I 

114TH CONGRESS 

1ST SESSION H. R. 4081 

To amend title 23, United States Code, to establish a Transportation Infrastructure Finance and Innovation Act Revolving Fund, and for other 

purposes. 

IN THE HOUSE OF REPRESENTATIVES 

NOVEMBER 19, 2015 

Mr. WEBSTER of Florida introduced the following bill; which was referred to 

the Committee on Transportation and Infrastructure 

A BILL 

To amend title 23, United States Code, to establish a Transportation Infrastructure Finance and Innovation Act Revolving Fund, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘TIFIA 2.0 Act’’. 

5 SEC. 2. TIFIA FUNDING. 

6 (a) IN GENERAL.—Section 608 of title 23, United 

7 States Code, is amended to read as follows: 

8 ‘‘§ 608. Funding 

9 ‘‘(a) TIFIA REVOLVING FUND.— 


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1 ‘‘(1) ESTABLISHMENT.—There is established in 

2 the Treasury of the United States a revolving fund 

3 to be known as the Transportation Infrastructure 

4 Finance and Innovation Act Revolving Fund (in this 

5 section referred to as the ‘Fund’). 

6 ‘‘(2) DEPOSITS.—There shall be deposited in 

7 the Fund the following: 

8 ‘‘(A) Amounts made available to carry out 

9 this chapter. 

10 ‘‘(B) Amounts received from the repay11 ment of principal and interest on a direct loan 

12 made under this chapter. 

13 ‘‘(C) Unobligated and uncommitted budget 

14 authority under this chapter in a fiscal year. 

15 ‘‘(D) Proceeds from the sale of secured 

16 loans under section 603(d). 

17 ‘‘(E) Amounts received from interest on in18 vestments under paragraph (6). 

19 ‘‘(F) Amounts received from the collection 

20 of fees established by the Secretary pursuant to 

21 this chapter. 

22 ‘‘(3) DISBURSEMENTS.—Disbursements from 

23 the Fund may be made by the Secretary for the pur24 pose of carrying out this chapter. 

25 ‘‘(4) RURAL SET ASIDE.— 


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1 ‘‘(A) IN GENERAL.—Of the amounts de2 posited in the Fund in a fiscal year, not more 

3 than 10 percent shall be set aside for use in the 

4 following fiscal year for rural infrastructure 

5 projects. 

6 ‘‘(B) REINVESTMENT.—Any amounts set 

7 aside for a fiscal year under subparagraph (A) 

8 that remain unobligated by June 1 of that fis9 cal year shall be invested pursuant to para10 graph (6). 

11 ‘‘(5) TRANSFERS.—The Secretary shall transfer 

12 from the Fund to the general fund of the Treasury 

13 amounts equivalent to moneys deposited in the Fund 

14 as a result of repayment of principal and interest on 

15 a direct loan made under this chapter before the 

16 date of enactment of the TIFIA 2.0 Act. 

17 ‘‘(6) INVESTMENTS AUTHORITY.—The Sec18 retary of the Treasury shall invest any portion of the 

19 Fund that, as determined by the Secretary, is not 

20 required to meet current expenses. Each such invest21 ment shall be made in an interest-bearing obligation 

22 of the United States or an obligation guaranteed 

23 both as to principal and interest by the United 

24 States that, as determined by the Secretary, has a 

25 maturity date suitable for the purposes of the Fund. 


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1 The Secretary of the Treasury shall credit interest 

2 earned on the obligations to the Fund. 

3 ‘‘(7) ADMINISTRATIVE COSTS.—Of the amounts 

4 in the Fund, the Secretary may use not more than 

5 0.50 percent for each fiscal year for the administra6 tion of this chapter, excluding amounts to be trans7 ferred under paragraph (5). 

8 ‘‘(b) CONTRACTING AUTHORITY.— 

9 ‘‘(1) IN GENERAL.—Notwithstanding any other 

10 provision of law, execution of a term sheet by the 

11 Secretary of a Federal credit instrument that uses 

12 amounts in the Fund shall impose on the United 

13 States a contractual obligation to fund the Federal 

14 credit investment. 

15 ‘‘(2) AVAILABILITY.—Amounts in the Fund 

16 shall be available for obligation without fiscal year 

17 limitation and without further appropriation until 

18 expended.’’. 

19 (b) CONFORMING AMENDMENTS.—Chapter 6 of such 

20 title is amended— 

21 (1) in section 601(a)— 

22 (A) by striking paragraph (18); and 

23 (B) by redesignating paragraphs (19) and 

24 (20) as paragraphs (18) and (19), respectively; 


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1 (2) in section 602(b)(1) by striking ‘‘the sub2 sidy costs associated with’’; 

3 (3) in section 603— 

4 (A) in subsection (a)(3) by striking ‘‘sub5 sidy amount’’; and 

6 (B) in subsection (b)— 

7 (i) in paragraph (4)(B)(ii) by striking 

8 ‘‘the subsidy cost of which’’; and 

9 (ii) by striking paragraph (6)(B) and 

10 inserting the following: 

11 ‘‘(B) PREEXISTING INDENTURE.—The 

12 Secretary shall waive the requirement under 

13 subparagraph (A) for a public agency borrower 

14 that is financing ongoing capital programs and 

15 has outstanding senior bonds under a pre16 existing indenture, if— 

17 ‘‘(i) the secured loan is rated in the A 

18 category or higher; 

19 ‘‘(ii) the secured loan is secured and 

20 payable from pledged revenues not affected 

21 by project performance, such as a tax22 backed revenue pledge or a system-backed 

23 pledge of project revenues; and 

24 ‘‘(iii) the TIFIA program share of eli25 gible project costs is 33 percent or less.’’; 


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1 (4) in section 604— 

2 (A) in subsection (a)(3) by striking ‘‘sub3 sidy’’; and 

4 (B) by striking subsection (b)(8)(B) and 

5 inserting the following: 

6 ‘‘(B) PRE-EXISTING INDENTURE.— 

7 ‘‘(i) IN GENERAL.—The Secretary 

8 shall waive the requirement of subpara9 graph (A) for a public agency borrower 

10 that is financing ongoing capital programs 

11 and has outstanding senior bonds under a 

12 preexisting indenture, if— 

13 ‘‘(I) the line of credit is rated in 

14 the A category or higher; 

15 ‘‘(II) the TIFIA program loan 

16 resulting from a draw on the line of 

17 credit is payable from pledged reve18 nues not affected by project perform19 ance, such as a tax-backed revenue 

20 pledge or a system-backed pledge of 

21 project revenues; and 

22 ‘‘(III) the TIFIA program share 

23 of eligible project costs is 33 percent 

24 or less.’’. 


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1 SEC. 3. DETERMINATION OF ELIGIBILITY AND PROJECT SE2 LECTION. 

3 (a) ELIGIBILITY.—Section 602(a)(9) of title 23, 

4 United States Code, is amended— 

5 (1) by striking ‘‘and’’ at the end of subpara6 graph (B); 

7 (2) by striking the period at the end of sub8 paragraph (C) and inserting ‘‘; and’’; and 

9 (3) by adding at the end the following: 

10 ‘‘(D) be repaid with 1 or more dedicated 

11 non-Federal revenue sources.’’. 

12 (b) SELECTION AMONG ELIGIBLE PROJECTS.—Sec13 tion 602(b)(1) of such title, as amended by this Act, is 

14 further amended— 

15 (1) by striking ‘‘The Secretary’’ and inserting 

16 the following: 

17 ‘‘(A) APPLICATION PROCESS.—Subject to 

18 subparagraph (B), the Secretary’’; and 

19 (2) by adding at the end the following: 

20 ‘‘(B) PRIORITY.—In selecting projects to 

21 receive funding under subparagraph (A), the 

22 Secretary shall give priority consideration to 

23 projects with sponsors who have sponsored 

24 prior credit agreements under this chapter that 

25 have been repaid in full.’’. 

Æ 


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