II 

117TH CONGRESS 

1ST SESSION S. 941 

To amend title 23, United States Code, to improve the transportation infrastructure finance and innovation (TIFIA) program, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

MARCH 24, 2021 

Mr. CORNYN (for himself and Mr. KAINE) introduced the following bill; which 

was read twice and referred to the Committee on Environment and Public 

Works 

A BILL 

To amend title 23, United States Code, to improve the 

transportation infrastructure finance and innovation 

(TIFIA) program, 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 ‘‘Revitalizing American 

5 Priorities for Infrastructure Development Act’’ or the 

6 ‘‘RAPID Act’’. 


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1 SEC. 2. TRANSPORTATION INFRASTRUCTURE FINANCE AND 

2 INNOVATION PROGRAM. 

3 (a) ELIGIBILITY.—Section 602(a)(2) of title 23, 

4 United States Code, is amended— 

5 (1) in subparagraph (A)(iv)— 

6 (A) by striking ‘‘a rating’’ and inserting 

7 ‘‘an investment-grade rating’’; and 

8 (B) by striking ‘‘$75,000,000’’ and insert9 ing ‘‘$150,000,000’’; and 

10 (2) in subparagraph (B)— 

11 (A) by striking ‘‘the senior debt’’ and in12 serting ‘‘senior debt’’; and 

13 (B) by striking ‘‘credit instrument is for 

14 an amount less than $75,000,000’’ and insert15 ing ‘‘total amount of other senior debt and the 

16 Federal credit instrument is less than 

17 $150,000,000’’. 

18 (b) STREAMLINED APPLICATION PROCESS.—Section 

19 603(f) of title 23, United States Code, is amended by add20 ing at the end the following: 

21 ‘‘(3) ADDITIONAL TERMS FOR EXPEDITED DE22 CISIONS.— 

23 ‘‘(A) IN GENERAL.—Not later than 120 

24 days after the date of enactment of this para25 graph, the Secretary shall implement an expeVerDate Sep 11 2014 20:08 Apr 17, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S941.IS S941

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1 dited decision timeline for public agency bor2 rowers seeking secured loans that meet— 

3 ‘‘(i) the terms under paragraph (2); 

4 and 

5 ‘‘(ii) the additional criteria described 

6 in subparagraph (B). 

7 ‘‘(B) ADDITIONAL CRITERIA.—The addi8 tional criteria referred to in subparagraph 

9 (A)(ii) are the following: 

10 ‘‘(i) The secured loan is made on 

11 terms and conditions that substantially 

12 conform to the conventional terms and 

13 conditions established by the National Sur14 face Transportation Innovative Finance 

15 Bureau. 

16 ‘‘(ii) The secured loan is rated in the 

17 A category or higher. 

18 ‘‘(iii) The TIFIA program share of el19 igible project costs is 33 percent or less. 

20 ‘‘(iv) The applicant demonstrates a 

21 reasonable expectation that the contracting 

22 process for the project can commence by 

23 not later than 90 days after the date on 

24 which a Federal credit instrument is obliVerDate Sep 11 2014 20:08 Apr 17, 2021 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S941.IS S941

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1 gated for the project under the TIFIA pro2 gram. 

3 ‘‘(v) The project has received a cat4 egorical exclusion, a finding of no signifi5 cant impact, or a record of decision under 

6 the National Environmental Policy Act of 

7 1969 (42 U.S.C. 4321 et seq.). 

8 ‘‘(C) WRITTEN NOTICE.—The Secretary 

9 shall provide to an applicant seeking a secured 

10 loan under the expedited decision process under 

11 this paragraph a written notice informing the 

12 applicant whether the Secretary has approved 

13 or disapproved the application by not later than 

14 180 days after the date on which the Secretary 

15 submits to the applicant a letter indicating that 

16 the National Surface Transportation Innovative 

17 Finance Bureau has commenced the credit18 worthiness review of the project.’’. 

19 (c) STATUS REPORTS.—Section 609 of title 23, 

20 United States Code, is amended by adding at the end the 

21 following: 

22 ‘‘(c) STATUS REPORTS.— 

23 ‘‘(1) IN GENERAL.—The Secretary shall publish 

24 on the website for the TIFIA program— 


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1 ‘‘(A) on a monthly basis, a current status 

2 report on all submitted letters of interest and 

3 applications received for assistance under the 

4 TIFIA program; and 

5 ‘‘(B) on a quarterly basis, a current status 

6 report on all approved applications for assist7 ance under the TIFIA program. 

8 ‘‘(2) INCLUSIONS.—Each monthly and quar9 terly status report under paragraph (1) shall in10 clude, at a minimum, with respect to each project in11 cluded in the status report— 

12 ‘‘(A) the name of the party submitting the 

13 letter of interest or application; 

14 ‘‘(B) the name of the project; 

15 ‘‘(C) the date on which the letter of inter16 est or application was received; 

17 ‘‘(D) the estimated project eligible costs; 

18 ‘‘(E) the type of credit assistance sought; 

19 and 

20 ‘‘(F) the anticipated fiscal year and quar21 ter for closing of the credit assistance.’’. 

Æ 


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