[Congressional Record Volume 164, Number 181 (Thursday, November 15, 2018)]
[Senate]
[Page S7053]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. CORNYN (for himself and Mr. Kaine):
  S. 3631. A bill to amend title 23, United States Code, to improve the 
transportation infrastructure finance and innovation (TIFIA) program, 
and for other purposes; to the Committee on Environment and Public 
Works.
  Mr. CORNYN. Mr. President, I ask unanimous consent that the text of 
the bill be printed in the Record.
  There being no objection, the text of the bill was ordered to be 
printed in the Record, as follows:

                                S. 3631

       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 ``Revitalizing American 
     Priorities for Infrastructure Development Act'' or the 
     ``RAPID Act''.

     SEC. 2. TRANSPORTATION INFRASTRUCTURE FINANCE AND INNOVATION 
                   PROGRAM.

       (a) Eligibility.--Section 602(a)(2) of title 23, United 
     States Code, is amended--
       (1) in subparagraph (A)(iv)--
       (A) by striking ``a rating'' and inserting ``an investment-
     grade rating''; and
       (B) by striking ``$75,000,000'' and inserting 
     ``$150,000,000''; and
       (2) in subparagraph (B)--
       (A) by striking ``the senior debt'' and inserting ``senior 
     debt''; and
       (B) by striking ``credit instrument is for an amount less 
     than $75,000,000'' and inserting ``total amount of other 
     senior debt and the Federal credit instrument is less than 
     $150,000,000''.
       (b) Streamlined Application Process.--Section 603(f) of 
     title 23, United States Code, is amended by adding at the end 
     the following:
       ``(3) Additional terms for expedited decisions.--
       ``(A) In general.--Not later than 120 days after the date 
     of enactment of this paragraph, the Secretary shall implement 
     an expedited decision timeline for public agency borrowers 
     seeking secured loans that meet--
       ``(i) the terms under paragraph (2); and
       ``(ii) the additional criteria described in subparagraph 
     (B).
       ``(B) Additional criteria.--The additional criteria 
     referred to in subparagraph (A)(ii) are the following:
       ``(i) The secured loan is made on terms and conditions that 
     substantially conform to the conventional terms and 
     conditions established by the National Surface Transportation 
     Innovative Finance Bureau.
       ``(ii) The secured loan is rated in the A category or 
     higher.
       ``(iii) The TIFIA program share of eligible project costs 
     is 33 percent or less.
       ``(iv) The applicant demonstrates a reasonable expectation 
     that the contracting process for the project can commence by 
     not later than 90 days after the date on which a Federal 
     credit instrument is obligated for the project under the 
     TIFIA program.
       ``(v) The project has received a categorical exclusion, a 
     finding of no significant impact, or a record of decision 
     under the National Environmental Policy Act of 1969 (42 
     U.S.C. 4321 et seq.).
       ``(C) Written notice.--The Secretary shall provide to an 
     applicant seeking a secured loan under the expedited decision 
     process under this paragraph a written notice informing the 
     applicant whether the Secretary has approved or disapproved 
     the application by not later than 180 days after the date on 
     which the Secretary submits to the applicant a letter 
     indicating that the National Surface Transportation 
     Innovative Finance Bureau has commenced the creditworthiness 
     review of the project.''.
       (c) Status Reports.--Section 609 of title 23, United States 
     Code, is amended by adding at the end the following:
       ``(c) Status Reports.--
       ``(1) In general.--The Secretary shall publish on the 
     website for the TIFIA program--
       ``(A) on a monthly basis, a current status report on all 
     submitted letters of interest and applications received for 
     assistance under the TIFIA program; and
       ``(B) on a quarterly basis, a current status report on all 
     approved applications for assistance under the TIFIA program.
       ``(2) Inclusions.--Each monthly and quarterly status report 
     under paragraph (1) shall include, at a minimum, with respect 
     to each project included in the status report--
       ``(A) the name of the party submitting the letter of 
     interest or application;
       ``(B) the name of the project;
       ``(C) the date on which the letter of interest or 
     application was received;
       ``(D) the estimated project eligible costs;
       ``(E) the type of credit assistance sought; and
       ``(F) the anticipated fiscal year and quarter for closing 
     of the credit assistance.''.
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