,i #aac? ,,congress #b;d ,session ,h4 ,r4 #cigh ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,janu>y #bi1 #bjad,mr4 ,sires 7= himself1 ,mr4 ,c>son ( ,indiana1 ,ms4 ,ros-,leht951 & ,mr4 ,diaz-,bal>t7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,transportation & ,infra/ructure ,a ,,bill ,to au?orize ! ,secret>y ( ,transportation to e/abli% a p$e/rian & bicycle infra/ructure cr$it assi/ance pilot program1 & = o!r purposes4 #a4 ,%ort title2 table ( cont5ts 7a7 ,%ort title ,?is ,act may be cit$ z ! ,new ,opportunities = ,bicycle & ,p$e/rian ,infra/ructure ,f9anc+ ,act ( #bjad4 7b7 ,table ( cont5ts ,! table ( cont5ts = ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title2 table ( cont5ts4,sec4 #b4 ,purposes4,sec4 #c4 ,au?ority to provide assi/ance4,sec4 #d4 ,eligible entities4,sec4 #e4 ,projects eligible = assi/ance4,sec4 #f4 ,applications4,sec4 #g4 ,det]m9ation ( eligibility & project selection4,sec4 #h4 ,secur$ loans & loan gu>antees4,sec4 #i4 ,program adm9i/ration4,sec4 #aj4 ,/ate & local p]mits4,sec4 #aa4 ,def9itions4,sec4 #ab4 ,regulations4,sec4 #ac4 ,fund+4,sec4 #ad4 ,report to ,congress4 #b4 ,purposes ,! purposes ( ?is ,act are z foll[s3 7#a7 ,to promote inve/m5t 9 bicycl+ & walk+ infra/ructure to create & connect transportation networks4 7#b7 ,to improve access to employm5t1 bus9ess di/ricts1 & transit 9 communities traditionally und]s]v$ by exi/+ transportation sy/ems by e/abli%+ additional opportunities = f9anc+ nonmotoriz$ infra/ructure projects4 7#c7 ,to attract new inve/m5t to bus9ess di/ricts & neighborhoods 9 l[-income communities4 7#d7 ,to lev]age ,f$]al funds & private inve/m5t 9 l[-income communities & ^? traditionally und]s]v$ by exi/+ transportation sy/ems4 #c4 ,au?ority to provide assi/ance ,! ,secret>y ( ,transportation may provide f9ancial assi/ance "u ?is ,act to eligible entities to c>ry out bicycle & p$e/rian infra/ructure projects select$ = su* assi/ance "u ?is ,act4 #d4 ,eligible entities ,9 ?is ,act1 ! t]m eligible entity means ! foll[+3 7#a7 ,a corporation4 7#b7 ,a public_/private p>tn]%ip4 7#c7 ,a jo9t v5ture4 7#d7 ,a tru/4 7#e7 ,a ,/ate infra/ructure f9anc+ au?ority4 #e4 ,projects eligible = assi/ance ,f9ancial assi/ance may be provid$ "u ?is ,act only = ! foll[+ types ( projects3 7#a7 ,a project = ! con/ruction1 plann+1 & design ( on-road & (f-road pa?ways = p$e/rians1 bicycli/s1 & o!r nonmotoriz$ =ms ( transportation to create a compreh5sive & connect$ transportation sy/em1 includ+ sidewalks1 bicycl+ infra/ructure & p>k+1 p$e/rian & bicycle signals1 traffic calm+ te*niques1 light+ & o!r safety-relat$ infra/ructure1 & transportation projects to a*ieve compliance ) ! ,am]ican ) ,disabilities ,act ( #aiij 7#db ,u4,s4,c4 #abaja et seq474 7#b7 ,a project = ! con/ruction1 plann+1 & design ( infra/ructure-relat$ projects & sy/ems t connect exi/+ infra/ructure to create a network & improve safety & access = nonmotoriz$ us]s to transit1 s*ools1 & comm]cial areas4 7#c7 ,innovative infra/ructure = bicycl+ & walk+1 su* z designs includ$ 9 ! ,national ,association ( ,city ,transportation ,(ficials guide = urban /reet design1 to enhance ! ability ( communities to develop solutions to increase nonmotoriz$ travel4 7#d7 ,a project = ! conv]sion & use ( ab&on$ railroad corridors = trails = p$e/rians1 bicycli/s1 or o!r nonmotoriz$ transportation us]s to connect to or exp& an exi/+ network ( bicycle & p$e/rian facilities4 7#e7 ,a bike %>e program z a /&alone project or 9 conjunction ) o!r infra/ructure projects4 #f4 ,applications 7a7 ,9 g5]al ,! ,secret>y %all provide = eligible entities to submit applications = selection ( eligible projects to receive f9ancial assi/ance "u ?is ,act at su* "t1 9 su* mann]1 & conta9+ su* in=mation z ! ,secret>y may require4 7b7 ,comb9$ projects ,! ,secret>y %all provide1 only 9 ! case ( a ,/ate infra/ructure f9anc+ au?ority1 t su* an entity may submit a s+le application = a comb9ation ( projects1 ea* ( :i* is an eligible project "u section #h7;b74 #g4 ,det]m9ation ( eligibility & project selection 7a7 ,selection ( projects ,us+ ! selection crit]ia "u subsection 7d71 ! ,secret>y %all select1 f applications submitt$ pursuant "u ?is ,act1 eligible projects t meet ! crit]ia "u subsections 7b7 & 7c7 = f9ancial assi/ance "u ?is ,act4 7b7 ,activities eligible = assi/ance ,am\nts f a loan made or gu>ante$ "u ?is ,act provid$ = an eligible project may be us$ to pay ! co/s ( c>ry+ out su* project1 includ+ co/s (-- 7#a7 developm5t-phase activities1 includ+ plann+1 feasibility analysis1 rev5ue =eca/+1 environm5tal review1 p]mitt+1 prelim9>y eng9e]+ & design "w1 & o!r precon/ruction activities2 7#b7 con/ruction1 recon/ruction1 rehabilitation1 & replacem5t activities2 7#c7 ! acquisition ( real prop]ty 7includ+ l& relat+ to ! project & improvem5ts to l&71 environm5tal mitigation1 con/ruction cont+5cies1 & acquisition ( equipm5t2 7#d7 capitaliz$ int]e/ necess>y to meet m>ket requirem5ts1 reasonably requir$ res]ve funds1 capital issuance exp5ses1 & o!r c>ry+ co/s dur+ con/ruction2 & 7#e7 ref9anc+ int]im con/ruction fund+1 long-t]m project obligations1 or a secur$ loan or loan gu>antee made "u ?is ,act4 7c7 ,project requirem5ts ,an eligible project may n be select$ to receive f9ancial assi/ance "u ?is ,act unless ! ,secret>y det]m9es t ! project meets all ( ! foll[+ crit]ia3 7#a7 ,cr$itwor?9ess 7,a7 ,9 g5]al ,subject to subp>agraph 7,b71 ! project %all be cr$itwor?y1 z det]m9$ by ! ,secret>y z applicable1 to ensure t any f9anc+ = ! project has appropriate security features1 su* z a rate cov5ant1 to ensure repaym5t4 7,b7 ,prelim9>y rat+ op9ion lett] ,! ,secret>y %all require an applicant = ea* project to provide1 z "p ( ! application = ! project "u ?is section1 a prelim9>y rat+ op9ion lett] f at lea/ "o rat+ ag5cy indicat+ t ! s5ior project obligations ( ! project 7:i* may be ! ,f$]al cr$it in/rum5t7 h ! pot5tial to a*ieve an inve/m5t-grade rat+4 7,c7 ,special rule = c]ta9 comb9$ projects ,! ,secret>y %all develop a cr$it evaluation process = a ,f$]al cr$it in/rum5t provid$ to a ,/ate infra/ructure f9anc+ au?ority = a project describ$ 9 subsection 7b71 :i* may include requir+ ! provision ( a prelim9>y rat+ op9ion lett] f at lea/ "o rat+ ag5cy4 7#b7 ,eligible project co/s ,! co/s ( an eligible project %all be reasonably anticipat$ to be n less ?an #b1jjj1jjj4 7#c7 ,d$icat$ rev5ue s\rces ,! ,f$]al cr$it in/rum5t = ! project %all be repayable1 9 :ole or 9 "p1 f d$icat$ rev5ue s\rces t also secure ! project obligations4 7#d7 ,public sponsor%ip ( private entities ,9 ! case ( a project c>ri$ out by an entity t is n a ,/ate or local gov]nm5t or an ag5cy or in/rum5tality ( a ,/ate or local gov]nm5t1 ! project %all be publicly sponsor$4 7#e7 ,public involvem5t process ,! applicant %all %[ evid5ce ( hav+ incorporat$ a public involvem5t process 9 ! application1 & plans = cont9u$ public involvem5t ?r\gh ! implem5tation ( ! process4 ,! public involvem5t processes %all be proactive & provide complete in=mation1 timely public notice1 full public access to key decisions1 & opportunities = e>ly & cont9u+ involvem5t4 ,! processes %all provide =-- 7,a7 reasonable public access to te*nical & policy in=mation us$ 9 ! developm5t ( ! application2 7,b7 adequate public notice ( public involvem5t activities & "t = public review & comm5t at key decision po9ts2 7,c7 a process = demon/rat+ explicit consid]ation & response to public input dur+ ! plann+ & program developm5t process2 & 7,d7 a process = seek+ out & consid]+ ! ne$s ( ^? traditionally und]s]v$ by exi/+ transportation sy/ems1 su* z l[-income & m9ority h\seholds :i* may face *all5ges access+ employm5t & o!r am5ities4 7d7 ,selection ,among ,eligible ,projects 7#a7 ,e/abli%m5t ,! ,secret>y %all e/abli% a roll+ application process 9 :i* projects t are eligible to receive cr$it assi/ance "u subsection 7a7 %all receive cr$it assi/ance on t]ms acceptable to ! ,secret>y1 if adequate funds are available to cov] ! subsidy co/s associat$ ) ! ,f$]al cr$it in/rum5t4 7#b7 ,adequate fund+ n available ,if ! ,secret>y fully obligates fund+ to eligible projects 9 a giv5 fiscal ye>1 & adequate fund+ is n available to fund a cr$it in/rum5t1 a project sponsor ( an eligible project may elect to ent] into a ma/] cr$it agreem5t & wait until ! foll[+ fiscal ye> or until additional funds are available to receive cr$it assi/ance4 7e7 ,l[-,income communities ,! ,secret>y %all ensure t n less t #be p]c5t ( funds "u ?is section are us$ to support projects 9 l[-income communities4 7f7 ,f$]al requirem5ts ,no?+ 9 ?is section may be con/ru$ to alt]1 affect1 or annul ! applicability ( any o!r ,f$]al law4 #h4 ,secur$ loans & loan gu>antees 7a7 ,au?ority ,! ,secret>y may ent] into agreem5ts ) eligible entities to make1 & may make1 secur$ loans to su* entities z provid$ "u ?is section = eligible projects select$ "u section #h4 7b7 ,use 7#a7 ,9 g5]al ,! proce$s ( a secur$ loan "u ?is section %all be us$ only-- 7,a7 to f9ance project co/s ( an eligible project select$ "u section #h2 7,b7 subject to p>agraph 7#b71 to ref9ance int]im con/ruction f9anc+ ( eligible project co/s ( an eligible project select$ "u section #h2 or 7,c7 to ref9ance long-t]m project obligations or ,f$]al cr$it in/rum5ts1 if su* ref9anc+ provides additional fund+ capacity = ! completion1 enhancem5t1 or expansion ( a project t-- 7i7 is select$ "u section #h2 or 7ii7 0 orig9ally f9anc$1 9 :ole or 9 "p1 ) am\nts provid$ o!r ?an "u ?is ,act1 if ! project o!rwise meets ! requirem5ts ( section #h4 7#b7 ,limitation on ref9anc+ ( int]im con/ruction f9anc+ ,! proce$s ( a secur$ loan "u ?is section made = an eligible project may n be us$ = ! purpose "u p>agraph 7#a77;,b7 aft] ! expiration ( ! #ab-mon? p]iod beg9n+ on ! date ( sub/antial completion ( ! project4 7c7 ,risk assessm5t ,be=e ent]+ into an agreem5t "u ?is subsection = a secur$ loan1 ! ,secret>y1 9 consultation ) ! ,director ( ! ,(fice ( ,managem5t & ,budget & ea* rat+ ag5cy provid+ a prelim9>y rat+ op9ion lett] "u section #h7;c77#a77;,b71 %all det]m9e an appropriate capital res]ve subsidy am\nt = ! secur$ loan1 tak+ into acc\nt ea* su* prelim9>y rat+ op9ion lett]4 7d7 ,inve/m5t-,grade rat+ requirem5t = s5ior obligations ,! execution ( a secur$ loan "u ?is section %all be cont+5t on receipt by ! s5ior obligations ( ! project ( an inve/m5t-grade rat+4 7e7 ,t]ms & limitations 7#a7 ,maximum am\nt ,! am\nt ( a secur$ loan "u ?is section %all n exce$ ! less] (-- 7,a7 an am\nt equal to #di p]c5t ( ! reasonably anticipat$ eligible project co/s2 or 7,b7 if ! secur$ loan does n receive an inve/m5t-grade rat+1 ! am\nt ( ! s5ior project obligations ( ! project4 7#b7 ,paym5t ,a secur$ loan "u ?is section-- 7,a7 %all be payable1 9 :ole or 9 "p1 f ,/ate or local taxes1 us] fees1 or o!r d$icat$ rev5ue s\rces t also secure ! s5ior project obligations ( ! relevant project2 7,b7 %all include a rate cov5ant1 cov]age requirem5t1 or simil> security feature support+ ! project obligations2 & 7,c7 may h a li5 on rev5ues describ$ 9 subp>agraph 7,a71 subject to any li5 secur+ project obligations4 7#c7 ,int]e/ rate ,! int]e/ rate on a secur$ loan "u ?is section %all be-- 7,a7 equal to ! yield on m>ketable ,unit$ ,/ates ,treasury securities ( a simil> maturity to ! maturity ( ! secur$ loan on ! date ( execution ( ! loan agreem5t2 & 7,b7 fix$ = ! t]m ( ! loan4 7#d7 ,maturity date 7,a7 ,9 g5]al ,except z provid$ 9 subp>agraph 7,b71 ! f9al maturity date ( a secur$ loan "u ?is section = an eligible project %all be n lat] ?an #ce ye>s aft] ! date ( sub/antial completion ( ! project4 7,b7 ,special rule = /ate infra/ructure f9anc+ au?orities ,! f9al maturity date ( a secur$ loan "u ?is section made to a ,/ate infra/ructure f9anc+ au?ority %all be n lat] ?an #ce ye>s aft] ! date on :i* loan am\nts are fir/ disburs$4 7#e7 ,nonsubord9ation ,a secur$ loan "u ?is section %all n be subord9at$ to ! claims ( any hold] ( project obligations 9 ! ev5t ( bankruptcy1 insolv5cy1 or liquidation ( ! obligor4 7#f7 ,fees ,! ,secret>y may e/abli% fees 9 connection ) a secur$ loan "u ?is section1 9 am\nts suffici5t to cov] all or a portion ( ! co/s to ! ,f$]al ,gov]nm5t ( secur$ loans "u ?is section4 7#g7 ,use ( proce$s = paym5t ( non-f$]al %>e ,! proce$s ( a secur$ loan "u ?is section may be us$ to pay any non-,f$]al %>e requir$ ) respect to o!r fund+ obta9$ = project co/s1 b only if su* secur$ loan is repaid us+ non-,f$]al funds4 7#h7 ,maximum f$]al involvem5t ,= any project = :i* assi/ance is provid$ "u ?is ,act1 ! total am\nt ( ,f$]al assi/ance f all s\rces1 includ+ ?is ,act1 %all n exce$ #hj p]c5t ( ! total project co/4 7#i7 ,o!r t]ms & conditions ,a secur$ loan provid$ = a project "u ?is section %all be subject to su* o!r t]ms & conditions1 & conta9 su* cov5ants1 repres5tations1 w>ranties1 & requirem5ts 7includ+ requirem5ts = audits71 z ! ,secret>y det]m9es to be appropriate4 7f7 ,repaym5t 7#a7 ,s*$ule ,! ,secret>y %all e/abli% a repaym5t s*$ule = ea* secur$ loan provid$ "u ?is section1 bas$ on ! project$ ca% fl[ f project rev5ues & o!r repaym5t s\rces4 7#b7 ,comm5cem5t 7,a7 ,9 g5]al ,except z provid$ 9 subp>agraph 7,b71 s*$ul$ loan repaym5ts ( pr9cipal or int]e/ on a secur$ loan "u ?is section = an eligible project %all comm5ce n lat] ?an #e ye>s aft] ! date ( sub/antial completion ( ! project4 7,b7 ,special rule = /ate infra/ructure f9anc+ au?orities ,s*$ul$ loan repaym5ts ( pr9cipal or int]e/ on a secur$ loan made "u ?is section to a ,/ate infra/ructure f9anc+ au?ority %all comm5ce n lat] ?an #e ye>s aft] ! date on :i* am\nts are fir/ disburs$4 7#c7 ,def]r$ paym5ts 7,a7 ,9 g5]al ,if1 at any "t aft] ! date ( sub/antial completion ( a project = :i* a secur$ loan is provid$ "u ?is section1 ! project is unable to g5]ate suffici5t rev5ues to pay ! s*$ul$ loan repaym5ts ( pr9cipal & int]e/ on ! loan1 ! ,secret>y may1 subject to subp>agraph 7,c71 all[ ! obligor to add unpaid pr9cipal & int]e/ to ! out/&+ balance ( ! secur$ loan4 7,b7 ,int]e/ ,any paym5t def]r$ pursuant to subp>agraph 7,a7 %all-- 7i7 cont9ue to accrue int]e/ 9 accordance ) subsection 7e77#c7 until fully repaid2 & 7ii7 be amortiz$ ov] ! rema9+ t]m ( ! secur$ loan4 7,c7 ,crit]ia ,any paym5t def]ral pursuant to subp>agraph 7,a7 %all be cont+5t on ! project meet+-- 7i7 /&>ds = reasonable assurance ( repaym5t1 z ! ,secret>y %all e/abli%2 & 7ii7 su* o!r crit]ia z ! ,secret>y may e/abli%4 7#d7 ,prepaym5t 7,a7 ,use ( excess rev5ues ,any excess rev5ues f an eligible project t rema9 aft] satisfy+ s*$ul$ debt s]vice requirem5ts on ! project obligations & secur$ loan & all deposit requirem5ts "u ! t]ms ( any tru/ agreem5t1 bond resolution1 or simil> agreem5t secur+ project obligations may be appli$ annually to prepay a secur$ loan "u ?is section )\t p5alty4 7,b7 ,use ( proce$s ( ref9anc+ ,a secur$ loan "u ?is section may be prepaid at any "t1 )\t p5alty1 f ! proce$s ( ref9anc+ f non-,f$]al fund+ s\rces4 7g7 ,sale ( secur$ loans 7#a7 ,9 g5]al ,subject to p>agraph 7#b71 if ! ,secret>y det]m9es t ! sale or re(f]+ ( a secur$ loan "u ?is section = an eligible project c be made on favorable t]ms1 ! ,secret>y may sell ! loan to ano!r entity or re(f] ! loan into ! capital m>kets z soon z practicable aft] ! date ( sub/antial completion ( a project & aft] provid+ notice to ! obligor4 7#b7 ,cons5t ( obligor ,9 mak+ a sale or re(f]+ "u p>agraph 7#a71 ! ,secret>y may n *ange ! orig9al t]ms & conditions ( ! secur$ loan )\t ! writt5 cons5t ( ! obligor4 7h7 ,loan gu>antees 7#a7 ,9 g5]al ,9 lieu ( mak+ a secur$ loan "u ?is section = an eligible project1 ! ,secret>y may provide a loan gu>antee = a project obligation = a project fund$ by a qualifi$ l5d] 7z su* t]m is def9$ 9 section #ab71 b only if ! ,secret>y det]m9es t ! co/ z su* t]m is def9$ 9 section #ejb ( ! ,f$]al ,cr$it ,re=m ,act ( #aiij 7#b ,u4,s4,c4 #ffa;a7 ( ! loan gu>antee is sub/antially ! same z or less ?an t ( mak+ a secur$ loan4 7#b7 ,t]ms ,! t]ms ( a loan gu>antee provid$ "u ?is subsection %all be consi/5t ) ! t]ms e/abli%$ 9 ?is section = a secur$ loan1 except t ! int]e/ rate on ! gu>ante$ loan & any prepaym5t features %all be negotiat$ betwe5 ! obligor & ! qualifi$ l5d]1 subject to ! cons5t ( ! ,secret>y4 #i4 ,program adm9i/ration 7a7 ,requirem5t ,! ,secret>y %all e/abli% a uni=m sy/em to s]vice ! ,f$]al cr$it in/rum5ts made available "u ?is ,act4 7b7 ,s]vic] 7#a7 ,9 g5]al ,! ,secret>y may appo9t a f9ancial entity to assi/ ! ,secret>y 9 s]vic+ ,f$]al cr$it in/rum5ts provid$ "u ?is ,act4 7#b7 ,duties ,a s]vic] appo9t$ "u p>agraph 7#a7 %all act z ! ag5t = ! ,secret>y4 7c7 ,assi/ance f exp]ts ,! ,secret>y may reta9 ! s]vices1 includ+ c\nsel1 ( organizations & entities ) exp]tise 9 ! field ( municipal & project f9ance to assi/ 9 ! und]writ+ & s]vic+ ( ,f$]al cr$it in/rum5ts provid$ "u ?is ,act4 #aj4 ,/ate & local p]mits ,! provision ( f9ancial assi/ance "u ?is ,act = an eligible project %all n-- 7#a7 relieve any recipi5t ( su* assi/ance ( any obligation to obta9 any requir$ ,/ate or local p]mit or approval ) respect to ! project2 7#b7 limit ! "r ( any unit ( ,/ate or local gov]nm5t to approve or regulate any rate ( return on private equity inve/$ 9 ! project2 or 7#c7 o!rwise sup]s$e any ,/ate or local law or regulation applicable to ! con/ruction or op]ation ( ! project4 #aa4 ,def9itions ,9 ?is ,act1 ! foll[+ def9itions %all apply3 7#a7 ,eligible entity ,! t]m eligible entity means an entity li/$ 9 section #e to receive f9ancial assi/ance "u ?is ,act4 7#b7 ,eligible project ,! t]m eligible project means a project describ$ 9 section #f4 7#c7 ,eligible project co/s ,! t]m eligible project co/s means1 ) respect to an eligible project1 any co/s ( ! project eligible "u section #h to be paid ) am\nts f a loan made or gu>ante$ "u ?is ,act4 7#d7 ,f$]al cr$it in/rum5t ,! t]m ,f$]al cr$it in/rum5t means a secur$ loan made1 or loan gu>antee provid$1 "u section #i4 7#e7 ,inve/m5t-grade rat+ ,! t]m inve/m5t-grade rat+ means1 ) respect to project obligations1 a rat+ ( ,,bbb m9us1 ,baa#c1 bbb m9us1 ,,bbb 7l[71 or high] z assign$ by a rat+ ag5cy4 7#f7 ,loan gu>antee ,! t]m loan gu>antee means any gu>antee or o!r pl$ge by ! ,secret>y to pay all or "p ( ! pr9cipal (1 & int]e/ on1 a loan or o!r debt obligation4 7#g7 ,obligor ,! t]m obligor means-- 7,a7 ) respect to a ,f$]al cr$it in/rum5t t is a secur$ loan "u section #i1 ! eligible entity t is prim>ily liable = paym5t ( ! pr9cipal (1 or int]e/ on1 ! loan2 & 7,b7 ) respect to a ,f$]al cr$it in/rum5t t is a loan gu>antee "u section #i7;h71 ! eligible entity t is prim>ily liable = paym5t ( ! loan or o!r debt obligation repaym5t ( :i* is gu>ante$ pursuant to su* section4 7#h7 ,project obligation ,! t]m project obligation means1 ) respect to an eligible project1 any note1 bond1 deb5ture1 or o!r debt obligation issu$ by an obligor 9 connection ) ! f9anc+ ( ! project4 ,su* t]m does n include a ,f$]al cr$it in/rum5t4 7#i7 ,qualifi$ l5d] 7,a7 ,9 g5]al ,! t]m qualifi$ l5d] means any non-,f$]al qualifi$ in/itutional buy]1 z su* t]m is def9$ 9 section #bcj4add;,a7a7 ( title #ag1 ,code ( ,f$]al ,regulations 7or any successor regulation71 kn[n z ,rule #add;,a7a7 ( ! ,securities & ,ex*ange ,commission & issu$ "u ! ,securities ,act ( #aicc 7#ae ,u4,s4,c4 #gg;a et seq474 7,b7 ,inclusions ,su* t]m includes-- 7i7 a qualifi$ retirem5t plan 7z def9$ 9 section #digd7;c7 ( ! ,int]nal ,rev5ue ,code ( #aihf7 t is a qualifi$ in/itutional buy]2 & 7ii7 a gov]nm5tal plan 7z def9$ 9 section #dad7;d7 ( ! ,int]nal ,rev5ue ,code ( #aihf7 t is a qualifi$ in/itutional buy]4 7#aj7 ,rat+ ag5cy ,! t]m rat+ ag5cy means a cr$it rat+ ag5cy regi/]$ ) ! ,securities & ,ex*ange ,commission z a nationally recogniz$ /ati/ical rat+ organization 7z def9$ 9 section #c7;a7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a7774 7#aa7 ,secret>y ,! t]m ,secret>y means ! ,secret>y ( ,transportation4 7#ab7 ,secur$ loan ,! t]m secur$ loan means a direct loan or o!r debt obligation issu$ by an obligor & fund$ by ! ,secret>y pursuant to section #i4 7#ac7 ,/ate ,! t]m ,/ate means a ,/ate1 ! ,di/rict ( ,columbia1 ! ,commonweal? ( ,pu]to ,rico1 & any o!r t]ritory or possession ( ! ,unit$ ,/ates4 7#ad7 ,/ate infra/ructure f9anc+ au?ority ,! t]m ,/ate infra/ructure f9anc+ au?ority means ! ,/ate entity e/abli%$ or designat$ by ! ,gov]nor ( a ,/ate to receive assi/ance "u ?is ,act4 7#ae7 ,subsidy am\nt ,! t]m subsidy am\nt means1 ) respect to a ,f$]al cr$it in/rum5t1 ! am\nt ( budget au?ority suffici5t to cov] ! e/imat$ long-t]m co/ to ! ,f$]al ,gov]nm5t ( ! ,f$]al cr$it in/rum5t1 z calculat$ on a net pres5t value basis1 exclud+ adm9i/rative co/s & any incid5tal effects on gov]nm5tal receipts or outlays 9 accordance ) ! ,f$]al ,cr$it ,re=m ,act ( #aiij 7#b ,u4,s4,c4 #ffa et seq474 7#af7 ,sub/antial completion ,! t]m sub/antial completion means1 ) respect to a project1 ! e>lie/ date on :i* a project is consid]$ capable ( p]=m+ ! functions = :i* ! project is design$4 #ab4 ,regulations ,! ,secret>y may issue su* regulations z ! ,secret>y consid]s appropriate to c>ry out ?is ,act4 #ac4 ,fund+ ,section #fjh7;a7 ( title #bc1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 by r$esignat+ p>agraphs 7#d7 ?r\gh 7#f7 z p>agraphs 7#e7 ?r\gh 7#g71 respectively2 & 7#b7 by ins]t+ aft] p>agraph 7#c7 ! foll[+3 7#d7 ,set asides ,( ! total am\nt ( funds made available to c>ry out ?is *apt] = ea* fiscal ye>-- 7,a7 #aa1jjj1jjj %all be set aside = p$e/rian & bicycle infra/ructure projects describ$ 9 ! ,new ,opportunities = ,bicycle & ,p$e/rian ,infra/ructure ,f9anc+ ,act ( #bjac unless & until ! pilot program e/abli%$ by t ,act is t]m9at$2 & 7,b7 #a1jjj1jjj = %all be set aside = adm9i/rative co/s ( ! program4 4 #ad4 ,report to ,congress ,n lat] ?an #b ye>s aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y %all submit to ,congress a report summ>iz+ ! f9ancial p]=mance ( ! projects t are receiv+1 or h receiv$1 assi/ance "u ?is ,act1 includ+ a recomm5dation z to :e!r ! objectives ( ?is ,act are be/ s]v$-- 7#a7 by cont9u+ ! program "u ! au?ority ( ! ,secret>y2 & 7#b7 by phas+ out ! program & rely+ on ! capital m>kets to fund ! types ( infra/ructure inve/m5ts assi/$ by ?is ,act )\t ,f$]al p>ticipation4