118 S3924 IS: Bus Rolling Stock Modernization Act of 2024 U.S. Senate 2024-03-12 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.

II118th CONGRESS2d SessionS. 3924IN THE SENATE OF THE UNITED STATESMarch 12, 2024Ms. Smith (for herself, Mr. Cramer, Mr. Fetterman, and Mrs. Britt) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban AffairsA BILLTo establish limitations on advanced payments for bus rolling stock, and for other purposes.

1.

Short title

This Act may be cited as the Bus Rolling Stock Modernization Act of 2024.

2.

Limitations on advanced payments for bus rolling stock

Section 5323 of title 49, United States Code, is amended by adding at the end the following:(w)

Limitations on advanced payments for bus rolling stock

(1)

In general

Notwithstanding any provision of this chapter or part 200 of title 2, Code of Federal Regulations, or any successor regulation, a recipient may use assistance made available under this chapter to make an advance payment on a bus rolling stock vehicle without the recipient obtaining pre-approval or requiring a performance bond or other form of security from the transit vehicle manufacturer.(2)

Limitations

A recipient making an advance payment under paragraph (1)—(A)shall have—(i)a signed purchase order and executed contract with a transit vehicle manufacturer that includes advance payment provisions;(ii)preaward authority; and(iii)met the requirements under subsection (m) and section 5318(e) of this title; and (B)shall not provide an advanced payment that is more than 20 percent of the total purchase order value..