,,ii  #aae? ,,congress  #b;d ,session   
,s4 #bdci  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,febru>y #ae1          
#bjah,mrs4 ,%ahe5 introduc$ ! foll[+    
bill2 :i* 0 read twice & ref]r$ to !    
,committee on ,environm5t & ,public     
,works  ,a ,,bill  ,to e/abli% a pilot  
toll cr$it m>ketplace program1 & = o!r  
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,toll ,cr$it ,m>ketplace   
,act4  #b4 ,toll cr$it m>ketplace pilot 
program  7a7 ,def9itions ,9 ?is section3
  7#a7 ,pilot program ,! t]m pilot      
program means ! toll cr$it m>ketplace   
pilot program e/abli%$ "u subsection    
7b74  7#b7 ,secret>y ,! t]m ,secret>y   
means ! ,secret>y ( ,transportation4    
7#c7 ,/ate ,! t]m ,/ate has ! mean+ giv5
 ! t]m 9 section #aja ( title #bc1      
,unit$ ,/ates ,code4  7#d7 ,toll cr$it  
,! t]m toll cr$it means ! cr$it t c be  
us$ t[>d ! non-,f$]al %>e requirem5t "u 
section #abj7;i7 ( title #bc1 ,unit$    
,/ates ,code4  7#e7 ,toll cr$it         
m>ketplace ,! t]m toll cr$it m>ketplace 

means a m>ket 9 :i* toll cr$its c be    
pur*as$ & sold by ,/ates p>ticipat+ 9 ! 
pilot program4  7b7 ,e/abli%m5t ,n lat] 
?an #a ye> aft] ! date ( enactm5t ( ?is 
,act1 ! ,secret>y %all e/abli% &        
implem5t a pilot program to develop a   
toll cr$it m>ketplace = ,/ates to buy & 
sell toll cr$its4  7c7 ,purposes ,!     
purposes ( ! pilot program are-- 7#a7 to
 id5tify :e!r a monet>y value c be      
assign$ to toll cr$its2  7#b7 to id5tify
 ! disc\nt$ rate ( toll cr$its = ca%2   
7#c7 to det]m9e if ! pur*ase ( toll     
cr$its by ,/ates provides ! pur*as+     
,/ate budget flexibility to deal ) fund+
 issues1 includ+ (f-sy/em ne$s1 transit 
sy/ems ) high op]at+ co/s1 or ca% fl[   
issues2 &  7#d7 to te/ ! feasibility (  
exp&+ ! toll cr$it m>ket to all[ all    
,/ates to p>ticipate on a p]man5t basis4
  7d7 ,adm9i/ration ,9 c>ry+ out ! pilot
 program1 ! ,secret>y-- 7#a7 %all       
e/abli% proc$ures = a toll cr$it        
m>ketplace2  7#b7 %all e/abli% an onl9e 
plat=m t all[s p>ticipat+ ,/ates to (f] 

& bid on toll cr$it pur*ases2  7#c7 n   
lat] ?an #ij days aft] ! date ( enactm5t
 ( ?is ,act1 %all provide notice to     
,/ates t ! ,f$]al ,highway ,adm9i/ration
 is reque/+ p>ticipants = ! pilot       
program2  7#d7 %all all[ to p>ticipate 9
 ! pilot program-- 7,a7 a ,/ate t       
ma9ta9s a toll cr$it balance accumulat$ 
be=e ! date ( enactm5t ( ?is ,act2  7,b7
 a ,/ate t does n ma9ta9 infra/ructure =
 ! collection ( toll cr$its2 &  7,c7 a  
,/ate t has n accumulat$ a toll cr$it   
balance2 &  7#e7 %all n all[ a ,/ate to 
pur*ase or sell toll cr$its 9 an am\nt t
 is less ?an #aj p]c5t ( ! value ( !    
toll cr$it value if appli$ z a          
non-,f$]al %>e requirem5t "u section    
#abj7;i77#a7 ( title #bc1 ,unit$ ,/ates 
,code4  7e7 ,report+ requirem5ts  7#a7  
,initial report ,n lat] ?an #ahj days   
aft] notice ( ! pilot program is provid$
 to ! ,/ates "u subsection 7d77#c71 !   
,secret>y %all submit to ! ,committee on
 ,transportation & ,infra/ructure ( !   
,h\se ( ,repres5tatives & ! ,committee  

on ,environm5t & ,public ,works ( !     
,s5ate a report on ! progress ( ! toll  
cr$it m>ketplace4  7#b7 ,/ate report ,n 
lat] ?an #cj days aft] a pur*ase or sale
 9 ! toll cr$it m>ketplace "u ! pilot   
program--  7,a7 a ,/ate sell+ toll      
cr$its %all provide to ! ,secret>y      
in=mation on ! transaction1 includ+--   
7i7 ! am\nt ( ca% receiv$2  7ii7 ! value
 ( toll cr$its sold2  7iii7 ! int5d$ use
 ( ! ca%2 &  7iv7 ! rema9+ toll cr$it   
balance ( ! ,/ate2 &  7,b7 a ,/ate      
pur*as+ toll cr$its %all provide to !   
,secret>y in=mation on--  7i7 ! value ( 
toll cr$its pur*as$2  7ii7 ! anticipat$ 
use ( ! toll cr$its2 &  7iii7 plans =   
ma9t5ance ( ef=t = sp5d+ on ,f$]al-aid  
highway projects4  7#c7 ,annual report  
,n lat] ?an #a ye> aft] notice ( ! pilot
 program is provid$ to ! ,/ates "u      
subsection 7d77#c7 & ea* ye> !reaft] t !
 pilot program is 9 effect1 ! ,secret>y 
%all--  7,a7 submit to ! ,committee on  
,transportation & ,infra/ructure ( !    
,h\se ( ,repres5tatives & ! ,committee  

on ,environm5t & ,public ,works ( !     
,s5ate a report t--  7i7 evaluates :e!r 
a toll cr$it m>ketplace is viable2  7ii7
 describes ! buy+ & sell+ activities ( !
 toll cr$it m>ketplace2  7iii7 det]m9es 
! monet>y value ( toll cr$its2  7iv7    
evaluates :e!r ! pilot program c\ld be  
exp&$ to m ,/ates or all ,/ates2 &  7v7 
provides updat$ in=mation on ! toll     
cr$it balance accumulat$ by ea* ,/ate2 &
  7,b7 makes ! report "u subp>agraph    
7,a7 publicly available on ! website ( !
 ,secret>y4  7f7 ,ma9t5ance ( ef=t      
,except z provid$ 9 subsection 7i77#b71 
a ,/ate p>ticipat+ 9 ! toll cr$it       
m>ketplace %all be subject to section   
#abj7;i77#b7 ( title #bc1 ,unit$ ,/ates 
,code4  7g7 ,use ( funds receiv$ = !    
sale  7#a7 ,9 g5]al ,a ,/ate t receives 
funds f ! sale ( a toll cr$it may use ! 
funds only = a project eligible =       
assi/ance "u *apt] #a ( title #bc1      
,unit$ ,/ates ,code1 or *apt] #ec (     
title #di1 ,unit$ ,/ates ,code4  7#b7   
,c]tification ,be=e exp5d+ any funds    

receiv$ 9 ex*ange = a toll cr$it1 !     
,/ate %all-- 7,a7 provide to ! ,secret>y
 a c]tification t ! funds w be us$ z    
describ$ 9 p>agraph 7#a72 &  7,b7       
receive approval f ! ,secret>y "u       
p>agraph 7#c74  7#c7 ,approval ,n lat]  
?an #cj days aft] ! receipt ( a         
c]tification "u p>agraph 7#b71 !        
,secret>y %all s5d a notice ( decision  
to ! ,/ate t--  7,a7 approves !         
c]tification2 or  7,b7 7i7 disapproves !
 c]tification2 &  7ii7 includes an      
explanation ( ! gr\nds = disapproval &  
recomm5dations = address+ ! defici5cies4
  7#d7 ,appeal ,if ! ,secret>y          
disapproves ! c]tification "u p>agraph  
7#c77;,b7-- 7,a7 n lat] ?an #cj days    
aft] a ,/ate receives a notice (        
decision disapprov+ ! c]tification1 !   
,/ate may ask ! ,secret>y to reconsid] !
 decision2 &  7,b7 n lat] ?an #fj days  
aft] ! ,secret>y receives a reque/ to   
reconsid] "u subp>agraph 7,a71 !        
,secret>y %all review ! reque/ & make a 
det]m9ation4  7h7 ,metropolitan plann+  

organization & local gov]nm5t toll cr$it
 allocation  7#a7 ,pur*ase ( toll cr$its
 ,on reque/ ( a metropolitan plann+     
organization or local gov]nm5t 9 !      
,/ate1 & ) a timely paym5t ( ! am\nt ( !
 toll cr$its1 a ,/ate may pur*ase toll  
cr$its "u ?is section on behalf ( !     
metropolitan plann+ organization or     
local gov]nm5t4  7#b7 ,allocation ( toll
 cr$its ,on approval ( ! relevant       
metropolitan plann+ organization or     
local gov]nm5t1 a ,/ate may allocate    
toll cr$its pur*as$ by ! ,/ate = use by 
! metropolitan plann+ organization or   
local gov]nm5t4  7i7 ,limitation on use 
( ,f$]al funds = ! pur*ase ( toll cr$its
  7#a7 ,limitation on ,f$]al funds ,a   
,/ate1 metropolitan plann+ organization1
 or local gov]nm5t may n use ,f$]al     
funds to pur*ase toll cr$its on ! toll  
cr$it m>ketplace4  7#b7 ,use ( toll     
cr$its ,a ,/ate may use toll cr$its     
pur*as$ "u ?is section to meet n m ?an  
#aj p]c5t ( ! non-,f$]al %>e requirem5t 
= any funds made available to c>ry out  

*apt] #a ( title #bc1 ,unit$ ,/ates     
,code1 or *apt] #ec ( title #di1 ,unit$ 
,/ates ,code1 = ea* fiscal ye>4  7j7    
,,gao report ,aft] ! end ( ! fir/ ye>   
dur+ :i* ! toll cr$it m>ketplace is 9   
op]ation1 ! ,comptroll] ,g5]al ( !      
,unit$ ,/ates %all--  7#a7 conduct a    
/udy on ! p]=mance ( ! toll cr$it       
m>ketplace2 &  7#b7 submit to ,congress 
a report t includes--  7,a7 a           
det]m9ation z to :e!r ! pilot program is
 successful2 &  7,b7 any recomm5dations 
on h[ to improve ! pilot program4  7k7  
,sunset ,! pilot program %all t]m9ate on
 ,septemb] #cj1 #bjbj4