,i #aacth ,,congress #b;d ,session ,h4 ,r4 #dibe ,,in ,,the ,,house ,,of ,,representatives ,june #bj1 #bjad ,mr4 ,webster of ,florida introduced the following bill2 which was referred to the ,committee on ,transportation and ,infrastructure ,a ,,bill ,to amend title #bc1 ,united ,states ,code1 to establish a ,transportation ,infrastructure ,finance and ,innovation ,act ,revolving ,fund1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,,tifia #b4j ,act4 #b4 ,,tifia funding 7a7 ,in general ,section #fjh of title #bc1 ,united ,states ,code1 is amended to read as follows3 #fjh4 ,funding 7a7 ,,tifia ,revolving ,fund 7#a7 ,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 7in this section referred to as the ,fund74 7#b7 ,deposits ,there shall be deposited in the ,fund the following3 7,a7 ,amounts made available to carry out this chapter4 7,b7 ,amounts received from the repayment of principal and interest on a direct loan made under this chapter4 7,c7 ,unobligated and uncommitted budget authority under this chapter in a fiscal year4 7,d7 ,proceeds from the sale of secured loans under section #fjc7;d74 7,e7 ,amounts received from interest on investments under paragraph 7#f74 7,f7 ,amounts received from the collection of fees established by the ,secretary of ,transportation 7in this section referred to as the ,secretary7 pursuant to this chapter4 7#c7 ,disbursements ,disbursements from the ,fund may be made by the ,secretary for the purpose of carrying out this chapter4 7#d7 ,rural set aside 7,a7 ,in general ,of the amounts deposited in the ,fund in a fiscal year1 not more than #aj percent shall be set aside for use in the following fiscal year for rural infrastructure projects4 7,b7 ,reinvestment ,any amounts set aside for a fiscal year under subparagraph 7,a7 that remain unobligated by ,june #a of that fiscal year shall be invested pursuant to paragraph 7#f74 7#e7 ,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 #b4j ,act4 7#f7 ,investments authority ,the ,secretary of the ,treasury shall invest any portion of the ,fund that1 as determined by the ,secretary1 is not required to meet current expenses4 ,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 that1 as determined by the ,secretary1 has a maturity date suitable for the purposes of the ,fund4 ,the ,secretary of the ,treasury shall credit interest earned on the obligations to the ,fund4 7#g7 ,administrative costs ,of the amounts in the ,fund1 the ,secretary may use not more than #j4ej percent for each fiscal year for the administration of this chapter1 excluding amounts to be transferred under paragraph 7#e74 7b7 ,contracting authority 7#a7 ,in general ,notwithstanding any other provision of law1 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 investment4 7#b7 ,availability ,amounts in the ,fund shall be available for obligation without fiscal year limitation and without further appropriation until expended4 4 7b7 ,conforming amendments ,chapter #f of such title is amended-- 7#a7 in section #fja7;a7-- 7,a7 by striking paragraph 7#ah72 and 7,b7 by redesignating paragraphs 7#ai7 and 7#bj7 as paragraphs 7#ah7 and 7#ai71 respectively2 7#b7 in section #fjb7;b77#a7 by striking the subsidy costs associated with2 7#c7 in section #fjc-- 7,a7 in subsection 7a77#c7 by striking subsidy amount2 and 7,b7 in subsection 7b7-- 7i7 in paragraph 7#d77;,b77ii7 by striking the subsidy cost of which2 and 7ii7 by striking paragraph 7#f77;,b7 and inserting the following3 7,b7 ,preexisting indenture ,the ,secretary shall waive the requirement under subparagraph 7,a7 for a public agency borrower that is financing ongoing capital programs and has outstanding senior bonds under a preexisting indenture1 if-- 7i7 the secured loan is rated in the ,a category or higher2 7ii7 the secured loan is secured and payable from pledged revenues not affected by project performance1 such as a tax-backed revenue pledge or a system-backed pledge of project revenues2 and 7iii7 the ,,tifia program share of eligible project costs is #cc percent or less4 2 and 7#d7 in section #fjd-- 7,a7 in subsection 7a77#c7 by striking subsidy2 and 7,b7 by striking subsection 7b77#h77;,b7 and inserting the following3 7,b7 ,pre-existing indenture 7i7 ,in general ,the ,secretary shall waive the requirement of subparagraph 7,a7 for a public agency borrower that is financing ongoing capital programs and has outstanding senior bonds under a preexisting indenture1 if-- 7,i7 the line of credit is rated in the ,a category or higher2 7,,ii7 the ,,tifia program loan resulting from a draw on the line of credit is payable from pledged revenues not affected by project performance1 such as a tax-backed revenue pledge or a system-backed pledge of project revenues2 and 7,,iii7 the ,,tifia program share of eligible project costs is #cc percent or less4 4 #c4 ,determination of eligibility and project selection 7a7 ,eligibility ,section #fjb7;a77#i7 of title #bc1 ,united ,states ,code1 is amended-- 7#a7 by striking and at the end of subparagraph 7,b72 7#b7 by striking the period at the end of subparagraph 7,c7 and inserting 2 and2 and 7#c7 by adding at the end the following3 7,d7 generate revenue through tolls or user fees1 or promote use of a facility that generates such revenues4 4 7b7 ,selection among eligible projects ,section #fjb7;b77#a7 of such title1 as amended by this ,act1 is further amended-- 7#a7 by striking ,the ,secretary and inserting the following3 7,a7 ,application process ,subject to subparagraph 7,b71 the ,secretary 2 and 7#b7 by adding at the end the following3 7,b7 ,priority ,in selecting projects to receive funding under subparagraph 7,a71 the ,secretary shall give priority consideration to projects with sponsors who have sponsored prior credit agreements under this chapter that have been repaid in full4 4