are authorized to be appropriated to the Secretary—</text> <paragraph id="H3FA8FFDADBC84CD4A074931B413F6504"><enum>(1)</enum><text>$70,000,000 for carrying out section 26101; and</text></paragraph> <paragraph id="HD992B4897927436494D2ED00ABF294A"><enum>(2)</enum><text>$30,000,000 for carrying out section 26102,</text></paragraph><continuation-text continuation-text-level="subsection">for each of the fiscal years 2006 through 2013.</continuation-text></subsection> <subsection id="H04FB7993814D4B1EB556B923DA75EED0"><enum>(b)</enum><header>Funds to remain available</header><text>Funds made available under this section shall remain available until expended.</text></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block></subsection></section> <enum>III</enum> <header>Rail Infrastructure Finance Corporation</header> <section id="H5D6B05D36F174E37867B001FE2001F24"> <enum>301.</enum> <header>Establishment of Corporation</header> <text display-inline="no-display-inline">There is established a nonprofit corporation, to be known as the <quote>Rail Infrastructure Finance Corporation</quote>. The Rail Infrastructure Finance Corporation is not an agency or establishment of the United States Government for purposes of any Federal law, including the Securities Act of 1933, the Securities Exchange Act of 1934, and the Trust Indenture Act of 1939. The Corporation shall be subject to the provisions of this title and, to the extent consistent with this section, to the laws of the State of Delaware applicable to corporations not for profit.</text> </section> <section id="HEBBEE5042648496EB11D6D52CE3774C7"> <enum>302.</enum> <header>Board of Directors</header> <subsection id="HA53E5143527F4138BAAD969DB60490DA"> <enum>(a)</enum> <header>Appointment</header> <text>The Rail Infrastructure Finance Corporation shall have a Board of Directors consisting of 9 voting members appointed by the President, by and with the advice and consent of the Senate. The President shall submit all nominations for the initial Board not less than 180 days after the date of enactment of this Act. Not more than 5 voting members of the Board may be members of the same political party.</text> </subsection> <subsection id="H94C8B0D1922D44D4B9B551FB4C759E"> <enum>(b)</enum> <header>Membership qualifications</header> <paragraph id="HE89ED1257B944B32A96E07CFADADC683"> <enum>(1)</enum> <header>In general</header> <text>The 9 voting members of the Board shall be appointed from among citizens of the United States (not regular full-time employees of the United States) who are eminent in the fields of rail transportation, rail financing, intermodal transportation planning, and the financing and management of large-scale, long-term public-private cooperative projects.</text> </paragraph> <paragraph id="H5E97B83EAB3549B9B7E52EC8700C24E"> <enum>(2)</enum> <header>Representation of specific interests</header> <text>Of the 9 voting members of the Board, 8 shall be selected as follows:</text> <subparagraph id="H79AD4D537AC24C8590B6F9C5552EE265"> <enum>(A)</enum> <text>1 member from among individuals who represent the interests of freight rail transportation.</text> </subparagraph> <subparagraph id="H5236B29A37224F61B0C980EBCECB4F48"> <enum>(B)</enum> <text>1 member from among individuals who represent the interests of intermodal transportation.</text> </subparagraph> <subparagraph id="H0274323F89BA4E5D972DA2806F032583"> <enum>(C)</enum> <text>1 member from among individuals who represent the interests of passenger rail transportation.</text> </subparagraph> <subparagraph id="H0A12138EE96546679CE8A3DFB6F2FF00"> <enum>(D)</enum> <text>1 member from among individuals who represent the interests of the States.</text> </subparagraph> <subparagraph id="H7DF0C54A475042E3866574D96DF46790"> <enum>(E)</enum> <text>1 member from among individuals who represent the interests of intercity passenger rail users.</text> </subparagraph> <subparagraph id="H483B0D45771F4EDF0039A46326BC3675"> <enum>(F)</enum> <text>1 member from among individuals who represent the interests of organized rail labor.</text> </subparagraph> <subparagraph id="H17B62AA0157C4638BF881631B064BD"> <enum>(G)</enum> <text>2 members from among persons who are involved in finance.</text> </subparagraph> </paragraph> </subsection> <subsection id="HB7F5B98E750246FCBB97D1FDBD75EF16"> <enum>(c)</enum> <header>Incorporation</header> <text>The voting members initially appointed to the Board of Directors shall serve as incorporators and, upon the establishment of a quorum, shall take whatever actions are necessary to establish the Corporation under the laws of Delaware.</text> </subsection> <subsection id="H8D454A4C3BF74876BC68BCAC5C5D39D6"> <enum>(d)</enum> <header>Terms of Office</header> <text>Voting members of the Board shall be appointed for terms of 6 years. No voting member of the Board shall be eligible to serve in excess of 2 consecutive full terms.</text> </subsection> <subsection id="H9307F2D2BB804A229728D8E1F8FA27E"> <enum>(e)</enum> <header>Vacancies</header> <text>A voting member of the Board appointed to fill a vacancy occurring prior to the expiration of the term for which the member’s predecessor was appointed shall be appointed for the remainder of such term. Except as provided in subsection (f), upon the expiration of a voting member’s term, the member shall continue to serve until a successor is appointed.</text> </subsection> <subsection id="H22503CF373814A28B48CC56ECF777F50"> <enum>(f)</enum> <header>Attendance required</header> <text>Voting members of the Board shall attend not less than 50 percent of all duly convened meetings of the Board in any calendar year. A voting member who fails to meet the requirement of the preceding sentence shall forfeit membership and the President shall appoint a new member to fill the resulting vacancy not later than 90 days after such vacancy is determined by the Chairman of the Board.</text></subsection> <subsection id="H131625FD4FD24AA586C15B894160912B"><enum>(g)</enum><header>President of Amtrak</header><text>The President of Amtrak shall serve as an ex officio, nonvoting member of the Board of Directors.</text> </subsection> <subsection id="H1FDCCEBA385D4516AF18C28C542B115E"> <enum>(h)</enum> <header>Election of Chairman and vice Chairman</header> <text>Voting members of the Board shall annually elect 1 of their voting members to be Chairman and elect 1 or more of their voting members as a Vice Chairman or Vice Chairmen.</text> </subsection> <subsection id="H529D51CDBE624A08825923A724E7C41B"> <enum>(i)</enum> <header>Compensation</header> <text>The voting members of the Board shall not, by reason of such membership, be considered to be officers or employees of the United States. Those voting members shall, while attending meetings of the Board or while engaged in duties related to such meetings or other activities of the Board pursuant to this Act, be entitled to receive compensation at the rate of $300 per day, including traveltime. No Board voting member shall receive compensation for service on the Board of more than $10,000 in any fiscal year. While away from their homes or regular places of business, all Board members shall be allowed travel and actual, reasonable, and necessary expenses.</text> </subsection> <subsection id="H8AC1B85916FD446E8686C62DD2D0C58"> <enum>(j)</enum> <header>Meetings open to public</header> <text>All meetings of the Board of Directors of the Corporation, including any committee of the Board, shall be open to the public under such terms, conditions, and exceptions as the Board may establish.</text> </subsection> <subsection id="H1DD698E5577A401792EDF94BC2ACD00"> <enum>(k)</enum> <header>Quorum and proceedings</header> <text>Five voting members of the Board shall constitute a quorum for the Board to conduct business. All decisions of the Board shall be entered upon the records of the Board.</text> </subsection> </section> <section id="HC3DCD02A8F3549C496CA1FAE2B910042"> <enum>303.</enum> <header>Officers and employees</header> <subsection id="HFF69BF3BD3594D8496A746C1CD520000"> <enum>(a)</enum> <header>In general</header> <text>The Rail Infrastructure Finance Corporation shall have a President, and such other officers as may be named and appointed by the Board for terms and at rates of compensation fixed by the Board. No individual other than a citizen of the United States may be an officer of the Corporation. No officer of the Corporation may receive any salary or other compensation (except for compensation for services on boards of directors of other organizations that do not receive funds from the Corporation, on committees of such boards, and in similar activities for such organizations) from any sources other than the Corporation for services rendered during the period of his or her employment by the Corporation. Service by any officer on boards of directors of other organizations, on committees of such boards, and in similar activities for such organizations shall be subject to annual advance approval by the Board and subject to the provisions of a Statement of Ethical Conduct adopted by the Corporation. All officers shall serve at the pleasure of the Board. An officer of the corporation shall not be considered to be an officer or employee of the United States by virtue of such office.</text> </subsection> <subsection id="H014CFFD947A644E2A828787423681FE6"> <enum>(b)</enum> <header>Nonpartisan nature of appointments</header> <text>No political test or qualification shall be used in selecting, appointing, promoting, or taking other personnel actions with respect to officers, agents, or employees of the Corporation.</text> </subsection> </section> <section id="HE8BD3B1D022143A4AB75E9FFB47D4070"> <enum>304.</enum> <header>Nonprofit and nonpolitical nature of the Corporation</header> <subsection id="HBFF2702D553A432A98B86FFAF2368902"> <enum>(a)</enum> <header>Stock</header> <text>The Rail Infrastructure Finance Corporation shall have no power to issue any shares of stock, or to declare or pay any dividends.</text> </subsection> <subsection id="H226C39583D444EAC8FA354D41C8078D9"> <enum>(b)</enum> <header>No private benefit</header> <text>No part of the income or assets of the Corporation shall inure to the benefit of any director, officer, employee, or any other individual except as salary or reasonable compensation for services.</text> </subsection> <subsection id="H14FF8FC205054710A9ED72358F20EFE7"> <enum>(c)</enum> <header>Political activity prohibited</header> <text>The Corporation may not contribute to or otherwise support any political party or candidate for elective public office.</text> </subsection> <subsection id="H97CCCD1C32E640A882DFFC2BD1FF42"> <enum>(d)</enum> <header>Conflicts of interest</header> <text>No director, officer, or employee of the Corporation shall in any manner, directly or indirectly, participate in the deliberation upon or the determination of any question affecting his or her personal interests or the interests of any corporation, partnership, or organization in which he or she has a direct or indirect financial interest. Board members shall recuse themselves from Board decisions that directly affect either them or any company or organization that they represent or in which they have a financial interest regarding grants and other financial assistance provided to States by the Board.</text> </subsection> </section> <section id="HEC1A42CCF103455F849F9848C169C707"> <enum>305.</enum> <header>Purpose and activities of Corporation</header> <subsection id="HD97E0088C786421E8F96B0829B5E74B4"> <enum>(a)</enum> <header>Purpose</header> <paragraph id="H647AB8DAFB7D414894B14DF21C146C85"><enum>(1)</enum><header>In general</header><text>The Rail Infrastructure Finance Corporation shall, through the issuance of qualified rail infrastructure bonds in accordance with <external-xref legal-doc="usc" parsable-cite="usc/26/54">section 54</external-xref> of the Internal Revenue Code of 1986 and this title, provide financial support for projects approved under sections 201 and 202.</text></paragraph> <paragraph id="HBD9A1EE1E879421989D62E36044E1166"><enum>(2)</enum><header>Selection of projects</header><text display-inline="yes-display-inline">The Board of Directors may award grants for projects that have been approved by the Secretary of Transportation under sections 201 and 202. In selecting projects for such awards, the Board shall—</text> <subparagraph id="HDD9F783E51F648C6ACC9F595B340B5FF"><enum>(A)</enum><text>give preference to projects with high levels of estimated ridership, increased on-time performance, reduced trip time, and additional service frequency;</text></subparagraph> <subparagraph id="HD37DB0E73DEC44C995F3C93126EAFE3"><enum>(B)</enum><text>give preference to projects that encourage intermodal connectivity through direct connections between train stations, airports, bus terminals, subway stations, ferry ports, and other modes of transportation;</text></subparagraph> <subparagraph id="HE64BFC484D8F44F1A766D84593966D9E"><enum>(C)</enum><text>ensure a general balance of grant funding across geographic regions of the United States, and avoid a disproportionate concentration of funding in any single Corridor;</text></subparagraph> <subparagraph id="HC92E0DECED58463791C610F25F50F45E"><enum>(D)</enum><text>favor projects that also improve freight or commuter rail operations;</text></subparagraph> <subparagraph id="H15E3C40235784C188201C7B304FBDDDB"><enum>(E)</enum><text>favor projects that are expected to have a significant favorable impact on air or highway traffic congestion, capacity, or safety;</text></subparagraph> <subparagraph id="H6433054B8C7F447982C100A9FBEFC698"><enum>(F)</enum><text>favor projects that have significant environmental benefits;</text></subparagraph> <subparagraph id="HC4C67A658EF34504B314FF4729EE62A2"><enum>(G)</enum><text>favor projects that have positive economic and employment impacts;</text></subparagraph> <subparagraph id="H8A966A9C63784B05B6AF409014889948"><enum>(H)</enum><text>favor projects that encourage the use of positive train control technology;</text></subparagraph> <subparagraph id="H8B1C74D679994692BD405863CADCE9CC"><enum>(I)</enum><text>favor projects that enhance national security; and</text></subparagraph> <subparagraph id="H962F189A66E340C29045BBEB9EDA8ECA"><enum>(J)</enum><text>favor projects that have commitments of non-Federal funding in a total amount that exceeds the minimum amount required.</text></subparagraph></paragraph> <paragraph id="H594124DA41ED4FFC8B9070AFA819FEF6"><enum>(3)</enum><header>Contract authority</header><text>The Board shall not award contract authority under this title in an aggregate amount greater than $500,000,000 for any fiscal year. Awards shall be available for expenditure over a 6-year period.</text></paragraph> <paragraph id="H7FDCD9F77D1F4E5E9E31F345F5C73CEA"><enum>(4)</enum><header>Non-Federal matching requirement</header><text>Recipients of awards under this title shall provide from non-Federal sources at least 20 percent of the costs of the project for which the award is made.</text></paragraph> <paragraph id="H11AB20C3D2A64DFCA9303DDD56A7F929"><enum>(5)</enum><header>Distribution of awards</header> <subparagraph id="H463FDA51D8B0436E9C99765828B79C59"><enum>(A)</enum><header>In general</header><text>Of the amounts awarded under this title for any fiscal year—</text> <clause id="H6843208A20B14FE3841207C3B8D51B3"><enum>(i)</enum><text>75 percent shall be for projects described in section 201;</text></clause> <clause id="HA74F5A5BD08C4D889299F66F4025F778"><enum>(ii)</enum><text>10 percent shall be for projects described in section 202(a)(1);</text></clause> <clause id="HF72895B63E834E0D984B00A3752859E"><enum>(iii)</enum><text>5 percent shall be for projects described in section 202(a)(2);</text></clause> <clause id="H631D560052ED406186FE5B0C12A13D"><enum>(iv)</enum><text>5 percent shall be for projects described in section 202(a)(3); and</text></clause> <clause id="H7D837358AFD04FB68ED741536BF600C2"><enum>(v)</enum><text>5 percent shall be for projects described in section 202(a)(4).</text></clause></subparagraph> <subparagraph id="H1E83DF958CFB4DAE8503D5B4FC59EDF5"><enum>(B)</enum><header>Carryover</header><text>If sufficient viable applications are not available to distribute the entire amount under subparagraph (A)(i), (ii), (iii), (iv), or (v) for a fiscal year, the remainder of amounts unspent shall be available for additional awards within the same category for subsequent fiscal years.</text></subparagraph></paragraph></subsection> <subsection id="H9D8FA30988364CB3A478AB2F65BCBAF"> <enum>(b)</enum> <header>Bond issuance authority</header> <paragraph id="HB3230CAFDE7E46518D15A7A8393B2C33"> <enum>(1)</enum> <header>In general</header> <text>In order to carry out its purposes, the Corporation is authorized to issue qualified rail infrastructure bonds (as defined in <external-xref legal-doc="usc" parsable-cite="usc/26/54">section 54(e)</external-xref> of the Internal Revenue Code of 1986) during the 6-year period beginning on the day after the date of enactment of this Act.</text> </paragraph> <paragraph id="H12AA832CB1394D7FB8EB1E727F2F47B0"> <enum>(2)</enum> <header>Limitation</header> <text>The total face amount of the bonds outstanding under paragraph (1) at any time may not exceed $30,000,000,000.</text> </paragraph> <paragraph id="H885B7DDFB6934B3AA6A8FEFF9DFC254"> <enum>(3)</enum> <header>No Federal guarantee</header> <subparagraph id="HD4714BB2297646D0A9CBC742C43EC477"> <enum>(A)</enum> <header>Obligations insured by the Corporation</header> <text>No obligation that is insured, guaranteed, or otherwise backed by the Corporation shall be deemed to be an obligation that is guaranteed by the full faith and credit of the United States.</text> </subparagraph> <subparagraph id="H2A4E704F3D1D4AAEA7EEA9F6CA83C85"> <enum>(B)</enum> <header>Special rule</header> <text>This paragraph shall not affect the determination of whether such obligation is guaranteed for purposes of Federal income taxes.</text> </subparagraph> <subparagraph id="HFBC5E0312E724F3CB8FFE11EAB53A5DC"> <enum>(C)</enum> <header>Securities offered by the Corporation</header> <text>No debt or equity securities of the Corporation shall be deemed to be guaranteed by the full faith and credit of the United States.</text> </subparagraph> </paragraph> <paragraph id="H245D6FC36AD6428590B86CC1C569B1C1"> <enum>(4)</enum> <header>Authority</header> <text>To carry out the purpose set forth in subsection (a) and engage in the activities described in subsection (b), the Corporation shall have the usual powers conferred upon a nonprofit corporation under the laws of the State of Delaware.</text> </paragraph> </subsection> <subsection id="H297411A6A256495F80C71650A618B330"> <enum>(c)</enum> <header>Federal assistance</header> <text>The Corporation shall be eligible to receive discretionary grants, contracts, gifts, contributions, or technical assistance from any department or agency of the Federal Government, but only to the extent permitted by law and to the extent necessary to carry out the purpose set forth in subsection (a) and the activities described in subsection (b).</text> </subsection> </section> <section id="HACD78E3F8BE34C2AB4ACF57369E6B663"> <enum>306.</enum> <header>Report to Congress</header> <subsection id="H8F13D859485747DD841CCC9ED9C56533"> <enum>(a)</enum> <header>In general</header> <text>Not later than May 15 of each year, the Rail Infrastructure Finance Corporation shall submit an annual report for the fiscal year ending on September 30 of the preceding year to the Committee on Commerce, Science, and Transportation of the Senate and the Committee on Transportation and Infrastructure of the House of Representatives. The report shall include a comprehensive and detailed report of the Corporation’s operations, activities, financial condition, and accomplishments under this title and such recommendations as the Corporation considers appropriate.</text> </subsection> <subsection id="H72B1E6D4D88543FFBE14B65E08F74BF9"> <enum>(b)</enum> <header>Availability for testimony</header> <text>The officers and directors of the Corporation shall be available to testify before those committees with respect to such report or any other matter which such committees may determine.</text> </subsection> </section> <section id="HAA3FBB4D125546B78DC966572850D3CF"> <enum>307.</enum> <header>Administrative matters</header> <subsection id="HDD0C1CA312AD496CA7A3C825562C904E"> <enum>(a)</enum> <header>Budget</header> <text>The Rail Infrastructure Finance Corporation shall establish an annual budget for the Corporation, including the Rail Infrastructure Investment Account under subsection (c).</text> </subsection> <subsection id="H8B7E2F4C35724AA7A627F09984E2B568"> <enum>(b)</enum> <header>Implementation plan</header> <paragraph id="H137BEA9F33414D459FD382B38B37CBFC"> <enum>(1)</enum> <header>Requirement for plan</header> <text>The Corporation shall conduct a study and prepare a plan on how the Corporation can best achieve the purposes and fulfill the requirements of this title.</text> </paragraph> <paragraph id="HC64CC39E8B9E4A7689D7B8FB4BDAC387"> <enum>(2)</enum> <header>Consultation</header> <text>In preparing the plan, the Corporation may consult with representatives of State and local governments, railroads, and other similar entities.</text> </paragraph> <paragraph id="H2C0A9BBABB024AAB94475C1F5E5CFA6C"> <enum>(3)</enum> <header>Other requirements</header> <text>The plan, which shall be based on the conclusions resulting from the study conducted under paragraph (1), shall be submitted by the Corporation to the Committee on Commerce, Science, and Transportation of the Senate and the Committee on Transportation and Infrastructure of the House of Representatives not later than 180 days after the date on which the Corporation is incorporated. Unless directed otherwise by law, the Corporation shall implement the plan during the first fiscal year beginning after the fiscal year in which the plan is submitted to Congress.</text> </paragraph> </subsection> <subsection id="H57D0948B058645A990A5F8293092DD94"> <enum>(c)</enum> <header>Rail Infrastructure Investment Account</header> <paragraph id="HE77D73A7E1214EEBA161CC38DA73C5EF"> <enum>(1)</enum> <header>Establishment</header> <text>The Board of Directors for the Corporation shall establish an account to be known as the Rail Infrastructure Investment Account (in this section referred to as the <quote>Account</quote>).</text> </paragraph> <paragraph id="HB05BF7CE08964242B3FC25736CB48800"> <enum>(2)</enum> <header>Deposit of bond proceeds</header> <text>The Corporation shall deposit the proceeds of sales of any bonds issued under <external-xref legal-doc="usc" parsable-cite="usc/26/54">section 54</external-xref> of the Internal Revenue Code of 1986 into the Account.</text> </paragraph> <paragraph id="H6EDCB230DF82424E947B252BE8E51953"> <enum>(3)</enum> <header>Deposit of Non-Federal contributions</header> <text>The Board shall deposit all non-Federal contributions received into the Account.</text> </paragraph> <paragraph id="H8AAF89347EC1495EB0D832DFAF31EC3F"> <enum>(4)</enum> <header>Disbursements</header> <text>The Board may make available and may disburse, during the first fiscal year beginning after the date of enactment of this Act and during each succeeding fiscal year thereafter, such funds as may be available for obligation and expenditure from the Account.</text> </paragraph> <paragraph id="H473892920864468981796D53494276BE"> <enum>(5)</enum> <header>Use of Account Funds</header> <text>Funds in the Account—</text> <subparagraph id="H450B53E05A0A4AD2BC159D6F3DFB6533"> <enum>(A)</enum> <text>shall be used by the Corporation for investment purposes through the Rail Infrastructure Finance Trust established under section 308 to generate an amount sufficient—</text> <clause id="H87891593A90B4B2383152E83A0857300"> <enum>(i)</enum> <text>to repay the principal of the bonds at their maturity; and</text> </clause> <clause id="HEF0A1F75FD6540C681E6BF7C33CFF8A0"> <enum>(ii)</enum> <text>to pay the administrative costs of the Corporation and the Rail Infrastructure Finance Trust; and</text> </clause> </subparagraph> <subparagraph id="HE0248E679AEF48F0A2F80ABD61DBE13"> <enum>(B)</enum> <text>shall, to the extent of the net spendable proceeds in the account, be held in the Rail Infrastructure Finance Trust established under section 308 and be available for distribution as grants of financial assistance for projects approved under sections 201 and 202.</text> </subparagraph> </paragraph> <paragraph id="H1BF3642E3BB74A278BF8AFE0566A1DB"> <enum>(6)</enum> <header>Net spendable proceeds defined</header> <text>In this subsection, the term <term>net spendable proceeds</term>, with respect to the Rail Infrastructure Investment Account, means the amount, determined by the Board of Trustees of the Rail Infrastructure Finance Trust, equal to the excess of—</text> <subparagraph id="HED298BCCE54A4CAB90AAC78588008200"> <enum>(A)</enum> <text>the total amount in such Account, over</text> </subparagraph> <subparagraph id="HA0A18A79ED0F483599C7CC7B3D73B079"> <enum>(B)</enum> <text>the amount in such Account that is needed for uses under paragraph (5)(A).</text> </subparagraph> </paragraph> </subsection> <subsection id="H65E972F41CE6497DA19D1900BE2FAEEB"> <enum>(d)</enum> <header>Records and audit</header> <paragraph id="HBA7903920DF1406598C72F50231DEBB"> <enum>(1)</enum> <header>In general</header> <text>The Account and the Corporation shall be audited annually in accordance with generally accepted auditing standards by independent certified public accountants or independent licensed public accountants certified or licensed by a regulatory authority of a State or other political subdivision of the United States. The audits shall be conducted at the place or places where the accounts of the Corporation are normally kept. All books, accounts, financial records, reports, files, and all other papers, things, or property belonging to or in use by the Corporation and necessary to facilitate the audits shall be made available to the person or persons conducting the audits; and full facilities for verifying transactions with the balances or securities held by depositories, fiscal agents and custodians shall be afforded to such person or persons.</text> </paragraph> <paragraph id="H7B28EA3047164B57AD516B1289EFFFD6"> <enum>(2)</enum> <header>Audit report</header> <text>The report of each such independent audit shall be included in the annual report required by section 306. The audit report shall set forth the scope of the audit and include such statements as are necessary to present fairly the Corporation’s assets and liabilities, surplus or deficit, with an analysis of the changes therein during the year, supplemented in reasonable detail by a statement of the Corporation’s income and expenses during the year, and a statement of the sources and application of funds, together with the independent auditor’s opinion of those statements.</text> </paragraph> <paragraph id="H7FE40FB2DAD04E26B9C5B4FBE29F08F4"> <enum>(3)</enum> <header>Accounting principles</header> <text>Not later than 1 year after the date of enactment of this Act, the Corporation shall develop accounting principles which shall be used uniformly by all entities receiving funds under this title, taking into account organizational differences among various categories of such entities. Such principles shall be designed to account fully for all funds received and expended for purposes of this title by such entities.</text> </paragraph> <paragraph id="H373244424C1C4990AEC1089602800073"> <enum>(4)</enum> <header>Requirements for recipients</header> <text>Each entity receiving funds under this title shall—</text> <subparagraph id="H820954DA52B0481884D151E2C8660A4"> <enum>(A)</enum> <text>keep its books, records, and accounts in such form as may be required by the Corporation;</text> </subparagraph> <subparagraph id="HB3BF4BCFB7584BF9B2DFDDF684550056"> <enum>(B)</enum> <text>either—</text> <clause id="H23A3B9C02D73428DA1A6003546C295B6"> <enum>(i)</enum> <text>undergo an annual audit by independent certified public accountants or independent licensed public accountants certified or licensed by a regulatory authority of a State, which audit shall be in accordance with auditing standards developed by the Corporation; or</text> </clause> <clause id="H550EE9504A5B4FAFA8148DE41DA09E57"> <enum>(ii)</enum> <text>submit a financial statement in lieu of the audit described in clause (i) if the Corporation determines that the cost burden of such audit on such entity is excessive in light of the financial condition of such entity; and</text> </clause> </subparagraph> <subparagraph id="H1E8E6B92703648CA87B75CCFBBBEE2D"> <enum>(C)</enum> <text>furnish biennially to the Corporation a copy of the audit report or financial statement required pursuant to the subparagraph (B), as well as such other information regarding finances (including an annual financial report) as the Corporation may require.</text> </subparagraph> </paragraph> <paragraph id="H74E6FCAB1B394F57A6413125A2F93886"> <enum>(5)</enum> <header>Additional recordkeeping</header> <text>Any recipient of assistance by grant or contract under this title, other than a fixed price contract awarded pursuant to competitive bidding procedures, shall keep such records as may be reasonably necessary to disclose fully the amount and the disposition by such recipient of such assistance, the total cost of the project or undertaking in connection with which such assistance is given or used, and the amount and nature of that portion of the cost of the projects or undertaking supplied by other sources, and such other records as will facilitate an effective audit.</text> </paragraph> <paragraph id="HF0BBD38719BC480BAC8255D6D087FEE7"> <enum>(6)</enum> <header>Access to records</header> <text>The Corporation or any of its duly authorized representatives shall have access to any books, documents, papers, and records of any recipient of assistance for the purpose of auditing and examining all funds received from the Corporation.</text> </paragraph> <paragraph id="H21150FAF287C4FF1978F9754FB6413BB"> <enum>(7)</enum> <header>Public inspection</header> <text>The Corporation shall maintain the information described in paragraphs (4), (5), and (6) at its offices for public inspection and copying for at least 3 years, according to such reasonable guidelines as the Corporation may issue. This public file shall be updated regularly.</text> </paragraph> </subsection> </section> <section id="H6D5D23D7CF894E260004F545DAD9692F"> <enum>308.</enum> <header>Rail Infrastructure Finance Trust</header> <subsection id="H0BE8027EA6B3487F8BCF2CF93FF1127B"> <enum>(a)</enum> <header>Establishment</header> <text>The Board of Directors of the Rail Infrastructure Finance Corporation shall establish the Rail Infrastructure Finance Trust (in this section referred to as the <quote>Trust</quote>) as a trust domiciled in the State of Delaware before the issuance of bonds under section 305(b). The Trust shall, to the extent not inconsistent with this title, be subject to the laws of the State of Delaware that are applicable to trusts. The Trust shall manage and invest the assets of the Rail Infrastructure Investment Account established under section 307(c) that are transferred to it by the Board of Directors in the manner set forth in this section.</text> </subsection> <subsection id="HCBF33E35F8CA4EAC856CE7F0028F7BB"> <enum>(b)</enum> <header>Not a Federal agency or instrumentality</header> <text>The Trust is not a department, agency, or other instrumentality of the Government of the United States and shall not be subject to title 31, United States Code.</text> </subsection> <subsection id="HBAF429B79BAF4EE18F2286A05BC680FC"> <enum>(c)</enum> <header>Board of Trustees</header> <paragraph id="H44EC100AA554410A9808CB4F38F9F018"> <enum>(1)</enum> <header>Establishment</header> <text>The Trust shall have a Board of Trustees.</text> </paragraph> <paragraph id="H918E5FC2DAB74741A829ADDED349D72E"> <enum>(2)</enum> <header>Composition</header> <subparagraph id="HC04A1E61460846A0B3D7D2B65DFCE7D6"> <enum>(A)</enum> <header>Appointment</header> <text>The Board of Trustees shall consist of 5 members (in this title referred to as <quote>Trustees</quote>), 3 of whom shall be appointed by a unanimous vote of the Board of Directors of the Rail Infrastructure Finance Corporation.</text> </subparagraph> <subparagraph id="H2E11CF6DEE764D06AC1C1DAF56F78982"> <enum>(B)</enum> <header>Representation of particular interests</header> <text>The 3 members of the Board of Trustees whose unanimous appointment is required under subparagraph (A) shall be selected as follows:</text> <clause id="H5BD2A4B4EEC4467B9C330047E22CBB70"> <enum>(i)</enum> <text>1 from among persons who represent the interests of the States.</text> </clause> <clause id="H5512B56B1A2F445D0053183E508815DB"> <enum>(ii)</enum> <text>1 from among persons who represent the interests of freight and passenger railroads.</text> </clause> <clause id="H97958199B8DE4182AB98E64D03DBDF3"> <enum>(iii)</enum> <text>1 from among persons who represent the interests of classes of investors who would be reasonably expected to become holders of qualified rail infrastructure bonds issued by the Rail Infrastructure Finance Corporation.</text> </clause> </subparagraph> <subparagraph id="H41B450533F9A43CD96FD2530F8274863"> <enum>(C)</enum><header>Elected trustees</header> <text>The 2 Trustees not appointed under subparagraph (A) shall be elected directly by holders of qualified rail infrastructure bonds issued by the Rail Infrastructure Finance Corporation through procedures established by the Board of Trustees to represent the interests of such bond holders. The election shall be held, and both members elected under this subparagraph shall take office as Trustees, within 1 year after the initial issuance of bonds under section 305(b).</text> </subparagraph> </paragraph> <paragraph id="H23E99213C2FE4301A9008BFE11B30668"> <enum>(3)</enum> <header>Members not United States officials</header> <text>The members of the Board of Trustees may not be considered officers or employees of the Government of the United States.</text> </paragraph> <paragraph id="H61BB1635CE044A8EB4F874B017FE2BAC"> <enum>(4)</enum> <header>Qualifications</header> <text>The Trustees shall be appointed only from among persons who have experience and expertise in the management of financial investments. No member of the Board of Directors of the Rail Infrastructure Finance Corporation is eligible to be a Trustee.</text> </paragraph> <paragraph id="H58F70996F54C4F52BA2541A38319F821"> <enum>(5)</enum> <header>Terms</header> <text>Each member of the Board of Trustees shall be appointed for a 3-year term. Any member whose term has expired may serve until such member’s successor has taken office, or until the end of the calendar year in which such member’s term has expired, whichever is earlier. A vacancy in the Board of Trustees shall not affect the powers of the Board of Trustees and shall be filled in the same manner as the member whose departure caused the vacancy. Any member appointed to fill a vacancy occurring prior to the expiration of the term for which the member’s predecessor was appointed shall be appointed for the remainder of such term.</text> </paragraph> </subsection> <subsection id="H7F132E26B5C1467BBD930000F1DC616D"> <enum>(d)</enum> <header>Powers</header> <text>The Board of Trustees shall—</text> <paragraph id="H8E8B3C472F0840180078FEB585390D8"> <enum>(1)</enum> <text>establish investment policies, including guidelines, and retain independent advisers to assist in the formulation and adoption of the investment guidelines;</text> </paragraph> <paragraph id="H09D99E69FFC941FF91689E3112353D62"> <enum>(2)</enum> <text>retain independent investment managers to invest the assets of the Trust in a manner consistent with such investment guidelines;</text> </paragraph> <paragraph id="HBA25004E0E7B4733A778A5081D77C3AC"> <enum>(3)</enum> <text>invest assets in the Trust, pursuant to the policies adopted under paragraph (1);</text> </paragraph> <paragraph id="HC8F5921392584C9B835D4B5F09864962"> <enum>(4)</enum> <text>pay administrative expenses of the Trust from the assets in the Trust;</text> </paragraph> <paragraph id="HFD6874C2D75C46DEB86814C4879C8C6E"> <enum>(5)</enum> <text>transfer money to the Rail Infrastructure Investment Account, upon request of the Board of Directors of the Rail Infrastructure Finance Corporation, for bond repayment and administrative expenses of the Corporation;</text> </paragraph> <paragraph id="HF0F01631D0E84455BA37FB50FFFE034E"> <enum>(6)</enum> <text>develop a formula, subject to approval by the Board of Directors before the issuance of bonds under section 305(b), for determining when there is a sufficient trust income stream for purposes of paragraph (7); and</text> </paragraph> <paragraph id="H6DB6DD2365CA43B3858B06D5C0499E74"> <enum>(7)</enum> <text>transfer net spendable proceeds (within the meaning of section 507(c)(6)) to the Board of Directors to be used for grants under title II after determining that adequate trust funds are available, or that there is a trust income stream sufficient, to allow the Board of Trustees to meet its obligations under paragraphs (4) and (5).</text> </paragraph> </subsection> <subsection id="HD99489931DB14C498332DE1660C92272"> <enum>(e)</enum> <header>Reporting requirements and fiduciary standards</header> <text>The following reporting requirements and fiduciary standards shall apply with respect to the Trust:</text> <paragraph id="H13DCA7A8757F492583A0D41FAC30EB57"> <enum>(1)</enum> <header>Duties of the Board of Trustees</header> <text>The Trust and each member of the Board of Trustees shall discharge the duties of the Trust and the duties of the Trustee, respectively (including the voting of proxies), with respect to the assets of the Trust solely in the interests of the Rail Infrastructure Finance Corporation and the programs funded under this title—</text> <subparagraph id="H5C38A50409744136A94151C1F3561C00"> <enum>(A)</enum> <text>for the exclusive purposes of—</text> <clause id="H900259617E2245F4879E8DC842F99086"> <enum>(i)</enum> <text>providing sufficient funds to repay qualified rail infrastructure bonds issued by the Rail Infrastructure Finance Corporation;</text> </clause> <clause id="H144E175490094F97BA8D888334D749A0"> <enum>(ii)</enum> <text>funding the administrative costs of the Rail Infrastructure Finance Corporation;</text> </clause> <clause id="HC4061FDE8D0347F9ABC83D8B3DAC3505"> <enum>(iii)</enum> <text>defraying reasonable expenses of administering the Trust; and</text> </clause> <clause id="HC10C02FC7479414FBC31EDCC5E27F1CD"> <enum>(iv)</enum> <text>providing grants for projects under title II; and</text> </clause> </subparagraph> <subparagraph id="HD6529F049612465DA4976833F1125876"> <enum>(B)</enum> <text>with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims;</text> </subparagraph> <subparagraph id="H8F5929B3706440889862F8D61DE87318"> <enum>(C)</enum> <text>by diversifying investments so as to minimize the risk of large losses and to avoid disproportionate influence over a particular industry or firm, unless under the circumstances it is clearly prudent not to do so; and</text> </subparagraph> <subparagraph id="HA566D05F22344784ABBDB77167D97EDC"> <enum>(D)</enum> <text>in accordance with Trust governing documents and instruments insofar as such documents and instruments are consistent with this title.</text> </subparagraph> </paragraph> <paragraph id="H6188F3612D454DC78C159B6417D7C08C"> <enum>(2)</enum> <header>Prohibitions with respect to Members of the Board of Trustees</header> <text>A member of the Board of Trustees may not—</text> <subparagraph id="HA3FA2CC94DA84873AC994CE00BA66E8"> <enum>(A)</enum> <text>deal with the assets of the Trust in the Trustee’s own interest or for the Trustee’s own account;</text> </subparagraph> <subparagraph id="H69516E43EBA2471A00A08977767D6CC0"> <enum>(B)</enum> <text>act in an individual or in any other capacity, in any transaction involving the assets of the Trust on behalf of a party (or represent a party) whose interests are adverse to the interests of the Trust and the Rail Infrastructure Finance Corporation; or</text> </subparagraph> <subparagraph id="H58517FFC036A439D90EAE389387EA180"> <enum>(C)</enum> <text>receive any consideration for the Trustee’s own personal account from any party dealing with the assets of the Trust.</text> </subparagraph> </paragraph> <paragraph id="HDEA9CD1C5CFB4636BE69194EA5C8CFB"> <enum>(3)</enum> <header>Exculpatory provisions and insurance</header> <text>Any provision in an agreement or instrument that purports to relieve a Trustee from responsibility or liability for any responsibility, obligation, or duty under this title shall be void. Nothing in this paragraph shall be construed to preclude—</text> <subparagraph id="H2A6B60C9BCB4426EB9AEB16E964B25B0"> <enum>(A)</enum> <text>the Trust from purchasing insurance for its Trustees or for itself to cover liability or losses occurring by reason of the act or omission of a Trustee, if such insurance permits recourse by the insurer against the Trustee in the case of a breach of a fiduciary obligation by such Trustee;</text> </subparagraph> <subparagraph id="H34249DB00CBE47F49C27C9D7F995B63C"> <enum>(B)</enum> <text>a Trustee from purchasing insurance to cover liability under this section from and for his own account; or</text> </subparagraph> <subparagraph id="H06010C053E1249C9AB9F5B33FE76CD90"> <enum>(C)</enum> <text>an employer or an employee organization from purchasing insurance to cover potential liability of 1 or more Trustees with respect to their fiduciary responsibilities, obligations, and duties under this section.</text> </subparagraph> </paragraph> <paragraph id="H09D908D3E6B04BDFAB205DE99C382981"> <enum>(4)</enum> <header>Trustees, bonds</header> <subparagraph id="H920275AA1B314CD8B2BDDFEBFC111019"> <enum>(A)</enum> <header>Requirement</header> <text>Each Trustee and every person who handles funds or other property of the Trust (in this section referred to as <quote>Trust official</quote>) shall be bonded. The bond shall provide protection to the Trust against loss by reason of acts of fraud or dishonesty on the part of any Trust official, directly or through the connivance of others.</text> </subparagraph> <subparagraph id="H030A6F7D40E6499EA226E01E0400602E"> <enum>(B)</enum> <header>Amount</header> <text>The amount of a bond for a Trustee under this paragraph shall be fixed at the beginning of each fiscal year of the Trust by the Board of Directors of the Rail Infrastructure Finance Corporation. The amount may not be less than 10 percent of the amount of the funds administered by the Trust.</text> </subparagraph> <subparagraph id="H149D424A2FDE41FE91735DFFB0006738"> <enum>(C)</enum> <header>Unlawful conduct</header> <text>It shall be unlawful for—</text> <clause id="H64D0E63A0B02429E9D741F02B0C66969"> <enum>(i)</enum> <text>any Trust official to receive, handle, disburse, or otherwise exercise custody or control of any of the funds or other property of the Trust without being bonded as required by this subsection;</text> </clause> <clause id="H172D27783D43499EBB98A997A598A2DB"> <enum>(ii)</enum> <text>any Trust official, or any other person having authority to direct the performance of such functions, to permit such functions, or any of them, to be performed by any Trust official, with respect to whom the requirements of this subsection have not been met; and</text> </clause> <clause id="HB94C6D3DCE8E4A3D92FD230932558896"> <enum>(iii)</enum> <text>any person to procure any bond required by this subsection from any surety or other company or through any agent or broker in whose business operations such person has any control or significant financial interest, direct or indirect.</text> </clause> </subparagraph> </paragraph> </subsection> <subsection id="H202E08E28AAE427E817D37BA174BB910"> <enum>(f)</enum> <header>Administrative matters</header> <paragraph id="HB3D64C6AB1C94A039EA910DB42480147"> <enum>(1)</enum> <header>Authority</header> <text>The Board of Trustees shall have the authority to make rules to govern its operations, employ professional staff, and contract with outside advisors (including the Rail Infrastructure Finance Corporation) to provide legal, accounting, investment advisory, or other services necessary for the proper administration of this section. In the case of a contract for investment advisory services, compensation for such services may be provided on a fixed fee basis or on such other terms and conditions as are customary for such services.</text> </paragraph> <paragraph id="H0D6C5B25FF69446EB6E9E9CFF4F930EA"> <enum>(2)</enum> <header>Quorum and proceedings</header> <text>Three members of the Board of Trustees shall constitute a quorum for the Board to conduct business. Investment guidelines shall be adopted by a unanimous vote of the entire Board of Trustees. All other decisions of the Board of Trustees shall be decided by a majority vote of the quorum present. All decisions of the Board of Trustees shall be entered upon the records of the Board of Trustees.</text> </paragraph> <paragraph id="H72EEF713613F4DAA99E195914C1F42DB"> <enum>(3)</enum> <header>Compensation of Trustees and employees</header> <text>The salaries of the Trustees are subject to the limitations in section 302(i).</text> </paragraph> <paragraph id="HCE547919245943F58453FAF0DEEB74BD"> <enum>(4)</enum> <header>Compensation arrangements</header> <text>The Board of Trustees may compensate investment advisory service providers and employees of the Trust on a fixed contract fee basis or on such other terms and conditions as are customary for such services.</text> </paragraph> <paragraph id="HB3C72F70164B4FE182368F6C4081CF03"> <enum>(5)</enum> <header>Funding</header> <text>The expenses of the Trust and the Board of Trustees that are incurred under this section shall be paid from the Trust.</text> </paragraph> </subsection> <subsection id="HBA9038D91D8A4CD0B1F804AEB7902284"> <enum>(g)</enum> <header>Audit and report</header> <paragraph id="H9295B16F42D14CD5B2ABE3CC8BD01FC6"> <enum>(1)</enum> <header>Requirement for annual audit</header> <text>The Trust shall annually engage an independent qualified public accountant to audit the financial statements of the Trust.</text> </paragraph> <paragraph id="H0B9533521C4E461E82C63509AA6ED9F"> <enum>(2)</enum> <header>Annual management report</header> <text>The Trust shall submit an annual management report to be included in the annual report of the Corporation required under section 306. The management report under this paragraph shall include the following matters:</text> <subparagraph id="H74F7C90D9614454BAE787C036892CD8F"> <enum>(A)</enum> <text>A statement of financial position.</text> </subparagraph> <subparagraph id="HA5F8036B2EB548FBAF65D68DEB803BAD"> <enum>(B)</enum> <text>A statement of operations.</text> </subparagraph> <subparagraph id="H257969BC37F94A0785F3D1002E66CB35"> <enum>(C)</enum> <text>A statement of cash flows.</text> </subparagraph> <subparagraph id="HE9F8153082E141E8B09100005E009478"> <enum>(D)</enum> <text>A statement on internal accounting and administrative control systems.</text> </subparagraph> <subparagraph id="HBC6D828B9C4347B2B2845ED3B58E00A6"> <enum>(E)</enum> <text>The report resulting from an audit of the financial statements of the Trust conducted under paragraph (1).</text> </subparagraph> <subparagraph id="H18BC117543794A27A111A3FFFCCE8C80"> <enum>(F)</enum> <text>Any other comments and information necessary to inform Congress about the operations and financial condition of the Trust.</text> </subparagraph> </paragraph> </subsection> <subsection id="HEA5256749F1C45518EAB33ECBF71CCF4"> <enum>(h)</enum> <header>Enforcement</header> <text>The Rail Infrastructure Finance Corporation may commence a civil action—</text> <paragraph id="H6CE715AC97704F22B0E9635172003B9E"> <enum>(1)</enum> <text>to enjoin any act or practice by the Trust, its Board of Trustees, or its employees or agents that violates any provision of this title; or</text> </paragraph> <paragraph id="H63F4A78DD8284F84AF5987A6DED7E756"> <enum>(2)</enum> <text>to obtain other appropriate relief to redress such violations, or to enforce any provisions of this title.</text> </paragraph> </subsection> <subsection id="H279189C505104A22870957466DDBC082"> <enum>(i)</enum> <header>Exemption from tax for Rail Infrastructure Finance Trust</header> <text>Subsection (c) of <external-xref legal-doc="usc" parsable-cite="usc/26/501">section 501</external-xref> of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:</text> <quoted-block id="H57C1F36E05F04D509875A35084A2957F"> <paragraph id="HFC9ACFAE08AE45468262864083DC19D3"> <enum>(29)</enum> <text>The Rail Infrastructure Finance Trust established under section 308 of the <short-title>True Reinvestment for Amtrak Infrastructure in the 21st Century Act</short-title>.</text> </paragraph> <after-quoted-block>.</after-quoted-block> </quoted-block> </subsection> </section> <enum>IV</enum><header>Rail infrastructure tax credit bonds</header> <section id="HDA07BABA270144CDB77FEFD0F95BBBEE"><enum>401.</enum><header>Credit to holders of qualified rail infrastructure bonds</header> <subsection id="H64C17927A3664AF3A7BCED1751002200"><enum>(a)</enum><header>In general</header><text>Part IV of subchapter A of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/26/1">chapter 1</external-xref> of the Internal Revenue Code of 1986 (relating to credits against tax) is amended by adding at the end the following new subpart:</text> <quoted-block id="H9C5C2251536F4C0A92299F748DC9EB66"> <subpart id="H6C2AA086B496467D99561500AEEB06FA"><enum>H</enum><header>Nonrefundable credit for holders of qualified rail infrastructure bonds</header> <toc regeneration="no-regeneration"> <toc-entry level="section">Sec. 54. Credit to holders of qualified rail infrastructure bonds</toc-entry></toc> <section id="HD3D59402497E42A593AC00D676A5A4E4"><enum>54.</enum><header>Credit to holders of qualified rail infrastructure bonds</header> <subsection id="H2E21CE67ED304CED8D052060FF4C412B"><enum>(a)</enum><header>Allowance of credit</header><text>In the case of a taxpayer who holds a qualified 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.</text></subsection> <subsection id="H490263A0761A439BB3C84097C8B35EF1"><enum>(b)</enum><header>Amount of credit</header> <paragraph id="H6D1AF02C551240F3BE6C91BF16A550A3"><enum>(1)</enum><header>In general</header><text>The amount of the credit determined under this subsection with respect to any credit allowance date for a qualified rail infrastructure bond is 25 percent of the annual credit determined with respect to such bond.</text></paragraph> <paragraph id="H13941B67E36D48A7B9207C6E75D4C150"><enum>(2)</enum><header>Annual credit</header><text>The annual credit determined with respect to any qualified rail infrastructure bond is the product of—</text> <subparagraph id="H544271250B8746339E9E2D3FCEDD34A8"><enum>(A)</enum><text>the applicable credit rate, multiplied by</text></subparagraph> <subparagraph id="H46A8DA96E9484A0B9CE5912F34AE21C6"><enum>(B)</enum><text>the outstanding face amount of the bond.</text></subparagraph></paragraph> <paragraph id="H70FE417C590340F9BBF7111104206083"><enum>(3)</enum><header>Applicable credit rate</header><text>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).</text></paragraph> <paragraph id="H42B71D8D68404510B41F328BED27E6F2"><enum>(4)</enum><header>Credit allowance date</header><text>For purposes of this section, the term <term>credit allowance date</term> means—</text> <subparagraph id="H2498055EBFFB4BB29418C03B69EC4D20"><enum>(A)</enum><text>March 15,</text></subparagraph> <subparagraph id="H30D62F2D416142C488BBD85D1EDA09A0"><enum>(B)</enum><text>June 15,</text></subparagraph> <subparagraph id="H83150296742E4437A2ED551785AED2E6"><enum>(C)</enum><text>September 15, and</text></subparagraph> <subparagraph id="H63528173A4904374B538D501F630DE7B"><enum>(D)</enum><text>December 15.</text></subparagraph><continuation-text continuation-text-level="paragraph">Such term includes the last day on which the bond is outstanding.</continuation-text></paragraph> <paragraph id="HB90ECF8A235349B185ECE8002C5FC921"><enum>(5)</enum><header>Special rule for issuance and redemption</header><text>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.</text></paragraph></subsection> <subsection id="H20B864A378844838B4FCD5B75EA43574"><enum>(c)</enum><header>Limitation based on amount of tax</header><text>The credit allowed under subsection (a) for any taxable year shall not exceed the excess of—</text> <paragraph id="H1F3C95976E05407BA695FD74C4083D29"><enum>(1)</enum><text>the sum of the regular tax liability (as defined in section 26(b)) plus the tax imposed by section 55, over</text></paragraph> <paragraph id="H97BDCB35963744B89BEED055657C61E"><enum>(2)</enum><text>the sum of the credits allowable under this part (other than this subpart and subpart C).</text></paragraph></subsection> <subsection id="HC0614BC6591845BB89DA27C8C9D9C56C"><enum>(d)</enum><header>Credit included in gross income</header><text>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.</text></subsection> <subsection id="HA9CE308E66254C059F7FF93FD3D302D"><enum>(e)</enum><header>Qualified rail infrastructure bond</header><text>For purposes of this part, the term <term>qualified rail infrastructure bond</term> means any bond issued as part of an issue if—</text> <paragraph id="H62528B11C69E436893CC4603C192DFD8"><enum>(1)</enum><text>the bond is issued by the Rail Infrastructure Finance Corporation and is in registered form,</text></paragraph> <paragraph id="HF1248F10DFA34EB792A3B7669B4F07A8"><enum>(2)</enum><text>the term of each bond which is part of such issue does not exceed 20 years,</text></paragraph> <paragraph id="H6E8F29061F384150B4D5195B94D3D4E"><enum>(3)</enum><text>the payment of principal with respect to such bond is the obligation of the Rail Infrastructure Finance Corporation and not an obligation of the United States,</text></paragraph> <paragraph id="HA16F901FFA744F13A649469553C0F19D"><enum>(4)</enum><text>all proceeds from the sale of the issue are used for the purposes set forth in section 307(c)(5) of the <short-title>True Reinvestment for Amtrak Infrastructure in the 21st Century Act</short-title>, and</text></paragraph> <paragraph id="H08622DFE53454C5500CAAB0059CCA5D4"><enum>(5)</enum><text>95 percent or more of the net spendable proceeds from the sale of such issue are to be used for expenditures incurred after the date of enactment of this section for any qualified project described in section 201 or 202 of the <short-title>True Reinvestment for Amtrak Infrastructure in the 21st Century Act</short-title> subject to the limitations established by that Act.</text></paragraph></subsection> <subsection id="HA64EEF4A5F1A43E5A77998F451246BEF"><enum>(f)</enum><header>Special rules relating to net spendable proceeds</header> <paragraph id="H9400C3D4276C4FE597EE31EC3C42B703"><enum>(1)</enum><header>In general</header><text>Subject to paragraph (2), an issue shall be treated as meeting the requirements of this subsection if, as of 6 years after the date of issuance, the issuer reasonably expects—</text> <subparagraph id="H6624A16BA14446A3B9AC30E5577B8B70"><enum>(A)</enum><text>to award grants under section 305(a) of the <short-title>True Reinvestment for Amtrak Infrastructure in the 21st Century Act</short-title> in a total amount that is at least 95 percent of the net spendable proceeds of the issue for 1 or more qualified projects within the 6-year period beginning on such date,</text></subparagraph> <subparagraph id="H51CC6D5F93974C88BAEAF009FEEB01"><enum>(B)</enum><text>to incur a binding commitment with a third party—</text> <clause id="H49B2471E7AD0462EA008929BB4D711C"><enum>(i)</enum><text>to spend at least 10 percent of the net spendable proceeds of the issue, or to commence construction, with respect to such projects within the 12-month period beginning on such date, and</text></clause> <clause id="H7A2E78039B9C4E1F84111BA44C170562"><enum>(ii)</enum><text>to proceed with due diligence to complete such projects, and</text></clause></subparagraph> <subparagraph id="H18DF560A911740FB9C6F67FC0FBB7B2"><enum>(C)</enum><text>to expend the total amount of the net spendable proceeds of the issue.</text></subparagraph></paragraph> <paragraph id="HBD871C47DCB94F49AAF858AE092E40D5"><enum>(2)</enum><header>Rules regarding continuing compliance after 6-year determination</header><text>If at least 95 percent of the net spendable proceeds of the issue is not awarded as grants to be expended for 1 or more qualified projects within the 6-year period beginning 6 years after 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 paragraph (1) if either the requirement under subparagraph (A) or the requirements under subparagraph (B) are met, as follows:</text> <subparagraph id="H3C3E557F6EA147D181FCC1CE4302C1BD"><enum>(A)</enum><text>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 6-year period and disburses any remaining net spendable proceeds to the Secretary of Treasury within 30 days after the end of such 6-year period.</text></subparagraph> <subparagraph id="HD1974017D6B143D0837C00E5AC5C78FD"><enum>(B)</enum><text>The issuer—</text> <clause id="HA0AC732FE18743268DF7200003F72276"><enum>(i)</enum><text>awards in grants under section 305(a) of the <short-title>True Reinvestment for Amtrak Infrastructure in the 21st Century Act</short-title> at least 75 percent of the net spendable proceeds of the issue for 1 or more qualified projects within the 6-year period beginning 6 years after the date of issuance, and</text></clause> <clause id="H2C066DFBF1114D55A32E03EE514E1146"><enum>(ii)</enum><text>awards in grants under section 305(a) of the <short-title>True Reinvestment for Amtrak Infrastructure in the 21st Century Act</short-title> at least 95 percent of the net spendable proceeds of the issue for 1 or more qualified projects within the 7-year period beginning 6 years after the date of issuance.</text></clause></subparagraph></paragraph></subsection> <subsection id="HBBB77DB9F36347B79E32B7E6CFB957F"><enum>(g)</enum><header>Recapture of portion of credit where cessation of compliance</header> <paragraph id="H4F898DE4539B48B19B349551904B00AD"><enum>(1)</enum><header>In general</header><text>If any bond which when issued purported to be a qualified 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—</text> <subparagraph id="H2BD11CA3AC55428D9BB80F21B4DB025"><enum>(A)</enum><text>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</text></subparagraph> <subparagraph id="H280FECFCF1014CE8B87DD23B00C3FB36"><enum>(B)</enum><text>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.</text></subparagraph></paragraph> <paragraph id="H398132A82D9C4355AA64F8DB7C4186C1"><enum>(2)</enum><header>Nonculpable disqualifications</header><text>If a qualified rail infrastructure bond ceases to qualify as such a bond due to action taken by the recipient of a grant made under section 305(a) of the <short-title>True Reinvestment for Amtrak Infrastructure in the 21st Century Act</short-title>, the issuer may seek compensation under paragraph (1) of this subsection.</text></paragraph></subsection> <subsection id="H2FB4589AFB7F470DB2767709E4ED6100"><enum>(h)</enum><header>Rail infrastructure finance trust</header> <paragraph id="HE71C8465CB014D0780F62F40E9D96DCA"><enum>(1)</enum><header>In general</header><text>The following amounts shall be held in a trust account by the Rail Infrastructure Finance Corporation:</text> <subparagraph id="H8FFB5F716A6941E399F95D8682C6A575"><enum>(A)</enum><text>An amount of the proceeds from the sale of all bonds designated for purposes of this section that, when combined with amounts described in subparagraphs (B), (C), and (D), is sufficient—</text> <clause id="HACE1B9D4B78549FA94E75E9100EEFE97"><enum>(i)</enum><text>to ensure the Corporation’s ability to redeem all bonds upon maturity; and</text></clause> <clause id="H4D584941ADE74FAAB57FA2A2494DA9EA"><enum>(ii)</enum><text>to pay the administrative expenses of the Corporation and the Rail Infrastructure Finance Trust.</text></clause></subparagraph> <subparagraph id="H484ECAC9027B4F83AE65C012AFD8234"><enum>(B)</enum><text>The amount of any non-Federal contributions required under section 305(a)(4) of the <short-title>True Reinvestment for Amtrak Infrastructure in the 21st Century Act</short-title>.</text></subparagraph> <subparagraph id="HE1C95806C5684676A7DFA3E69335C92F"><enum>(C)</enum><text>The temporary period investment earnings on proceeds from the sale of such bonds.</text></subparagraph> <subparagraph id="H0A06882CD8E140878436E72EA4278FE"><enum>(D)</enum><text>Any earnings on any amounts described in subparagraph (A), (B), or (C).</text></subparagraph></paragraph> <paragraph id="HBA9A54D661DB4A47B764A98900CCDFC2"><enum>(2)</enum><header>Use of funds</header><text>Amounts in the trust account may be used only for investment purposes to generate sufficient funds to redeem qualified rail infrastructure bonds at maturity and pay the administrative expenses of the Corporation and the Trust.</text></paragraph> <paragraph id="H3A9E02BA4C2E46AF902F9297B83C767E"><enum>(3)</enum><header>Use of remaining funds on trust account</header><text>If the Corporation determines that the amount in the trusts account exceeds the amount required to comply with paragraph (2), the Corporation may transfer the excess to the Rail Infrastructure Investment account to be available for awarding grants as provided for in section 307(c)(5)(B) of the <short-title>True Reinvestment for Amtrak Infrastructure in the 21st Century Act</short-title>.</text></paragraph> <paragraph id="HDEC943AC9A8F4BB2BB4DEB0900AF00D9"><enum>(4)</enum><header>Reversion of remaining proceeds</header><text>Upon retirement of all bonds issued by the Corporation, any remaining proceeds from the sale of such bonds shall be covered into the general fund of the Treasury of the United States as miscellaneous receipts.</text></paragraph></subsection> <subsection id="HC671FDC30880486F9734A0AC68A715BE"><enum>(i)</enum><header>Other definitions and special rules</header><text>For purposes of this section—</text> <paragraph id="H190197AB2125437DB47D68638FDF2CCF"><enum>(1)</enum><header>Bond</header><text>The term <term>bond</term> includes any obligation.</text></paragraph> <paragraph id="HDEFC5A63CA2A4C839838146B7EC71043"><enum>(2)</enum><header>Net spendable proceeds</header><text>The term <term>net spendable proceeds</term> has the meaning given such term in section 307(c)(6) of the <short-title>True Reinvestment for Amtrak Infrastructure in the 21st Century Act</short-title>.</text></paragraph> <paragraph id="H57236DB800384412B429955D0092FB12"><enum>(3)</enum><header>Qualified project</header><text>The term <term>qualified project</term> means any project that is eligible for grant funding under section 201 or 202 of the <short-title>True Reinvestment for Amtrak Infrastructure in the 21st Century Act</short-title>.</text></paragraph> <paragraph id="H7833CE5F159B473DA4F4BC38F04004B"><enum>(4)</enum><header>Partnership; s corporation; and other pass-thru entities</header><text>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).</text></paragraph> <paragraph id="HE9C2BE80E6A2448882525C3101EBE750"><enum>(5)</enum><header>Bonds held by regulated investment companies</header><text>If any qualified 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.</text></paragraph> <paragraph id="HA5DEE1A1CFF942A493EBCAC5857CB955"><enum>(6)</enum><header>Reporting</header><text>Issuers of qualified rail infrastructure bonds shall submit reports similar to the reports required under section 149(e).</text></paragraph></subsection></section></subpart><after-quoted-block>.</after-quoted-block></quoted-block></subsection> <subsection id="H3EAEBD23AD884295984278CB00009F00"><enum>(b)</enum><header>Amendments to other Code sections</header> <paragraph id="H49784AEE4AA04B2F95B2E25BCA532300"><enum>(1)</enum><header>Reporting</header><text>Subsection (d) of <external-xref legal-doc="usc" parsable-cite="usc/26/6049">section 6049</external-xref> 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:</text> <quoted-block id="HEDDD4A1762D6430CAB73A378EF007DA0"> <paragraph id="HBAF589E719CB4989ABFB7D7420002609"><enum>(8)</enum><header>Reporting of credit on qualified rail infrastructure bonds</header> <subparagraph id="HA449A814CC7D4E70AF66198641F9EF99"><enum>(A)</enum><header>In general</header><text>For purposes of subsection (a), the term <term>interest</term> 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)).</text></subparagraph> <subparagraph id="HCDA8C994A2584850B747EA111282BA2B"><enum>(B)</enum><header>Reporting to Corporations, etc</header><text>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.</text></subparagraph> <subparagraph id="H53B7E049AF8842E7BED675B02D6603D5"><enum>(C)</enum><header>Regulatory authority</header><text>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.</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph> <paragraph id="H44479172C4654ECFAD4FA1D27023E1C6"><enum>(2)</enum><header>Treatment for estimated tax purposes</header> <subparagraph id="H1977175430644CD7952B25D3559362B3"><enum>(A)</enum><header>Individual</header><text>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:</text> <quoted-block id="H9A35B15409384B90B1BB9380F54B99E8"> <subsection id="HF713B6B5DBFB452EAEEA6626A36CB3BC"><enum>(m)</enum><header>Special rule for holders of qualified rail infrastructure bonds</header><text>For purposes of this section, the credit allowed by section 54 to a taxpayer by reason of holding a qualified 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.</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subparagraph> <subparagraph id="H488201784A634CD6BE6FEDF4B27424F"><enum>(B)</enum><header>Corporate</header><text>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:</text> <quoted-block id="H44095170D96F4E1A8897BB0007CD7F57"> <paragraph id="H6630DD79AF1249F589EB5BA3F2923BA4"><enum>(5)</enum><header>Special rule for holders of qualified rail infrastructure bonds</header><text>For purposes of this section, the credit allowed by section 54 to a taxpayer by reason of holding a qualified 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.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></subparagraph></paragraph></subsection> <subsection id="H38291ADB371146B4A7F3D7832DF064EF"><enum>(c)</enum><header>Clerical amendments</header> <paragraph id="H388B9ABA0EC8447C91A3DECB1C8BA261"><enum>(1)</enum><text>The table of subparts for part IV of subchapter A of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/26/1">chapter 1</external-xref> of the Internal Revenue Code of 1986 is amended by adding at the end the following new item:</text> <quoted-block style="USC" id="H8B20CF79810747D7AEFACC1E234D6C77"> <toc regeneration="no-regeneration"> <toc-entry level="subpart">Subpart H—Nonrefundable credit for holders of qualified rail infrastructure bonds</toc-entry></toc><after-quoted-block>.</after-quoted-block></quoted-block></paragraph> <paragraph id="H9D44123944D24FEE9CCF25B1ACC8D8F6"><enum>(2)</enum><text>Section 6401(b)(1) of such Code is amended by striking <quote>and G</quote> and inserting <quote>G, and H</quote>.</text></paragraph></subsection></section> <section id="HAAF1A0F180D14983AB6BF1EF43AF5E3"><enum>402.</enum><header>Issuance of regulations</header><text display-inline="no-display-inline">The Secretary of the Treasury shall issue regulations required under <external-xref legal-doc="usc" parsable-cite="usc/26/54">section 54</external-xref> of the Internal Revenue Code of 1986 not later than 90 days after the date of the enactment of this Act.</text></section> <section id="H8AF880D75A984081A85B83B38D321549"><enum>403.</enum><header>Effective date</header><text display-inline="no-display-inline">The amendments made by section 401 shall apply to obligations issued after the date of enactment of this Act.</text> </section>