,,ii #aadth ,,congress #ast ,session ,s4 #gig ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,march #ai1 #bjae ,mr4 ,booker introduced the following bill2 which was read twice and referred to the ,committee on ,commerce1 ,science1 and ,transportation ,a ,,bill ,to amend the ,railroad ,revitalization and ,regulatory ,reform ,act of #aigf1 and for other purposes4 #a4 ,short title2 references 7a7 ,short title ,this ,act may be cited as the ,railroad ,infrastructure ,financing ,improvement ,act4 7b7 ,references to the ,railroad ,revitalization and ,regulatory ,reform ,act of #aigf ,except as otherwise expressly provided1 wherever in this ,act an amendment or repeal is expressed in terms of an amendment to1 or repeal of1 a section or other provision1 the reference shall be considered to be made to a section or other provision of the ,railroad ,revitalization and ,regulatory ,reform ,act of #aigf 7#de ,u4,s4,c4 #hja et seq474 #b4 ,definitions ,section #eja 7#de ,u4,s4,c4 #hba7 is amended-- 7#a7 by redesignating paragraph 7#h7 as paragraph 7#aj72 7#b7 by redesignating paragraphs 7#f7 and 7#g7 as paragraphs 7#g7 and 7#h71 respectively2 7#c7 by inserting after paragraph 7#e7 the following3 7#f7 ,the term investment-grade rating means a rating of ,,bbb minus1 ,baa #c1 bbb minus1 ,,bbb7low71 or higher assigned by a rating agency4 2 7#d7 by inserting after paragraph 7#h71 as redesignated1 the following3 7#i7 ,the term master credit agreement means an agreement to make #a or more direct loans or loan guarantees at future dates for a program of related projects secured by a common security pledge on terms acceptable to the ,secretary4 2 and 7#e7 by adding at the end the following3 7#aa7 ,the term project obligation means as note1 bond1 debenture1 or other debt obligation issued by a borrower in connection with the financing of a project1 other than a direct loan or loan guarantee under this title4 7#ab7 ,the term railroad has the meaning given the term railroad carrier in section #bjajb of title #di1 ,united ,states ,code4 7#ac7 ,the term rating agency means a credit rating agency registered with the ,securities and ,exchange ,commission as a nationally recognized statistical rating organization 7as defined in section #c7;a7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a7774 7#ad7 ,the term substantial completion means-- 7,a7 the opening of a project to passenger or freight traffic2 or 7,b7 a comparable event1 as determined by the ,secretary and specified in the direct loan4 4 #c4 ,eligible applicants ,section #ejb7;a7 7#de ,u4,s4,c4 #hbb7;a77 is amended-- 7#a7 in paragraph 7#e71 by striking one railroad2 and and inserting #a of the entities described in paragraph 7#a71 7#b71 7#c71 7#d71 or 7#f722 7#b7 by amending paragraph 7#f7 to read as follows3 7#f7 solely for the purpose of constructing a rail connection between a plant or facility and a rail carrier1 limited option freight shippers that own or operate a plant or other facility2 and 2 and 7#c7 by adding at the end the following3 7#g7 any obligor1 as designated by an entity otherwise eligible to receive a direct loan or loan guarantee under this section1 including a special purpose entity receiving user fees or other payments or revenues from dedicated sources for debt service and maintenance of the equipment or facilities to be acquired or improved2 and 7#h7 solely for a project described in subsection 7b77#a77;,d71 a public-private partnership1 private entity1 or consortium that specializes in real estate development4 4 #d4 ,eligible purposes ,section #ejb7;b77#a7 7#de ,u4,s4,c4 #hbb7;b77#a77 is amended-- 7#a7 in subparagraph 7,a71 by inserting 1 and including costs related to these activities and excluding operating expenses after shops2 7#b7 in subparagraph 7,b71 by striking subparagraph 7,a72 or and inserting subparagraph 7,a7 or 7,c722 7#c7 in subparagraph 7,c71 by striking the period at the end and inserting 2 or2 and 7#d7 by adding at the end the following3 7,d7 finance economic development1 including commercial and residential development1 and related infrastructure and activities1 that-- 7i7 incorporates private investment2 7ii7 is physically or functionally related to a passenger rail station or multimodal station2 and 7iii7 is likely to increase ridership at that station4 4 #e4 ,program administration 7a7 ,application processing procedures ,section #ejb7;i7 7#de ,u4,s4,c4 #hbb7;i77 is amended to read as follows3 7i7 ,application processing procedures 7#a7 ,application status notices ,not later than #cj days after the date that the ,secretary receives an application under this section1 the ,secretary shall provide the applicant written notice as to whether the application is complete or incomplete4 7#b7 ,incomplete applications ,if the ,secretary determines that an application is incomplete1 the ,secretary shall-- 7,a7 provide the applicant with a description of all of the specific information or material that is needed to complete the application2 and 7,b7 allow the applicant to resubmit the information and material described under subparagraph 7,a7 to complete the application without prejudice4 7#c7 ,application approvals and disapprovals ,not later than #fj days after the date the ,secretary notifies an applicant that an application is complete under paragraph 7#a71 the ,secretary shall provide the applicant written notice as to whether the ,secretary has approved or disapproved the application4 7#d7 ,expedited processing ,the ,secretary shall implement procedures and measures to economize the time and cost involved in obtaining an approval or a disapproval of credit assistance under this title4 4 7b7 ,administration of direct loans and loan guarantees ,section #ejc 7#de ,u4,s4,c4 #hbc7 is amended-- 7#a7 in subsection 7a71 by striking the period at the end and inserting 1 including a program guide and standard term sheet1 application deadlines1 and specific timetables42 7#b7 by redesignating subsections 7c7 through 7l7 as subsections 7d7 through 7m71 respectively2 7#c7 by striking 7b7 ,assignment of loan guarantees4-- and inserting 7c7 ,assignment of loan guarantees4--2 7#d7 in subsection 7d71 as redesignated-- 7,a7 in paragraph 7#a71 by striking 2 and and inserting a semicolon2 7,b7 in paragraph 7#b71 by striking the period at the end and inserting 2 and2 and 7,c7 by adding at the end the following3 7#c7 the modification cost has been covered under section #ejb7;f74 2 and 7#e7 by amending subsection 7l71 as redesignated1 to read as follows3 7l7 ,charges 7#a7 ,purposes ,the ,secretary may collect from each applicant a reasonable charge for-- 7,a7 the cost of evaluating the application1 amendments1 modifications1 and waivers1 including appraisal of the value of the equipment or facilities for which the direct loan or loan guarantee is sought1 and for making necessary determinations and findings2 7,b7 the cost of award management and project management oversight2 7,c7 the cost of services from expert firms1 including counsel1 in the field of railroad1 municipal1 and project finance1 to assist in the underwriting1 auditing1 servicing1 and exercise of rights with respect to direct loans and loan guarantees2 and 7,d7 the cost of all other expenses incurred as a result of a breach of any term or condition or any event of default on a direct loan or loan guarantee4 7#b7 ,standards ,the ,secretary shall prescribe standards for applying a charge under this subsection to ensure that it does not prevent an applicant from having adequate access to direct loans and loan guarantees under this title4 7#c7 ,safety and operations account ,amounts collected under this subsection shall be credited directly to the ,safety and ,operations account of the ,federal ,railroad ,administration1 and shall remain available until expended to pay for the costs described in this subsection4 4 #f4 ,loan terms and repayment 7a7 ,prerequisites for assistance ,section #ejb7;g77#a7 7#de ,u4,s4,c4 #hbb7;g77#a77 is amended by striking #ce years from the date of its execution and inserting the lesser of #ej years or #ij percent of the estimated useful life of the rail equipment or facilities to be acquired1 rehabilitated1 improved1 developed1 or established4 7b7 ,repayment schedules ,section #ejb7;j7 7#de ,u4,s4,c4 #hbb7;j77 is amended-- 7#a7 in paragraph 7#a71 by striking the sixth anniversary date of the original loan disbursement and inserting #e years after the date of substantial completion2 and 7#b7 by adding at the end the following3 7#c7 ,deferred payments 7,a7 ,in general ,if at any time after the date of substantial completion the project is unable to generate sufficient revenues to pay the scheduled loan repayments of principal and interest on the direct loan1 the ,secretary1 subject to subparagraph 7,b71 may allow the obligor to add unpaid principal and interest to the outstanding balance of the direct loan4 7,b7 ,interest ,a payment deferred under subparagraph 7,a7 shall-- 7i7 continue to accrue interest under paragraph 7#b7 until the loan is fully repaid2 and 7ii7 be scheduled to be amortized over the remaining term of the loan4 7#d7 ,prepayments 7,a7 ,use of excess revenues ,any excess revenues that remain after satisfying scheduled debt service requirements on the project obligations and direct loan and all deposit requirements under the terms of any trust agreement1 bond resolution1 or similar agreement securing project obligations may be applied annually to prepay the direct loan without penalty4 7,b7 ,use of proceeds of refinancing ,the direct loan may be prepaid at any time without penalty from the proceeds of refinancing from non-,federal funding sources4 4 #g4 ,credit risk premiums ,section #ejb7;f7 7#de ,u4,s4,c4 #hbb7;f77 is amended-- 7#a7 in paragraph 7#a71 by amending the first sentence to read as follows3 ,in lieu of or in combination with appropriations of budget authority to cover the costs of direct loans and loan guarantees as required under section #ejd7;b77#a7 of the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa;c7b77#a771 including the cost of a modification thereof1 the ,secretary may accept on behalf of an applicant for assistance under this section a commitment from a non-,federal source1 including a ,state or local government or agency thereof1 to fund in whole or in part credit risk premiums and modification costs with respect to the loan that is the subject of the application or modification42 7#b7 in paragraph 7#b7-- 7,a7 in subparagraph 7,d71 by adding and after the semicolon2 7,b7 by striking subparagraph 7,e72 and 7,c7 by redesignating subparagraph 7,f7 as subparagraph 7,e72 7#c7 by striking paragraph 7#d72 7#d7 by redesignating paragraph 7#c7 as paragraph 7#d72 7#e7 by inserting after paragraph 7#b7 the following3 7#c7 ,creditworthiness ,an applicant may propose and the ,secretary may accept as a basis for determining the amount of the credit risk premium under paragraph 7#b7 any of the following in lieu of the value of any tangible asset as collateral under paragraph 7#b77;,a73 7,a7 ,a rate covenant1 if applicable4 7,b7 ,adequate coverage requirements to ensure repayment1 on a non-recourse basis1 from cash flows generated by the project or any other dedicated revenue source1 including-- 7i7 tolls2 7ii7 user fees2 or 7iii7 payments owing to the obligor under a public-private partnership4 7,c7 ,an investment-grade rating on debt senior to the direct loan or loan guarantee4 7,d7 ,a rating on the direct loan or loan guarantee1 as applicable4 2 7#f7 in paragraph 7#d71 as redesignated1 by striking amounts and inserting amounts 7and in the case of a modification1 before the modification is executed71 to the extent appropriations are not available to the ,secretary to meet the costs of direct loans and loan guarantees1 including costs of modifications thereof2 and 7#g7 by adding at the end the following3 7#e7 ,use of other ,federal funds ,notwithstanding any other provision of law1 an applicant may use other ,federal funds to pay part or all of a credit risk premium under this subsection4 4 #h4 ,master credit agreements ,section #ejb 7#de ,u4,s4,c4 #hbb7 is amended by adding at the end the following3 7k7 ,master credit agreements 7#a7 ,in general ,subject to section #ejb7;d7 and paragraph 7#b7 of this subsection1 the ,secretary may enter into a master credit agreement if-- 7,a7 the common security pledge receives an investment-grade rating from a rating agency prior to the ,secretary entering into the master credit agreement2 and 7,b7 all of the conditions for the provision of direct loans or loan guarantees1 as applicable1 under this title are satisfied4 7#b7 ,conditions ,each master credit agreement shall-- 7,a7 establish the maximum amount and general terms and conditions of each applicable direct loan or loan guarantee2 7,b7 identify #a or more dedicated non-,federal revenue sources that will secure the repayment of each applicable direct loan or loan guarantee2 7,c7 provide for the obligation of funds for the direct loans or loan guarantees after all requirements have been met for the projects subject to the master credit agreement2 and 7,d7 unless otherwise extended by the ,secretary1 require that each applicable direct loan and loan guarantee results in a financial close and obligation of assistance1 or release of the master credit agreement1 not later than #c years after the date of entry by the ,secretary into the agreement4 7l7 ,non-,federal share ,the proceeds of a direct loan under this title may be used for any non-,federal share of project costs required under chapter #bdd of title #di1 ,united ,states ,code1 if the loan is repayable from non-,federal funds4 4 #i4 ,miscellaneous provisions 7a7 ,priority projects ,section #ejb7;c77#e7 7#de ,u4,s4,c4 #hbb7;c77#e77 is amended by inserting or chapter #bbg of title #di after section #ace of title #bc4 7b7 ,conditions of assistance ,section #ejb7;h7 7#de ,u4,s4,c4 #hbb7;h77 is amended-- 7#a7 in paragraph 7#b71 by inserting 1 if applicable after project2 and 7#b7 by adding at the end the following3 7#d7 ,for a project described in subsection 7b77#a77;,d71 the ,secretary shall require the applicant to pay1 in addition to the interest required under subsection 7e71 a fee or payment in an amount determined appropriate by the ,secretary to provide an equitable share of revenue to support capital or operating costs of routes serving the passenger rail station or multimodal station where the development is located4 4 #aj4 ,authorization of appropriations ,there is authorized to be appropriated for each of fiscal years #bjae through #bjbj #ajj1jjj1jjj1 to remain available until expended1 for the cost of direct loans and loan guarantees under sections #ejb through #ejd of the ,railroad ,revitalization and ,regulatory ,reform ,act of #aigf 7#de ,u4,s4,c4 #hja et seq474 #aa4 ,savings provision ,this ,act1 and the amendments made by this ,act1 shall not affect any direct loan 7or direct loan obligation7 or an outstanding loan guarantee 7or loan guarantee commitment7 that was in effect prior to the date of enactment of this ,act4 ,any such transaction entered into before the date of enactment of this ,act shall be administered until completion under its terms as if this ,act were not enacted4