[Congressional Record Volume 143, Number 91 (Wednesday, June 25, 1997)]
[Senate]
[Pages S6366-S6372]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. CHAFEE (for himself, Mr. Graham, Mrs. Boxer, Mr. Bennett, 
        Mr. Hatch, and Mr. Moynihan):
  S. 963. A bill to establish a transportation credit assistance pilot 
program, and for other purposes; to the Committee on Environment and 
Public Works.


  the transportation infrastructure finance and innovation act of 1997

  Mr. CHAFEE. Mr. President, today I am introducing the Transportation 
Infrastructure Finance and Innovation Act of 1997,--or, TIFIA. The 
purpose of the bill is to bridge the gap between the Nation's 
substantial infrastructure needs and limited Federal funds. I am 
pleased to report that Senators Graham of Florida, Boxer, Hatch, 
Bennett, and Moynihan have joined me in cosponsoring this important 
measure.
  I think we can all agree that there is a clear shortfall of public 
funding to meet the Nation's transportation needs. Our effort to 
balance the Federal budget only makes the challenge of meeting these 
critical needs all the more difficult.
  The goals of our bill are to offer the sponsors of major 
transportation projects a new tool to make the most of limited Federal 
resources, stimulate additional investment in our Nation's 
infrastructure, and encourage greater private sector participation in 
meeting our transportation needs.
  TIFIA establishes a new Federal credit program for surface 
transportation. It will provide $800 million in credit assistance over 
six years to public and private entities, with the purpose of 
leveraging as much as $16 billion in Federal funds for major 
transportation projects. In turn, this Federal investment could help 
leverage total investment in infrastructure from other public and 
private entities of $40 to $50 billion. Eligible forms of credit 
assistance available through our proposal include loans, loan 
guarantees, and lines of credit.


       what kinds of projects would qualify for this assistance?

  National significance. Projects participating in this program must be 
determined by the Secretary of Transportation to be ``regionally or 
nationally'' significant. Projects must enhance the national 
transportation system, reduce traffic congestion, and protect the 
environment.

  Large projects. This program is targeted at large projects that are 
difficult, if not impossible, to fund through traditional means such as 
using a State's annual allocation in the Federal highway program. 
Projects participating in the program must cost at least 100 million 
dollars, or 50 percent of a State's most recent annual apportionment of 
federal-aid highway funds, whichever is less.
  Eligibility. The project must be a surface transportation facility 
eligible for federal assistance--i.e., a highway, transit, passenger 
rail, or intermodal facility.
  State and local support. The project must be included in the State 
transportation plan and be in the approved State Transportation 
Improvement Program.
  User charges. Projects must be self-financing through user fees or 
other non-federal revenue sources.


 why is this program needed in addition to state infrastructure banks?

  The new credit assistance program will supplement existing Federal 
programs, such as the State Infrastructure Banks or SIB's. Large 
projects of national importance are simply too big to be financed by 
SIB's. As start-up financial institutions, SIB's are limited in the 
amount of assistance they can provide in the near term. The credit 
assistance available through TIFIA will help fill this gap in the near 
term.


    will the federal government shoulder all of the risk for these 
                               projects?

  No, under TIFIA, the Federal Government will participate in the new 
credit assistance program as a minor investor. Our bill limits Federal 
participation to 33 percent of total project costs.
  I want to emphasize that the new credit assistance program 
established in TIFIA is a limited, six-year pilot program. The ultimate 
objective of the program is to phase out Federal participation in these 
large projects and allow private capital investment to take on this 
function. It is time to try a new approach and see how it works.
  The benefits of private sector involvement in this area are enormous. 
Giving the private sector a larger role will reduce project costs and 
advance construction schedules. It also will attract much needed 
private capital, and more equitably distribute risks between public and 
private sectors.
  Now more than ever, we must preserve the strengths of the 
transportation system we have in place. Yet, we also must anticipate 
the future, addressing new problems with innovative solutions. This new 
credit program is just the sort of creative mechanism we should be 
advancing.
  It is my hope that the new credit assistance program in the bill I 
introduce today will be included as part of the reauthorization of the 
Intermodal Surface Transportation Efficiency Act. As I have said 
before, the ISTEA reauthorization process must reach out for ideas on 
creative ways, like this one, to finance our infrastructure needs. The 
combination of our nation's transportation infrastructure needs and the 
significant fiscal constraints at all levels of government make this 
effort imperative. This measure has the endorsement of the American 
Road and Transportation Builders Association; PSA, the Bond Market 
Trade Association; the Internationals Union of Operating Engineers; the 
Building and Construction Trades Department; and Project America. I 
urge my colleagues to give this sensible measure their support.

[[Page S6367]]

  Mr. President, I ask unanimous consent that the text and description 
of the bill be included in the Record.
       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Transportation 
     Infrastructure Finance and Innovation Act of 1997''.

     SEC. 2. FINDINGS.

       Congress finds that--
       (1) a well-developed system of transportation 
     infrastructure is critical to the economic well-being, 
     health, and welfare of the people of the United States;
       (2) traditional public funding techniques such as grant 
     programs are unable to keep pace with the infrastructure 
     investment needs of the United States because of budgetary 
     constraints at the Federal, State, and local levels of 
     government;
       (3) major transportation infrastructure facilities that 
     address critical national needs, such as intermodal 
     facilities, border crossings, and multistate trade corridors, 
     are of a scale that exceeds the capacity of Federal and State 
     assistance programs in effect on the date of enactment of 
     this Act;
       (4) new investment capital can be attracted to 
     infrastructure projects that are capable of generating their 
     own revenue streams through user charges or other dedicated 
     funding sources; and
       (5) a Federal credit program for projects of national 
     significance can complement existing funding resources by 
     filling market gaps, thereby leveraging substantial private 
     co-investment.

     SEC. 3. DEFINITIONS.

       In this Act:
       (1) Eligible project costs.--The term ``eligible project 
     costs'' means amounts substantially all of which are paid by, 
     or for the account of, an obligor in connection with a 
     project, including the cost of--
       (A) development phase activities, including planning, 
     feasibility analysis, revenue forecasting, environmental 
     review, permitting, preliminary engineering and design work, 
     and other preconstruction activities;
       (B) construction, reconstruction, rehabilitation, 
     replacement, and acquisition of real property (including land 
     related to the project and improvements to land), 
     environmental mitigation, construction contingencies, and 
     acquisition of equipment; and
       (C) interest during construction, reasonably required 
     reserve funds, capital issuance expenses, and other carrying 
     costs during construction.
       (2) Federal credit instrument.--The term ``Federal credit 
     instrument'' means a secured loan, loan guarantee, or line of 
     credit authorized to be made available under this Act with 
     respect to a project.
       (3) Lender.--The term ``lender'' means any non-Federal 
     qualified institutional buyer (as defined in section 
     230.144A(a) of title 17, Code of Federal Regulations (or any 
     successor regulation), known as Rule 144A(a) of the 
     Securities and Exchange Commission and issued under the 
     Securities Act of 1933 (15 U.S.C. 77a et seq.)), including--
       (A) a qualified retirement plan (as defined in section 
     4974(c) of the Internal Revenue Code of 1986) that is a 
     qualified institutional buyer; and
       (B) a governmental plan (as defined in section 414(d) of 
     the Internal Revenue Code of 1986) that is a qualified 
     institutional buyer.
       (4) Line of credit.--The term ``line of credit'' means an 
     agreement entered into by the Secretary with an obligor under 
     section 6 to provide a direct loan at a future date upon the 
     occurrence of certain events.
       (5) Loan guarantee.--The term ``loan guarantee'' means any 
     guarantee or other pledge by the Secretary to pay all or part 
     of the principal of and interest on a loan or other debt 
     obligation issued by an obligor and funded by a lender.
       (6) Local servicer.--The term ``local servicer'' means--
       (A) a State infrastructure bank established under title 23, 
     United States Code; or
       (B) a State or local government or any agency of a State or 
     local government that is responsible for servicing a Federal 
     credit instrument on behalf of the Secretary.
       (7) Obligor.--The term ``obligor'' means a party primarily 
     liable for payment of the principal of or interest on a 
     Federal credit instrument, which party may be a corporation, 
     partnership, joint venture, trust, or governmental entity, 
     agency, or instrumentality.
       (8) Project.--The term ``project'' means any surface 
     transportation facility eligible for Federal assistance under 
     title 23 or chapter 53 of title 49, United States Code.
       (9) Project obligation.--The term ``project obligation'' 
     means any note, bond, debenture, or other debt obligation 
     issued by an obligor in connection with the financing of a 
     project, other than a Federal credit instrument.
       (10) Secured loan.--The term ``secured loan'' means a 
     direct loan or other debt obligation issued by an obligor and 
     funded by the Secretary in connection with the financing of a 
     project under section 5.
       (11) State.--The term ``State'' has the meaning given the 
     term in section 101(a) of title 23, United States Code.
       (12) Substantial completion.--The term ``substantial 
     completion'' means the opening of a project to vehicular or 
     passenger traffic.

     SEC. 4. DETERMINATION OF ELIGIBILITY AND PROJECT SELECTION.

       (a) Eligibility.--To be eligible to receive financial 
     assistance under this Act, a project shall meet the following 
     criteria:
       (1) Inclusion in transportation plans and programs.--The 
     project--
       (A) shall be included in the State transportation plan 
     required under section 135 of title 23, United States Code; 
     and
       (B) at such time as an agreement to make available a 
     Federal credit instrument is entered into under this Act, 
     shall be included in the approved State transportation 
     improvement program required under section 134 of that title.
       (2) Application.--A State, a local servicer identified 
     under section 7(a), or the entity undertaking the project 
     shall submit a project application to the Secretary.
       (3) Eligible project costs.--
       (A) In general.--Except as provided in subparagraph (B), to 
     be eligible for assistance under this Act, a project shall 
     have eligible project costs that are reasonably anticipated 
     to equal or exceed the lesser of--
       (i) $100,000,000; or
       (ii) 50 percent of the amount of Federal-aid highway funds 
     apportioned for the most recently-completed fiscal year under 
     title 23, United States Code, to the State in which the 
     project is located.
       (B) Intelligent transportation system projects.--In the 
     case of a project involving the installation of an 
     intelligent transportation system, eligible project costs 
     shall be reasonably anticipated to equal or exceed 
     $30,000,000.
       (4) Dedicated revenue sources.--Project financing shall be 
     repayable in whole or in part by user charges or other 
     dedicated revenue sources.
       (5) Public sponsorship of private entities.--In the case of 
     a project that is undertaken by an entity that is not a State 
     or local government or an agency or instrumentality of a 
     State or local government, the project that the entity is 
     undertaking shall be publicly sponsored as provided in 
     paragraphs (1) and (2).
       (b) Selection Among Eligible Projects.--
       (1) Establishment.--The Secretary shall establish criteria 
     for selecting among projects that meet the eligibility 
     criteria specified in subsection (a).
       (2) Included criteria.--The selection criteria shall 
     include the following:
       (A) The extent to which the project is nationally or 
     regionally significant, in terms of generating economic 
     benefits, supporting international commerce, or otherwise 
     enhancing the national transportation system. Specific 
     factors determining national significance shall include the 
     extent to which the project--
       (i) is part of the National Highway System and related 
     connectors as specified in section 103(b) of title 23, United 
     States Code;
       (ii) promotes regional, interstate, or international 
     commerce;
       (iii) enables United States manufacturers to deliver their 
     goods to domestic and foreign markets in a more timely, cost-
     effective manner;
       (iv) stimulates new economic activity and job creation;
       (v) reduces traffic congestion, thereby increasing 
     workforce productivity; and
       (vi) protects and enhances the environment, including by 
     enhancing air quality through the reduction of congestion and 
     decreased fuel and oil consumption.
       (B) The creditworthiness of the project, including a 
     determination by the Secretary that any financing for the 
     project has appropriate security features, such as a rate 
     covenant, to ensure repayment. The Secretary shall require 
     each project applicant to provide a preliminary rating 
     opinion letter from a nationally recognized bond rating 
     agency.
       (C) The extent to which assistance under this Act would 
     foster innovative public-private partnerships and attract 
     private debt or equity investment.
       (D) The likelihood that assistance under this Act would 
     enable the project to proceed at an earlier date than the 
     project would otherwise be able to proceed.
       (E) The extent to which the project uses new technologies, 
     including intelligent transportation systems, that enhance 
     the efficiency of the project.
       (F) The amount of budget authority required to fund the 
     Federal credit instrument made available under this Act.
       (c) Federal Requirements.--The following provisions of law 
     shall apply to funds made available under this Act and 
     projects assisted with the funds:
       (1) Section 113 of title 23, United States Code.
       (2) Title VI of the Civil Rights Act of 1964 (42 U.S.C. 
     2000d et seq.).
       (3) The National Environmental Policy Act of 1969 (42 
     U.S.C. 4321 et seq.).
       (4) The Uniform Relocation Assistance and Real Property 
     Acquisition Policies Act of 1970 (42 U.S.C. 4601 et seq.).
       (5) Section 5333 of title 49, United States Code.

     SEC. 5. SECURED LOANS.

       (a) In General.--
       (1) Agreements.--Subject to paragraphs (2) and (3), the 
     Secretary may enter into agreements with 1 or more obligors 
     to make secured loans, the proceeds of which shall be used--
       (A) to finance eligible project costs; or
       (B) to refinance interim construction financing of eligible 
     project costs;
     of any project selected under section 4.
       (2) Limitation on refinancing of interim construction 
     financing.--A loan under

[[Page S6368]]

     paragraph (1) shall not refinance interim construction 
     financing under paragraph (1)(B) later than 1 year after the 
     date of substantial completion of the project.
       (3) Authorization period.--The Secretary may enter into a 
     loan agreement during any of fiscal years 1998 through 2003.
       (b) Terms and Limitations.--
       (1) In general.--A secured loan under this section with 
     respect to a project shall be on such terms and conditions 
     and contain such covenants, representations, warranties, and 
     requirements (including requirements for audits) as the 
     Secretary determines appropriate.
       (2) Maximum amount.--The amount of the secured loan shall 
     not exceed 33 percent of the reasonably anticipated eligible 
     project costs.
       (3) Payment.--The secured loan--
       (A) shall be payable, in whole or in part, from revenues 
     generated by any rate covenant, coverage requirement, or 
     similar security feature supporting the project obligations 
     or from a dedicated revenue stream; and
       (B) may have a lien on revenues described in subparagraph 
     (A) subject to any lien securing project obligations.
       (4) Interest rate.--The interest rate on the secured loan 
     shall be equal to the yield on marketable United States 
     Treasury securities of a similar maturity to the maturity of 
     the secured loan on the date of execution of the loan 
     agreement.
       (5) Maturity date.--The final maturity date of the secured 
     loan shall be not later than 35 years after the date of 
     substantial completion of the project.
       (6) Nonsubordination.--The secured loan shall not be 
     subordinated to the claims of any holder of project 
     obligations in the event of bankruptcy, insolvency, or 
     liquidation of the obligor.
       (7) Fees.--The Secretary may establish fees at a level 
     sufficient to cover the costs to the Federal Government of 
     making a secured loan under this section.
       (c) Repayment.--
       (1) Schedule.--The Secretary shall establish a repayment 
     schedule for each secured loan under this section based on 
     the projected cash flow from project revenues and other 
     repayment sources.
       (2) Commencement.--Scheduled loan repayments of principal 
     or interest on a secured loan under this section shall 
     commence not later than 5 years after the date of substantial 
     completion of the project.
       (3) Sources of repayment funds.--The sources of funds for 
     scheduled loan repayments under this section shall include 
     tolls, user fees, or other dedicated revenue sources.
       (4) Deferred payments.--
       (A) Authorization.--If, at any time during the 10 years 
     after the date of substantial completion of the project, the 
     project is unable to generate sufficient revenues to pay 
     scheduled principal and interest on the secured loan, the 
     Secretary may, pursuant to established criteria for the 
     project agreed to by the entity undertaking the project and 
     the Secretary, allow the obligor to add unpaid principal and 
     interest to the outstanding balance of the secured loan.
       (B) Interest.--Any payment deferred under subparagraph (A) 
     shall--
       (i) continue to accrue interest in accordance with 
     subsection (b)(4) until fully repaid; and
       (ii) be scheduled to be amortized over the remaining term 
     of the loan beginning not later than 10 years after the date 
     of substantial completion of the project in accordance with 
     paragraph (1).
       (5) Prepayment.--
       (A) Use of excess revenues.--Any excess revenues that 
     remain after satisfying scheduled debt service requirements 
     on the project obligations and secured loan and all deposit 
     requirements under the terms of any trust agreement, bond 
     resolution, or similar agreement securing project obligations 
     may be applied annually to prepay the secured loan without 
     penalty.
       (B) Use of proceeds of refinancing.--The secured loan may 
     be prepaid at any time without penalty from the proceeds of 
     refinancing from non-Federal funding sources.
       (d) Sale of Secured Loans.--As soon as practicable after 
     substantial completion of a project, the Secretary shall sell 
     to another entity or reoffer into the capital markets a 
     secured loan for the project if the Secretary determines that 
     the sale or reoffering can be made on favorable terms.
       (e) Loan Guarantees.--
       (1) In general.--The Secretary may provide a loan guarantee 
     to a lender in lieu of making a secured loan if the Secretary 
     determines that the budgetary cost of the loan guarantee is 
     substantially the same as that of a secured loan.
       (2) Terms.--The terms of a guaranteed loan shall be 
     consistent with the terms set forth in this section for a 
     secured loan, except that the rate on the guaranteed loan and 
     any prepayment features shall be negotiated between the 
     obligor and the lender, with the consent of the Secretary.

     SEC. 6. LINES OF CREDIT.

       (a) In General.--
       (1) Agreements.--The Secretary may enter into agreements to 
     make available lines of credit to 1 or more obligors in the 
     form of direct loans to be made by the Secretary at future 
     dates on the occurrence of certain events for any project 
     selected under section 4.
       (2) Use of proceeds.--The proceeds of a line of credit made 
     available under this section shall be available to pay debt 
     service on project obligations issued to finance eligible 
     project costs, extraordinary repair and replacement costs, 
     operation and maintenance expenses, and costs associated with 
     unexpected Federal or State environmental restrictions.
       (b) Terms and Limitations.--
       (1) In general.--A line of credit under this section with 
     respect to a project shall be on such terms and conditions 
     and contain such covenants, representations, warranties, and 
     requirements (including requirements for audits) as the 
     Secretary determines appropriate.
       (2) Maximum amounts.--
       (A) Total amount.--The total amount of the line of credit 
     shall not exceed 33 percent of the reasonably anticipated 
     eligible project costs.
       (B) One-year draws.--The amount drawn in any 1 year shall 
     not exceed 20 percent of the total amount of the line of 
     credit.
       (3) Draws.--Any draw on the line of credit shall represent 
     a direct loan and shall be made only if net revenues from the 
     project (including capitalized interest, any debt service 
     reserve fund, and any other available reserve) are 
     insufficient to pay debt service on project obligations.
       (4) Interest rate.--The interest rate on a direct loan 
     resulting from a draw on the line of credit shall be equal to 
     the yield on 30-year marketable United States Treasury 
     securities as of the date on which the line of credit is 
     obligated.
       (5) Security.--The line of credit--
       (A) shall be made available only in connection with a 
     project obligation secured, in whole or in part, by a rate 
     covenant, coverage requirement, or similar security feature 
     or from a dedicated revenue stream; and
       (B) may have a lien on revenues described in subparagraph 
     (A) subject to any lien securing project obligations.
       (6) Period of availability.--The line of credit shall be 
     available during the period beginning on the date of 
     substantial completion of the project and ending not later 
     than 10 years after that date.
       (7) Rights of third party creditors.--
       (A) Against federal government.--A third party creditor of 
     the obligor shall not have any right against the Federal 
     Government with respect to any draw on the line of credit.
       (B) Assignment.--An obligor may assign the line of credit 
     to 1 or more lenders or to a trustee on the lenders' behalf.
       (8) Nonsubordination.--A direct loan under this section 
     shall not be subordinated to the claims of any holder of 
     project obligations in the event of bankruptcy, insolvency, 
     or liquidation of the obligor.
       (9) Fees.--The Secretary may establish fees at a level 
     sufficient to cover the costs to the Federal Government of 
     providing a line of credit under this section.
       (10) Relationship to other credit instruments.--A line of 
     credit under this section shall not be issued for a project 
     with respect to which another Federal credit instrument under 
     this Act is made available.
       (c) Repayment.--
       (1) Schedule.--The Secretary shall establish a repayment 
     schedule for each direct loan under this section based on the 
     projected cash flow from project revenues and other repayment 
     sources.
       (2) Timing.--All scheduled repayments of principal or 
     interest on a direct loan under this section shall commence 
     not later than 5 years after substantial completion of the 
     project and be fully repaid, with interest, by the date that 
     is 20 years after the end of the period of availability 
     specified in subsection (b)(6).
       (3) Sources of repayment funds.--The sources of funds for 
     scheduled loan repayments under this section shall include 
     tolls, user fees, or other dedicated revenue sources.

     SEC. 7. PROJECT SERVICING.

       (a) Requirement.--The State in which a project that 
     receives financial assistance under this Act is located may 
     identify a local servicer to assist the Secretary in 
     servicing the Federal credit instrument made available under 
     this Act.
       (b) Agency; Fees.--If a State identifies a local servicer 
     under subsection (a), the local servicer--
       (1) shall act as the agent for the Secretary; and
       (2) may receive a servicing fee, subject to approval by the 
     Secretary.
       (c) Liability.--A local servicer identified under 
     subsection (a) shall not be liable for the obligations of the 
     obligor to the Secretary or any lender.
       (d) Assistance From Expert Firms.--The Secretary may retain 
     the services of expert firms in the field of municipal and 
     project finance to assist in the underwriting and servicing 
     of Federal credit instruments.

     SEC. 8. OFFICE OF INFRASTRUCTURE FINANCE.

       (a) Duties of the Secretary.--Section 301 of title 49, 
     United States Code, is amended--
       (1) in paragraph (7), by striking ``and'' at the end;
       (2) in paragraph (8), by striking the period at the end and 
     inserting ``; and''; and
       (3) by adding at the end the following:
       ``(9) develop and coordinate Federal policy on financing 
     transportation infrastructure, including the provision of 
     direct Federal credit assistance and other techniques used to 
     leverage Federal transportation funds.''.
       (b) Office of Infrastructure Finance.--
       (1) In general.--Chapter 1 of title 49, United States Code, 
     is amended by adding at the end the following:

[[Page S6369]]

     ``Sec. 113. Office of Infrastructure Finance

       ``(a) Establishment.--The Secretary of Transportation shall 
     establish within the Office of the Secretary an Office of 
     Infrastructure Finance.
       ``(b) Director.--The Office shall be headed by a Director 
     who shall be appointed by the Secretary not later than 180 
     days after the date of enactment of this section.
       ``(c) Functions.--The Director shall be responsible for--
       ``(1) carrying out the responsibilities of the Secretary 
     described in section 301(9);
       ``(2) carrying out research on financing transportation 
     infrastructure, including educational programs and other 
     initiatives to support Federal, State, and local government 
     efforts; and
       ``(3) providing technical assistance to Federal, State, and 
     local government agencies and officials to facilitate the 
     development and use of alternative techniques for financing 
     transportation infrastructure.''.
       (2) Conforming amendment.--The analysis for chapter 1 of 
     title 49, United States Code, is amended by adding at the end 
     the following:
``113. Office of Infrastructure Finance.''.

     SEC. 9. STATE AND LOCAL PERMITS.

       The provision of financial assistance under this Act with 
     respect to a project shall not--
       (1) relieve any recipient of the assistance of any 
     obligation to obtain any required State or local permit or 
     approval with respect to the project;
       (2) limit the right of any unit of State or local 
     government to approve or regulate any rate of return on 
     private equity invested in the project; or
       (3) otherwise supersede any State or local law (including 
     any regulation) applicable to the construction or operation 
     of the project.

     SEC. 10. REGULATIONS.

       The Secretary may issue such regulations as the Secretary 
     determines appropriate to carry out this Act and the 
     amendments made by this Act.

     SEC. 11. FUNDING.

       (a) Authorization of Appropriations.--
       (1) In general.--There shall be available from the Highway 
     Trust Fund (other than the Mass Transit Account) to carry out 
     this Act--
       (A) $40,000,000 for fiscal year 1998;
       (B) $60,000,000 for fiscal year 1999;
       (C) $100,000,000 for fiscal year 2000;
       (D) $150,000,000 for fiscal year 2001;
       (E) $200,000,000 for fiscal year 2002; and
       (F) $250,000,000 for fiscal year 2003.
       (2) Availability.--Amounts made available under paragraph 
     (1) shall remain available until expended.
       (b) Contract Authority.--Notwithstanding any other 
     provision of law, approval by the Secretary of a Federal 
     credit instrument that uses funds made available under this 
     Act shall be deemed to be acceptance by the United States of 
     a contractual obligation to fund the Federal credit 
     instrument.
       (c) Limitations on Credit Amounts.--For each of fiscal 
     years 1998 through 2003, principal amounts of Federal credit 
     instruments made available under this Act shall be limited to 
     the amounts specified in the following table:
                                                         Maximum amount
Fiscal year:                                                 of credit:
  1998....................................................$800,000,000 
  1999..................................................$1,200,000,000 
  2000..................................................$2,000,000,000 
  2001..................................................$3,000,000,000 
  2002..................................................$4,000,000,000 
  2003..................................................$5,000,000,000.

     SEC. 12. REPORT TO CONGRESS.

       Not later than 4 years after the date of enactment of this 
     Act, the Secretary shall submit to Congress a report 
     summarizing the financial performance of the projects that 
     are receiving, or have received, assistance under this Act, 
     including a recommendation as to whether the objectives of 
     this Act are best served--
       (1) by continuing the program under the authority of the 
     Secretary;
       (2) by establishing a Government corporation or Government-
     sponsored enterprise to administer the program; or
       (3) by phasing out the program and relying on the capital 
     markets to fund the types of infrastructure investments 
     assisted by this Act without Federal participation.
                                                                    ____


  The Transportation Infrastructure Finance and Innovation Act of 1997


                 Sec. 1. Short Title; Table of Contents

       This section identifies a new Federal credit assistance 
     program for surface transportation facilities as the 
     Transportation Infrastructure Finance and Innovation Act of 
     1997.


                            Sec. 2. Findings

       This section recites Congressional findings that a 
     comprehensive surface transportation infrastructure system is 
     crucial to the economic health of the Nation. Traditional 
     methods of funding transportation projects, including Federal 
     grants, are insufficient to meet the Nation's infrastructure 
     investment needs. The funding gap is particularly acute for 
     large projects of National significance, due to their scale 
     and complexity. A new Federal credit program for 
     transportation will help address these projects' special 
     needs by supplementing existing Federal programs and 
     leveraging private debt and equity capital.
       This bill is designed to provide an initial infusion of 
     Federal credit assistance over the next six years to 
     facilitate the development of large, capital-intensive 
     infrastructure facilities through public-private 
     partnerships, consisting of a State or local governmental 
     project sponsor and one of more private sector firms involved 
     in the design, construction or operation of the facility. The 
     Federal credit program is oriented to those projects which 
     have the potential to be self-supporting from user charges or 
     other non-Federal dedicated funding sources. The program is 
     structured to fill to specific market gaps through Federal 
     participation as a minority investor. The ultimate objective 
     is to phase out Federal participation and encourage private 
     capital investment to fulfill this function.
       The program should result in additional surface 
     transportation facilities being developed more quickly and at 
     a lower cost than would be the case under conventional public 
     procurement, funding and ownership.


                          Sec. 3. Definitions

       This section sets forth the definitions for terms used in 
     this title. The key terms are listed below:
       A ``Project'' is defined as any surface transportation 
     facility eligible under the provisions of title 23 as well as 
     chapter 53 of title 49, United States Code. Permitted 
     projects would include free or tolled highways, bridges and 
     tunnels; mass transportation facilities and vehicles; 
     commuter and inter-city rail passenger facilities and 
     vehicles; intermodal passenger terminals; and intermodal 
     freight and port facilities (excluding privately-owned rail 
     rolling stock).
       The term ``Eligible Project Costs'' is defined to include 
     those costs of a capital nature incurred by a sponsor in 
     connection with developing an infrastructure project. These 
     costs fall into three categories: (I) pre-construction costs 
     relating to planning, design, and securing 
     governmental permits and approvals; (ii) hard costs 
     relating to the design and construction (or 
     rehabilitation) of a project; and (iii) related soft costs 
     associated with the financing of the project, such as 
     interest during construction, reserve accounts, and 
     issuance expenses. It would not include operation or 
     maintenance costs.
       An ``Obligor'' is defined as any entity (whether a State or 
     local governmental unit or agency, a private entity 
     authorized by such governmental unit to develop a project, or 
     a public-private partnership) that is a borrower involving a 
     secured loan, loan guarantee, or line of credit under this 
     title.
       A ``Local Servicer'' is defined as a state infrastructure 
     bank or other designated State or local governmental agency 
     which may service the credit program on behalf of the 
     Department of Transportation within that State.
       ``Substantial Completion'' is defined as the date when a 
     project opens to vehicular, passenger, or freight traffic.
       Other definitions specify types of lenders, project 
     obligations, and Federal credit instruments--including 
     secured loans, loan guarantees, and lines of credit.


       Sec. 4. Determination of Eligibility and Project Selection

       This section defines the threshold eligibility criteria for 
     a project to receive Federal credit assistance and outlines 
     the basis upon which the Secretary will select among 
     potential candidates. The Secretary's determination of a 
     project's eligibility will be based on both quantitative and 
     qualitative factors.
       To ensure that the project enjoys both State and local 
     support the project must be included in the State's plan and 
     program and, if the project is in a metropolitan area, it 
     must satisfy all metropolitan planning requirements of 23 
     U.S.C. 134. The State or State-designated entity will be 
     responsible for forwarding the project application to the 
     Secretary.
       In terms of size, the project must be reasonably 
     anticipated to cost at least $100 million or an amount equal 
     to 50 percent of a State's annual Federal-aid highway 
     apportionments, whichever is less. This two-fold test is 
     designed to allow small and rural States to accommodate 
     projects otherwise too large for their transportation 
     programs. Based on FY 1997 apportionments, eighteen States 
     could qualify projects costing less than $100 million, with 
     the minimum allocation equaling approximately $40 million.
       An exception to this size threshold would be projects 
     involving the installation of intelligent transportation 
     systems, which would need to cost at least $30 million.
       In addition, a project must be supported at least in part 
     by user charges, to encourage the development of new revenue 
     streams and the participation by the private sector.
       Project applicants meeting the threshold eligibility 
     criteria then will be evaluated by the Secretary based on a 
     number of factors. Of prime importance, the project must be 
     deemed by the Secretary to be ``nationally or regionally 
     significant'' in terms of facilitating the movement of people 
     and goods in a more efficient and cost-effective manner, 
     resulting in significant economic benefits. Among the other 
     factors which the Secretary will take into account are: the 
     likelihood that the Federal assistance will enable the 
     project to proceed at an earlier date; the degree to which 
     the project leverages non-Federal resources, including 
     private sector capital; and its overall creditworthiness.
       This section also provides that all requirements of the 
     National Environmental Policy Act of 1969 (42 U.S.C. 4321 et 
     seq.), title VI of the Civil Rights Act of 1964 (42 U.S.C. 
     2000d et seq.), the Uniform Relocation Assistance and

[[Page S6370]]

     Real Property Acquisition Policies Act of 1970 (42 U.S.C. 
     4601 et seq.), and section 5333 of title 49 and section 113 
     of title 23, United States Code (relating to wage 
     protections), shall apply to funds made available under this 
     title and projects assisted with such funds.


                         Sec. 5. Secured Loans

       This section establishes a temporary lending program 
     whereby the Secretary may make direct Federal loans in fiscal 
     years 1998 through 2003 to demonstrate to the capital markets 
     the viability of making transportation infrastructure 
     investments where returns depend on excess project cash 
     flows. It is intended to help the capital markets develop the 
     capability to replace the role of the Federal government by 
     the end of the authorization period in helping finance the 
     costs of large projects of national significance. The loans 
     are contemplated to be made up front as combined construction 
     and permanent financing, although the title allows the 
     Federal loan to be made up to a year after construction is 
     completed for those projects that have arranged interim 
     construction financing.
       A secured loan could be in an amount up to 33 percent of 
     the reasonably anticipated cost of a project, and could have 
     a final maturity as long as 35 years after the date the 
     project opens (substantial completion). The interest rate 
     would be established at the time the loan agreement was 
     executed, and would equal the prevailing yield on comparable 
     term U.S. Treasury bonds. Loan repayments would be required 
     to start within five years after the date of substantial 
     completion and are payable from user fees or dedicated 
     revenue streams.
       The terms and conditions of each loan would be negotiated 
     between the Secretary and the borrower, and would allow a 
     lien on project revenue subject to a lien securing other 
     project debt. In the event of default and bankruptcy, 
     insolvency or liquidation of the obligor, the loan is not 
     subordinated to the claims of any other lender. A key feature 
     would allow the Secretary, for a period up to 10 years 
     following project completion, to defer principal and interest 
     payments should project revenues prove insufficient. Any 
     deferred payments during this ``ramp-up'' period would accrue 
     with interest, and this amount will be amortized over the 
     remaining term of the loan. Such a flexible payment schedule 
     (allowing for deferrals during the project's ramp-up phase) 
     should assist the project in obtaining an ``investment 
     grade'' bond rating (that is, BBB or higher) on its 
     capital markets indebtedness. Excess revenues or proceeds 
     of refinancing from non-Federal funding sources could be 
     used to prepay the secured loans without penalty.
       The Secretary is to determine whether a secured loan can be 
     sold to another entity or reoffered into the capital markets 
     on favorable terms as soon as possible after substantial 
     completion.
       In lien of funding secured loans directly, the Secretary 
     may provide loan guarantees to lenders, provided the 
     budgetary cost based on credit-worthiness is similar. This 
     feature is designed to attract voluntary investment from 
     pension funds and other institutional investors. Guaranteed 
     loans would not be permitted to be issued on a tax-exempt 
     basis.


                        Sec. 6. Lines of Credit

       This section authorizes the Secretary to enter into 
     agreements to make direct loans to projects at future dates 
     upon certain conditions occurring. Such agreement would be in 
     the form of a standby line of credit.
       In contrast to a secured loan provided under section 5, the 
     line of credit would not be for the purpose of funding 
     construction costs as part of the project's initial 
     capitalization. Rather, the line of credit would be drawn 
     upon if needed to pay debt service and other project expenses 
     (such as extraordinary repair and replacement, or operation 
     and maintenance) during the critical ``ramp-up'' period after 
     the facility has opened. The line is designed to facilitate 
     project sponsors' access private capital by assisting them in 
     obtaining investment grade ratings on their debt.
       It is intended that the financial institutions such as bond 
     insurers will develop the capability to replace this 
     temporary role of the Federal government in providing lines 
     of credit for large transportation infrastructure projects by 
     the end of the authorization period.
       The secured loans and the line of credit are intended to 
     address projects with different financial needs based on 
     their pro-forma capital structures. The secured loans will be 
     most attractive to those projects that must demonstrate to 
     private lenders or capital markets debt investors that there 
     is adequate coverage ``going in'' based on maximum annual 
     debt service, and where the cost of the Federal loan compares 
     favorably with the cost of other borrowing alternatives. A 
     line of credit is more likely to be used by projects that are 
     able to issue capital markets debt on favorable terms with an 
     ascending debt service pattern, but need to demonstrate 
     access to contingent sources of capital to support such debt 
     service in the event revenues fail to grow as quickly as 
     annual payments of principal and interest.
       This section sets forth various limitations on the 
     availability of draws on a line of credit. A draw on the line 
     will represent a direct loan. A line of credit could only be 
     drawn upon after the project had used up other available 
     revenues and reserves, and it could only be accessed for a 
     period of up to 10 years after a project had been 
     substantially completed.
       The total amount of draws could not exceed 33 percent of 
     reasonably anticipated eligible project costs, as is the case 
     with secured loans. The borrower could draw down up to 20 
     percent of the line of credit each year (i.e., the entire 
     amount could be drawn down during the first five years of a 
     ten year credit line, if needed.)
       Any draws would need to be fully repaid, with interest, 
     within 20 years of the end of the 10-year availability period 
     following substantial completion of the project. The interest 
     rate for any draw would be established at the time the line 
     of credit agreement was entered into, at a rate equal to the 
     then-prevailing yield on 30 year U.S. Treasury bonds. The 
     repayment of the draw would be secured in a manner similar to 
     the secured loan.
       To avoid ``double-dipping,'' a borrower could not combine a 
     line of credit with a secured loan for any given project.


                       sec. 7. project servicing

       The program will use State or local governmental agencies 
     to assist the Secretary in servicing each credit instrument. 
     The State may designate its State infrastructure bank or some 
     other public agency to serve as the local servicing agent for 
     the credit instrument.
       The local servicing agent would function as a financing 
     conduit, much like a mortgage company, and with the 
     Secretary's approval it could charge a servicing fee. It 
     would not be financially liable in any way for the credit 
     provided; rather, it would assist in the disbursement and 
     collection of funds. It is required that the local servicing 
     agent set up a separate account from its other activities to 
     receive the Federal credit proceeds for disbursal to the 
     borrower, and to receive loan repayments for remittance to 
     the Secretary.


                sec. 8. office of infrastructure finance

       The Secretary will establish an Office of Infrastructure 
     Finance to manage the credit program and provide related 
     technical and educational assistance.
       Program guidelines will be established by the Secretary in 
     order to ensure the program operates prudently and 
     efficiently, including requiring obligors to provide annual 
     audits.


                    sec. 9. state and local permits

       This section states that this title in no way supersedes 
     any existing State or local laws, regulations, or project 
     approval requirements.


                            sec. 10. funding

       This section provides contract authority to fund the 
     budgetary or subsidy costs of the Federal credit instruments 
     provided. (Subsidy costs, which are defined in and required 
     to be funded by budget authority under the Federal Credit 
     Reform Act of 1990, represent the present value of expected 
     cash flows for each credit instrument, taking into account 
     the default risk as well as any interest rate subsidy. Since 
     this title requires all secured loans to be made at rate 
     equal to the comparable term U.S. Treasury rate, there will 
     be no interest subsidy element.) The contract authority 
     would remain available until expended, and would be paid 
     out of the highway account of the Highway Trust Fund.
       The section also establishes a limit each year on the 
     maximum amount of credit assistance that may be offered under 
     this title.

------------------------------------------------------------------------
                                    Budget (contract)    Nominal credit 
            Fiscal year                 authority            limit      
------------------------------------------------------------------------
1998..............................        $40,000,000       $800,000,000
1999..............................        $60,000,000     $1,200,000,000
2000..............................       $100,000,000     $2,000,000,000
2001..............................       $150,000,000     $3,000,000,000
2002..............................       $200,000,000     $4,000,000,000
2003..............................       $250,000,000     $5,000,000,000
------------------------------------------------------------------------

                      Sec. 110. Report to Congress

       This section requires the Secretary to summarize the 
     activities and results of the assistance programs and 
     mechanisms provided under this title, including whether they 
     are succeeding in encourage the private capital markets to 
     invest in large transportation infrastructure projects. The 
     report shall be made within four years of enactment of the 
     title and include recommendations on whether the programs 
     should be continued or phased out by the end of the 
     authorization period as planned.

  Mrs. BOXER. Mr. President, I would like to ask the distinguished 
Senator from Rhode Island, Senator Chafee, who is the chairman of the 
Senate Committee on Environment and Public Works, on which I am pleased 
to serve,

[[Page S6371]]

a question about his proposed Transportation Finance and Innovation 
Act.
  Mr. CHAFEE. I will be pleased to yield to a question from my 
California colleague.
  Mrs. BOXER. I thank the Senator. I also want to thank the Chairman 
for his support for a number of critical transportation projects in 
California and in particular, the Alameda Transportation Corridor 
project. As the Chairman knows, he supported my efforts to designate 
the Corridor a High Priority Corridor in the National Highway System 
Designation Act of 1995. That in turn led President Clinton to include 
in his fiscal year 1997 budget request funding to support a $400 
million direct Federal loan for the project, which was approved by 
Congress last year.
  As Senator Chafee, knows, California has major need for 
transportation investment due in large part to the tremendous increase 
in international trade flowing through the state. While this trade has 
helped bring California out of the economic recession earlier this 
decade, it has also placed tremendous strain on our infrastructure. No 
where is this more apparent than at our border with Mexico. 
Unfortunately, after the implementation of the North American Free 
Trade Agreement, the Federal Government provided no special assistance 
to the border States to deal with the expected doubling of commercial 
truck traffic through these border trade corridors. As the Senator 
knows from his recent tour of the area, narrow rural highways or city 
streets are being expected to carry heavy, continuous commercial truck 
traffic.
  In response to this need, I introduced the Border Infrastructure, 
Safety and Congestion Relief Act. A section of my bill would provide 
Federal funds to state infrastructure banks or authorities to finance 
border improvement projects. We know that some projects could be 
financed more efficiently under partnerships with the private sector. I 
understand Senator Chafee's bill on Transportation Finance and 
Innovation would provide an infusion of Federal credit assistance over 
the next six years to help construct large, high-cost infrastructure 
facilities. My question for the Chairman is this, would border crossing 
facilities and trade corridors be eligible for this type of Federal 
financing under your bill?
  Mr. CHAFEE. The Senator is correct. Through the efforts of Senator 
Boxer, I have become aware of the need for border infrastructure 
investment and of her own legislation which has been referred to our 
committee. The Transportation Finance and Innovation Act embraces the 
innovative finance objectives of the Boxer bill. Border crossing 
facilities and multi-State trade corridors are clearly eligible and the 
selection criteria specifically includes those projects which promote 
international commerce. This bill will enable United States 
manufacturers to deliver their goods to domestic and foreign markets in 
a more timely, and cost-effective manner.
  Mrs. BOXER. I thank the Chairman. I am proud to be an original 
cosponsor of the Transportation Finance and Innovation Act. Several 
projects in California could benefit potentially from this legislation, 
not only in the border region but with the Alameda Corridor project in 
Los Angeles and the Bay Area Rapid Transit extension to San Francisco 
International Airport. I appreciate Senator Chafee's hard work and 
vision to present new innovations and ideas on financing transportation 
investments needed to keep our economy competitive in the world.
  Mr. GRAHAM. Mr. President, I am pleased to join my colleague from 
Rhode Island--the distinguished chairman of the Senate Environment and 
Public Works Committee--in the introduction of an initiative to help 
address our nation's infrastructure needs. Our initiative aims to 
harness the resources and energies of the public and the private 
sectors, and have them work in concert to ensure that a 21st century 
America has a modern system of roads, highways, and other critical 
public works assets. We are calling this new partnership the 
Transportation Infrastructure Finance and Innovation Act of 1997--
TIFIA.
  Mr. President, the numbers paint a stark and disturbing picture of 
the state of our nation's infrastructure. A survey of our nation's 
community water system estimated that a minimum of $138.4 billion are 
needed over a 20 year period for the purposes of installing, upgrading, 
or replacing water mains, pipes, and processing facilities. Houston 
Mayor Bob Lanier, Chairman of the Rebuild America Coalition, reports 
that ``57 percent of highway pavement in all but a handful of states is 
in poor or mediocre condition; in some of the most populous regions, 
the figure is as high as 70%.'' The U.S. Department of Transportation 
estimates that our nation must invest an additional $33 billion in 
surface transportation in order to stay ahead of future growth, 
congestion, and development. We are also faced with 187,000 
structurally deficient and functionally obsolete bridges. According to 
the Federal Highway Administration, a minimum of $8.2 billion is 
required to improve and correct bridge conditions.
  In addition to these needs, we are faced with the important and 
challenging task of balancing the federal budget in order to preserve 
the health and prosperity of future generations of Americans. In order 
to achieve this goal and still meet our nation's infrastructure needs, 
our actions must be a combination of traditional as well as new and 
innovative means of financing.
  Specifically, I believe that we need to do the following: First, we 
need to provide for a more efficient use of resources going to improve 
and develop our nation's infrastructure. We need to better utilize 
cost-saving tools and techniques so that we can stretch our nation's 
public investment dollars as far as possible in this time of limited 
federal funds. Second, we need to raise the level of traditional 
resources so that states will have a larger pool of dollars, including 
federal dollars, available for infrastructure development. Third, we 
need to attract and facilitate new and innovative financing sources, 
such as private investment. By fostering greater private-public 
partnerships, we can provide additional funding resources for states 
and communities. Finally, we need to develop and support innovative 
construction and financing mechanisms, such as State Infrastructure 
Banks (SIBs) and the legislation we are introducing today, TIFIA.
  In the face of declining federal investment in infrastructure amidst 
tight fiscal constraints, TIFIA enables communities and states to 
utilize creative methods for addressing our nation's infrastructure 
needs. TIFIA would provide $800 million in federal credit assistance 
for major transportation infrastructure projects costing in excess of 
$100 million. The legislation provides a model in which states could 
use federal loans to develop large projects that have the potential to 
be self-supporting.
  Projects which would be candidates for receiving assistance under 
this program include: The Western Extension of the George Bush Freeway 
in Texas; the Broken Arrow Expressway in Oklahoma; the widening of US 
Highway 219 in New York; the Interstate 15 rebuilding project in Utah; 
the Border Infrastructure project in Southern California; and the 
Florida High Speed Rail.
  In my state of Florida, the state's Department of Transportation is 
proposing the Florida High Speed Rail project, which would connect the 
major metropolitan areas of Miami, Orlando, and Tampa, and be the first 
true high speed rail line in our nation. Japan and nations in Europe 
have already made major progress in high speed rail transportation--but 
this progress has been contingent on support from their national 
governments. TIFIA could provide important credit support for such 
projects of national significance.
  Creative financing for infrastructure development is crucial as we 
enter the 21st century and are confronted with the extensive needs 
which can only be addressed through new and visionary approaches. In 
this Congress, we are scheduled to reauthorize both the Clean Water Act 
and ISTEA, the Intermodal Surface Transportation Efficiency Act, which 
governs our nation's highway system--two major infrastructure bills 
which address pressing needs that affect the daily lives of citizens 
nationwide.
  As we focus on these two major bills, it is my hope that we will take 
steps to improve the state of our nation's public works system in a 
substantial and effective manner. TIFIA should be used as one model for 
taking these steps using a creative private-public financing approach. 
In fact, it is my hope

[[Page S6372]]

that this legislation will be incorporated into ISTEA.
  We should create new partnerships which will help us to meet current 
and future needs while acknowledging the limited resources available to 
us in this fiscal environment. If we are to rebuild our nation's 
infrastructure, and lay the groundwork for the next generation of 
transportation infrastructure, we will need to develop innovative 
financing programs such as TIFIA.
  It is my hope that after we complete the Highway Program bill--with 
the inclusion of TIFIA as an innovative financing title--we will 
develop similar mechanisms for addressing the financing requirements of 
other major public works needs such as clean water systems and perhaps 
even school construction.
  We should heed the wisdom found in the words of Daniel Burnham, a 
prominent architect who served as chairman of a commission charged with 
redeveloping the District of Columbia, ``Think no small ideas. Small 
ideas have no magic to stir men's minds.'' Let us use this bill as the 
starting point from which to make a serious and substantial dent in our 
national development needs.
  Mr. President, I thank the Chairman for his leadership in this area 
and look forward to working closely with him as we work to pass this 
bill and reauthorize the Highway Program.

                         ADDITIONAL COSPONSORS


                                 S. 364

  At the request of Mr. Lieberman, the name of the Senator from 
Michigan [Mr. Abraham] was added as a cosponsor of S. 364, a bill to 
provide legal standards and procedures for suppliers of raw materials 
and component parts for medical devices.


                                 S. 387

  At the request of Mr. Hatch, the name of the Senator from Florida 
[Mr. Graham] was added as a cosponsor of S. 387, a bill to amend the 
Internal Revenue Code of 1986 to provide equity to exports of software.


                                 S. 492

  At the request of Mr. Sarbanes, the name of the Senator from Nevada 
[Mr. Bryan] was added as a cosponsor of S. 492, a bill to amend certain 
provisions of title 5, United States Code, in order to ensure equality 
between Federal firefighters and other employees in the civil service 
and other public sector firefighters, and for other purposes.


                                 S. 496

  At the request of Mr. Chafee, the name of the Senator from Illinois 
[Mr. Durbin] was added as a cosponsor of S. 496, a bill to amend the 
Internal Revenue Code of 1986 to provide a credit against income tax to 
individuals who rehabilitate historic homes or who are the first 
purchasers of rehabilitated historic homes for use as a principal 
residence.


                                 S. 507

  At the request of Mr. Hatch, the name of the Senator from Vermont 
[Mr. Leahy] was added as a cosponsor of S. 507, a bill to establish the 
United States Patent and Trademark Organization as a Government 
corporation, to amend the provisions of title 35, United States Code, 
relating to procedures for patent applications, commercial use of 
patents, reexamination reform, and for other purposes.


                                 S. 551

  At the request of Mr. Gregg, the names of the Senator from Ohio [Mr. 
DeWine] and the Senator from Iowa [Mr. Grassley] were added as 
cosponsors of S. 551, a bill to amend the Occupational Safety and 
Health Act of 1970 to make modifications to certain provisions.


                                 S. 682

  At the request of Mr. Harkin, the name of the Senator from Nevada 
[Mr. Reid] was added as a cosponsor of S. 682, a bill to amend title 
32, United States Code, to make available not less than $200,000,000 
each fiscal year for funding of activities under National Guard drug 
interdiction and counterdrug activities plans.


                                 S. 755

  At the request of Mr. Campbell, the name of the Senator from Colorado 
[Mr. Allard] was added as a cosponsor of S. 755, a bill to amend title 
10, United States Code, to restore the provisions of chapter 76 of that 
title (relating to missing persons] as in effect before the amendments 
made by the National Defense Authorization Act for Fiscal Year 1997 and 
to make other improvements to that chapter.


                                 S. 872

  At the request of Mr. Roberts, the name of the Senator from North 
Dakota [Mr. Dorgan] was added as a cosponsor of S. 872, a bill to amend 
the Internal Revenue Code of 1986 to provide for the nonrecognition of 
gain for sale of stock to certain farmers' cooperatives, and for other 
purposes.


                       Senate Joint Resolution 6

  At the request of Mr. Kyl, the names of the Senator from New 
Hampshire [Mr. Gregg], the Senator from Nebraska [Mr. Hagel], and the 
Senator from Colorado [Mr. Campbell] were added as cosponsors of Senate 
Joint Resolution 6, a joint resolution proposing an amendment to the 
Constitution of the United States to protect the rights of crime 
victims.


                          Senate Resolution 94

  At the request of Mr. Warner, the names of the Senator from Montana 
[Mr. Burns], the Senator from Rhode Island [Mr. Chafee], and the 
Senator from Louisiana [Mr. Breaux] were added as cosponsors of Senate 
Resolution 94, a resolution commending the American Medical Association 
on its 150th anniversary, its 150 years of caring for the United 
States, and its continuing effort to uphold the principles upon which 
Nathan Davis, M.D. and his colleagues founded the American Medical 
Association to ``promote the science and art of medicine and the 
betterment of public health.''


                           Amendment No. 469

  At the request of Mr. Specter the names of the Senator from 
Pennsylvania [Mr. Santorum], the Senator from Maine [Ms. Snowe], the 
Senator from Maine [Ms. Collins], and the Senator from Colorado [Mr. 
Campbell] were added as cosponsors of amendment No. 469 proposed to S. 
947, an original bill to provide for reconciliation pursuant to section 
104(a) of the concurrent resolution on the budget for fiscal year 1998.


                           Amendment No. 471

  At the request of Mr. Specter the name of the Senator from New York 
[Mr. D'Amato] was added as a cosponsor of amendment No. 471 proposed to 
S. 947, an original bill to provide for reconciliation pursuant to 
section 104(a) of the concurrent resolution on the budget for fiscal 
year 1998.


                           Amendment No. 492

  At the request of Mr. Kennedy the name of the Senator from Iowa [Mr. 
Harkin] was added as a cosponsor of amendment No. 492 proposed to S. 
947, an original bill to provide for reconciliation pursuant to section 
104(a) of the concurrent resolution on the budget for fiscal year 1998.


                           Amendment No. 498

  At the request of Mr. Harkin the names of the Senator from Iowa [Mr. 
Grassley], the Senator from Massachusetts [Mr. Kerry], the Senator from 
Arkansas [Mr. Bumpers], and the Senator from Minnesota [Mr. Wellstone] 
were added as cosponsors of amendment No. 498 proposed to S. 947, an 
original bill to provide for reconciliation pursuant to section 104(a) 
of the concurrent resolution on the budget for fiscal year 1998.
  At the request of Mr. Domenici his name, and the name of the Senator 
from Missouri [Mr. Bond] were added as cosponsors of amendment No. 498 
proposed to S. 947, supra.

                          ____________________