,,ii  #aag? ,,congress  #a/ ,session    
,s4 #ahjh  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,may #be1 #bjba ,mrs4  
,%ahe5 7= h]self & ,mr4 ,book]7         
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,environm5t & ,public ,works  ,a ,,bill 
,to e/abli% a pilot program = ! transf] 
& sale ( toll cr$its1 & = o!r purposes4 
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,toll ,cr$it ,m>ketplace ,act ( #bjba4
  #b4 ,transf] & sale ( toll cr$its  7a7
 ,def9itions ,9 ?is section3  7#a7      
,orig9at+ ,/ate ,! t]m orig9at+ ,/ate   
means a ,/ate t-- 7,a7 is eligible to   
use a cr$it "u section #abj7;i7 ( title 
#bc1 ,unit$ ,/ates ,code2 &  7,b7 has   
be5 select$ by ! ,secret>y "u subsection
 7d77#b74  7#b7 ,pilot program ,! t]m   
pilot program means ! pilot program     
e/abli%$ "u subsection 7b74  7#c7       
,recipi5t ,/ate ,! t]m recipi5t ,/ate   
means a ,/ate t receives a cr$it by     
transf] or by sale "u ?is section f an  
orig9at+ ,/ate4  7#d7 ,secret>y ,! t]m  

,secret>y means ! ,secret>y (           
,transportation4  7#e7 ,/ate ,! t]m     
,/ate has ! mean+ giv5 ! t]m 9 section  
#aja7;a7 ( title #bc1 ,unit$ ,/ates     
,code4  7b7 ,e/abli%m5t ( pilot program 
,n lat] ?an #a ye> aft] ! date (        
enactm5t ( ?is ,act1 ! ,secret>y %all   
e/abli% & implem5t a toll cr$it ex*ange 
pilot program 9 accordance ) ?is        
section4  7c7 ,purposes ,! purposes ( ! 
pilot program are-- 7#a7 to id5tify !   
ext5t ( ! dem& to pur*ase toll cr$its2  
7#b7 to id5tify ! ca% price ( toll      
cr$its ?r\gh bilat]al transactions      
betwe5 ,/ates2  7#c7 to analyze ! impact
 ( ! pur*ase or sale ( toll cr$its on   
transportation exp5ditures2  7#d7 to te/
 ! feasibility ( exp&+ ! pilot program  
to all[ all ,/ates to p>ticipate on a   
p]man5t basis2 &  7#e7 to id5tify any   
o!r rep]cussions ( ! toll cr$it ex*ange4
  7d7 ,selection ( orig9at+ ,/ates  7#a7
 ,application ,9 ord] to p>ticipate 9 ! 
pilot program z an orig9at+ ,/ate1 a    
,/ate %all submit to ! ,secret>y an     

application at su* "t1 9 su* mann]1 &   
conta9+ su* in=mation z ! ,secret>y may 
require1 includ+1 at a m9imum1 su*      
in=mation z is requir$ = ! ,secret>y to 
v]ify-- 7,a7 ! am\nt ( unus$ toll cr$its
 = :i* ! ,/ate has submitt$ c]tification
 to ! ,secret>y t are available to be   
sold or transf]r$ "u ! pilot program1   
includ+--  7i7 toll rev5ue g5]at$ & !   
s\rces ( t rev5ue2  7ii7 toll rev5ue us$
 by public1 quasi-public1 & private     
ag5cies to build1 improve1 or ma9ta9    
highways1 bridges1 or tunnels t s]ve !  
public purpose ( int]/ate comm]ce2 &    
7iii7 an acc\nt+ ( any ,f$]al funds us$ 
by ! public1 quasi-public1 or private   
ag5cy to build1 improve1 or ma9ta9 !    
toll facility1 to validate t ! cr$it has
 be5 r$uc$ by a p]c5tage equal to !     
p]c5tage ( ! total co/ ( build+1        
improv+1 or ma9ta9+ ! facility t 0 d]iv$
 f ,f$]al funds2  7,b7 ! docum5tation ( 
ma9t5ance ( ef=t = toll cr$its e>n$ by !
 orig9at+ ,/ate2 &  7,c7 ! accuracy ( ! 
acc\nt+ sy/em ( ! ,/ate to e>n & track  

toll cr$its4  7#b7 ,selection ,( !      
,/ates t submit an application "u       
p>agraph 7#a71 ! ,secret>y may select n 
m ?an #aj ,/ates to be designat$ z an   
orig9at+ ,/ate4  7#c7 ,limitation on    
sales ,at any "t1 ! ,secret>y may limit 
! am\nt ( unus$ toll cr$its t may be    
(f]$ = sale "u ! pilot program4  7e7    
,transf] or sale ( cr$its  7#a7 ,9 g5]al
 ,9 c>ry+ out ! pilot program1 !        
,secret>y %all provide t an orig9at+    
,/ate may transf] or sell to a recipi5t 
,/ate a cr$it n previ\sly us$ by !      
orig9at+ ,/ate "u section #abj7;i7 (    
title #bc1 ,unit$ ,/ates ,code4  7#b7   
,website support ,! ,secret>y %all make 
available a publicly accessible website 
on :i* orig9at+ ,/ates %all po/ ! am\nt 
( toll cr$its1 v]ifi$ "u subsection     
7d77#a77;,a71 t are available = sale or 
transf] to a recipi5t ,/ate4  7#c7      
,bilat]al transactions ,an orig9at+     
,/ate & a recipi5t ,/ate may ent] into a
 bilat]al transaction to sell or transf]
 v]ifi$ toll cr$its4  7#d7 ,notification

 ,n lat] ?an #cj days aft] ! date on :i*
 a cr$it is transf]r$ or sold1 !        
orig9at+ ,/ate & ! recipi5t ,/ate %all  
jo9tly submit to ! ,secret>y a writt5   
notification ( ! transf] or sale1       
includ+ details on-- 7,a7 ! am\nt ( toll
 cr$its t h be5 sold or transf]r$2  7,b7
 ! price paid or o!r value transf]r$ 9  
ex*ange = ! toll cr$its2  7,c7 ! int5d$ 
use by ! recipi5t ,/ate ( ! toll cr$its1
 if kn[n2  7,d7 ! int5d$ use by !       
orig9at+ ,/ate ( ! ca% or o!r value     
transf]r$2  7,e7 an update on ! toll    
cr$it balance ( ! orig9at+ ,/ate & !    
recipi5t ,/ate2 &  7,f7 any o!r         
in=mation ab\t ! transaction t !        
,secret>y may require4  7#e7 ,use (     
cr$its by transf]ee or pur*as] ,a       
recipi5t ,/ate may use a cr$it receiv$  
"u p>agraph 7#a7 t[>d ! non-,f$]al %>e  
requirem5t = any funds made available to
 c>ry out title #bc or *apt] #ec ( title
 #di1 ,unit$ ,/ates ,code1 9 accordance 
) section #abj7;i7 ( title #bc1 ,unit$  
,/ates ,code4  7#f7 ,use ( proce$s f    

sale ( cr$its ,an orig9at+ ,/ate %all   
use ! proce$s f ! sale ( a cr$it "u     
p>agraph 7#a7 = a project eligible =    
assi/ance "u title #bc or *apt] #ec (   
title #di1 ,unit$ ,/ates ,code4  7f7    
,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$its ,on      
approval ( ! applicable metropolitan    
plann+ organization or local gov]nm5t1 a
 ,/ate may allocate toll cr$its pur*as$ 
by ! ,/ate = use by ! metropolitan      
plann+ organization or local gov]nm5t4  
7g7 ,limitation on use ( ,f$]al funds = 
! pur*ase ( toll cr$its ,a ,/ate1       
metropolitan plann+ organization1 or    
local gov]nm5t may n use ,f$]al funds to
 pur*ase toll cr$its on a toll cr$it    

m>ketplace4  7h7 ,report+ requirem5ts   
7#a7 ,initial report ,n lat] ?an #a ye> 
aft] ! date on :i* ! pilot program is   
e/abli%$1 ! ,secret>y %all submit to !  
,committee on ,environm5t & ,public     
,works ( ! ,s5ate & ! ,committee on     
,transportation & ,infra/ructure ( !    
,h\se ( ,repres5tatives a report on !   
progress ( ! pilot program4  7#b7 ,f9al 
report ,n lat] ?an #c ye>s aft] ! date  
on :i* ! pilot program is e/abli%$1 !   
,secret>y %all--  7,a7 submit to !      
,committee on ,environm5t & ,public     
,works ( ! ,s5ate & ! ,committee on     
,transportation & ,infra/ructure ( !    
,h\se ( ,repres5tatives a report t-- 7i7
 det]m9es :e!r a toll cr$it m>ketplace  
is viable & co/ effective2  7ii7        
describes ! buy+ & sell+ activities "u !
 pilot program2  7iii7 describes !      
av]age sale price ( toll cr$its2  7iv7  
det]m9es :e!r ! pilot program c\ld be   
exp&$ to m ,/ates or all ,/ates or to   
non-,/ate op]ators ( toll facilities2   
7v7 provides updat$ in=mation on ! toll 

cr$it balance accumulat$ by ea* ,/ate2 &
  7vi7 describes ! li/ ( projects t 7   
assi/$ by ! pilot program2 &  7,b7 make 
! report "u subp>agraph 7,a7 publicly   
available on ! website ( ! ,dep>tm5t4   
7i7 ,t]m9ation  7#a7 ,9 g5]al ,!        
,secret>y may t]m9ate ! pilot program or
 ! p>ticipation ( any ,/ate 9 ! pilot   
program if ! ,secret>y det]m9es t-- 7,a7
 ! pilot program is n s]v+ a public     
b5efit2 or  7,b7 x is n co/ effective to
 c>ry out ! pilot program4  7#b7        
,proc$ures ,! t]m9ation ( ! pilot       
program or ! p>ticipation ( a ,/ate 9 ! 
pilot program %all be c>ri$ out consi/5t
 ) ,f$]al requirem5ts = project close\t1
 adju/m5t1 & cont9u+ responsibilities4