TIFIA funding of qualified transit capital projects

(a)

Definition of master credit agreement

Section 601(a) of title 23, United States Code, is amended— (1)in paragraph (8)— (A)by striking and at the end of subparagraph (C); (B)by striking the period at the end of subparagraph (D) and inserting and;; and (C)by adding at the end the following:

(E)a project or program of related projects that— (i)is for the design, acquisition, construction, or rehabilitation of one or more transportation projects that reduces emissions of greenhouse gases or has a positive impact on congestion; and (ii)receives not more than 30 percent of its funding for capital costs from Federal grant funds made available under this title or chapter 53 of title 49, United States Code.

; and

(2)by adding at the end the following:

(15)

Master credit agreement

The term master credit agreement means an agreement entered into by and between the Secretary and an obligor for a project defined in paragraph (9)(E) that— (A)makes contingent commitments of one or more secured loans or other Federal credit instruments at future dates; (B)establishes the amounts and general terms and conditions of such secured loans or other Federal credit instruments; (C)identifies the dedicated revenue sources that will secure the repayment of such secured loans or other Federal credit instruments; and (D)provides for the obligation of funds for such secured loans or other Federal credit instruments after all requirements under section 602(c) have been met for the project, including compliance with the requirements of the National Environmental Policy Act of 1969 (42 U.S.C. 432i et seq.).

(b)

Eligibility and eligible projected costs

Section 602(a) of title 23, United States Code, is amended— (1)in paragraph (1) by adding before the period at the end the following:

(1), including, in the case of a master credit agreement, at such time as the disbursement of loan proceeds or the provision of other credit assistance pursuant to the master credit agreement

; and

(2)in paragraph 3— (A)by striking subparagraph (B) in subparagraph (A) and inserting subparagraphs (B) and (C); and (B)by adding at the end the following:

(C)

Mega Transportation Projects

In the case of a project defined in section 601(a)(8)(E), eligible project costs shall be reasonably anticipated to equal or exceed $1,000,000,000.

(c)

Secured loans

Section 603(b)— (1)in paragraph (2) of title 23, United States Code, is amended by striking 33 percent and inserting 49 percent; (2)in paragraph (4)— (A)by striking The interest rate and inserting the following:

(A)

In general

The interest rate

; and

(B)by adding at the end the following new subparagraph:

(B)

Reduction in interest rate

(i)

In general

If the Secretary determines that the interest rate described under subparagraph (A) has increased by more than 1 percent between the time the Secretary signs the master credit agreement and the time at which the secured loan is made with respect to a project that is the subject of such master credit agreement, the Secretary may allow the interest rate on the secured loan to be up to— (I)1 percent lower than subparagraph (A) allows; or (II)for a secured loan being made with respect to a project that is certified by the Secretary, in consultation with the Administrator of the Environmental Protection Agency, as only using clean construction equipment, 1.5 percent lower than subparagraph (A) allows. (ii)

Clean construction equipment defined

For purposes of this subparagraph, the term clean construction equipment means nonroad construction vehicles or equipment powered by diesel engines that— (I)are certified to meet the Environmental Protection Agency’s Tier 4 nonroad engine fine particulate emission standards, published in the Federal Register on June 29, 2004 (69 Fed. Reg. 38958); or (II)achieve through other means a particulate matter emission reduction of 85 percent or more from uncontrolled engine emission levels.

; and

(3)in paragraph (6) by inserting before the period the following: , except that when making a secured loan, the Secretary may waive the application of this paragraph with respect to the loan if the amount of the loan does not exceed 33 percent of the reasonably anticipated eligible project costs and the loan is secured by tax revenue. (d)

Lines of credit

Section 604(b)(2) of title 23, United States Code, is amended by striking 33 percent and inserting 49 percent. (e)

Funding

Section 608(a) of title 23, United States Code, is amended— (1)in paragraph (1) by striking $122,000,000 for each of fiscal years 2005 through 2009 and inserting $375,000,000 for each of fiscal years 2011 through 2015; and (2)in paragraph (3) by striking $2,200,000 for each of fiscal years 2005 through 2009 and inserting $5,000,000 for each of fiscal years 2011 through 2015. (f)

Certain unobligated balances

With respect to a secured loan made pursuant to chapter 6 of title 23, United States Code, only unobligated balances provided to carry out such chapter that were appropriated for a fiscal year prior to the fiscal year in which such secured loan is made, and which remain available, may be used to carry out the authority granted to the Secretary of Transportation by the amendment made by subsection (c)(2)(B). (g)

Conforming amendment

Section 603(a)(1) of title 23, United States Code, is amended by inserting after into agreements the following: , including master credit agreements,.