,,ii #aafth ,,congress #b;d ,session ,s4 #cgid ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,may #ba1 #bjbj,mr4 ,thune 7for himself and ,ms4 ,hassan7 introduced the following bill2 which was read twice and referred to the ,committee on ,commerce1 ,science1 and ,transportation ,a ,,bill ,to expedite transportation project delivery1 facilitate infrastructure improvement1 and for other purposes4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,railroad ,rehabilitation and ,financing ,innovation ,act4 7b7 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4,sec4 #b4 ,railroad ,rehabilitation and ,improvement ,financing ,program4,sec4 #c4 ,conforming amendments4,sec4 #d4 ,transitional and savings provisions4,sec4 #e4 ,repeals4 #b4 ,railroad ,rehabilitation and ,improvement ,financing ,program 7a7 ,amendment to title #di1 ,united ,states ,code ,part ,b of subtitle ,v of title #di1 ,united ,states ,code1 is amended by inserting after chapter #bbc the following3 #bbd ,railroad ,rehabilitation and ,improvement ,financing ,program #bbdja4 ,definitions4 #bbdjb4 ,direct loans and loan guarantees4 #bbdjc4 ,administration of direct loans and loan guarantees4 #bbdjd4 ,employee protection4 #bbdje4 ,substantive criteria and standards4 #bbdjf4 ,funding4 #bbdja4 ,definitions ,in this chapter3 7#a7 ,cost 7,a7 ,in general ,the term cost means the estimated long-term cost to the ,government of a direct loan or loan guarantee1 or modification of the direct loan or loan guarantee1 calculated on a net present value basis1 excluding administrative costs and any incidental effects on governmental receipts or outlays4 7,b7 ,cost of direct loans 7i7 ,in general ,the cost of a direct loan shall be the net present value1 at the time when the direct loan is disbursed1 of the following estimated cash flows3 7,i7 ,loan disbursements4 7,,ii7 ,repayments of principal4 7,,iii7 ,payments of interest and other payments by or to the ,government over the life of the loan4 7ii7 ,calculation ,calculation of the cost of a direct loan shall include the effects of changes in loan terms resulting from the exercise by the borrower of an option included in the loan contract4 7,c7 ,cost of loan guarantee 7i7 ,in general ,the cost of a loan guarantee shall be the net present value1 at the time when the guaranteed loan is disbursed1 of the following estimated cash flows3 7,i7 ,payments by the ,government to cover defaults and delinquencies1 interest subsidies1 or other payments4 7,,ii7 ,payments to the ,government1 including origination and other fees1 penalties1 and recoveries4 7ii7 ,calculation ,calculation of the cost of a loan guarantee shall include the effects of changes in loan terms resulting from the exercise by the guaranteed lender of an option included in the loan guarantee1 or by the borrower of an option included in the guaranteed loan contract4 7,d7 ,cost of modification ,the cost of a modification is the difference between the current estimate of the net present value of the remaining cash flows under the terms of a direct loan or loan guarantee contract1 and the current estimate of the net present value of the remaining cash flows under the terms of the contract1 as modified4 7,e7 ,estimation of net present values2 discount rate ,in estimating net present values1 the discount rate shall be the average interest rate on marketable ,treasury securities of similar maturity to the cash flows of the direct loan or loan guarantee for which the estimate is being made4 7,f7 ,estimated cost2 basis ,when funds are obligated for a direct loan or loan guarantee1 the estimated cost shall be based on the current assumptions1 adjusted to incorporate the terms of the loan contract1 for the fiscal year in which the funds are obligated4 7#b7 ,current ,the term current has the same meaning given the term in section #bej7;c77#i7 of the ,balanced ,budget and ,emergency ,deficit ,control ,act of #aihe 7#b ,u4,s4,c4 #ijj7;c77#i774 7#c7 ,direct loan 7,a7 ,in general ,the term direct loan means a disbursement of funds by the ,government to a non-,federal borrower under a contract that requires the repayment of the funds4 7,b7 ,inclusions ,the term direct loan includes the purchase of1 or participation in1 a loan made by another lender and financing arrangements that defer payment for more than #ij days1 including the sale of a ,government asset on credit terms4 7,c7 ,exclusion ,the term direct loan does not include the acquisition of a federally guaranteed loan in satisfaction of default claims4 7#d7 ,direct loan obligation ,the term direct loan obligation means a binding agreement by the ,secretary to make a direct loan when specified conditions are fulfilled by the borrower4 7#e7 ,intermodal ,the term intermodal means of or relating to the connection between rail service and other modes of transportation1 including all parts of facilities at which the connection is made4 7#f7 ,investment-grade rating ,the term investment-grade rating means a rating of ,,bbb minus1 ,baa#c1 bbb minus1 ,,bbb7low71 or higher assigned by a rating agency4 7#g7 ,loan guarantee ,the term loan guarantee means any guarantee1 insurance1 or other pledge with respect to the payment of all or a part of the principal or interest on any debt obligation of a non-,federal borrower to a non-,federal lender1 but does not include the insurance of deposits1 shares1 or other withdrawable accounts in financial institutions4 7#h7 ,loan guarantee commitment ,the term loan guarantee commitment means a binding agreement by the ,secretary to make a loan guarantee when specified conditions are fulfilled by the borrower1 the lender1 or any other party to the guarantee agreement4 7#i7 ,master credit agreement ,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 on terms acceptable to the ,secretary4 7#aj7 ,modification 7,a7 ,in general ,the term modification means any ,government action that alters the estimated cost of an outstanding direct loan 7or direct loan obligation7 or an outstanding loan guarantee 7or loan guarantee commitment7 from the current estimate of cash flows4 7,b7 ,inclusions ,the term modification includes-- 7i7 the sale of loan assets1 with or without recourse1 and the purchase of guaranteed loans2 and 7ii7 any action resulting from new legislation1 or from the exercise of administrative discretion under existing law1 that directly or indirectly alters the estimated cost of outstanding direct loans 7or direct loan obligations7 or loan guarantee 7or loan guarantee commitment71 such as a change in collection procedures4 7#aa7 ,project obligation ,the term project obligation means a 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 chapter4 7#ab7 ,railroad ,the term railroad has the meaning given the term railroad carrier in section #bjajb4 7#ac7 ,rating agency ,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 ,secretary ,the term ,secretary means the ,secretary of ,transportation4 7#ae7 ,substantial completion ,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 terms of the direct loan or loan guarantee4 #bbdjb4 ,direct loans and loan guarantees 7a7 ,general authority ,the ,secretary shall provide direct loans and loan guarantees-- 7#a7 to ,state and local governments2 7#b7 to interstate compacts consented to by ,congress under section #daj7;a7 of the ,amtrak ,reform and ,accountability ,act of #aiig 7,public ,law #aje-acd2 #di ,u4,s4,c4 #bdaja note72 7#c7 to government-sponsored authorities and corporations2 7#d7 to railroads2 7#e7 to joint ventures that include at least #a of the entities described in paragraph 7#a71 7#b71 7#c71 7#d71 or 7#f72 7#f7 to private entities with controlling ownership in #a or more freight railroads other than ,class #a carriers2 and 7#g7 solely for the purpose of constructing a rail connection between a plant or facility and a railroad1 limited option freight shippers that own or operate a plant or other facility4 7b7 ,eligible purposes 7#a7 ,in general ,direct loans and loan guarantees provided under this section shall be used to-- 7,a7 7i7 acquire1 improve1 or rehabilitate intermodal or rail equipment or facilities1 including track1 components of track1 civil works such as cuts and fills1 bridges1 yards1 buildings1 and shops2 and 7ii7 finance costs related to the activities described in clause 7i71 including preconstruction costs2 7,b7 develop or establish new intermodal or railroad facilities2 7,c7 refinance outstanding debt incurred for the purposes described in subparagraph 7,a7 or 7,b72 7,d7 reimburse planning1 permitting1 and design expenses relating to activities described in subparagraph 7,a7 or 7,b72 or 7,e7 finance economic development1 including commercial and residential development1 and related infrastructure and activities that-- 7i7 incorporates private investment2 7ii7 is physically or functionally related to a passenger rail station or multimodal station that includes rail service2 7iii7 has a high probability of the applicant commencing the contracting process for construction not later than #ij days after the date on which the direct loan or loan guarantee is obligated for the project under this chapter2 and 7iv7 has a high probability of reducing the need for financial assistance under any other ,federal program for the relevant passenger rail station or service by increasing ridership1 tenant lease payments1 or other activities that generate revenue exceeding costs4 7#b7 ,operating expenses not eligible ,direct loans and loan guarantees under this section shall not be used for railroad operating expenses4 7#c7 ,sunset ,the ,secretary may provide a direct loan or loan guarantee under this section for a project described in paragraph 7#a77;,e7 only during the #d-year period beginning on ,december #d1 #bjae4 7c7 ,priority projects ,in granting applications for direct loans or guaranteed loans under this section1 the ,secretary shall give priority to projects that-- 7#a7 enhance public safety1 including projects for the installation of a positive train control system 7as defined in section #bjaeg7;i772 7#b7 promote economic development2 7#c7 enhance the environment2 7#d7 enable ,united ,states companies to be more competitive in international markets2 7#e7 are endorsed by the plans prepared under chapter #bbg of this title or section #ace of title #bc by the ,state or ,states in which the projects are located2 7#f7 improve railroad stations and passenger facilities and increase transit-oriented development2 7#g7 preserve or enhance rail or intermodal service to small communities or rural areas2 7#h7 enhance service and capacity in the national rail system2 or 7#i7 7,a7 would materially alleviate rail capacity problems that degrade the provision of service to shippers2 and 7,b7 would fulfill a need in the national transportation system4 7d7 ,extent of authority 7#a7 ,limitation on aggregate unpaid principal amounts of obligations ,the aggregate unpaid principal amounts of obligations under direct loans and loan guarantees made under this section may not exceed #ce1jjj1jjj1jjj at any time4 7#b7 ,minimum amount for freight railroads ,of the amount under paragraph 7#a71 not less than #g1jjj1jjj1jjj shall be available solely for projects primarily benefitting freight railroads other than ,class ,i carriers4 7#c7 ,proportion of unused amount ,the ,secretary shall not establish any limit on the proportion of the unused amount authorized under this subsection that may be used for #a loan or loan guarantee4 7e7 ,rates of interest 7#a7 ,direct loans ,the interest rate on a direct loan under this section shall be not less than the yield on ,united ,states ,treasury securities of a similar maturity to the maturity of the secured loan on the date of execution of the loan agreement4 7#b7 ,loan guarantees ,the ,secretary shall not make a loan guarantee under this section if the interest rate for the loan exceeds that which the ,secretary determines to be reasonable1 taking into consideration the prevailing interest rates and customary fees incurred under similar obligations in the private capital market4 7f7 ,infrastructure partners 7#a7 ,authority of ,secretary 7,a7 ,in general ,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 of a direct loan or loan guarantee1 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 agency1 or public benefit corporation or public authority of a ,state or local government1 to fund1 in whole or in part1 credit risk premiums and modification costs with respect to the loan that is the subject of the application or modification4 7,b7 ,limitation ,the aggregate of appropriations of budget authority and credit risk premiums described in this paragraph with respect to a direct loan or loan guarantee shall not be less than the cost of that direct loan or loan guarantee4 7#b7 ,credit risk premium amount ,the ,secretary shall determine the amount required for credit risk premiums under this subsection on the basis of-- 7,a7 the circumstances of the applicant1 including the amount of collateral offered1 if any2 7,b7 the proposed schedule of loan disbursements2 7,c7 historical data on the repayment history of similar borrowers2 7,d7 consultation with the ,congressional ,budget ,office2 and 7,e7 any other factors the ,secretary considers relevant4 7#c7 ,creditworthiness ,upon receipt of a proposal from an applicant for assistance under this section1 the ,secretary shall accept1 as a basis for determining the amount of the credit risk premium under paragraph 7#b71 in addition to the value of any collateral described in paragraph 7#e71 any of the following3 7,a7 ,the net present value of a future stream of ,state or local subsidy income or other dedicated revenues to secure the direct loan or loan guarantee4 7,b7 ,adequate coverage requirements to ensure repayment1 on a nonrecourse basis1 from cash flows generated by the project or any other dedicated revenue source1 including-- 7i7 tolls2 7ii7 user fees1 including operating or tenant charges1 facility rents1 or other fees paid by transportation service providers or operators for access to1 or the use of1 infrastructure1 including rail lines1 bridges1 tunnels1 yards1 or stations2 and 7iii7 payments owing to the obligor under a public-private partnership4 7,c7 ,an investment-grade rating on the direct loan or loan guarantee1 as applicable1 unless the total amount of the direct loan or loan guarantee is greater than #aej1jjj1jjj1 in which case the applicant shall have an investment-grade rating from not fewer than #b rating agencies regarding the direct loan or loan guarantee4 7,d7 ,a projection of freight or passenger demand for the project based on regionally developed economic forecasts1 including projections of any modal diversion resulting from the project4 7#d7 ,payment of premiums ,credit risk premiums under this subsection shall be paid to the ,secretary before the disbursement of loan 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 of direct loans and loan guarantees4 7#e7 ,collateral 7,a7 ,types of collateral ,an applicant or infrastructure partner may propose tangible and intangible assets as collateral1 exclusive of goodwill4 ,the ,secretary1 after evaluating each such asset-- 7i7 shall accept a net liquidation value of collateral2 and 7ii7 shall consider and may accept-- 7,i7 the market value of collateral2 or 7,,ii7 in the case of a blanket pledge or assignment of an entire operating asset or basket of assets as collateral1 the net liquidation value1 the market value of assets1 or1 the market value of the going concern1 considering-- 7aa7 inclusion in the pledge of all the assets necessary for independent operational utility of the collateral1 including tangible assets such as real property1 track and structure1 equipment and rolling stock1 stations1 systems and maintenance facilities and intangible assets such as long-term shipping agreements1 easements1 leases and access rights such as for trackage and haulage2 7bb7 interchange commitments2 and 7cc7 the value of the asset as determined through the cost or market approaches1 or the market value of the going concern1 with the latter considering discounted cash flows for a period not to exceed the term of the direct loan or loan guarantee4 7,b7 ,appraisal standards ,in evaluating appraisals of collateral under subparagraph 7,a71 the ,secretary shall consider-- 7i7 adherence to the substance and principles of the ,uniform ,standards of ,professional ,appraisal ,practice1 as developed by the ,appraisal ,standards ,board of the ,appraisal ,foundation2 7ii7 performance of the appraisal by licensed or certified appraisers as may be required by the ,state of jurisdiction for the type of asset being appraised2 and 7iii7 the qualifications of the appraisers to value the type of collateral offered4 7g7 ,prerequisites for assistance ,the ,secretary shall not make a direct loan or loan guarantee under this section unless the ,secretary has made a written finding that-- 7#a7 repayment of the obligation is required to be made within a term of the lesser of-- 7,a7 #ce years after the date of substantial completion of the project2 or 7,b7 with regard to rail equipment or facilities with estimated useful lives that exceed the term described in subparagraph 7,a7-- 7i7 #ej years after the date of substantial completion of the project2 or 7ii7 the estimated useful life of the rail equipment or facilities to be acquired1 rehabilitated1 improved1 developed1 or established1 subject to an adequate determination of long-term risk2 7#b7 the direct loan or loan guarantee is justified by the present and probable future demand for rail services or intermodal facilities2 7#c7 the applicant has given reasonable assurances that the facilities or equipment to be acquired1 rehabilitated1 improved1 developed1 or established with the proceeds of the obligation will be economically and efficiently utilized2 7#d7 the obligation can reasonably be repaid1 using an appropriate combination of credit risk premiums and collateral offered by the applicant to protect the ,federal ,government2 and 7#e7 the purposes of the direct loan or loan guarantee are consistent with subsection 7b74 7h7 ,conditions of assistance 7#a7 ,in general ,the ,secretary1 before granting assistance under this section1 shall require the applicant to agree to such terms and conditions as are sufficient1 in the judgment of the ,secretary1 to ensure that1 as long as any principal or interest is due and payable on the obligation1 the applicant1 and any railroad or railroad partner for whose benefit the assistance is intended-- 7,a7 will not use any funds or assets from railroad or intermodal operations for purposes not related to the operations1 if the use-- 7i7 would impair the ability of the applicant1 railroad1 or railroad partner to provide rail or intermodal services in an efficient and economic manner2 or 7ii7 would adversely affect the ability of the applicant1 railroad1 or railroad partner to perform any obligation entered into by the applicant under this section2 7,b7 will1 consistent with its capital resources1 maintain its capital program1 equipment1 facilities1 and operations on a continuing basis2 and 7,c7 will not make any discretionary dividend payments that unreasonably conflict with the purposes stated in subsection 7b74 7#b7 ,collateral and request for assistance from another source not required 7,a7 ,collateral 7i7 ,in general ,the ,secretary shall not require an applicant for a direct loan or loan guarantee under this section to provide collateral4 7ii7 ,valuation ,any collateral provided or enhanced after being provided shall be valued as a going concern after giving effect to the present value of improvements contemplated by the completion and operation of the project1 if applicable4 7,b7 ,request for assistance from another source ,the ,secretary shall not require an applicant for a direct loan or loan guarantee under this section to have previously sought the financial assistance requested from another source4 7#c7 ,required compliance ,the ,secretary shall require recipients of direct loans or loan guarantees under this section to comply with-- 7,a7 the standards of section #bdcab1 as in effect on ,september #a1 #bjjb1 with respect to the project in the same manner that ,amtrak is required to comply with the standards for construction work financed under an agreement made under section #bdcjh7;a72 and 7,b7 the protective arrangements established under section #bbdjd1 with respect to employees affected by actions taken in connection with the project to be financed by the direct loan or loan guarantee4 7#d7 ,matching funds ,the ,secretary shall require each recipient of a direct loan or loan guarantee under this section1 for a project described in subsection 7b77#a77;,e71 to provide a non-,federal match of not less than #be percent of the total amount expended by the recipient for the project4 7i7 ,application processing procedures 7#a7 ,application status notices ,not later than #cj days after the date on which the ,secretary receives an application under this section1 or additional information and material under paragraph 7#b77;,b71 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 application1 including any information required by an independent financial analyst2 and 7,b7 allow the applicant to resubmit the application with the information and material described under subparagraph 7,a7 to complete the application4 7#c7 ,application approvals and disapprovals 7,a7 ,in general ,not later than #de days after the date on which 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,b7 ,actions by the office of management and budget ,in order to enable compliance with the time limit under subparagraph 7,a71 the ,office of ,management and ,budget shall take any action required with respect to the application within that #fj-;day period4 7#d7 ,streamlined application review process 7,a7 ,in general ,consistent with section #aaf1 and not later than #ahj days after date of the enactment of the ,railroad ,rehabilitation and ,financing ,innovation ,act1 the ,secretary shall make available an expedited application process or processes at the request of applicants seeking loans or loan guarantees4 7,b7 ,criteria ,applicants seeking loans and loan guarantees issued under this subsection shall-- 7i7 seek a total loan or loan guarantee value not exceeding #ajj1jjj1jjj2 7ii7 meet eligible project purposes included in subparagraphs 7,a77i71 7,a77ii71 and 7,b7 of subsection 7b77#a72 and 7iii7 meet other criteria considered appropriate by the ,secretary1 in consultation with the ,department of ,transportation ,council on ,credit and ,finance4 7,c7 ,expedited credit review ,the total time between the submission of a draft application and the approval or disapproval of a loan or loan guarantee for an applicant under this paragraph shall not exceed #ij days4 ,if an application review conducted under this paragraph exceeds #ij days1 the ,secretary shall-- 7i7 provide written notice to the applicant1 including a justification for the delay and updated estimate of the time needed for approval or disapproval2 and 7ii7 publish the notice on the dashboard described in paragraph 7#e74 7#e7 ,dashboard ,the ,secretary shall post1 on the ,department of ,transportation's internet website1 a monthly report that includes1 for each application-- 7,a7 the applicant type2 7,b7 the location of the project2 7,c7 a brief description of the project1 including its purpose2 7,d7 the requested direct loan or loan guarantee amount2 7,e7 the date on which the ,secretary provided application status notice under paragraph 7#a72 7,f7 the date that the ,secretary provided notice of approval or disapproval under paragraph 7#c72 and 7,g7 whether the project utilized the expedited application process under paragraph 7#d74 7#f7 ,regular creditworthiness review status reports 7,a7 ,in general ,the ,secretary shall provide to the applicant a regular report containing information related to the application for a loan or loan guarantee1 including-- 7i7 a summary of the proposed transaction1 including-- 7,i7 the total value of the proposed loan or loan guarantee2 7,,ii7 the name of the applicant or applicants submitting an application2 7,,iii7 the proposed capital structure of the project to which the loan or loan guarantee would be applied1 including the proposed ,federal and non-,federal shares of the total project cost2 7,,iv7 the type of activity to receive credit assistance1 including whether the project-- 7aa7 is new construction or rehabilitation of existing rail equipment or facilities2 7bb7 is a refinancing of an existing loan or loan guarantee2 and 7,v7 if a deferred payment is proposed1 the length of such deferment2 7,,vi7 the credit rating or ratings provided for the applicant2 7,,vii7 if other credit instruments are involved1 the proposed subordination relationship and a description of such other credit instruments2 7,,viii7 a schedule for the readiness of proposed investments for financing2 7,,ix7 a description of any ,federal permits required1 including under the ,national ,environmental ,policy ,act of #aifi 7#db ,u4,s4,c4 #dcba et seq47 and any waivers under section #ecbc7;j7 of title #di1 ,united ,states ,code 7commonly referred to as the ,buy ,america ,act72 and 7,x7 other characteristics of the proposed activity to be financed1 borrower1 key agreements1 or the nature of the credit that the ,secretary considers to be fundamental to the creditworthiness review2 7ii7 the status of the application in the pre-application review and selection process2 7iii7 the cumulative amounts paid by the ,secretary to outside advisors related to the application1 including financial and legal advisors2 7iv7 a description of the key rating factors used by the ,secretary to determine credit risk1 including-- 7,i7 the qualitative and quantitative factors used to determine risk for the proposed application2 7,,ii7 an adjectival risk rating for each identified factor1 ranked as either low1 moderate1 or high2 and 7v7 a nonbinding estimate of the credit risk premium1 which may be in the form of-- 7,i7 a range1 based on the assessment of risk factors described in clause 7iv72 or 7,,ii7 a justification for why the estimate of the credit risk premium cannot be determined based on available information2 and 7vi7 a description of key information the ,secretary needs from the applicant to complete the credit review process and make a final determination of the credit risk premium4 7,b7 ,report ,the ,secretary shall submit the report described in subparagraph 7,a7 not less frequently than every #de days after the date on which the ,secretary presents the first request to the applicant for funding to pay fees for advisors described in subparagraph 7,a77iii74 7,c7 ,exception ,the report required under this paragraph shall not be applied to applications processed using the expedited credit review process under paragraph 7#e77;,b74 7j7 ,repayment schedules 7#a7 ,in general ,the ,secretary shall establish a repayment schedule requiring payments to commence not later than #e years after the date of substantial completion4 7#b7 ,accrual ,interest shall accrue as of the date of disbursement1 and shall be amortized over the remaining term of the loan1 beginning at the time the payments begin4 7#c7 ,deferred payments 7,a7 ,in general ,if1 at any time the date of substantial completion1 the obligor is unable to pay the scheduled loan repayments of principal and interest on a direct loan provided under this section1 the ,secretary1 subject to subparagraph 7,b71 may allow1 for a maximum aggregate time of #a year over the duration of the direct loan1 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 ,with respect to a direct loan provided by the ,secretary under this section1 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 7k7 ,sale of direct loans 7#a7 ,in general ,subject to paragraph 7#b7 and as soon as practicable after substantial completion of a project1 the ,secretary1 after notifying the obligor1 may sell to another entity or reoffer into the capital markets a direct loan for the project if the ,secretary determines that the sale or reoffering has a high probability of being made on favorable terms4 7#b7 ,consent of obligor ,in making a sale or reoffering under paragraph 7#a71 the ,secretary shall not change the original terms and conditions of the secured loan without the prior written consent of the obligor4 7l7 ,nonsubordination 7#a7 ,in general ,except as provided in paragraph 7#b71 a direct loan provided by the ,secretary under this section shall not be subordinated to the claims of any holder of project obligations in the event of bankruptcy1 insolvency1 or liquidation of the obligor4 7#b7 ,preexisting indentures 7,a7 ,in general ,the ,secretary may waive the requirement under paragraph 7#a7 for a public agency borrower that is financing ongoing capital programs and has outstanding senior bonds under a preexisting indenture if-- 7i7 the direct loan is rated in the ,a category or higher2 7ii7 the direct loan is secured and payable from pledged revenues not affected by project performance1 such as a tax-based revenue pledge or a system-backed pledge of project revenues2 and 7iii7 the program share1 under this chapter1 of eligible project costs is #ej percent or less4 7,b7 ,limitation ,the ,secretary may impose limitations for the waiver of the nonsubordination requirement under this paragraph if the ,secretary determines that the limitations would be in the financial interest of the ,federal ,government4 7m7 ,master credit agreements 7#a7 ,in general ,subject to paragraph 7#b7 and to subsection 7d71 the ,secretary may enter into a master credit agreement that is contingent on all of the conditions for the provision of a direct loan or loan guarantee1 as applicable1 under this chapter and other applicable requirements being satisfied prior to the issuance of the direct loan or loan guarantee4 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-- 7i7 for the direct loans or loan guarantees contingent on the meeting of all applicable requirements and after all requirements have been met1 for the projects subject to the master credit agreement2 and 7,d7 provide #a or more dates1 as determined by the ,secretary1 before which the master credit agreement results in the disbursement issuance of each of the direct loans or loan guarantees or in the release of the master credit agreement4 #bbdjc4 ,administration of direct loans and loan guarantees 7a7 ,applications 7#a7 ,in general ,the ,secretary shall prescribe the form and contents required of applications for assistance under section #bbdjb1 to enable the ,secretary to determine the eligibility of the applicant's proposal1 and shall establish terms and conditions for direct loans and loan guarantees made under that section1 including a program guide1 a standard term sheet1 and specific timetables4 7#b7 ,documentation ,an applicant meeting the size standard for small business concerns established under section #c7;a77#b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb7;a77#b77 may provide unaudited financial statements as documentation of historical financial information if such statements are accompanied by the applicant's ,federal tax returns and ,internal ,revenue ,service tax verifications for the corresponding years4 7b7 ,full faith and credit ,all guarantees entered into by the ,secretary under section #bbdjb shall constitute general obligations of the ,united ,states of ,america and shall be backed by the full faith and credit of the ,united ,states of ,america4 7c7 ,assignment of loan guarantees ,the holder of a loan guarantee made under section #bbdjb may assign the loan guarantee in whole or in part1 subject to such requirements as the ,secretary may prescribe4 7d7 ,modifications ,the ,secretary may approve the modification of any term or condition of a direct loan1 loan guarantee1 direct loan obligation1 or loan guarantee commitment1 including the rate of interest1 time of payment of interest or principal1 or security requirements1 if the ,secretary finds in writing that-- 7#a7 the modification is equitable and is in the overall best interests of the ,united ,states2 7#b7 consent has been obtained from the applicant and in the case of a loan guarantee or loan guarantee commitment1 the holder of the obligation2 and 7#c7 the modification cost has been covered under section #bbdjb7;f74 7e7 ,compliance ,the ,secretary shall ensure compliance by an applicant1 any other party to the loan1 and any railroad or railroad partner for whose benefit assistance is intended1 with the provisions of this chapter1 regulations issued under this chapter1 and the terms and conditions of the direct loan or loan guarantee1 including through regular periodic inspections4 7f7 ,commercial validity 7#a7 ,in general ,for purposes of claims by any party other than the ,secretary1 a loan guarantee or loan guarantee commitment shall be conclusive evidence that the underlying obligation is in compliance with the provisions of this chapter1 and that the obligation has been approved and is legal as to principal1 interest1 and other terms4 7#b7 ,valid and incontestable ,a guarantee or commitment under paragraph 7#a7 shall be valid and incontestable in the hands of a holder of the guarantee or commitment1 including the original lender or any other holder1 as of the date when the ,secretary granted the application for the guarantee or commitment1 except as to fraud or material misrepresentation by the holder4 7g7 ,default 7#a7 ,in general ,the ,secretary shall prescribe regulations setting forth procedures in the event of default on a loan made or guaranteed under section #bbdjb4 7#b7 ,loan guarantees ,the ,secretary shall ensure that each loan guarantee made under section #bbdjb contains terms and conditions that provide that-- 7,a7 if a payment of principal or interest under the loan is in default for more than #cj days1 the ,secretary shall pay to the holder of the obligation1 or the holder's agent1 the amount of unpaid guaranteed interest2 7,b7 if the default has continued for more than #ij days1 the ,secretary shall pay to the holder of the obligation1 or the holder's agent1 #ij percent of the unpaid guaranteed principal2 7,c7 after final resolution of the default1 through liquidation or otherwise1 the ,secretary shall pay to the holder of the obligation1 or the holder's agent1 any remaining amounts guaranteed but that were not recovered through the default's resolution2 7,d7 the ,secretary shall not be required to make any payment under subparagraphs 7,a7 through 7,c7 if the ,secretary finds1 before the expiration of the periods described in such subparagraphs1 that the default has been remedied2 and 7,e7 the holder of the obligation shall not receive payment or be entitled to retain payment in a total amount that1 together with all other recoveries 7including any recovery based upon a security interest in equipment or facilities7 exceeds the actual loss of the holder4 7h7 ,rights of the ,secretary 7#a7 ,subrogation ,if the ,secretary makes payment to a holder1 or a holder's agent1 under subsection 7g7 in connection with a loan guarantee made under section #bbdjb1 the ,secretary shall be subrogated to all of the rights of the holder with respect to the obligor under the loan4 7#b7 ,disposition of property ,the ,secretary may complete1 recondition1 reconstruct1 renovate1 repair1 maintain1 operate1 charter1 rent1 sell1 or otherwise dispose of any property or other interests obtained pursuant to this section4 ,the ,secretary shall not be subject to any ,federal or ,state regulatory requirements when carrying out this paragraph4 7i7 ,action against obligor 7#a7 ,in general ,the ,secretary may bring a civil action in an appropriate ,federal court in the name of the ,united ,states in the event of a default on a direct loan made under section #bbdjb or in the name of the ,united ,states or of the holder of the obligation in the event of a default on a loan guaranteed under section #bbdjb4 7#b7 ,records and evidence ,the holder of a guarantee shall make available to the ,secretary all records and evidence necessary to prosecute the civil action4 7#c7 ,property as satisfaction of sums owed ,the ,secretary may accept property in full or partial satisfaction of any sums owed as a result of a default4 7#d7 ,excess amount 7,a7 ,payment to obligor ,if the ,secretary receives1 through the sale or other disposition of the property described in paragraph 7#c71 an excess amount described in subparagraph 7,b71 the ,secretary shall pay to the obligor the excess amount4 7,b7 ,amount ,an excess amount under this subparagraph is an amount the exceeds the aggregate of-- 7i7 the amount paid to the holder of a guarantee under subsection 7g72 and 7ii7 any other cost to the ,united ,states of remedying the default4 7j7 ,breach of conditions ,the ,attorney ,general shall commence a civil action in an appropriate ,federal court to enjoin any activity that the ,secretary finds is in violation of this chapter1 regulations issued under this chapter1 or any conditions that were agreed to1 and to secure any other appropriate relief4 7k7 ,attachment ,no attachment or execution may be issued against the ,secretary1 or any property in the control of the ,secretary1 prior to the entry of final judgment to that effect in any ,federal1 ,state1 or other court4 7l7 ,charges and loan servicing 7#a7 ,purposes ,the ,secretary may collect from each applicant1 obligor1 or loan party a reasonable charge for-- 7,a7 the cost of evaluating the application1 amendments1 modifications1 and waivers1 including for evaluating project viability1 applicant creditworthiness1 and the 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 to cost of award management and project management oversight2 7,c7 the cost of services from expert firms1 including counsel1 and independent financial advisors 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 ,charge different amounts ,the ,secretary may charge different amounts under this subsection based on the different costs incurred under paragraph 7#a74 7#c7 ,servicer 7,a7 ,in general ,the ,secretary may appoint a financial entity to assist the ,secretary in servicing a direct loan or loan guarantee under this chapter4 7,b7 ,duties ,a servicer appointed under subparagraph 7,a7 shall act as the agent of the ,secretary in servicing a direct loan or loan guarantee under this chapter4 7,c7 ,fees ,a servicer appointed under subparagraph 7,a7 shall receive a servicing fee from the obligor or other loan party1 subject to approval by the ,secretary4 7#d7 ,national surface transportation and innovative finance bureau account ,amounts collected under this subsection shall-- 7,a7 be credited directly to the ,national ,surface ,transportation and ,innovative ,finance ,bureau ,account2 and 7,b7 remain available until expended to pay for the costs described in this subsection4 7m7 ,fees and charges ,except as provided in this chapter1 the ,secretary may not assess fees1 including user fees1 or charges in connection with a direct loan or loan guarantee provided under section #bbdjb4 #bbdjd4 ,employee protection 7a7 ,in general 7#a7 ,fair and equitable arrangements ,fair and equitable arrangements shall be provided1 in accordance with this section1 to protect the interests of any employees who may be affected by actions taken pursuant to authorizations or approval obtained under this chapter4 7#b7 ,arrangements by agreements ,the arrangements under paragraph 7#a7 shall be determined by the execution of an agreement between the representatives of the railroads and the representatives of their employees not later than ,june #d1 #aigf4 7#c7 ,prescribed arrangements ,in the absence of an executed agreement under paragraph 7#b71 the ,secretary of ,labor shall prescribe the applicable protective arrangements not later than ,july #d1 #aigf4 7b7 ,terms 7#a7 ,applicability to existing employees ,the arrangements required under subsection 7a7 shall apply to each employee who has an employment relationship with a railroad on the date on which the railroad first applies for financial assistance under this chapter4 7#b7 ,inclusions ,such arrangements shall include such provisions as may be necessary for the negotiation and execution of agreements as to the manner in which the protective arrangements shall be applied1 including notice requirements4 7#c7 ,execution prior to implementation of work ,the agreements shall be executed prior to implementation of work funded from financial assistance under this chapter4 7#d7 ,arbitration 7,a7 ,in general ,if an agreement described in subsection 7a77#b7 is not reached within #cj days after the date on which an application for the assistance is approved1 either party to the dispute may submit the issue for final and binding arbitration4 7,b7 ,decision 7i7 ,when decision is to be rendered ,the decision on any arbitration under this paragraph shall be rendered within #cj days after the submission4 7ii7 ,effect ,the arbitration decision-- 7,i7 shall not modify the protection afforded in the protective arrangements established pursuant to this section2 7,,ii7 shall be final and binding on the parties to the arbitration2 and 7,,iii7 shall become a part of the agreement4 7#e7 ,other inclusions ,the arrangements shall also include such provisions as may be necessary-- 7,a7 for the preservation of compensation 7including subsequent general wage increases1 vacation allowances1 and monthly compensation guarantees71 right1 privileges1 and benefits 7including fringe benefits such as pensions1 hospitalization1 and vacations1 under the same conditions and so long as the benefits continue to be accorded to other employees of the employing railroad in active service or on furlough1 as the case may be7 to the employees under existing collective-bargaining agreements or otherwise2 7,b7 to provide for final and binding arbitration of any dispute that cannot be settled by the parties with respect to the interpretation1 application1 or enforcement of the provisions of the protective arrangements2 7,c7 to provide that an employee who is unable to secure employment by the exercise of the employee's seniority rights1 as a result of actions taken with financial assistance obtained under this chapter1 shall be offered reassignment and1 where necessary1 retraining to fill a position comparable to the position held at the time of the adverse effect and for which the employee is1 or by training and retraining can become1 physically and mentally qualified1 so long as the offer is not in contravention of collective bargaining agreements relating to the provisions in this paragraph2 and 7,d7 to provide that the protection afforded pursuant to this section shall not be applicable to employees benefitted solely as a result of the work that is financed by funds provided pursuant to this chapter4 7c7 ,subcontracting ,the arrangements that are required to be negotiated by the parties or prescribed by the ,secretary of ,labor1 pursuant to subsections 7a7 and 7b71 shall include provisions regulating subcontracting by the railroads of work that is financed by funds provided pursuant to this chapter4 #bbdje4 ,substantive criteria and standards ,the ,secretary shall publish in the ,federal ,register and post on the ,department of ,transportation website the substantive criteria and standards used by the ,secretary to determine whether to approve or disapprove applications submitted under section #bbdjd4 ,the ,secretary shall ensure adequate procedures and guidelines are in place to permit the filing of complete applications within #cj days of the publication4 #bbdjf4 ,funding 7a7 ,authorization of appropriations 7#a7 ,in general ,there are authorized to be appropriated out of the ,general ,fund for credit assistance under this chapter-- 7,a7 #cj1jjj1jjj for fiscal year #bjba2 7,b7 #ca1jjj1jjj for fiscal year #bjbb2 7,c7 #cb1jjj1jjj for fiscal year #bjbc2 7,d7 #cc1jjj1jjj for fiscal year #bjbd2 and 7,e7 #cd1jjj1jjj for fiscal year #bjbe4 7#b7 ,availability ,amounts appropriated pursuant to this subsection shall remain available until expended4 7b7 ,use of funds 7#a7 ,in general ,except as provided in paragraph 7#b71 amounts appropriated pursuant to this section shall be used for loans and loan guarantees with a total value of not more than #bjj1jjj1jjj4 7#b7 ,administrative costs ,in each fiscal year1 not less than #c1jjj1jjj of the amounts appropriated pursuant to subsection 7a7 shall be made available for the ,secretary for use in lieu of charges collected under section #bbdjc7l77#a7 for freight railroads other than ,class ,i carriers and passenger railroads4 7#c7 ,short line set-aside ,in each fiscal year1 not less than #ej percent of the amounts appropriated pursuant to subsection 7a7 that remain available after the set aside described in paragraph 7#b7 shall be set aside for freight railroads other than ,class ,i carriers4 7#d7 ,passenger rail set-aside ,any amounts appropriated pursuant to subsection 7a7 that remain available after the set-asides described in paragraphs 7#b7 and 7#c7 shall be set aside for passenger railroads4 4 7b7 ,clerical amendment ,the table of chapters for title #di1 ,united ,states ,code1 is amended by inserting after the item relating to chapter #bbc the following3 ,chapter #bbd--,railroad ,rehabilitation and ,improvement ,financing ,program 4 #c4 ,conforming amendments 7a7 ,national ,trails ,system ,act ,section #h7;d7 of the ,national ,trails ,system ,act 7#af ,u4,s4,c4 #abdg7;d77 is amended by inserting 7#de ,u4,s4,c4 #hja et seq47 and chapter #bbd of title #di1 ,united ,states ,code after #aigf4 7b7 ,passenger ,rail ,reform and ,investment ,act ,section #aacae7;c7 of the ,passenger ,rail ,reform and ,investment ,act of #bjae 7#bc ,u4,s4,c4 #cbb note2 ,public ,law #aad-id7 is amended by striking sections #ejb and #ejc of the ,railroad ,revitalization and ,regulatory ,reform ,act of #aigf and inserting sections #bbdjb and #bbdjc of title #di1 ,united ,states ,code4 7c7 ,provisions classified in title #de1 ,united ,states ,code 7#a7 ,section #aja of the ,railroad ,revitalization and ,regulatory ,reform ,act of #aigf 7#de ,u4,s4,c4 #hja7 is amended-- 7,a7 in subsection 7a71 in the matter preceding paragraph 7#a71 by striking ,it is the purpose of the ,congress in this ,act to and inserting ,the purpose of this ,act and chapter #bbd of subtitle ,v of title #di1 ,united ,states ,code1 is to2 and 7,b7 in subsection 7b71 in the matter preceding paragraph 7#a71 by striking ,it is declared to be the policy of the ,congress in this ,act and inserting ,the policy of this ,act and chapter #bbd of title #di1 ,united ,states ,code1 is4 7#b7 ,section #aafjg7;b7 of the ,railroad ,infrastructure ,financing ,improvement ,act 7,public ,law #aad-id2 #de ,u4,s4,c4 #hba note7 is amended by striking ,all provisions under sections #ejb through #ejd of the ,railroad ,revitalization and ,regulatory ,reform ,act of #aigf 7#de ,u4,s4,c4 #hcja et seq47 and inserting ,all provisions under section #bbdjd through #bbdjd of title #di1 ,united ,states ,code14 7#c7 ,section #aafaj7;b7 of the ,railroad ,infrastructure ,financing ,improvement ,act 7,public ,law #aad-id2 #de ,u4,s4,c4 #hba note7 is amended by striking section #ejb7;f7 of the ,railroad ,revitalization and ,regulatory ,reform ,act of #aigf 7#de ,u4,s4,c4 #hbb7;f771 as amended by section #aafjg of this ,act and inserting section #bbdjb7;f7 of title #di1 ,united ,states ,code4 7#d7 ,section #gbjc7;b77#b7 of the ,transportation ,equity ,act for the #bast ,century 7,public ,law #aje-agh2 #de ,u4,s4,c4 #hba note7 is amended by striking title ,v of the ,railroad ,revitalization and ,regulatory ,reform ,act of #aigf 7#de ,u4,s4,c4 #hba et seq47 and inserting chapter #bbd of title #di1 ,united ,states ,code14 7#e7 ,section #bab7;d77#a7 of ,hamm ,alert ,maritime ,safety ,act of #bjah 7title ,,ii of ,public ,law #aae-bfe2 #de ,u4,s4,c4 #hbb note7 is amended1 in the matter preceding subparagraph 7,a71 by striking for purposes of section #ejb7;f77#d7 of the ,railroad ,revitalization and ,regulatory ,reform ,act of #aigf 7#de ,u4,s4,c4 #hbb7;f77#d77 and inserting for purposes of section #bbdjb of title #di1 ,united ,states ,code4 7#f7 ,section #ae7;f7 of the ,milwaukee ,railroad ,restructuring ,act 7#de ,u4,s4,c4 #iad7;f77 is amended by striking ,section #eaf of the ,railroad ,revitalization and ,regulatory ,reform ,act of #aigf 7#de ,u4,s4,c4 #hcf7 and inserting ,section #bbdjd of title #di1 ,united ,states ,code14 7#g7 ,section #ajd7;b7 of the ,rock ,island ,railroad ,transition and ,employee ,assistance ,act 7#de ,u4,s4,c4 #ajjc7;b77 is amended-- 7,a7 in paragraph 7#a71 by striking title ,v of the ,railroad ,revitalization and ,regulatory ,reform ,act of #aigf 7#de ,u4,s4,c4 #hba et seq47 and inserting chapter #bbd of title #di1 ,united ,states ,code12 and 7,b7 in paragraph 7#b71 by striking title ,v of the ,railroad ,revitalization and ,regulatory ,reform ,act of #aigf1 and section #eaf of such ,act 7#de ,u4,s4,c4 #hcf7 and inserting chapter #bbd of title #di1 ,united ,states ,code1 and section #bbdjd of title #di1 ,united ,states ,code14 7#h7 ,section #ajd7;b77#b7 of the ,rock ,island ,railroad ,transition and ,employee ,assistance ,act 7#de ,u4,s4,c4 #ajjc7;b77#b77 is amended by striking title ,v of the ,railroad ,revitalization and ,regulatory ,reform ,act of #aigf1 and section #eaf of such ,act 7#de ,u4,s4,c4 #hcf7 and inserting chapter #bbd of title #di1 ,united ,states ,code1 and section #bbdjd of such title #di14 7d7 ,title #di 7#a7 ,section #aaf7;d77#a77;,b7 of title #di1 ,united ,states ,code1 is amended by striking sections #eja through #ejc of the ,railroad ,revitalization and ,regulatory ,reform ,act of #aigf 7#de ,u4,s4,c4 #hba-hbc7 and inserting sections #bbdja through #bbdjc of this title4 7#b7 ,section #cjf7;b7 of title #di1 ,united ,states ,code1 is amended-- 7,a7 by striking chapter #bba or #bdi of this title1 and inserting chapter #bba1 #bbd1 or #bdi of this title12 and 7,b7 by striking 1 or title ,v of the ,railroad ,revitalization and ,regulatory ,reform ,act of #aigf 7#de ,u4,s4,c4 #hba et seq474 7#c7 ,section #aacaa7;d7 of the ,passenger ,rail ,reform and ,investment ,act of #bjae 7,public ,law #aad-id2 #di ,u4,s4,c4 #bjaja note7 is amended by striking 1 and section #ejb of the ,railroad ,revitalization and ,regulatory ,reform ,act of #aigf 7#de ,u4,s4,c4 #hbb74 7#d7 ,section #bje7;g7 of the ,passenger ,rail ,investment and ,improvement ,act of #bjjh 7division ,b of ,public ,law #aaj-dcb2 #di ,u4,s4,c4 #bdaja note7 is amended by striking title ,v of the ,railroad ,revitalization and ,regulatory ,reform ,act of #aigf 7#de ,u4,s4,c4 #hba et seq47 and inserting chapter #bbd of title #di1 ,united ,states ,code4 7#e7 ,section #bbije7;c77#b77;,b7 of title #di1 ,united ,states ,code1 is amended by striking section #ejd of the ,railroad ,revitalization and ,regulatory ,reform ,act of #aigf 7#de ,u4,s4,c4 #hcf7 and inserting section #bbdjd of this title4 7#f7 ,section #bdijc of title #di1 ,united ,states ,code1 is amended-- 7,a7 in subsection 7a77#f71 by striking and the ,railroad ,revitalization and ,regulatory ,reform ,act of #aigf 7#de ,u4,s4,c4 #hja et seq47 and inserting 1 the ,railroad ,revitalization and ,regulatory ,reform ,act of #aigf 7#de ,u4,s4,c4 #hja et seq471 and chapter #bbd of this title2 and 7,b7 in subsection 7c77#b71 by striking and the ,railroad ,revitalization and ,regulatory ,reform ,act of #aigf 7#de ,u4,s4,c4 #hja et seq47 and inserting 1 the ,railroad ,revitalization and ,regulatory ,reform ,act of #aigf 7#de ,u4,s4,c4 #hja et seq471 and chapter #bbd of this title4 #d4 ,transitional and savings provisions 7a7 ,definitions ,in this section3 7#a7 ,restated provision ,the term restated provision means a provision of chapter #bbd of title #di1 ,united ,states ,code1 as added by section #b4 7#b7 ,source provision ,the term source provision means a provision of law that is replaced by a restated provision4 7b7 ,cutoff date 7#a7 ,in general ,the restated provisions replace certain source provisions enacted on or before ,march #ab1 #bjai4 7#b7 ,subsequent amendments and repeals ,if a law enacted after ,march #ab1 #bjai1 amends or repeals a source provision1 that law is deemed to amend or repeal1 as the case may be1 the corresponding restated provision4 ,if a law enacted after ,march #ab1 #bjai1 is otherwise inconsistent with a restated provision of this ,act1 that law supersedes the restated provision of this ,act to the extent of the inconsistency4 7c7 ,original date of enactment unchanged ,a restated provision is deemed to have been enacted on the date of enactment of the corresponding source provision4 7d7 ,references to restated provisions ,a reference to a restated provision is deemed to refer to the corresponding source provision4 7e7 ,references to source provisions ,a reference to a source provision1 including a reference in a regulation1 order1 or other law1 is deemed to refer to the corresponding restated provision4 7f7 ,regulations1 orders1 and other administrative actions ,a regulation1 order1 or other administrative action in effect under a source provision continues in effect under the corresponding restated provision4 7g7 ,actions taken and offenses committed ,an action taken or an offense committed under a source provision is deemed to have been taken or committed under the corresponding restated provision4 #e4 ,repeals ,the following provisions of law are repealed1 except with respect to rights and duties that matured1 penalties that were incurred1 or proceedings that were begun before the date of enactment of this ,act3 ,schedule of ,laws ,repealed,act,section,united ,states ,code,former ,classification ,railroad ,revitalization and ,regulatory ,reform ,act of #aigf 7,public ,law #id-baj7 #eja #de ,u4,s4,c4 #hba4 #ejb #de ,u4,s4,c4 #hbb4 #ejc #de ,u4,s4,c4 #hbc4 #ejd #de ,u4,s4,c4 #hcf4 ,safe1 ,accountable1 ,flexible1 ,efficient ,transportation ,equity ,act3 ,a ,legacy for ,users or ,,safetea-,,lu 7,public ,law #aji-ei7 #ijjc7;j7 #de ,u4,s4,c4 #hbb note4