,,ii  #aafth ,,congress  #ast ,session  
,s4 #cec  ,,in ,,the ,,senate ,,of ,,the
 ,,united ,,states  ,february #f1       
#bjai,mr4 ,cornyn 7for himself and ,mr4 
,kaine7 introduced the following bill2  
which was read twice and referred to the
 ,committee on ,environment and ,public 
,works  ,a ,,bill  ,to amend title #bc1 
,united ,states ,code1 to improve the   
transportation infrastructure finance   
and innovation 7,,tifia7 program1 and   
for other purposes4  #a4 ,short title   
,this ,act may be cited as the          
,revitalizing ,american ,priorities for 
,infrastructure ,development ,act or the
 ,,rapid ,act4  #b4 ,transportation     
infrastructure finance and innovation   
program  7a7 ,eligibility ,section      
#fjb7;a77#b7 of title #bc1 ,united      
,states ,code1 is amended--  7#a7 in    
subparagraph 7,a77iv7-- 7,a7 by striking
 a rating and inserting an              
investment-grade rating2 and  7,b7 by   
striking #ge1jjj1jjj and inserting      
#aej1jjj1jjj2 and  7#b7 in subparagraph 

7,b7--  7,a7 by striking the senior debt
 and inserting senior debt2 and  7,b7 by
 striking credit instrument is for an   
amount less than #ge1jjj1jjj and        
inserting total amount of other senior  
debt and the ,federal credit instrument 
is less than #aej1jjj1jjj4  7b7         
,streamlined application process        
,section #fjc7;f7 of title #bc1 ,united 
,states ,code1 is amended by adding at  
the end the following3  7#c7 ,additional
 terms for expedited decisions  7,a7 ,in
 general ,not later than #abj days after
 the date of enactment of this          
paragraph1 the ,secretary shall         
implement an expedited decision timeline
 for public agency borrowers seeking    
secured loans that meet--  7i7 the terms
 under paragraph 7#b72 and  7ii7 the    
additional criteria described in        
subparagraph 7,b74  7,b7 ,additional    
criteria ,the additional criteria       
referred to in subparagraph 7,a77ii7 are
 the following3 7i7 ,the secured loan is
 made on terms and conditions that      

substantially conform to the            
conventional terms and conditions       
established by the ,national ,surface   
,transportation ,innovative ,finance    
,bureau4  7ii7 ,the secured loan is     
rated in the ,a category or higher4     
7iii7 ,the ,,tifia program share of     
eligible project costs is #cc percent or
 less4  7iv7 ,the applicant demonstrates
 a reasonable expectation that the      
contracting process for the project can 
commence by not later than #ij days     
after the date on which a ,federal      
credit instrument is obligated for the  
project under the ,,tifia program4  7v7 
,the project has received a categorical 
exclusion1 a finding of no significant  
impact1 or a record of decision under   
the ,national ,environmental ,policy    
,act of #aifi 7#db ,u4,s4,c4 #dcba et   
seq474  7,c7 ,written notice ,the       
,secretary shall provide to an applicant
 seeking a secured loan under the       
expedited decision process under this   
paragraph a written notice informing the

 applicant whether the ,secretary has   
approved or disapproved the application 
by not later than #ahj days after the   
date on which the ,secretary submits to 
the applicant a letter indicating that  
the ,national ,surface ,transportation  
,innovative ,finance ,bureau has        
commenced the creditworthiness review of
 the project4  4  7c7 ,status reports   
,section #fji of title #bc1 ,united     
,states ,code1 is amended by adding at  
the end the following3  7c7 ,status     
reports  7#a7 ,in general ,the          
,secretary shall publish on the website 
for the ,,tifia program--  7,a7 on a    
monthly basis1 a current status report  
on all submitted letters of interest and
 applications received for assistance   
under the ,,tifia program2 and  7,b7 on 
a quarterly basis1 a current status     
report on all approved applications for 
assistance under the ,,tifia program4   
7#b7 ,inclusions ,each monthly and      
quarterly status report under paragraph 
7#a7 shall include1 at a minimum1 with  

respect to each project included in the 
status report--  7,a7 the name of the   
party submitting the letter of interest 
or application2  7,b7 the name of the   
project2  7,c7 the date on which the    
letter of interest or application was   
received2  7,d7 the estimated project   
eligible costs2  7,e7 the type of credit
 assistance sought2 and  7,f7 the       
anticipated fiscal year and quarter for 
closing of the credit assistance4  4