4880 Federal Register / Vol. 89, No. 17 / Thursday, January 25, 2024 / Proposed Rules 

(d) You must set up an approved 

portable toilet, ready for use, as soon as 

practical upon arriving at the campsite 

to be occupied on an overnight trip. You 

must not empty an approved portable 

toilet into a developed toilet facility, or 

any other facility not developed and 

identified especially for that purpose. 

Leaving solid human waste on public 

lands or dumping it into vault toilets or 

trash receptacles at BLM-managed 

facilities is prohibited. 

(e) You must not camp or display 

intent to camp during an overnight river 

trip without an approved fire pan. 

(f) You must not build, ignite, 

maintain, or use a campfire not 

contained in an approved fire pan. 

(g) You must not leave fresh fire ash 

produced from a campfire in a fire pan 

or in a constructed, permanently 

installed metal fire pit provided by the 

BLM outside of the Pumphouse, 

Radium, and State Bridge Recreation 

Sites. Fire blankets under fire pans to 

facilitate total ash removal are 

recommended but are not required. 

(h) You must remove and properly 

dispose of all pet waste from developed 

recreation sites/areas. 

(i) You must not launch or take out a 

vessel in areas signed as prohibiting 

those activities. 

(j) You must not cut, collect, or use 

live, dead, or down wood except 

driftwood. 

Restrictions on Activities on Public 

Lands in the Dominguez-Escalante NCA 

1. You must not install permanent 

climbing anchors in outstanding 

geologic features identified on a BLM 

sign or map. 

2. You must not place or maintain 

permanent climbing anchors inside the 

Dominguez Canyon Wilderness Area 

without a permit from the BLM. 

3. You must not install permanent 

climbing anchors that do not match the 

color of the rock surface (fixtures, 

hardware, and webbing, etc.). 

4. You must not collect or harvest 

firewood or native species in riparian 

and wetland areas, except for driftwood. 

5. You must not possess domestic 

goats. 

6. You must keep all domestic dogs 

on leashes, except those actively 

working on a livestock operation in 

Wilderness Zone 1 and in the Escalante 

Triangle RMZ in the Sawmill Mesa 

ERMA (after the loop trail system is 

constructed). 

7. You must not exceed group-size 

limit of 25 people in Wilderness Zone 

1. 

8. You must not exceed a group-size 

limit of 12 people in Wilderness Zones 

2 and 3. 

9. You must pack out all solid human 

waste in Wilderness Zone 2. 

10. You must pack out solid human 

waste or bury solid human waste in a 

cathole more than 100 meters 

(approximately 383 feet) from natural 

water sources (rivers, creeks, springs, 

and seeps) in Wilderness Zone 3. 

11. You must not place recreational 

geocaches without BLM authorization 

prior to placement. 

12. You must not use a metal detector. 

13. You must not use a paintball gun. 

14. You must not use glass containers 

in the Potholes Recreation Site 

(Escalante Canyon) and Gunnison River 

SRMA. 

15. Consistent with Public Law 111– 

11, you must not remove minerals from 

the NCA. 

16. You must pack out solid human 

waste and fire ash. You must use 

portable toilet systems and fire pans for 

all overnight camping in undeveloped 

camp sites in the following RMAs: 

Gunnison River, Cactus Park, Escalante 

Canyon. 

17. You must not rock climb (e.g., 

bouldering, scrambling, trad climbing or 

sport climbing) in the East Creek RMA 

or Escalante Canyon RMA in areas or on 

routes marked as closed by BLM. 

18. You must not ride a horse, 

donkey, mule, or burro in Wilderness 

Zone 1 except on existing routes 

identified on a BLM sign or map. 

19. In the Gunnison River RMA, 

(a) Motorized boat use is prohibited at 

BLM boat ramps and at campsites from 

May 1 through Labor Day Weekend. 

(b) You must not have your dog off 

leash at boat ramps and the mouth of 

Dominguez Canyon. 

(c) Exceeding a group size of 25 on the 

river (including guides and dogs) is 

prohibited. 

(d) You must not camp outside of 

designated campsites. 

(e) Non-boating overnight camping is 

prohibited at the mouth of Dominguez 

Canyon from May 1 through Labor Day 

Weekend. 

(f) You must not camp more than 7 

consecutive nights, unless otherwise 

authorized in writing by the BLM. 

20. In the Ninemile Hill Recreation 

Management Area (RMA), 

(a) You must not camp outside of 

designated campsites. Dispersed 

camping is allowed outside of 

designated campsites, so long as such 

camping takes place at least a 1⁄4 mile 

(approximately 1,320 feet) away from 

designated motorized routes. 

(b) You must not camp for more than 

7 consecutive days, unless otherwise 

authorized in writing by the BLM. 

21. In the Cactus Park RMA, 

(a) You must not camp outside of 

designated campsites. 

(b) You must not camp for more than 

7 consecutive days from April 1 through 

Labor Day Weekend unless otherwise 

authorized by the BLM. 

22. In the Hunting Ground RMA 

(a) You must not camp for more than 

7 consecutive days, unless otherwise 

authorized in writing by the BLM. 

Exemptions 

The following persons are exempt 

from this proposed supplementary rule: 

any Federal, State, local, and/or military 

employees acting within the scope of 

their official duties; members of any 

organized rescue or fire fighting force 

performing an official duty; and persons 

who are expressly authorized or 

approved by the BLM. 

Enforcement 

Any person who violates any part of 

this supplementary rule may be tried 

before a United States Magistrate and 

fined in accordance with 18 U.S.C. 

3571, imprisoned no more than 12 

months under 43 U.S.C. 1733(a) and 43 

CFR 8360.0–7, or both. In accordance 

with 43 CFR 8365.1–7, State or local 

officials may also impose penalties for 

violations of Colorado law. 

(Authority: 43 U.S.C. 1733(a), 1740; 43 CFR 

8365.1–6). 

Douglas Vilsack, 

BLM Colorado State Director. 

[FR Doc. 2024–01399 Filed 1–24–24; 8:45 am] 

BILLING CODE 4331–16–P 

DEPARTMENT OF TRANSPORTATION 

Office of Secretary of Transportation 

49 CFR Parts 80 and 260 

[Docket Number DOT–OST–2024–0006] 

RIN 2105–AE69 

Amendment to the Railroad 

Rehabilitation and Improvement 

Financing Program and Transportation 

Infrastructure Finance and Innovation 

Act Program Regulations 

AGENCY: Office of the Secretary of 

Transportation, Department of 

Transportation. 

ACTION: Notice of proposed rulemaking. 

SUMMARY: The Department of 

Transportation (‘‘DOT’’ or ‘‘the 

Department’’) proposes to implement 

provisions of the Infrastructure 

Investment and Jobs Act (the ‘‘IIJA’’) 

that expand or modify the authorities 

applicable to the Railroad Rehabilitation 

and Improvement Financing (‘‘RRIF’’) 

and Transportation Infrastructure 


khammond on DSKJM1Z7X2PROD with PROPOSALS
Federal Register / Vol. 89, No. 17 / Thursday, January 25, 2024 / Proposed Rules 4881 

1Public Law 94–210, title V (1976), codified by 

Public Law 117–58 (2021) as chapter 224 of title 49; 

49 U.S.C. Ch. 224. 

2Public Law 105–178, sec. 1504–10 (1998); 23 

U.S.C. Ch. 6. 

3 49 U.S.C. 22402(b)(1). 

4 23 U.S.C. 603(a), 603(e), and 604(a). 

5https://www.transportation.gov/buildamerica/ 

financing/program-guide. 

6Public Law 117–58 (2021). 

7Public Law 117–58, sec. 12001(e)(2), 21301(d)(6) 

(2021). 

8Public Law 117–58, sec. 12001(a) (2021). 

9Public Law 117–58, sec. 21301(d)(5)(B) (2021). 

10 49 U.S.C. 22402(g)(1), as amended through 

Public Law 117–58, sec. 21301(d)(6) (2021). 

11 23 U.S.C. 603(b)(5)(C), as added by Public Law 

117–58, sec. 12001(e)(2) (2021). 

12 49 U.S.C. 22402(e); 23 U.S.C. 603(b)(4)(A). 

Finance and Innovation Act (‘‘TIFIA’’) 

programs, and make other necessary 

updates, by amending the RRIF program 

and TIFIA program regulations. DOT 

solicits written comments on this 

rulemaking. 

DATES: Written comments will be 

accepted until February 26, 2024. We 

will consider late comments to the 

extent practicable. 

ADDRESSES: Your comments may be 

submitted by one of the following 

methods: 

• Federal eRulemaking Portal: Go to 

www.regulations.gov and follow the 

instructions for submitting comments. 

• Mail: Send comments to Docket 

Operations, U.S. Department of 

Transportation, 1200 New Jersey 

Avenue SE, Room W12–140, 

Washington, DC 20590. 

• Hand-Delivery or Courier: Take 

comments to Docket Operations in 

Room W12–140 on the ground floor of 

the West Building at 1200 New Jersey 

Avenue SE, Washington, DC between 9 

a.m. to 5 p.m., Monday through Friday, 

except Federal holidays. 

Instructions: All comments must 

include the agency name and docket 

number or Regulation Identifier Number 

(‘‘RIN’’) for this rulemaking. To avoid 

duplication, please submit comments 

using only one of the above methods. 

For detailed instructions on submitting 

comments and additional information 

on the rulemaking process, see the 

section entitled Public Comment 

Procedures. 

FOR FURTHER INFORMATION CONTACT: For 

technical questions concerning this 

proposed rule, contact Tanya Langman 

of the National Surface Transportation 

and Innovative Finance Bureau at 1200 

New Jersey Avenue SE, Washington, DC 

20590, (202) 366–2300, email at 

tanya.langman@dot.gov. 

SUPPLEMENTARY INFORMATION: 

I. Introduction and Background 

II. Discussion of Proposed Rule 

A. Interest Rate Setting for TIFIA and RRIF 

Obligations With a Long Tenor 

B. Interest Rate Spread on RRIF Direct 

Loans and Loan Guarantees With a 

Positive CRP 

C. Inclusion in Transportation Plans and 

Programs 

III. Public Comment Procedures 

IV. Regulatory Review 

A. Executive Order 12866 

B. Paperwork Reduction Act 

C. Regulatory Flexibility Act 

D. Unfunded Mandates Reform Act of 1995 

E. Executive Order 12988 

F. Executive Order 13175 

G. Executive Order 13132 

I. Introduction and Background 

The National Surface Transportation 

and Innovative Finance Bureau, also 

known as the Build America Bureau 

(the ‘‘Bureau’’), administers certain 

Department of Transportation lending 

programs, including under Title V of the 

Railroad Revitalization and Regulatory 

Reform Act of 1976, as amended (the 

‘‘RRIF Act’’),1 and the Transportation 

Infrastructure Finance and Innovation 

Act of 1998, as amended (the ‘‘TIFIA 

Act,’’ and together with the RRIF Act, 

the ‘‘Acts’’).2 The RRIF Act authorizes 

the Secretary of Transportation (the 

‘‘Secretary’’) to make direct loans and 

loan guarantees for eligible projects that 

meet enumerated criteria,3 and the 

TIFIA Act authorizes the Secretary to 

issue secured loans, loan guarantees, 

and lines of credit for eligible projects 

that meet statutory factors.4 The Bureau 

has administered both programs 

pursuant to their respective regulations 

set forth at 49 CFR part 260 (the ‘‘RRIF 

Rule’’) and 49 CFR part 80 (the ‘‘TIFIA 

Rule,’’ and together with the RRIF Rule, 

the ‘‘Rules’’), as well as additional 

criteria in notices of funding, which are 

issued and updated from time to time, 

and guidance 5 to applicants. 

The IIJA 6 was enacted in November 

2021, as a historic investment in the 

Nation’s infrastructure. That investment 

includes the expansion and 

modification of the authorities in the 

Acts. Specifically, the IIJA authorizes a 

longer term for both RRIF and TIFIA 

obligations than was previously 

allowed,7 expands the definition of 

projects eligible for TIFIA funding,8 and 

adds a requirement that the Secretary 

return credit risk premiums paid to the 

Government plus accrued interest to the 

source of the payment when all 

obligations of a loan or loan guarantee 

have been satisfied.9 The Bureau 

proposes to implement these provisions 

of the IIJA by amending the Rules. 

II. Discussion of Proposed Rule 

A. Interest Rate Setting for TIFIA and 

RRIF Obligations With a Long Tenor 

The IIJA amends both Acts to allow 

obligations with long tenors. Section 

21301(d)(6) of the IIJA amends Section 

22402(g)(1) of the RRIF Act to allow the 

Secretary to issue direct loans or loan 

guarantees with a term that is not longer 

than the shorter of: 

(A) 75 years after the date of substantial 

completion of the project; 

(B) the estimated useful life of the rail 

equipment or facilities to be acquired, 

rehabilitated, improved, developed, or 

established, subject to an adequate 

determination of long-term risk; or 

(C) for projects determined to have an 

estimated useful life that is longer than 35 

years, the period that is equal to the sum of— 

(i) 35 years; and 

(ii) the product of— 

(I) the difference between the estimated 

useful life and 35 years; multiplied by 

(II) 75 percent.10

Similarly, capital assets with an 

estimated life of more than 50 years may 

be issued a TIFIA secured loan or loan 

guarantee with a final maturity date that 

is the lesser of: 

(i) 75 years after the date of substantial 

completion of the project; or 

(ii) 75 percent of the estimated useful life 

of the capital asset.11

The RRIF Act, and the TIFIA Act, 

except as provided in 23 U.S.C. 

603(b)(4)(B)–(C), require that the interest 

rate on a loan be not less than the yield 

on United States Treasury securities of 

a similar maturity.12 Both RRIF and 

TIFIA obligations currently bear interest 

at a fixed rate, calculated by adding one 

basis point (.01%) to the interest rate of 

securities of a similar maturity as 

published, on the execution date of the 

loan agreement, in the United States 

Treasury Bureau of Public Debt’s daily 

rate table for State and Local 

Government Series (SLGS) securities. 

The daily rate table for SLGS securities, 

however, does not currently post rates 

for maturities longer than 30–40 years. 

The Bureau proposes to amend the 

Rules to address compliance with these 

interest rate requirements for RRIF or 

TIFIA obligations if the United States 

Treasury does not post the yield for 

securities of a similar maturity. The 

amended Rules will require an interest 

rate spread on any RRIF or TIFIA loan 

with both: (1) a final maturity date that 

is more than 35 years after the date of 

substantial completion of the project; 

and (2) a loan term—the period 

beginning on the date of execution of 

the loan agreement and ending on the 

final maturity date—that is more than 

40 years. The interest rate will be equal 

to not less than the rate on thirty-toforty-year SLGS securities plus an 

annual interest rate adjustment for any 

period of the loan term after year 40 


khammond on DSKJM1Z7X2PROD with PROPOSALS
4882 Federal Register / Vol. 89, No. 17 / Thursday, January 25, 2024 / Proposed Rules 

13https://www.frbsf.org/wp-content/uploads/ 

sites/4/wp2021-19.pdf. 

14https://home.treasury.gov/data/treasurycoupon-issues-and-corporate-bond-yield-curves/ 

treasury-coupon-issues. 

15https://home.treasury.gov/data/treasurycoupon-issues-and-corporate-bond-yield-curve/ 

corporate-bond-yield-curve. 

16Public Law 101–508, title XIII (1990); 2 U.S.C. 

661 et seq. 

17 2 U.S.C. 661c(b). 

18 2 U.S.C. 661a(5)(A). 

19 49 U.S.C. 22402(f)(1). Please note that Congress 

appropriated $25M to cover RRIF subsidy costs, 

which the Bureau allocated to the RRIF Express 

Program, as laid out in the Notice of Funding 

Opportunity published at 88 FR 35995. Congress 

has further authorized $50M per year to cover RRIF 

subsidy costs, but that funding has not yet been 

appropriated to the Bureau. 

20 49 U.S.C. 22402(f)(2). 

21 49 U.S.C. 22402(f)(4). 

22 49 U.S.C. 22402(f)(7), as amended through 

Public Law 117–58, sec. 21301(d)(5)(B) (2021). 

23 23 U.S.C. 602(a)(3). 

24Public Law 109–59 (2005). 

25The text read: ‘‘The project— 

(A) shall be included in the State transportation 

plan required under section 135; and 

(B) at such time as an agreement to make 

available a Federal credit instrument is entered into 

under this subchapter, shall be included in the 

approved State transportation improvement 

program required under section 134.’’ 

26 64 FR 29750 (June 2, 1999). 

through year 100, as detailed in § 80.23 

of this proposed rulemaking. This 

interest rate adjustment will be 

cumulative. 

The conceptual framework and 

methodology for the interest rate 

adjustment on loans with long tenors is 

in large part based on results from a 

working paper out of the San Francisco 

Federal Reserve Bank.13 Relying both on 

bonds with long tenors originated by 

other countries as well as an 

extrapolation of United States Treasury 

data using a statistical model, the paper 

found a difference centering around 14 

basis points between 30-year and 

hypothetical 50-year Treasury rates. 

This finding is further supported by 

both the Treasury Nominal Coupon 14

and High Quality Market Corporate 

Bond Par Yield 15 interest rate spread 

over the time period sampled in the 

Federal Reserve paper. The proposed 

annual interest rate adjustment is 

consistent with the above findings and 

data. A 14-basis point spread is reflected 

in the proposed rate adjustment for each 

year between year 40 and 50. 

Consistent with financial theory and 

historic tendencies, both the High 

Quality Market Corporate Bond Par 

Yield and the Treasury Nominal 

Coupon anticipate milder increases in 

interest rates after year 50 than before. 

Accordingly, the Bureau does not expect 

that the interest rates on hypothetical 

Treasury securities would grow linearly 

from year 51. Instead, the rates for such 

maturities would be expected to flatten 

out in the outyears. To reflect this 

expectation, the Bureau proposes to 

lower the interest rate adjustment in the 

outyears. Specifically, the Bureau 

proposes to add 0.4 basis points for each 

year between years 51 and 70, and 0.2 

basis points for each year between years 

71 and 100. This tapering is consistent 

with the projected flattening of the 

Treasury Nominal Coupon and High 

Quality Market Corporate Bond yield 

curves beyond 2050. 

B. Interest Rate Spread on RRIF Direct 

Loans and Loan Guarantees With a 

Positive CRP 

The Federal Credit Reform Act of 

1990, as amended (‘‘FCRA’’),16 requires 

that new direct loan obligations and 

new loan guarantee commitments be 

made only to the extent that: (1) new 

budget authority to cover their costs is 

provided in advance in an 

appropriations Act; (2) a limitation on 

the use of funds otherwise available for 

the cost of a direct loan or loan 

guarantee program has been provided in 

advance in an appropriations Act; or 3) 

authority is otherwise provided in 

appropriation Acts.17 Section 22402(f) 

of the RRIF Act provides that a source 

of the subsidy cost 18 may be either 

appropriated budget authority, funds 

from a non-Federal source, or any 

combination thereof. In the absence of 

appropriated budget authority for RRIF 

loan subsidy, the subsidy cost 

associated with any RRIF direct loan or 

loan guarantee must be provided by the 

borrower or project infrastructure 

partner, which includes any participant 

in the project.19 This subsidy cost, 

referred to as the credit risk premium 

(‘‘CRP’’) in the RRIF statute, is 

determined by estimating the total longterm cost to the Federal Government of 

the RRIF direct loan or loan guarantee.20

The CRP must be paid before the 

disbursements of the direct loan.21

Section 21301(d)(5)(B) of the IIJA 

amends Section 22402(f)(7) of the RRIF 

Act to require the Secretary to ‘‘return 

credit risk premiums paid, and interest 

accrued on such premiums, to the 

original source when all obligations of 

a loan or loan guarantee have been 

satisfied.’’ 22 However, without an 

appropriation from Congress to cover a 

loan’s subsidy cost, under FCRA 

budgeting requirements a loan’s CRP 

would be cost prohibitive in order to be 

returned to the original source. To avoid 

an outcome in which the CRP due by a 

borrower impedes the issuance of RRIF 

direct loans, the Bureau proposes to 

amend the RRIF Rule to add a credit 

spread to the interest rate charged on 

any RRIF direct loan or loan guarantee 

that is projected to have a positive 

subsidy cost (i.e., would require the 

payment of CRP). The additional 

interest would not qualify as a CRP 

payment and would not be returned to 

the original source once the obligation 

is satisfied. Amendments to update the 

TIFIA and RRIF regulations in other 

areas not addressed in this rulemaking 

will be included in a subsequent 

rulemaking at a later date. 

C. Inclusion in Transportation Plans 

and Programs 

The TIFIA Act requires a project to 

‘‘satisfy the applicable planning and 

programming requirements of sections 

134 and 135 at such time as an 

agreement to make available a Federal 

credit instrument is entered into under 

the TIFIA program.’’ 23 This requirement 

was added by the Safe, Accountable, 

Flexible, Efficient Transportation Equity 

Act: A Legacy for Users (SAFETEA– 

LU).24 Prior to this amendment, the 

TIFIA Act included a similar, but more 

specific provision.25

The TIFIA Rule was published in 

1998 26 and section 80.13, which 

includes language about the inclusion of 

projects in transportation plans and 

programs, has not been amended since 

then. As a result, section 80.13 mirrors 

the pre-SAFETEA–LU statutory 

language. The Bureau proposes to 

amend the TIFIA Rule to reflect the 

current statutory requirements of 23 

U.S.C. 602(a)(3). 

III. Public Comment Procedures 

Interested persons are invited to 

participate in this proposed rulemaking 

by submitting data, views, and 

comments. Written comments must 

include the agency name and docket 

number or Regulation Identifier Number 

(‘‘RIN’’), RIN 2105–AE69, and should be 

submitted to one of the addresses 

indicated in the ADDRESSES section of 

this Notice of Proposed Rulemaking. To 

help the Bureau review the comments, 

interested persons are asked to refer to 

specific proposed rule provisions, 

whenever possible. 

The Bureau will consider all 

comments received before the close of 

business on the comment closing date 

indicated above under DATES. 

Background documents or comments 

received may be read at 

www.regulations.gov at any time. 

Follow the online instructions for 

accessing the docket or go to Docket 

Operations in Room W12–140 on the 

ground floor of the West Building at 

1200 New Jersey Avenue SE, 


khammond on DSKJM1Z7X2PROD with PROPOSALS
Federal Register / Vol. 89, No. 17 / Thursday, January 25, 2024 / Proposed Rules 4883 

Washington, DC, between 9 a.m. and 5 

p.m., Monday through Friday, except 

Federal holidays. 

In accordance with 5 U.S.C. 553(c), 

DOT solicits comments from the public 

to better inform its rulemaking process. 

DOT posts these comments, without 

edit, including any personal information 

the commenter provides, to 

www.regulations.gov, as described in 

the system of records notice (DOT/ALL– 

14 FDMS), which can be reviewed at 

www.dot.gov/privacy. If you submit 

information that you believe to be 

exempt by law from public disclosure, 

you should submit one complete copy, 

as well as one copy from which the 

information claimed to be exempt by 

law from public disclosure has been 

deleted. DOT is responsible for the final 

determination with regard to disclosure 

or nondisclosure of the information and 

for treating it in accordance with the 

DOT’s Freedom of Information 

regulations (49 CFR part 7). 

IV. Regulatory Review 

A. Executive Order 12866 

This proposed rule has been 

determined to not be a significant 

regulatory action under Executive Order 

12866, ‘‘Regulatory Planning and 

Review,’’ 58 FR 51735 (October 4, 1993). 

Accordingly, this action was not subject 

to review under that Executive Order by 

the Office of Information and Regulatory 

Affairs within the Office of Management 

and Budget. 

B. Rulemaking Summary, 5 U.S.C. 

553(b)(4) 

As required by 5 U.S.C. 553(b)(4), a 

summary of this rule can be found in 

the Abstract section of the Department’s 

Unified Agenda entry for this 

rulemaking at https://www.reginfo.gov/

public/do/eAgendaViewRule?pubId=

202304&RIN=2105-AE69. 

C. Paperwork Reduction Act 

According to the Paperwork 

Reduction Act of 1995 (44 U.S.C. 3501 

et seq.), no Federal agency may collect 

or sponsor the collection of information, 

nor may it impose an information 

collection requirement unless it 

displays a currently valid Office of 

Management and Budget (OMB) control 

number. The Bureau received approval 

from OMB for use of its forms under 

OMB control number 2105–0569, with 

an expiration date of February 28, 2025. 

This proposed rule does not change that 

collection of information or create any 

collection of information, and therefore, 

is not subject to the Paperwork 

Reduction Act requirements. 

D. Regulatory Flexibility Act 

The Regulatory Flexibility Act (5 

U.S.C. 601 et seq.), as amended, requires 

preparation of an initial regulatory 

flexibility analysis for any rule that by 

law must be proposed for public 

comment, unless the Federal agency 

certifies that the rule, if promulgated, 

will not have a significant economic 

impact on a substantial number of small 

entities. As required by Executive Order 

13272, ‘‘Proper Consideration of Small 

Entities in Agency Rulemaking,’’ 67 FR 

53461 (August 16, 2002), DOT issued 

procedures and policies to ensure that 

the potential impacts of its rules on 

small entities are properly considered 

during the rulemaking process and DOT 

has made its procedures and policies 

available on its website: https://

www.transportation.gov/regulations/

rulemaking-requirements-concerningsmall-entities. 

The Bureau has evaluated the effects 

of this proposed action on small entities 

and has determined that the proposed 

rule would not have a significant 

economic impact on a substantial 

number of small entities. First, the 

Bureau does not expect to enter into 

loans with a substantial number of small 

entities. In the last five years, the 

Bureau has obligated almost 40 loans 

under both the RRIF and TIFIA 

programs, and no borrowers have been 

small entities. Given that zero percent of 

borrowers were small entities in the 

time period sampled, the Bureau does 

not expect that a substantial percentage 

of borrowers will be small entities in the 

future. Second, the Bureau doesn’t 

believe that this action would have a 

significant economic impact. The 

changes to the TIFIA Rule related to 

inclusion in the transportation plans 

and programs will not have any 

economic impact. While the changes to 

the Rules related to long-tenored 

obligations will raise interest rates for 

borrowers of long-tenored obligations, 

this impact can be avoided by a 

borrower opting for a loan term that is 

less than 40 years. A RRIF loan with a 

positive CRP will similarly have a 

higher interest rate, but the Bureau 

believes this economic impact is 

preferable to a CRP payment that is so 

large it is cost prohibitive. For those 

reasons, the Bureau certifies that this 

action would not have a significant 

economic impact on a substantial 

number of small entities. 

E. Unfunded Mandates Reform Act of 

1995 

Title II of the Unfunded Mandates 

Reform Act of 1995 (2 U.S.C. 1501 et 

seq.) requires each Federal agency, to 

the extent permitted by law, to prepare 

a written assessment of the effects of 

any Federal mandate in a proposed or 

final rule that may result in the 

expenditure by state, local, and tribal 

governments, in the aggregate, or by the 

private sector, of $100 million or more 

(adjusted annually for inflation) in any 

one year. The proposed rule does not 

contain such a mandate; therefore, the 

analytical requirements of Title II of the 

Act do not apply. 

F. Executive Order 12988 

Executive Order 12988, ‘‘Civil Justice 

Reform,’’ 61 FR 4729 (February 7, 1996), 

requires that Federal agencies 

promulgating new regulations or 

reviewing existing regulations take steps 

to minimize litigation, eliminate 

ambiguity and to reduce burdens on the 

regulated public. The Bureau has 

reviewed this rulemaking and has 

determined that this rulemaking action 

conforms to the applicable standards in 

sections 3(a) and 3(b)(2) of Executive 

Order 12988. 

G. Executive Order 13175 

Consistent with Executive Order 

13175, ‘‘Consultation and Coordination 

with Indian Tribal Governments, 65 FR 

67249 (Nov. 6, 2000), DOT ensures that 

Federally Recognized Tribes (Tribes) are 

given the opportunity to provide 

meaningful and timely input regarding 

proposed Federal actions that have the 

potential to affect uniquely or 

significantly their respective Tribes. The 

Bureau has not identified any unique or 

significant effects, environmental or 

otherwise, on Tribes resulting from this 

proposed rule. 

H. Executive Order 13132 

Executive Order 13132, ‘‘Federalism,’’ 

64 FR 43255 (August 4, 1999) imposes 

certain requirements on agencies 

formulating and implementing policies 

or regulations that preempt State law or 

that have federalism implications. 

Agencies are required to examine the 

constitutional and statutory authority 

supporting any action that would limit 

the policymaking discretion of the 

States and carefully assess the necessity 

for such actions. DOT has examined this 

proposed rule and has determined that 

it would not preempt State law and 

would not have a substantial direct 

effect on the States, on the relationship 

between the National Government and 

the States, or on the distribution of 

power and responsibilities among the 

various levels of government. No further 

action is required by Executive Order 

13132. 


khammond on DSKJM1Z7X2PROD with PROPOSALS
4884 Federal Register / Vol. 89, No. 17 / Thursday, January 25, 2024 / Proposed Rules 

List of Subjects 

49 CFR Part 80 

Credit, Highways and roads, Loan 

programs—transportation, Mass 

transportation, Railroads. 

49 CFR Part 260 

Loan programs—transportation, 

Railroads. 

The Proposed Rule 

In consideration of the foregoing, the 

Bureau proposes to amend Subtitle B of 

title 49 of the Code of Regulations, to 

read as follows: 

PART 80—CREDIT ASSISTANCE FOR 

SURFACE TRANSPORTATION 

PROJECTS 

■ 1. The authority citation for part 80 is 

amended to read as follows: 

Authority: Secs. 1501 et seq., Pub. L. 105– 

178, 112 Stat. 107, 241, as amended; 23 

U.S.C. 601–611 and 315; 49 CFR 1.48 and 

1.49. 

§ 80.13 [Amended] 

■ 2. In § 80.13: 

■ a. Remove ‘‘five’’ in the introductory 

text of paragraph (a) and replace with 

‘‘three’’. 

■ b. Remove paragraphs (a)(1) and (a)(5) 

and renumber paragraphs (a)(2) through 

(a)(4) as (a)(1) through (a)(3). 

■ 3. Add a new § 80.23 to read as 

follows: 

§ 80.23 Loan terms. 

(a) The interest rate on a secured loan 

will be not less than the rate on United 

States Treasury securities of a similar 

maturity to the maturity of the secured 

loan on the date of the execution of the 

loan agreement, except as provided in 

paragraph (b) of this section and chapter 

6 of title 23 of the United States Code. 

(b) If, on the date of the execution of 

the loan agreement, the United States 

Treasury does not post the rate of 

securities of a similar maturity to the 

maturity of the secured loan, the interest 

rate on any secured loan with both a 

final maturity date that is more than 35 

years after the date of substantial 

completion of the project, and a loan 

term that is more than 40 years, will be 

equal to not less than the rate on thirtyto-forty year Treasury securities plus an 

annual interest rate adjustment. The 

annual interest rate adjustment will be, 

cumulatively: 

(i) 1.4 basis points for each year of the 

loan term after year 40 to, but not 

including, year 51; 

(ii) 0.4 basis points for each year of 

the loan term from year 51 to, but not 

including, year 71; and 

(iii) 0.2 basis points for each year of 

the loan term from year 71 to year 100. 

(c) For purposes of this section, ‘‘loan 

term’’ means the period beginning on 

the date of the execution of the loan 

agreement and ending on the final 

maturity date. 

PART 260—REGULATIONS 

GOVERNING LOANS AND LOAN 

GUARANTEES UNDER THE RAILROAD 

REHABILITATION AND IMPROVEMENT 

FINANCING PROGRAM 

■ 4. The authority citation for part 260 

is amended to read as follows: 

Authority: 49 U.S.C. 22401, 22402, 22403, 

22404, 22405, 22406; 49 CFR 1.49. 

■ 5. Revise § 260.9 to read as follows: 

§ 260.9 Loan terms. 

(a) The interest rate on a direct loan 

will be not less than the rate on United 

States Treasury securities of a similar 

maturity of the direct loan on the date 

of the execution of the loan agreement, 

except as described in paragraph (b) of 

this section and in § 260.17(d). 

(b) If, on the date of the execution of 

the loan agreement, the United States 

Treasury does not post the rate of 

securities of a similar maturity of the 

direct loan, the interest rate on any 

direct loan with both a final maturity 

date that is more than 35 years after the 

date of substantial completion of the 

project, and a loan term that is more 

than 40 years, will be equal to not less 

than the rate on thirty-to-forty year 

Treasury securities plus an annual 

interest rate adjustment. The annual 

interest rate adjustment will be, 

cumulatively: 

(i) 1.4 basis points for each year of the 

loan term after year 40 to, but not 

including, year 51; 

(ii) 0.4 basis points for each year of 

the loan term from year 51 to, but not 

including, year 71; and 

(iii) 0.2 basis points for each year of 

the loan term from year 71 to year 100. 

(c) For purposes of this section, ‘‘loan 

term’’ means the period beginning on 

the date of the execution of the loan 

agreement and ending on the final 

maturity date. 

§ 260.17 [Amended] 

■ 6. Amend § 260.17 by adding 

paragraph (d) to read as follows: 

* * * * * 

(d) Positive Credit Risk Premium. 

(1) Where the Credit Risk Premium 

determined pursuant to paragraph (a) of 

this section is a positive amount, the 

interest rate on the direct loan will be 

equal to not less than the rate set 

pursuant to section 260.9 plus an 

interest rate adjustment sufficient to 

result in a Credit Risk Premium of zero 

dollars. 

(2) Paragraph (d)(1) of this section 

shall apply to a direct loan or loan 

guarantee only so long as the Act 

requires the Secretary to return Credit 

Risk Premiums paid on that loan or loan 

guarantee to the original source. 

(Authority: Pub. L. 117–58, sec. 12001 and 

sec. 21301 (2021); 23 U.S.C. 601–611 and 

315; 49 U.S.C. 22401–22406; and 49 CFR 

121.) 

Peter Paul Montgomery Buttigieg, 

Secretary, Department of Transportation. 

[FR Doc. 2024–01243 Filed 1–24–24; 8:45 am] 

BILLING CODE 4910–9X–P 

DEPARTMENT OF THE INTERIOR 

Fish and Wildlife Service 

50 CFR Part 17 

[FF09E21000 FXES1111090FEDR 245] 

Endangered and Threatened Wildlife 

and Plants; 90-Day Findings for 10 

Species 

AGENCY: Fish and Wildlife Service, 

Interior. 

ACTION: Notification of petition findings 

and initiation of status reviews. 

SUMMARY: We, the U.S. Fish and 

Wildlife Service (Service), announce 90- 

day findings on 10 petitions to add 

species to the Lists of Endangered and 

Threatened Wildlife and Plants under 

the Endangered Species Act of 1973, as 

amended (Act). Based on our review, we 

find that the petitions to list Betta 

hendra, Betta rutilans, Hickory Nut 

Gorge green salamander (Aneides 

caryaensis), pygmy rabbit (Brachylagus 

idahoensis), Railroad Valley toad 

(Anaxyrus nevadensis), Southern Plains 

bumble bee (Bombus fraternus), 

Southwest spring firefly (Bicellonycha 

wickershamorum), white-margined 

penstemon (Penstemon 

albomarginatus), and yellow-spotted 

woodland salamander (Plethodon 

pauleyi) present substantial scientific or 

commercial information indicating that 

the petitioned actions may be 

warranted. Therefore, with the 

publication of this document, we 

announce that we are initiating status 

reviews of these species to determine 

whether the petitioned actions are 

warranted. To ensure that the status 

reviews are comprehensive, we request 

scientific and commercial data and 

other information regarding the species 

and factors that may affect their status. 

Based on the status reviews, we will 

issue 12-month petition findings, which 


khammond on DSKJM1Z7X2PROD with PROPOSALS