```

[Federal Register Volume 77, Number 147 (Tuesday, July 31, 2012)]
[Notices]
[Pages 45411-45415]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-18785]

=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF TRANSPORTATION

Office of the Secretary of Transportation

Letters of Interest for Credit Assistance Under the 
Transportation Infrastructure Finance and Innovation Act (TIFIA) 
Program

AGENCIES: Office of the Secretary of Transportation (OST), U.S. 
Department of Transportation (DOT), Federal Highway Administration 
(FHWA), Federal Railroad Administration (FRA), Federal Transit 
Administration (FTA).

ACTION: Notice of funding availability and request for comments.

-----------------------------------------------------------------------

SUMMARY: Pursuant to the recently enacted Moving Ahead for Progress in 
the 21st Century Act (MAP-21), DOT announces the availability of 
funding authorized in the amount of $1.75 billion ($750 million in 
Federal Fiscal Year (FY) 2013 funds and $1 billion in FY 2014 funds 
(and any funds that may be available from prior fiscal years)) to 
provide TIFIA credit assistance for eligible projects. The FY 2013 and 
FY 2014 funds are subject to an annual obligation limitation that may 
be established in appropriations law. The amount of TIFIA budget 
authority available in a given year may be less than the amount 
authorized for that fiscal year. Under TIFIA, DOT provides secured 
(direct) loans, lines of credit, and loan guarantees to public and 
private applicants for eligible surface transportation projects. 
Projects must meet statutorily specified eligibility criteria to 
receive credit assistance.
    This notice outlines the process that project sponsors must follow 
in seeking TIFIA credit assistance. DOT is publishing this notice to 
give project sponsors an opportunity to submit Letters of Interest for 
the newly authorized funding as soon as possible. However, in addition 
to authorizing more funding for TIFIA credit assistance, MAP-21 made 
some significant changes to the TIFIA program's structure, including 
the terms and conditions pursuant to which DOT can provide TIFIA credit 
assistance. While this notice provides guidance about how DOT will 
implement some of the changes made by MAP-21, it does not provide 
guidance about how DOT will implement all of these changes. Further 
information about the changes made by MAP-21 and additional DOT 
guidance for implementation of these provisions is provided in Part VII 
below. Also, Part VII invites interested parties to submit comments 
about DOT's implementation of MAP-21 and DOT's guidance for awarding 
TIFIA credit assistance. Unless otherwise noted, statutory section 
references in this notice are to sections of title 23 of the U.S. Code, 
as amended by MAP-21, which takes effect on October 1, 2012.
    Letter of Interest Submission: All project sponsors wishing to 
apply for TIFIA credit assistance must first submit a Letter of 
Interest, as more fully described in this notice of funding 
availability. Letters of Interest will be received on a rolling basis 
commencing on the date hereof, using the form on the TIFIA Web site: 
http://www.fhwa.dot.gov/ipd/tifia/guidance_applications/index.htm. 
Project sponsors that have previously submitted Letters of Interest for 
a prior fiscal year's funding, but have not been asked by DOT to submit 
an application as of the date of this notice, must submit a new Letter 
of Interest to be considered for the funding described in this notice 
of funding availability.
    Addresses for Letters of Interest: Submit all Letters of Interest 
to the attention of Mr. Duane Callender via email at: 
TIFIACredit@dot.gov. Submitters should receive a confirmation email, 
but are advised to request a return receipt to confirm transmission. 
Only Letters of Interest received via email, as provided above, shall 
be deemed properly filed.
    Addresses for Comments: You must include the agency name (Office of 
the Secretary of Transportation) and the docket number DOT-OST-2012-
0130 with your comments. To ensure your comments are not entered into 
the docket more than once, please submit comments, identified by the 
docket number DOT-OST-2012-0130, by only one of the following methods:
    Web site: The U.S. Government electronic docket site is 
www.regulations.gov. Go to this Web site and follow the instructions 
for submitting comments into docket number DOT-OST-2012-0130;
    Fax: Telefax comments to: 202-366-2908.
    Mail: Mail your comments to U.S. Department of Transportation, 1200 
New Jersey Avenue SE., Docket Operations, M-30, Room W12-140, 
Washington, DC 20590; or
    Hand Delivery: Bring your comments to the U.S. Department of 
Transportation, 1200 New Jersey Avenue SE., Docket Operations, M-30, 
West Building Ground Floor, Room W12-140, Washington, DC 20590, between 
9 a.m. and 5 p.m., Monday through Friday, except Federal holidays.
    Instructions for Submitting Comments: You must include the agency 
name (Office of the Secretary of Transportation) and Docket number DOT-
OST-2012-0130 for this notice at the beginning of your comments. You 
should submit two copies of your comments if you submit them by mail or 
courier. For confirmation that the Office of the Secretary of 
Transportation has received your comments you must include a self-
addressed stamped postcard. Note that all comments received will be 
posted without change to www.regulations.gov, including any personal 
information provided, and will be available to Internet users. You may 
review the Department's complete Privacy Act Statement in the Federal 
Register published April 11, 2000 (65 FR 19477), or you may visit 
www.regulations.gov.

FOR FURTHER INFORMATION CONTACT: For further information regarding this 
notice please contact Duane Callender via email at TIFIACredit@dot.gov 
or via telephone at (202) 366-1059. A TDD is available at (202) 366-
7687. Substantial information, including the TIFIA Program Guide and 
application materials, can be obtained from the TIFIA Web site: http://www.fhwa.dot.gov/ipd/tifia/. The TIFIA Program Guide is being updated 
to reflect changes to the program under MAP-21.

SUPPLEMENTARY INFORMATION:

Table of Contents

I. Background
II. Program Funding
III. Eligible Projects
IV. Types of Credit Assistance
V. Eligibility Requirements
VI. Application Process
VII. Additional Guidance and Request for Comments

I. Background

    The Transportation Equity Act for the 21st Century (TEA-21), Public 
Law 105-178, 112 Stat. 107, 241 established the Transportation 
Infrastructure Finance and Innovation Act of 1998 (TIFIA), authorizing 
DOT to provide credit assistance in the form of secured (direct) loans, 
lines of credit, and loan guarantees to public and private applicants 
for eligible surface transportation projects. In 2005, Congress enacted 
the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A 
Legacy for Users (SAFETEA-LU)

[[Page 45412]]

(Pub. L. 109-59, 119 Stat. 1144), which made a number of amendments to 
TIFIA including lowering the estimated project cost thresholds and 
expanding eligibility for TIFIA credit assistance. On July 6, 2012, the 
President signed into law MAP-21 (Pub. L. 112-141), which provided for 
substantial changes in the TIFIA credit program under Sections 2001 and 
2002 of MAP-21 (such sections are referred to in MAP-21 as the America 
Fast Forward Financing Innovation Act of 2012). This notice of funding 
availability addresses certain changes to the TIFIA credit program made 
by MAP-21 and solicits Letters of Interest for the funding made 
available under that law. The TIFIA program is a departmental program. 
The Office of the Assistant Secretary for Budget and Programs and Chief 
Financial Officer oversees the TIFIA program and the Joint Program 
Office on behalf of the Secretary, including the evaluation of 
individual projects, and provides overall policy direction and program 
decisions for the TIFIA program. Final approval of credit assistance is 
reserved for the Secretary.

II. Program Funding

    MAP-21 authorizes $750 million in FY 2013 and $1 billion in FY 2014 
in TIFIA budget authority from the Highway Trust Fund to pay the 
subsidy cost of credit assistance. Additional funds may also be 
available from budget authority carried over from previous fiscal 
years. Any budget authority not obligated in the fiscal year for which 
it is authorized remains available for obligation in subsequent 
years.\1\ The TIFIA budget authority is subject to an annual obligation 
limitation that may be established in appropriations law. Like all 
funds subject to the annual Federal-aid obligation ceiling, the amount 
of TIFIA budget authority available in a given year may be less than 
the amount authorized for that fiscal year.
---------------------------------------------------------------------------

    \1\ If the cumulative unobligated and uncommitted balance of 
funding available as of April 1 of any fiscal year beginning in FY 
2014 is more than 75 percent of the amount made available for such 
fiscal year, then the Secretary must distribute the amount in excess 
of 75 percent of such amount among the States.
---------------------------------------------------------------------------

    After reductions for administrative expenses and application of the 
annual obligation limitation, TIFIA will have approximately $690 
million available in FY 2013 and $920 million in FY 2014 to provide 
credit subsidy support to projects. Although dependent on the 
individual risk profile of each credit instrument, collectively, and 
based on historic subsidy costs, this budget authority could support 
approximately $6.9 billion in lending capacity in FY 2013 and $9.2 
billion in lending capacity in FY 2014. Given statutory changes in the 
TIFIA credit program under MAP-21, and the need to calculate credit 
subsidies on a project-by-project basis, actual lending capacity could 
vary.

III. Eligible Projects

    DOT has provided TIFIA credit assistance across a broad range of 
project types, including a variety of transportation modes and the 
surface transportation components of multifaceted development and 
redevelopment projects. Generally, eligible projects include highway 
projects, passenger rail projects, transit and intermodal projects, 
private rail facilities providing public benefit to highway users, 
surface transportation infrastructure modifications necessary to 
facilitate direct intermodal transfer and access into and out of a port 
terminal, intelligent transportation systems, surface transportation 
projects eligible for Federal assistance under title 23 or title 49 of 
the U.S. Code, international bridges and tunnels, and intercity 
passenger bus or rail facilities and vehicles. Additionally, MAP-21 
expands eligibility to include related improvement projects grouped 
together, so long as the individual components are eligible and the 
related projects are secured by a common pledge.

IV. Types of Credit Assistance

    DOT may provide credit assistance in the form of secured (direct) 
loans, lines of credit, and loan guarantees. These types of credit 
assistance are defined in Section 601. The TIFIA credit facility, which 
must have a senior or senior-parity lien in the event of bankruptcy, 
liquidation or insolvency, can be subordinate as to cash flows absent 
such an event.\2\ MAP-21 increases the maximum amount for a TIFIA 
secured loan for a project to 49 percent \3\ of the project's eligible 
project costs. For a TIFIA line of credit, the maximum amount remains 
at 33 percent of the project's eligible project costs. Project sponsors 
may not include any of the fees assessed by TIFIA, or costs related to 
the application process (such as charges associated with obtaining the 
required preliminary rating opinion letter referenced in Part VI), 
among eligible project costs for the purpose of calculating the maximum 
49 or 33 percent credit amount. Project sponsors should identify in 
each Letter of Interest the level of funding (including the percentage 
of eligible project costs) being requested, as specified in Part VI.
---------------------------------------------------------------------------

    \2\ MAP-21 includes a new provision pursuant to which a waiver 
of TIFIA's nonsubordination requirement may be provided in 
connection with secured loans or lines of credit for public agency 
borrowers having senior bonds under preexisting indentures, so long 
as (i) the TIFIA loan is rated A or higher, (ii) the revenue pledge 
is not affected by project performance or is a system pledge and 
(iii) TIFIA is financing 33 percent or less of the eligible project 
costs. However, in such cases, the maximum credit subsidy to be paid 
by the Government may not be more than 10 percent of the principal 
amount of the loan, and the obligor is responsible to pay any 
remaining subsidy cost.
    \3\ Limited to 33 percent where the nonsubordination requirement 
is waived, as described in footnote 3.
---------------------------------------------------------------------------

    Section 603(b)(4) provides that the interest rate on a secured loan 
may not be less than the yield on U.S. Treasury securities of a similar 
maturity to the maturity of the secured loan on the date of execution 
of the loan agreement (for lines of credit, Section 604(b)(4) provides 
that the interest rate may not be lower than the 30-year rate for U.S. 
Treasury securities, as of the date of execution of the line of credit 
agreement) (the Treasury Rate). In general, the TIFIA interest rate is 
equal to the Treasury Rate on the date of execution of the TIFIA credit 
instrument. However, MAP-21 allows for 10 percent of the TIFIA 
program's budget authority to be provided to rural infrastructure 
projects at a reduced interest rate of one-half of the Treasury Rate. 
Rural infrastructure projects are defined in MAP-21 as surface 
transportation infrastructure projects located in any area other than a 
city with a population of more than 250,000 inhabitants within the city 
limits. The reduced interest rate applies only to rural projects funded 
with the 10 percent of budget authority set-aside.
    To the extent adequate funds may not be available to provide a 
reduced interest rate to all rural infrastructure projects submitting 
Letters of Interest, DOT may prioritize rural infrastructure projects 
to receive the reduced rate based on the project's (i) location outside 
of an urbanized area (as defined in Section 101(a)(34)), (ii) alignment 
with MAP-21's reduced total minimum eligible project cost requirement 
of $25 million for rural infrastructure projects (as noted in Part V 
below), and (iii) readiness to proceed, to avoid redistribution 
pursuant to the directive in MAP-21 that any amounts set aside for 
rural infrastructure that remain unobligated by June 1 of the fiscal 
year for which the amounts were set aside shall be available for 
obligation by the Secretary on projects other than rural infrastructure 
projects.
    In addition, MAP-21 allows existing Federal financing instruments 
for rural infrastructure projects to be refinanced with TIFIA credit 
assistance.

[[Page 45413]]

V. Eligibility Requirements

    A project must meet all of the eligibility criteria set forth in 
Section 602(a) to receive TIFIA credit assistance.
    For instance, projects seeking TIFIA assistance must meet certain 
statutory threshold requirements for project costs. Generally, the 
minimum size for TIFIA projects are those having at least $50 million 
in total eligible project costs; however, the minimum size for TIFIA 
projects principally involving the installation of an intelligent 
transportation system is $15 million. MAP-21 requires a minimum of $25 
million in total eligible project costs for rural infrastructure 
projects (as defined in Part IV above).
    Each project seeking TIFIA assistance must submit an application 
acceptable to the Secretary pursuant to the process set forth in this 
notice, and must satisfy applicable State and local transportation 
planning requirements. Each private applicant must receive public 
approval for its project as demonstrated by satisfaction of the 
applicable planning and programming requirements. Each project must 
have a dedicated revenue source to repay the TIFIA loan. Projects 
receiving TIFIA credit assistance have been supported by a variety of 
revenue sources, including tolls, user fees, payments owing to the 
obligor under a public-private partnership (or availability payments), 
and other dedicated revenue sources that also secure or fund the 
project obligations (including real estate tax increments, 
interjurisdictional funding agreements and room and sales taxes).
    The eligibility criteria also require a determination by DOT that 
the project is creditworthy, which must be based on, at a minimum: (a) 
A rate covenant, if applicable, (b) adequate coverage requirements to 
ensure repayment, and (c) meeting the rating requirements set forth in 
Part VI below. DOT will also utilize a report and recommendation from 
an independent financial advisor and any other information it needs to 
determine a project's creditworthiness.
    Section 602(a) further requires that each project: (i) Foster (if 
appropriate) partnerships that attract public and private investment 
for the project, (ii) enable the project to proceed at an earlier date 
than the project would otherwise be able to proceed or reduce lifecycle 
costs (including debt service costs) of the project, and (iii) reduce 
the contribution of Federal grant assistance for the project.
    MAP-21 provides that all projects demonstrate that the construction 
contracting process for the project can commence no more than 90 days 
after execution of a TIFIA credit instrument. MAP-21 codifies an 
already-existing regulation barring obligation of credit assistance for 
a project until it receives a categorical exclusion, finding of no 
significant impact or record of decision, pursuant to the National 
Environmental Policy Act.

VI. Application Process

    MAP-21 establishes a multi-step application process for TIFIA 
credit assistance. This process begins with the submission of a Letter 
of Interest and determination of eligibility. Only after a project 
sponsor has submitted a Letter of Interest and met all statutory 
eligibility requirements will the project sponsor be invited to submit 
an application.
    The Letter of Interest must (i) describe the project and the 
location, purpose, and cost of the project, (ii) outline the proposed 
financial plan, including the requested credit assistance and the 
proposed obligor, (iii) provide a status of environmental review, and 
(iv) provide information regarding satisfaction of other eligibility 
requirements of the TIFIA credit program. Letters of Interest must be 
submitted using the form on the TIFIA Web site: http://www.fhwa.dot.gov/ipd/tifia/guidance_applications/index.htm. DOT has 
revised the form for the Letter of Interest to reflect changes made to 
the TIFIA program by MAP-21.\4\
---------------------------------------------------------------------------

    \4\ For instance, the revised form no longer requires the 
project sponsor to demonstrate alignment with specific selection 
criteria, which were removed by MAP-21.
---------------------------------------------------------------------------

    The Letter of Interest form requires project sponsors to provide 
information demonstrating satisfaction (or expected satisfaction if 
permitted by the statute) of each of the eligibility requirements 
included in MAP-21. These eligibility requirements are outlined above 
in Part V and elsewhere in this notice.
    As described in Part IV, MAP-21 authorizes DOT to provide TIFIA 
secured loans to finance up to 49 percent of reasonably anticipated 
eligible project costs, which is substantially more than the maximum of 
33 percent that DOT could previously provide. The Letter of Interest 
form requires project sponsors requesting TIFIA credit assistance to 
provide a rationale for the amount of TIFIA credit assistance they are 
requesting, as a percentage of their reasonably anticipated eligible 
project costs. Similarly, the revised form requires any project sponsor 
to specify whether it has flexibility in its financial plan to finance 
the project with a reduced percentage of TIFIA credit assistance. In 
providing a rationale for the amount of credit assistance requested, a 
project sponsor can demonstrate that traditional sources of financing 
are not available at feasible rates without the TIFIA assistance, or 
that the costs of traditional financing options would constrain the 
sponsor's ability to deliver the project, or that delivery of the 
project through traditional financing approaches would constrain the 
sponsor's ability to deliver a group of related projects, or a full 
capital program. This information will help DOT ensure that it 
allocates TIFIA's budget authority effectively.
    Project sponsors must also describe the purpose of their project in 
the Letter of Interest form, including the public purpose of the 
project. Project sponsors should provide quantitative or qualitative 
information about the public benefits that their projects will achieve. 
Examples of public benefits include objectives specified in Section 101 
and 49 U.S.C. 101(a) and 5301, other DOT grant or credit assistance 
programs, relevant Federal, state, or local transportation laws or 
plans, and other public benefits that can be achieved through 
transportation investments. DOT will evaluate each Letter of Interest 
to determine whether it would be in the public interest to provide 
credit assistance to the proposed project. This evaluation of each 
project's purpose will help DOT ensure accountability in its allocation 
of TIFIA program funds.
    In the context of a public-private partnership, where multiple 
bidders may be competing for a concession such that the obligor has not 
yet been identified, the procuring agency must submit the project's 
Letter of Interest on behalf of the eventual obligor. DOT will not 
consider Letters of Interest from entities that have not obtained 
rights to develop the project.
    Any project sponsor that has previously submitted a Letter of 
Interest for a prior fiscal year's funding, but has not been asked by 
DOT to submit an application as of the date of this notice, must submit 
a Letter of Interest using the revised form.
    DOT will review each Letter of Interest submitted in accordance 
with this NOFA. DOT may contact project sponsors for clarification of 
specific information included in the Letter of Interest. DOT will 
notify project sponsors if DOT determines that their projects are not 
eligible, or that DOT will not be able to continue reviewing their 
Letter of Interest until certain eligibility concerns are addressed. If 
DOT does not determine a project to be ineligible based on its initial 
review, DOT will request additional information to supplement the 
Letter of Interest and complete its eligibility determination.

[[Page 45414]]

This information may include, among other things, more detailed 
descriptions of the project, the project's readiness to proceed, the 
project's financial plan, including financial commitments to the 
project from sources other than TIFIA, and/or the applicant and its 
organizational structure. Before completing its review of a Letter of 
Interest and rendering a determination of eligibility, DOT will request 
that the project sponsor provide a preliminary rating opinion letter, 
as further described below, and DOT will engage an independent 
financial advisor to prepare a report and recommendation acceptable in 
form and substance to DOT. DOT may also engage an independent legal 
advisor to help complete its evaluation of a project's eligibility. 
There is no fee to submit a Letter of Interest. However, the project 
sponsor must pay fees in the amount of $100,000 before DOT hires 
financial and/or legal advisors as part of the Letter of Interest 
review process. These fees are due upon request by DOT.
    After concluding its review of the Letter of Interest and making a 
determination of eligibility, DOT will inform the project sponsor of 
its determination. If a project is determined to be eligible, DOT will 
inform the project sponsor that it may submit an application. If DOT 
determines that a project is ineligible, it will notify the project 
sponsors of this determination and/or that DOT will not be able to 
continue reviewing the Letter of Interest until certain eligibility 
concerns are addressed. DOT will review Letters of Interest on a 
rolling basis and invite project sponsors to apply once a favorable 
eligibility determination is made.
    Prior to execution of a TIFIA credit instrument, the senior debt 
obligations for each project receiving TIFIA credit assistance must 
obtain investment grade ratings from at least two nationally recognized 
rating agencies, and the TIFIA debt obligations must obtain ratings 
from at least two nationally recognized rating agencies, unless the 
total amount of the debt is less than $75 million, in which case only 
one investment grade rating is required for the senior debt obligations 
and one rating for the TIFIA debt obligations. The term rating agency 
is defined in Section 601(a)(14) and 49 CFR part 80.3. If the TIFIA 
credit instrument is proposed as the senior debt, then it must receive 
the investment grade ratings.
    To demonstrate the potential to achieve the above rating 
requirements, each project sponsor must provide a preliminary rating 
opinion letter from a credit rating agency that addresses the 
creditworthiness of the senior debt obligations funding the project and 
concludes that there is a reasonable probability for the senior debt 
obligations to receive an investment grade rating. The preliminary 
rating opinion letter should also provide an opinion on the default 
risk for the TIFIA instrument and must provide indicative ratings for 
both the senior debt obligations and the TIFIA credit instrument. A 
project that does not demonstrate the potential for its senior 
obligations to receive an investment grade rating will not be 
considered for TIFIA credit assistance. More detailed information about 
these TIFIA credit opinions and ratings may be found in the Program 
Guide on the TIFIA Web site at: http://www.fhwa.dot.gov/ipd/tifia/guidance_applications/index.htm. As noted elsewhere in this notice of 
funding availability, the Program Guide is being updated in light of 
MAP-21.
    An invitation to apply for credit assistance does not guarantee 
DOT's approval, which will remain subject to a project's continued 
eligibility, including creditworthiness, the successful negotiation of 
terms acceptable to the Secretary, and the availability of funds. In 
determining the availability of funds, DOT may consider other projects 
seeking credit assistance through TIFIA.
    MAP-21 contains a timeline for assessing applications for credit 
assistance. No later than 30 days after receipt of an application, DOT 
will inform each applicant whether its application is complete, or if 
not complete, identify additional materials needed to complete the 
application. No later than 60 days after issuing such notice, the 
applicant will be notified whether the application is approved or 
disapproved.
    As noted above, the project sponsor must pay fees in the amount of 
$100,000 before DOT hires financial and/or legal advisors as part of 
the Letter of Interest review process. These fees are due upon request 
by DOT. Additional fees will be charged after the credit instrument is 
executed, including additional amounts required to fully cover TIFIA's 
financial and legal advisory services costs in connection with the 
evaluation and negotiation of terms of TIFIA credit assistance for the 
project. More detailed information about these fees can be found in the 
TIFIA Program Guide, which is in the process of being updated to 
reflect the changes made by MAP-21: http://www.fhwa.dot.gov/ipd/pdfs/tifia/tifia_program_guide_072511.pdf.
    TIFIA borrowers should expect to track and report certain 
information with respect to each project's performance. The information 
may be used to assist DOT in determining whether TIFIA is meeting the 
program's goals of leveraging federal funds and encouraging private co-
investment. DOT may also use the information for purposes of 
identifying and measuring performance with respect to goals, 
strategies, time frames, resources and stakeholder involvement.

VII. Additional Guidance and Request for Comments

    As noted in the Summary section, DOT is publishing this notice to 
give project sponsors the opportunity to submit Letters of Interest for 
the newly authorized funding as soon as is practicable. However, in 
addition to authorizing more funding for TIFIA credit assistance, MAP-
21 made some significant changes to the TIFIA program's structure, 
including the terms and conditions pursuant to which DOT can provide 
TIFIA credit assistance. This notice identifies the process for 
submitting letters of interest, and provides guidance about how DOT 
will implement some of the changes made by MAP-21, but it does not 
provide comprehensive guidance about how DOT will implement all of the 
changes made by MAP-21 that become effective on October 1, 2012.
    This notice also does not include an exhaustive list of statutory 
and program requirements. The Background section of this notice 
identifies the relevant laws that govern the TIFIA program. MAP-21 
provides that the Secretary may promulgate such regulations as the 
Secretary determines to be appropriate to carry out the TIFIA program. 
The TIFIA regulations (49 CFR part 80), which provide specific guidance 
on the program requirements, were last updated in 2001, and have not 
been updated to reflect changes enacted in SAFETEA-LU and MAP-21. 
Because such existing rules have not been updated, MAP-21 should be the 
basis for up-to-date guidance. The primary document that the TIFIA 
program has used in recent years to provide supplemental program 
guidance has been a ``Program Guide'' published on the TIFIA Web site. 
DOT expects to update the TIFIA Program Guide on the TIFIA Web site to 
reflect changes made by MAP-21. For additional guidance, applicants are 
encouraged to check the TIFIA program Web site regularly to obtain 
updated programmatic and application information.
    Because of the significance of the changes made by MAP-21 to the 
TIFIA program, this notice invites interested parties to submit 
comments about

[[Page 45415]]

DOT's implementation of MAP-21 and DOT's guidance for awarding TIFIA 
credit assistance. Interested parties can provide comments on any 
aspect of DOT's implementation of the changes made by MAP-21. DOT will 
consider these comments as it continues to implement the program and 
develop supplemental program guidance. The instructions for submitting 
comments are included below.
    Comments should be sent to DOT by September 1, 2012. Late-filed 
comments will be considered to the extent practicable.

    Authority:  23 U.S.C. Sec. Sec.  601-609 (as set forth in MAP-
21); 49 CFR part 1.48(b)(6); 23 CFR part 180; 49 CFR part 80; 49 CFR 
part 261; 49 CFR part 640.

    Issued on: July 27, 2012.
Ray LaHood,
Secretary.
[FR Doc. 2012-18785 Filed 7-30-12; 8:45 am]
BILLING CODE 4910-9X-P
```