,,ii #aad? ,,congress #a/ ,session ,s4 #gig ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,m>* #ai1 #bjae ,mr4 ,book] introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,comm]ce1 ,sci5ce1 & ,transportation ,a ,,bill ,to am5d ! ,railroad ,revitalization & ,regulatory ,re=m ,act ( #aigf1 & = o!r purposes4 #a4 ,%ort title2 ref]5ces 7a7 ,%ort title ,?is ,act may be cit$ z ! ,railroad ,infra/ructure ,f9anc+ ,improvem5t ,act4 7b7 ,ref]5ces to ! ,railroad ,revitalization & ,regulatory ,re=m ,act ( #aigf ,except z o!rwise expressly provid$1 :]ev] 9 ?is ,act an am5dm5t or repeal is express$ 9 t]ms ( an am5dm5t to1 or repeal (1 a section or o!r provision1 ! ref]5ce %all be consid]$ to be made to a section or o!r provision ( ! ,railroad ,revitalization & ,regulatory ,re=m ,act ( #aigf 7#de ,u4,s4,c4 #hja et seq474 #b4 ,def9itions ,section #eja 7#de ,u4,s4,c4 #hba7 is am5d$-- 7#a7 by r$esignat+ p>agraph 7#h7 z p>agraph 7#aj72 7#b7 by r$esignat+ p>agraphs 7#f7 & 7#g7 z p>agraphs 7#g7 & 7#h71 respectively2 7#c7 by ins]t+ aft] p>agraph 7#e7 ! foll[+3 7#f7 ,! t]m inve/m5t-grade rat+ means a rat+ ( ,,bbb m9us1 ,baa #c1 bbb m9us1 ,,bbb7l[71 or high] assign$ by a rat+ ag5cy4 2 7#d7 by ins]t+ aft] p>agraph 7#h71 z r$esignat$1 ! foll[+3 7#i7 ,! t]m ma/] cr$it agreem5t means an agreem5t to make #a or m direct loans or loan gu>antees at future dates = a program ( relat$ projects secur$ by a common security pl$ge on t]ms acceptable to ! ,secret>y4 2 & 7#e7 by add+ at ! end ! foll[+3 7#aa7 ,! t]m project obligation means z note1 bond1 deb5ture1 or o!r debt obligation issu$ by a borr[] 9 connection ) ! f9anc+ ( a project1 o!r ?an a direct loan or loan gu>antee "u ?is title4 7#ab7 ,! t]m railroad has ! mean+ giv5 ! t]m railroad c>ri] 9 section #bjajb ( title #di1 ,unit$ ,/ates ,code4 7#ac7 ,! 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#ad7 ,! t]m sub/antial completion means-- 7,a7 ! op5+ ( a project to pass5g] or freight traffic2 or 7,b7 a comp>able ev5t1 z det]m9$ by ! ,secret>y & specifi$ 9 ! direct loan4 4 #c4 ,eligible applicants ,section #ejb7;a7 7#de ,u4,s4,c4 #hbb7;a77 is am5d$-- 7#a7 9 p>agraph 7#e71 by /rik+ "o railroad2 & & ins]t+ #a ( ! entities describ$ 9 p>agraph 7#a71 7#b71 7#c71 7#d71 or 7#f722 7#b7 by am5d+ p>agraph 7#f7 to read z foll[s3 7#f7 solely = ! purpose ( con/ruct+ a rail connection betwe5 a plant or facility & a rail c>ri]1 limit$ option freight %ipp]s t own or op]ate a plant or o!r facility2 & 2 & 7#c7 by add+ at ! end ! foll[+3 7#g7 any obligor1 z designat$ by an entity o!rwise eligible to receive a direct loan or loan gu>antee "u ?is section1 includ+ a special purpose entity receiv+ us] fees or o!r paym5ts or rev5ues f d$icat$ s\rces = debt s]vice & ma9t5ance ( ! equipm5t or facilities to be acquir$ or improv$2 & 7#h7 solely = a project describ$ 9 subsection 7b77#a77;,d71 a public-private p>tn]%ip1 private entity1 or consortium t specializes 9 real e/ate developm5t4 4 #d4 ,eligible purposes ,section #ejb7;b77#a7 7#de ,u4,s4,c4 #hbb7;b77#a77 is am5d$-- 7#a7 9 subp>agraph 7,a71 by ins]t+ 1 & includ+ co/s relat$ to ^! activities & exclud+ op]at+ exp5ses aft] %ops2 7#b7 9 subp>agraph 7,b71 by /rik+ subp>agraph 7,a72 or & ins]t+ subp>agraph 7,a7 or 7,c722 7#c7 9 subp>agraph 7,c71 by /rik+ ! p]iod at ! end & ins]t+ 2 or2 & 7#d7 by add+ at ! end ! foll[+3 7,d7 f9ance economic developm5t1 includ+ comm]cial & resid5tial developm5t1 & relat$ infra/ructure & activities1 t-- 7i7 incorporates private inve/m5t2 7ii7 is physically or functionally relat$ to a pass5g] rail /ation or multimodal /ation2 & 7iii7 is likely to increase rid]%ip at t /ation4 4 #e4 ,program adm9i/ration 7a7 ,application process+ proc$ures ,section #ejb7;i7 7#de ,u4,s4,c4 #hbb7;i77 is am5d$ to read z foll[s3 7i7 ,application process+ proc$ures 7#a7 ,application /atus notices ,n lat] ?an #cj days aft] ! date t ! ,secret>y receives an application "u ?is section1 ! ,secret>y %all provide ! applicant writt5 notice z to :e!r ! application is complete or incomplete4 7#b7 ,incomplete applications ,if ! ,secret>y det]m9es t an application is incomplete1 ! ,secret>y %all-- 7,a7 provide ! applicant ) a description ( all ( ! specific in=mation or mat]ial t is ne$$ to complete ! application2 & 7,b7 all[ ! applicant to resubmit ! in=mation & mat]ial describ$ "u subp>agraph 7,a7 to complete ! application )\t prejudice4 7#c7 ,application approvals & disapprovals ,n lat] ?an #fj days aft] ! date ! ,secret>y notifies an applicant t an application is complete "u p>agraph 7#a71 ! ,secret>y %all provide ! applicant writt5 notice z to :e!r ! ,secret>y has approv$ or disapprov$ ! application4 7#d7 ,exp$it$ process+ ,! ,secret>y %all implem5t proc$ures & measures to economize ! "t & co/ involv$ 9 obta9+ an approval or a disapproval ( cr$it assi/ance "u ?is title4 4 7b7 ,adm9i/ration ( direct loans & loan gu>antees ,section #ejc 7#de ,u4,s4,c4 #hbc7 is am5d$-- 7#a7 9 subsection 7a71 by /rik+ ! p]iod at ! end & ins]t+ 1 includ+ a program guide & /&>d t]m %eet1 application deadl9es1 & specific timetables42 7#b7 by r$esignat+ subsections 7c7 ?r\gh 7l7 z subsections 7d7 ?r\gh 7m71 respectively2 7#c7 by /rik+ 7b7 ,assignm5t ( loan gu>antees4-- & ins]t+ 7c7 ,assignm5t ( loan gu>antees4--2 7#d7 9 subsection 7d71 z r$esignat$-- 7,a7 9 p>agraph 7#a71 by /rik+ 2 & & ins]t+ a semicolon2 7,b7 9 p>agraph 7#b71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7,c7 by add+ at ! end ! foll[+3 7#c7 ! modification co/ has be5 cov]$ "u section #ejb7;f74 2 & 7#e7 by am5d+ subsection 7l71 z r$esignat$1 to read z foll[s3 7l7 ,*>ges 7#a7 ,purposes ,! ,secret>y may collect f ea* applicant a reasonable *>ge =-- 7,a7 ! co/ ( evaluat+ ! application1 am5dm5ts1 modifications1 & waiv]s1 includ+ appraisal ( ! value ( ! equipm5t or facilities = :i* ! direct loan or loan gu>antee is s\ght1 & = mak+ necess>y det]m9ations & f9d+s2 7,b7 ! co/ ( aw>d managem5t & project managem5t ov]sight2 7,c7 ! co/ ( s]vices f exp]t firms1 includ+ c\nsel1 9 ! field ( railroad1 municipal1 & project f9ance1 to assi/ 9 ! und]writ+1 audit+1 s]vic+1 & ex]cise ( rights ) respect to direct loans & loan gu>antees2 & 7,d7 ! co/ ( all o!r exp5ses incurr$ z a result ( a brea* ( any t]m or condition or any ev5t ( default on a direct loan or loan gu>antee4 7#b7 ,/&>ds ,! ,secret>y %all prescribe /&>ds = apply+ a *>ge "u ?is subsection to ensure t x does n prev5t an applicant f hav+ adequate access to direct loans & loan gu>antees "u ?is title4 7#c7 ,safety & op]ations acc\nt ,am\nts collect$ "u ?is subsection %all be cr$it$ directly to ! ,safety & ,op]ations acc\nt ( ! ,f$]al ,railroad ,adm9i/ration1 & %all rema9 available until exp5d$ to pay = ! co/s describ$ 9 ?is subsection4 4 #f4 ,loan t]ms & repaym5t 7a7 ,pr]equisites = assi/ance ,section #ejb7;g77#a7 7#de ,u4,s4,c4 #hbb7;g77#a77 is am5d$ by /rik+ #ce ye>s f ! date ( its execution & ins]t+ ! less] ( #ej ye>s or #ij p]c5t ( ! e/imat$ useful life ( ! rail equipm5t or facilities to be acquir$1 rehabilitat$1 improv$1 develop$1 or e/abli%$4 7b7 ,repaym5t s*$ules ,section #ejb7;j7 7#de ,u4,s4,c4 #hbb7;j77 is am5d$-- 7#a7 9 p>agraph 7#a71 by /rik+ ! six? anniv]s>y date ( ! orig9al loan disbursem5t & ins]t+ #e ye>s aft] ! date ( sub/antial completion2 & 7#b7 by add+ at ! end ! foll[+3 7#c7 ,def]r$ paym5ts 7,a7 ,9 g5]al ,if at any "t aft] ! date ( sub/antial completion ! project is unable to g5]ate suffici5t rev5ues to pay ! s*$ul$ loan repaym5ts ( pr9cipal & int]e/ on ! direct loan1 ! ,secret>y1 subject to subp>agraph 7,b71 may all[ ! obligor to add unpaid pr9cipal & int]e/ to ! out/&+ balance ( ! direct loan4 7,b7 ,int]e/ ,a paym5t def]r$ "u subp>agraph 7,a7 %all-- 7i7 cont9ue to accrue int]e/ "u p>agraph 7#b7 until ! loan is fully repaid2 & 7ii7 be s*$ul$ to be amortiz$ ov] ! rema9+ t]m ( ! loan4 7#d7 ,prepaym5ts 7,a7 ,use ( excess rev5ues ,any excess rev5ues t rema9 aft] satisfy+ s*$ul$ debt s]vice requirem5ts on ! project obligations & direct loan & all deposit requirem5ts "u ! t]ms ( any tru/ agreem5t1 bond resolution1 or simil> agreem5t secur+ project obligations may be appli$ annually to prepay ! direct loan )\t p5alty4 7,b7 ,use ( proce$s ( ref9anc+ ,! direct loan may be prepaid at any "t )\t p5alty f ! proce$s ( ref9anc+ f non-,f$]al fund+ s\rces4 4 #g4 ,cr$it risk premiums ,section #ejb7;f7 7#de ,u4,s4,c4 #hbb7;f77 is am5d$-- 7#a7 9 p>agraph 7#a71 by am5d+ ! fir/ s5t5ce to read z foll[s3 ,9 lieu ( or 9 comb9ation ) appropriations ( budget au?ority to cov] ! co/s ( direct loans & loan gu>antees z requir$ "u section #ejd7;b77#a7 ( ! ,f$]al ,cr$it ,re=m ,act ( #aiij 7#b ,u4,s4,c4 #ffa;c7b77#a771 includ+ ! co/ ( a modification !re(1 ! ,secret>y may accept on behalf ( an applicant = assi/ance "u ?is section a commitm5t f a non-,f$]al s\rce1 includ+ a ,/ate or local gov]nm5t or ag5cy !re(1 to fund 9 :ole or 9 "p cr$it risk premiums & modification co/s ) respect to ! loan t is ! subject ( ! application or modification42 7#b7 9 p>agraph 7#b7-- 7,a7 9 subp>agraph 7,d71 by add+ & aft] ! semicolon2 7,b7 by /rik+ subp>agraph 7,e72 & 7,c7 by r$esignat+ subp>agraph 7,f7 z subp>agraph 7,e72 7#c7 by /rik+ p>agraph 7#d72 7#d7 by r$esignat+ p>agraph 7#c7 z p>agraph 7#d72 7#e7 by ins]t+ aft] p>agraph 7#b7 ! foll[+3 7#c7 ,cr$itwor?9ess ,an applicant may propose & ! ,secret>y may accept z a basis = det]m9+ ! am\nt ( ! cr$it risk premium "u p>agraph 7#b7 any ( ! foll[+ 9 lieu ( ! value ( any tangible asset z collat]al "u p>agraph 7#b77;,a73 7,a7 ,a rate cov5ant1 if applicable4 7,b7 ,adequate cov]age requirem5ts to ensure repaym5t1 on a non-rec\rse basis1 f ca% fl[s g5]at$ by ! project or any o!r d$icat$ rev5ue s\rce1 includ+-- 7i7 tolls2 7ii7 us] fees2 or 7iii7 paym5ts ow+ to ! obligor "u a public-private p>tn]%ip4 7,c7 ,an inve/m5t-grade rat+ on debt s5ior to ! direct loan or loan gu>antee4 7,d7 ,a rat+ on ! direct loan or loan gu>antee1 z applicable4 2 7#f7 9 p>agraph 7#d71 z r$esignat$1 by /rik+ am\nts & ins]t+ am\nts 7& 9 ! case ( a modification1 be=e ! modification is execut$71 to ! ext5t appropriations are n available to ! ,secret>y to meet ! co/s ( direct loans & loan gu>antees1 includ+ co/s ( modifications !re(2 & 7#g7 by add+ at ! end ! foll[+3 7#e7 ,use ( o!r ,f$]al funds ,not)/&+ any o!r provision ( law1 an applicant may use o!r ,f$]al funds to pay "p or all ( a cr$it risk premium "u ?is subsection4 4 #h4 ,ma/] cr$it agreem5ts ,section #ejb 7#de ,u4,s4,c4 #hbb7 is am5d$ by add+ at ! end ! foll[+3 7k7 ,ma/] cr$it agreem5ts 7#a7 ,9 g5]al ,subject to section #ejb7;d7 & p>agraph 7#b7 ( ?is subsection1 ! ,secret>y may ent] into a ma/] cr$it agreem5t if-- 7,a7 ! common security pl$ge receives an inve/m5t-grade rat+ f a rat+ ag5cy prior to ! ,secret>y ent]+ into ! ma/] cr$it agreem5t2 & 7,b7 all ( ! conditions = ! provision ( direct loans or loan gu>antees1 z applicable1 "u ?is title are satisfi$4 7#b7 ,conditions ,ea* ma/] cr$it agreem5t %all-- 7,a7 e/abli% ! maximum am\nt & g5]al t]ms & conditions ( ea* applicable direct loan or loan gu>antee2 7,b7 id5tify #a or m d$icat$ non-,f$]al rev5ue s\rces t w secure ! repaym5t ( ea* applicable direct loan or loan gu>antee2 7,c7 provide = ! obligation ( funds = ! direct loans or loan gu>antees aft] all requirem5ts h be5 met = ! projects subject to ! ma/] cr$it agreem5t2 & 7,d7 unless o!rwise ext5d$ by ! ,secret>y1 require t ea* applicable direct loan & loan gu>antee results 9 a f9ancial close & obligation ( assi/ance1 or release ( ! ma/] cr$it agreem5t1 n lat] ?an #c ye>s aft] ! date ( entry by ! ,secret>y into ! agreem5t4 7l7 ,non-,f$]al %>e ,! proce$s ( a direct loan "u ?is title may be us$ = any non-,f$]al %>e ( project co/s requir$ "u *apt] #bdd ( title #di1 ,unit$ ,/ates ,code1 if ! loan is repayable f non-,f$]al funds4 4 #i4 ,miscellane\s provisions 7a7 ,priority projects ,section #ejb7;c77#e7 7#de ,u4,s4,c4 #hbb7;c77#e77 is am5d$ by ins]t+ or *apt] #bbg ( title #di aft] section #ace ( title #bc4 7b7 ,conditions ( assi/ance ,section #ejb7;h7 7#de ,u4,s4,c4 #hbb7;h77 is am5d$-- 7#a7 9 p>agraph 7#b71 by ins]t+ 1 if applicable aft] project2 & 7#b7 by add+ at ! end ! foll[+3 7#d7 ,= a project describ$ 9 subsection 7b77#a77;,d71 ! ,secret>y %all require ! applicant to pay1 9 addition to ! int]e/ requir$ "u subsection 7e71 a fee or paym5t 9 an am\nt det]m9$ appropriate by ! ,secret>y to provide an equitable %>e ( rev5ue to support capital or op]at+ co/s ( r\tes s]v+ ! pass5g] rail /ation or multimodal /ation :]e ! developm5t is locat$4 4 #aj4 ,au?orization ( appropriations ,!re is au?oriz$ to be appropriat$ = ea* ( fiscal ye>s #bjae ?r\gh #bjbj #ajj1jjj1jjj1 to rema9 available until exp5d$1 = ! co/ ( direct loans & loan gu>antees "u sections #ejb ?r\gh #ejd ( ! ,railroad ,revitalization & ,regulatory ,re=m ,act ( #aigf 7#de ,u4,s4,c4 #hja et seq474 #aa4 ,sav+s provision ,?is ,act1 & ! am5dm5ts made by ?is ,act1 %all n affect any direct loan 7or direct loan obligation7 or an out/&+ loan gu>antee 7or loan gu>antee commitm5t7 t 0 9 effect prior to ! date ( enactm5t ( ?is ,act4 ,any su* transaction ent]$ into be=e ! date ( enactm5t ( ?is ,act %all be adm9i/]$ until completion "u its t]ms z if ?is ,act 7 n enact$4