H.R. 4925 — Introduced in House

I 113th CONGRESS 2d Session H. R. 4925 IN THE HOUSE OF REPRESENTATIVES June 20, 2014 Mr. Webster of Florida introduced the following bill; which was referred to the Committee on Transportation and Infrastructure A BILL To amend title 23, United States Code, to establish a Transportation Infrastructure Finance and Innovation Act Revolving Fund, and for other purposes. 1. Short title This Act may be cited as the TIFIA 2.0 Act. 2. TIFIA funding (a) In general Section 608 of title 23, United States Code, is amended to read as follows: 608. Funding (a) TIFIA Revolving Fund (1) Establishment There is established in the Treasury of the United States a revolving fund to be known as the Transportation Infrastructure Finance and Innovation Act Revolving Fund (in this section referred to as the Fund). (2) Deposits There shall be deposited in the Fund the following: (A) Amounts made available to carry out this chapter. (B) Amounts received from the repayment of principal and interest on a direct loan made under this chapter. (C) Unobligated and uncommitted budget authority under this chapter in a fiscal year. (D) Proceeds from the sale of secured loans under section 603(d). (E) Amounts received from interest on investments under paragraph (6). (F) Amounts received from the collection of fees established by the Secretary of Transportation (in this section referred to as the Secretary) pursuant to this chapter. (3) Disbursements Disbursements from the Fund may be made by the Secretary for the purpose of carrying out this chapter. (4) Rural set aside (A) In general Of the amounts deposited in the Fund in a fiscal year, not more than 10 percent shall be set aside for use in the following fiscal year for rural infrastructure projects. (B) Reinvestment Any amounts set aside for a fiscal year under subparagraph (A) that remain unobligated by June 1 of that fiscal year shall be invested pursuant to paragraph (6). (5) Transfers The Secretary shall transfer from the Fund to the general fund of the Treasury amounts equivalent to moneys deposited in the Fund as a result of repayment of principal and interest on a direct loan made under this chapter before the date of enactment of the TIFIA 2.0 Act. (6) Investments authority The Secretary of the Treasury shall invest any portion of the Fund that, as determined by the Secretary, is not required to meet current expenses. Each such investment shall be made in an interest-bearing obligation of the United States or an obligation guaranteed both as to principal and interest by the United States that, as determined by the Secretary, has a maturity date suitable for the purposes of the Fund. The Secretary of the Treasury shall credit interest earned on the obligations to the Fund. (7) Administrative costs Of the amounts in the Fund, the Secretary may use not more than 0.50 percent for each fiscal year for the administration of this chapter, excluding amounts to be transferred under paragraph (5). (b) Contracting authority (1) In general Notwithstanding any other provision of law, execution of a term sheet by the Secretary of a Federal credit instrument that uses amounts in the Fund shall impose on the United States a contractual obligation to fund the Federal credit investment. (2) Availability Amounts in the Fund shall be available for obligation without fiscal year limitation and without further appropriation until expended. . (b) Conforming amendments Chapter 6 of such title is amended— (1) in section 601(a)— (A) by striking paragraph (18); and (B) by redesignating paragraphs (19) and (20) as paragraphs (18) and (19), respectively; (2) in section 602(b)(1) by striking the subsidy costs associated with; (3) in section 603— (A) in subsection (a)(3) by striking subsidy amount; and (B) in subsection (b)— (i) in paragraph (4)(B)(ii) by striking the subsidy cost of which; and (ii) by striking paragraph (6)(B) and inserting the following: (B) Preexisting indenture The Secretary shall waive the requirement under subparagraph (A) for a public agency borrower that is financing ongoing capital programs and has outstanding senior bonds under a preexisting indenture, if— (i) the secured loan is rated in the A category or higher; (ii) the secured loan is secured and payable from pledged revenues not affected by project performance, such as a tax-backed revenue pledge or a system-backed pledge of project revenues; and (iii) the TIFIA program share of eligible project costs is 33 percent or less. ; and (4) in section 604— (A) in subsection (a)(3) by striking subsidy; and (B) by striking subsection (b)(8)(B) and inserting the following: (B) Pre-existing indenture (i) In general The Secretary shall waive the requirement of subparagraph (A) for a public agency borrower that is financing ongoing capital programs and has outstanding senior bonds under a preexisting indenture, if— (I) the line of credit is rated in the A category or higher; (II) the TIFIA program loan resulting from a draw on the line of credit is payable from pledged revenues not affected by project performance, such as a tax-backed revenue pledge or a system-backed pledge of project revenues; and (III) the TIFIA program share of eligible project costs is 33 percent or less. . 3. Determination of eligibility and project selection (a) Eligibility Section 602(a)(9) of title 23, United States Code, is amended— (1) by striking and at the end of subparagraph (B); (2) by striking the period at the end of subparagraph (C) and inserting ; and; and (3) by adding at the end the following: (D) generate revenue through tolls or user fees, or promote use of a facility that generates such revenues. . (b) Selection among eligible projects Section 602(b)(1) of such title, as amended by this Act, is further amended— (1) by striking The Secretary and inserting the following: (A) Application process Subject to subparagraph (B), the Secretary ; and (2) by adding at the end the following: (B) Priority In selecting projects to receive funding under subparagraph (A), the Secretary shall give priority consideration to projects with sponsors who have sponsored prior credit agreements under this chapter that have been repaid in full. .