Federal Register / Vol. 66, No. 97 / Friday, May 18, 2001 / Notices 27747

(2) reconstructing U.S. 51; (3)

constructing a new facility east or west

of existing U.S. 51; or (4) some

combination of alternatives (2) and (3).

Incorporated into and studied with the

various build alternatives will be design

variations of grade and alignment.

Letters describing the proposed action

and soliciting comments will be sent to

appropriate Federal, State, and local

agencies, and to private organizations

and citizens who have previously

expressed or are known to have interest

in this proposal. Public meetings will be

held in each of the four counties

included in this project to provide input

into the development of this project. In

addition, a public hearing will be held.

Public notice will be given of the time

and place of the meetings and hearing.

The draft EIS will be available for public

and agency review and comment prior

to the public hearing. A formal scoping

meeting is also planned.

To ensure that the full range of issues

related to this proposed action are

addressed and all significant issues

identified, comments, and suggestions

are invited from all interested parties.

Comments or questions concerning this

proposed action and the EIS should be

directed to the FHWA at the address

provided above.

(Catalog of Federal Domestic Assistance

Program Number 20.205, Highway Planning

and Construction. The regulations

implementing Executive Order 12372

regarding Intergovernmental consultation on

Federal programs and activities apply to this

program.)

Issued on: May 10, 2001.

Charles S. Boyd,

Division Administrator, Nashville, Tennessee.

[FR Doc. 01–12506 Filed 5–17–01; 8:45 am]

BILLING CODE 4910–22–P

DEPARTMENT OF TRANSPORTATION

Federal Highway Administration

Applications for TIFIA Credit

Assistance

AGENCY: Federal Highway

Administration (FHWA), DOT.

ACTION: Notice of availability of funds

(NOFA) inviting applications for credit

assistance for major surface

transportation projects.

SUMMARY: The DOT’s Transportation

Infrastructure Finance and Innovation

Act (TIFIA) Joint Program Office (JPO)

announces the availability of funds to

provide credit assistance in the form of

secured (direct) loans, lines of credit,

and loan guarantees to public and

private sponsors of eligible surface

transportation projects. Funding for this

program is limited, and the TIFIA Joint

Program Office will lead DOT multimodal teams in evaluating applications

based on project merits and satisfaction

of the TIFIA statutory criteria. This

notice announces the availability of

funds and outlines the process that

applicants must follow when applying

for TIFIA credit assistance.

DATES: This notice institutes a ‘‘rolling’’

application process replacing the

practice of setting fixed application

dates. See a further discussion under the

caption ‘‘Application and Selection

Process’’ in this notice.

ADDRESSES: Both the letters of interest

and completed applications should be

submitted to the attention of Ms.

Stephanie Kaufman, TIFIA Joint

Program Office, Department of

Transportation, Room 4301, HABF–50,

400 Seventh Street, SW, Washington,

DC 20590.

FOR FURTHER INFORMATION CONTACT:

TIFIA Joint Program Office staff: Mr.

Duane Callender, (202) 366–9644; Mr.

Bryan Grote, (202) 366–9656; Ms.

Stephanie Kaufman, (202) 366–9649;

and Mr. Mark Sullivan, (202) 366–5785.

TIFIA Joint Program Office Staff can be

contacted at the above address. Hearingand speech-impaired persons may use

TTY by calling the Federal Information

Relay Service at 1–800–877–8339.

Additional information, including the

current edition of the TIFIA Program

Guide and application materials, can be

obtained from the TIFIA web site at

http://tifia.fhwa.dot.gov.

SUPPLEMENTARY INFORMATION:

Background

The Transportation Equity Act for the

21st Century (TEA–21), Public Law

105–178, 112 Stat.107, 241, created the

Transportation Infrastructure Finance

and Innovation Act of 1998 (TIFIA),

authorizing the Department of

Transportation (DOT) to provide credit

assistance in the form of secured (direct)

loans, lines of credit, and loan

guarantees to public and private

sponsors of eligible surface

transportation projects. TIFIA

regulations (49 CFR Part 80) provide

specific guidance on the program

requirements.

On January 5, 2001, at 65 FR 2827, the

Secretary of Transportation (Secretary)

delegated to the Federal Highway

Administration (FHWA) the authority to

act as the Executive Agent for the TIFIA

program (49 CFR 1.48(nn)). The TIFIA

Joint Program Office (TIFIA JPO), within

the FHWA, has responsibility for

coordinating program implementation.

Funding for this program is limited,

and a project requesting assistance will

be evaluated and selected based on the

project merits and satisfaction of the

TIFIA statutory criteria. Upon selection,

a term sheet will be issued and

subsequently a definitive credit

agreement will be developed through

negotiations between the project

sponsor and the DOT.

Types of Credit Assistance Available

The Secretary may provide credit

assistance in the form of secured (direct)

loans, loan guarantees, and lines of

credit. These types of credit assistance

are defined in 23 U.S.C. 181 and 49 CFR

80.3.

Program Funding and Limitations on

Assistance

TIFIA provides annual funding levels

for both total credit amounts (i.e., the

total principal amounts that may be

committed in the form of direct loans,

loan guarantees, or lines of credit) and

subsidy amounts (i.e., the amounts of

budget authority available to cover the

estimated present value of the

Government’s expected losses

associated with the provision of credit

instruments, net of any fee income).

Funding for the subsidy amounts is

provided in the form of budget authority

funded from the Highway Trust Fund

(other than the Mass Transit Account).

As a result of prior project selections in

FY 2001 and several additional factors,

including carry-over funds from prior

years and an annual obligation

limitation, the TIFIA JPO estimates that

approximately $1.3 billion in credit

amounts and $43.2 million in subsidy

amounts remain available through

September 30, 2001.

Total Federal credit amounts

authorized for the TIFIA program

beyond FY 2001 are $2.4 billion in FY

2002 and $2.6 billion in FY 2003. To

support these credit amounts, TIFIA

provides budget authority to fund

subsidy amounts of up to $120 million

in FY 2002 and $130 million in FY

2003. Of these amounts, the TIFIA JPO

may use up to $2 million each fiscal

year for expenses associated with

program implementation, including the

procurement of external financial

consultants and legal counsel. Any

budget authority not obligated in the

fiscal year for which it is initially

authorized remains available for

obligation in subsequent years. Unused

credit amounts lapse at the end of the

year for which it is authorized.

The amount of credit assistance that

may be provided to a project under

TIFIA is limited to not more than 33

percent of eligible project costs.

27748 Federal Register / Vol. 66, No. 97 / Friday, May 18, 2001 / Notices

Eligible Projects

Highway, passenger rail, transit, and

intermodal projects (including

intelligent transportation systems) may

receive credit assistance under TIFIA.

See the definition of ‘‘project’’ in 23

U.S.C. 181(9). For a description of

eligible projects, see 49 CFR 80.3.

Threshold Criteria

Projects seeking TIFIA assistance

must meet certain threshold criteria.

These eligibility criteria are detailed in

23 U.S.C. 182(a) and 49 CFR 80.13.

Rating Opinions

A project sponsor must submit, with

its application, a preliminary rating

opinion letter from at least one

nationally recognized credit rating

agency, as detailed in 23 U.S.C.

182(b)(2)(B) and 49 CFR 80.11. The

letter must be current, must address the

creditworthiness of both the senior debt

obligations funding the project (i.e.,

those which have a lien senior to that

of the TIFIA credit instrument on the

pledged security) and the TIFIA credit

instrument, and must conclude that

there is a reasonable probability for the

senior debt obligations to receive an

investment grade rating. This

preliminary rating opinion letter will be

based on the financing structure

proposed by the project sponsor. 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.

The TIFIA JPO will use the

preliminary rating opinion letter to

assess the default risk on the requested

TIFIA instrument. Therefore, the letter

should provide a preliminary

assessment of the financial strength of

either the overall project or the

requested TIFIA instrument; whichever

assessment best reflects the rating

agency’s preliminary evaluation of the

default risk on the requested TIFIA

instrument.

Each project selected for TIFIA credit

assistance must obtain an investment

grade rating on its senior debt

obligations (which may be the TIFIA

credit facility) and a revised opinion on

the default risk of its TIFIA credit

instrument before the FHWA will

execute a credit agreement and disburse

funds. More detailed information about

these TIFIA credit opinions and ratings

may be found in the TIFIA Program

Guide. The most current version of the

TIFIA Program Guide and application

materials can be obtained from the

TIFIA web site provided under the

caption FOR FURTHER INFORMATION

CONTACT.

Application and Selection Process

With this notice, the FHWA is

instituting a change to the application

process of previous years. Previously,

DOT accepted letters of interest and

applications on a fixed date each year.

Experience with the program suggests

that project sponsors may be applying

for TIFIA assistance prematurely,

perhaps in response to the limited time

during which the application window

has been open.

Beginning immediately, the TIFIA

JPO will accept, at any time, letters of

interest from potential applicants.

Subsequently, for projects that meet all

threshold criteria, applications will be

accepted. Under a rolling application

process, potential applicants can better

time their TIFIA submissions with their

project development activities. Potential

TIFIA applicants must follow the

process outlined below to be considered

by the TIFIA JPO for credit assistance:

1. Letter of Interest. Initially, any

potential applicant for TIFIA credit

assistance should first submit a detailed

letter of interest to the TIFIA JPO. The

letter of interest should include a brief

project description (including the

project’s purpose, design features, and

estimated capital cost), information

about the proposed financing for the

project (including a preliminary

summary of sources and uses of funds

and the type and amount of credit

assistance requested), a description of

the proposed project participants, and

an assessment of the benefit the project

sponsor seeks to achieve through use of

a TIFIA credit instrument. The letter

also should summarize the status of the

project’s environmental review (i.e.,

whether the project has received a

Categorical Exclusion, Finding of No

Significant Impact, or Record of

Decision, or, at a minimum, whether a

draft Environmental Impact Statement

has been circulated). The letter of

interest should not exceed ten pages.

The TIFIA JPO will lead a review of this

preliminary submission to ensure that

the project meets the basic requirements

for participation in the TIFIA program.

The TIFIA JPO will then designate an

evaluation team for the project (drawing

from the DOT’s various offices and

operating administrations, as necessary).

The DOT evaluation team will contact

the project sponsor within

approximately two to four weeks to

review the readiness of the project.

2. Application. The project sponsor

may not submit an application until it

has received preliminary confirmation

of eligibility from the TIFIA JPO. The

project sponsor applicant may then

submit its formal application including

all required materials (generally

described in 49 CFR 80.7 and detailed

in the TIFIA application form) to the

TIFIA JPO. The TIFIA JPO and the DOT

evaluation teams will not review

incomplete applications or applications

for projects that do not fully satisfy the

TIFIA program requirements.

The most current version of the

application form can be obtained from

the TIFIA web site provided under the

caption FOR FURTHER INFORMATION

CONTACT.

3. Sponsor Presentation. Each

applicant that passes an initial

screening of the submitted application

for completeness and compliance with

the TIFIA program requirements will be

invited to make an oral presentation to

the TIFIA JPO and the DOT evaluation

team on behalf of its project. The TIFIA

JPO will discuss the structure and

content of the presentation with the

applicant at the time of the invitation.

4. Project Selection. Based upon the

application, the oral presentation, and

any supplemental submission of

information, the TIFIA JPO and the DOT

evaluation teams will score each project

according to specific weights assigned

to each of the eight statutory selection

criteria described in 23 U.S.C. 182(b)

and 49 CFR 80.15 as follows: National

or regional significance, 20 percent;

creditworthiness, 12.5 percent; private

participation, 20 percent; project

acceleration, 12.5 percent; use of new

technologies, 5 percent; consumption of

budget authority, 5 percent;

environmental benefits, 20 percent; and

reduced Federal grant assistance, 5

percent.

The DOT will not select any project

before a record of decision (ROD) (if

required, or the equivalent final agency

decision) has been issued for that

project.

5. Fees. Unless otherwise notified in

a subsequent NOFA published in the

Federal Register, the TIFIA JPO will

require each TIFIA applicant to pay a

non-refundable application fee of

$30,000. This fee is based upon

historical costs associated with the

DOT’s evaluation of TIFIA applications.

Checks should be made payable to the

Federal Highway Administration. The

project sponsor must submit this

payment with the application.

Applicants may not include application

fees or any other expenses associated

with the application process (such as

charges associated with obtaining the

required preliminary rating opinion

letter) among eligible project costs for

the purpose of calculating the maximum

33 percent credit amount.

In addition, consistent with 23 U.S.C.

183(b)(7), 183(e)(2), 184(b)(9) and with

Federal Register / Vol. 66, No. 97 / Friday, May 18, 2001 / Notices 27749

49 CFR 80.17, the TIFIA JPO will charge

each borrower a credit processing fee

equal to a portion of the costs incurred

by the TIFIA JPO in negotiating the

credit agreement. The term sheet for

each selected will require the borrower

to pay at closing, or, in the event no

credit agreement is consummated, upon

invoicing by the TIFIA JPO, an amount

equal to the actual costs incurred by the

TIFIA JPO in procuring the assistance of

financial advisors and outside legal

counsel through execution of the credit

agreement(s) and satisfaction of all

funding requirements of those

agreements. The TIFIA JPO anticipates

that the amount of this fee will typically

range from $100,000 to $300,000

depending on the complexity of the

financial structure and the length of

negotiations. The borrower may not

include the credit processing fee among

eligible project costs for the purpose of

calculating the maximum 33 percent.

Finally, the TIFIA JPO will continue

to charge borrowers a fee of not less

than $10,000 per year, which may be

adjusted annually, for loan servicing

activities associated with each of their

TIFIA credit instruments. The borrower

may not include the loan servicing fee

among eligible project costs for the

purpose of calculating the maximum 33

percent credit amount.

The FHWA will publish in the

Federal Register, at least once each

fiscal year through FY 2003, a NOFA

inviting applications for credit

assistance for major surface

transportation projects through the

TIFIA program. Such notices will advise

potential applicants of the estimated

amount of funding available for TIFIA

credit instruments as well as any

changes to the application process,

including the nature and amount of any

required fees.

(Authority: 23 U.S.C. 181–189; 49 CFR

1.48(nn))

Issued on: May 9, 2001.

Vincent F. Schimmoller,

Deputy Executive Director, Federal Highway

Administration.

[FR Doc. 01–12546 Filed 5–17–01; 8:45 am]

BILLING CODE 4910–22–P

DEPARTMENT OF TRANSPORTATION

Federal Railroad Administration

Applications for TIFIA Credit

Assistance

AGENCY: Federal Railroad

Administration (FRA), Department of

Transportation (DOT).

ACTION: Notice of availability of funds

inviting applications for credit

assistance for major surface

transportation projects.

SUMMARY: Elsewhere in today’s Federal

Register, the Federal Highway

Administration (FHWA) published a

notice announcing the availability of

Transportation Infrastructure Finance

and Innovation Act (TIFIA) assistance

and inviting applicants to submit

applications for credit assistance for

major surface transportation projects.

The TIFIA authorizes the Department of

Transportation (DOT) to provide credit

assistance in the form of secured (direct)

loans, lines of credit, and loan

guarantees to public and private

sponsors of eligible surface

transportation projects. Highway,

passenger rail, transit, and ‘‘intermodal’’

projects (including intelligent

transportation systems) may receive

credit assistance under the TIFIA.

Interested persons should review the

FHWA Notice in today’s Federal

Register for further information.

FOR FURTHER INFORMATION CONTACT: Ms.

Joanne McGowan, Office of Passenger

and Freight Services, Freight Program

Division, (202) 493–6390.

(Authority: 23 U.S.C. 181–189; 49 CFR 1.49)

Issued on: May 8, 2001.

S. Mark Lindsey,

Acting Deputy Administrator.

[FR Doc. 01–12547 Filed 5–17–01; 8:45 am]

BILLING CODE 4910–06–P

DEPARTMENT OF TRANSPORTATION

Federal Transit Administration

Applications for TIFIA Credit

Assistance

AGENCY: Federal Transit Adminstration

(FTA), Department of Transportation

(DOT).

ACTION: Notice of availability of funds

inviting applications for credit

assistance for major surface

transportation projects.

SUMMARY: Elsewhere in today’s Federal

Register the Federal Highway

Administration (FHWA) published a

notice announcing the availability of

Transportation Infrastructure Finance

and Innovation Act (TIFIA) assistance

and inviting applicants to submit

applications for credit assistance for

major surface transportation project.

The TIFIA authorizes the Department of

Transportation (DOT) to provide credit

assistance in the form of secured (direct)

loans, lines of credit, and loan

guarantees to public and private

sponsors of eligible surface

transportation projects. Highway,

passenger rail, transit, and ‘‘intermodal’’

projects (including intelligent

transportation systems) may receive

credit assistance under the TIFIA.

Interested persons should review the

FHWA Notice in today’s Federal

Register for further information.

FOR FURTHER INFORMATION CONTACT: Mr.

Paul Marx, Office of Policy

Development (202) 366–1675, or Ms.

Paula Schwach, Office of the Chief

Counsel, (816) 523–0204.

(Authority: 23 U.S.C. 181–189; 49 CFR 1.51)

Dated: Issued on May 14, 2001.

Hiram J. Walker,

Acting Deputy Administrator, Federal Transit

Administration.

[FR Doc. 01–12548 Filed 5–17–01; 8:45 am]

BILLING CODE 4910–57–M

DEPARTMENT OF THE TREASURY

Internal Revenue Service

Proposed Collection; Comment

Request for Revenue Procedure 98–32

AGENCY: Internal Revenue Service (IRS),

Treasury.

ACTION: Notice and request for

comments.

SUMMARY: The Department of the

Treasury, as part of its continuing effort

to reduce paperwork and respondent

burden, invites the general public and

other Federal agencies to take this

opportunity to comment on proposed

and/or continuing information

collections, as required by the

Paperwork Reduction Act of 1995,

Public Law 104–13 (44 U.S.C.

3506(c)(2)(A)). Currently, the IRS is

soliciting comments concerning

Revenue Procedure 98–32, Electronic

Federal Tax Payments System (EFTPS)

Programs for Reporting Agents.

DATES: Written comments should be

received on or before July 17, 2001 to be

assured of consideration.

ADDRESSES: Direct all written comments

to Garrick R. Shear, Internal Revenue

Service, room 5244, 1111 Constitution

Avenue NW., Washington, DC 20224.

FOR FURTHER INFORMATION CONTACT:

Requests for additional information or

copies of the revenue procedure should

be directed to Carol Savage, (202) 622–

3945, Internal Revenue Service, room

5242, 1111 Constitution Avenue NW.,

Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

Title: Electronic Federal Tax Payment

System (EFTPS) Programs for Reporting

Agents.

OMB Number: 1545–1601.