I 

113TH CONGRESS 

2D SESSION H. R. 3978 

To authorize the Secretary of Transportation to establish a pedestrian and 

bicycle infrastructure credit assistance pilot program, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JANUARY 29, 2014 

Mr. SIRES (for himself, Mr. CARSON of Indiana, Ms. ROS-LEHTINEN, and Mr. 

DIAZ-BALART) introduced the following bill; which was referred to the 

Committee on Transportation and Infrastructure 

A BILL 

To authorize the Secretary of Transportation to establish 

a pedestrian and bicycle infrastructure credit assistance 

pilot 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; TABLE OF CONTENTS. 

4 (a) SHORT TITLE.—This Act may be cited as the 

5 ‘‘New Opportunities for Bicycle and Pedestrian Infra6 structure Financing Act of 2014’’. 

7 (b) TABLE OF CONTENTS.—The table of contents for 

8 this Act is as follows: 

Sec. 1. Short title; table of contents. 

Sec. 2. Purposes. 


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Sec. 3. Authority to provide assistance. 

Sec. 4. Eligible entities. 

Sec. 5. Projects eligible for assistance. 

Sec. 6. Applications. 

Sec. 7. Determination of eligibility and project selection. 

Sec. 8. Secured loans and loan guarantees. 

Sec. 9. Program administration. 

Sec. 10. State and local permits. 

Sec. 11. Definitions. 

Sec. 12. Regulations. 

Sec. 13. Funding. 

Sec. 14. Report to Congress. 

1 SEC. 2. PURPOSES. 

2 The purposes of this Act are as follows: 

3 (1) To promote investment in bicycling and 

4 walking infrastructure to create and connect trans5 portation networks. 

6 (2) To improve access to employment, business 

7 districts, and transit in communities traditionally 

8 underserved by existing transportation systems by 

9 establishing additional opportunities for financing 

10 nonmotorized infrastructure projects. 

11 (3) To attract new investment to business dis12 tricts and neighborhoods in low-income communities. 

13 (4) To leverage Federal funds and private in14 vestment in low-income communities and those tra15 ditionally underserved by existing transportation sys16 tems. 

17 SEC. 3. AUTHORITY TO PROVIDE ASSISTANCE. 

18 The Secretary of Transportation may provide finan19 cial assistance under this Act to eligible entities to carry 


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1 out bicycle and pedestrian infrastructure projects selected 

2 for such assistance under this Act. 

3 SEC. 4. ELIGIBLE ENTITIES. 

4 In this Act, the term ‘‘eligible entity’’ means the fol5 lowing: 

6 (1) A corporation. 

7 (2) A public/private partnership. 

8 (3) A joint venture. 

9 (4) A trust. 

10 (5) A State infrastructure financing authority. 

11 SEC. 5. PROJECTS ELIGIBLE FOR ASSISTANCE. 

12 Financial assistance may be provided under this Act 

13 only for the following types of projects: 

14 (1) A project for the construction, planning, 

15 and design of on-road and off-road pathways for pe16 destrians, bicyclists, and other nonmotorized forms 

17 of transportation to create a comprehensive and con18 nected transportation system, including sidewalks, 

19 bicycling infrastructure and parking, pedestrian and 

20 bicycle signals, traffic calming techniques, lighting 

21 and other safety-related infrastructure, and trans22 portation projects to achieve compliance with the 

23 American with Disabilities Act of 1990 (42 U.S.C. 

24 12101 et seq.). 


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1 (2) A project for the construction, planning, 

2 and design of infrastructure-related projects and 

3 systems that connect existing infrastructure to cre4 ate a network and improve safety and access for 

5 nonmotorized users to transit, schools, and commer6 cial areas. 

7 (3) Innovative infrastructure for bicycling and 

8 walking, such as designs included in the National 

9 Association of City Transportation Officials guide 

10 for urban street design, to enhance the ability of 

11 communities to develop solutions to increase non12 motorized travel. 

13 (4) A project for the conversion and use of 

14 abandoned railroad corridors for trails for pedes15 trians, bicyclists, or other nonmotorized transpor16 tation users to connect to or expand an existing net17 work of bicycle and pedestrian facilities. 

18 (5) A bike share program as a standalone 

19 project or in conjunction with other infrastructure 

20 projects. 

21 SEC. 6. APPLICATIONS. 

22 (a) IN GENERAL.—The Secretary shall provide for el23 igible entities to submit applications for selection of eligi24 ble projects to receive financial assistance under this Act 


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1 at such time, in such manner, and containing such infor2 mation as the Secretary may require. 

3 (b) COMBINED PROJECTS.—The Secretary shall pro4 vide, only in the case of a State infrastructure financing 

5 authority, that such an entity may submit a single applica6 tion for a combination of projects, each of which is an 

7 eligible project under section 8(b). 

8 SEC. 7. DETERMINATION OF ELIGIBILITY AND PROJECT SE9 LECTION. 

10 (a) SELECTION OF PROJECTS.—Using the selection 

11 criteria under subsection (d), the Secretary shall select, 

12 from applications submitted pursuant under this Act, eli13 gible projects that meet the criteria under subsections (b) 

14 and (c) for financial assistance under this Act. 

15 (b) ACTIVITIES ELIGIBLE FOR ASSISTANCE.— 

16 Amounts from a loan made or guaranteed under this Act 

17 provided for an eligible project may be used to pay the 

18 costs of carrying out such project, including costs of— 

19 (1) development-phase activities, including plan20 ning, feasibility analysis, revenue forecasting, envi21 ronmental review, permitting, preliminary engineer22 ing and design work, and other preconstruction ac23 tivities; 

24 (2) construction, reconstruction, rehabilitation, 

25 and replacement activities; 


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1 (3) the acquisition of real property (including 

2 land relating to the project and improvements to 

3 land), environmental mitigation, construction contin4 gencies, and acquisition of equipment; 

5 (4) capitalized interest necessary to meet mar6 ket requirements, reasonably required reserve funds, 

7 capital issuance expenses, and other carrying costs 

8 during construction; and 

9 (5) refinancing interim construction funding, 

10 long-term project obligations, or a secured loan or 

11 loan guarantee made under this Act. 

12 (c) PROJECT REQUIREMENTS.—An eligible project 

13 may not be selected to receive financial assistance under 

14 this Act unless the Secretary determines that the project 

15 meets all of the following criteria: 

16 (1) CREDITWORTHINESS.— 

17 (A) IN GENERAL.—Subject to subpara18 graph (B), the project shall be creditworthy, as 

19 determined by the Secretary as applicable, to 

20 ensure that any financing for the project has 

21 appropriate security features, such as a rate 

22 covenant, to ensure repayment. 

23 (B) PRELIMINARY RATING OPINION LET24 TER.—The Secretary shall require an applicant 

25 for each project to provide, as part of the appliVerDate Mar 15 2010 03:58 Feb 01, 2014 Jkt 039200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\H3978.IH H3978

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1 cation for the project under this section, a pre2 liminary rating opinion letter from at least one 

3 rating agency indicating that the senior project 

4 obligations of the project (which may be the 

5 Federal credit instrument) have the potential to 

6 achieve an investment-grade rating. 

7 (C) SPECIAL RULE FOR CERTAIN COM8 BINED PROJECTS.—The Secretary shall develop 

9 a credit evaluation process for a Federal credit 

10 instrument provided to a State infrastructure 

11 financing authority for a project described in 

12 subsection (b), which may include requiring the 

13 provision of a preliminary rating opinion letter 

14 from at least one rating agency. 

15 (2) ELIGIBLE PROJECT COSTS.—The costs of 

16 an eligible project shall be reasonably anticipated to 

17 be not less than $2,000,000. 

18 (3) DEDICATED REVENUE SOURCES.—The Fed19 eral credit instrument for the project shall be repay20 able, in whole or in part, from dedicated revenue 

21 sources that also secure the project obligations. 

22 (4) PUBLIC SPONSORSHIP OF PRIVATE ENTI23 TIES.—In the case of a project carried out by an en24 tity that is not a State or local government or an 


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1 agency or instrumentality of a State or local govern2 ment, the project shall be publicly sponsored. 

3 (5) PUBLIC INVOLVEMENT PROCESS.—The ap4 plicant shall show evidence of having incorporated a 

5 public involvement process in the application, and 

6 plans for continued public involvement through the 

7 implementation of the process. The public involve8 ment processes shall be proactive and provide com9 plete information, timely public notice, full public ac10 cess to key decisions, and opportunities for early and 

11 continuing involvement. The processes shall provide 

12 for— 

13 (A) reasonable public access to technical 

14 and policy information used in the development 

15 of the application; 

16 (B) adequate public notice of public in17 volvement activities and time for public review 

18 and comment at key decision points; 

19 (C) a process for demonstrating explicit 

20 consideration and response to public input dur21 ing the planning and program development 

22 process; and 

23 (D) a process for seeking out and consid24 ering the needs of those traditionally under25 served by existing transportation systems, such 


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1 as low-income and minority households which 

2 may face challenges accessing employment and 

3 other amenities. 

4 (d) SELECTION AMONG ELIGIBLE PROJECTS.— 

5 (1) ESTABLISHMENT.—The Secretary shall es6 tablish a rolling application process in which projects 

7 that are eligible to receive credit assistance under 

8 subsection (a) shall receive credit assistance on 

9 terms acceptable to the Secretary, if adequate funds 

10 are available to cover the subsidy costs associated 

11 with the Federal credit instrument. 

12 (2) ADEQUATE FUNDING NOT AVAILABLE.—If 

13 the Secretary fully obligates funding to eligible 

14 projects in a given fiscal year, and adequate funding 

15 is not available to fund a credit instrument, a 

16 project sponsor of an eligible project may elect to 

17 enter into a master credit agreement and wait until 

18 the following fiscal year or until additional funds are 

19 available to receive credit assistance. 

20 (e) LOW-INCOME COMMUNITIES.—The Secretary 

21 shall ensure that not less that 25 percent of funds under 

22 this section are used to support projects in low-income 

23 communities. 


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1 (f) FEDERAL REQUIREMENTS.—Nothing in this sec2 tion may be construed to alter, affect, or annul the appli3 cability of any other Federal law. 

4 SEC. 8. SECURED LOANS AND LOAN GUARANTEES. 

5 (a) AUTHORITY.—The Secretary may enter into 

6 agreements with eligible entities to make, and may make, 

7 secured loans to such entities as provided under this sec8 tion for eligible projects selected under section 8. 

9 (b) USE.— 

10 (1) IN GENERAL.—The proceeds of a secured 

11 loan under this section shall be used only— 

12 (A) to finance project costs of an eligible 

13 project selected under section 8; 

14 (B) subject to paragraph (2), to refinance 

15 interim construction financing of eligible project 

16 costs of an eligible project selected under sec17 tion 8; or 

18 (C) to refinance long-term project obliga19 tions or Federal credit instruments, if such refi20 nancing provides additional funding capacity for 

21 the completion, enhancement, or expansion of a 

22 project that— 

23 (i) is selected under section 8; or 

24 (ii) was originally financed, in whole 

25 or in part, with amounts provided other 


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1 than under this Act, if the project other2 wise meets the requirements of section 8. 

3 (2) LIMITATION ON REFINANCING OF INTERIM

4 CONSTRUCTION FINANCING.—The proceeds of a se5 cured loan under this section made for an eligible 

6 project may not be used for the purpose under para7 graph (1)(B) after the expiration of the 12-month 

8 period beginning on the date of substantial comple9 tion of the project. 

10 (c) RISK ASSESSMENT.—Before entering into an 

11 agreement under this subsection for a secured loan, the 

12 Secretary, in consultation with the Director of the Office 

13 of Management and Budget and each rating agency pro14 viding a preliminary rating opinion letter under section 

15 8(c)(1)(B), shall determine an appropriate capital reserve 

16 subsidy amount for the secured loan, taking into account 

17 each such preliminary rating opinion letter. 

18 (d) INVESTMENT-GRADE RATING REQUIREMENT FOR

19 SENIOR OBLIGATIONS.—The execution of a secured loan 

20 under this section shall be contingent on receipt by the 

21 senior obligations of the project of an investment-grade 

22 rating. 

23 (e) TERMS AND LIMITATIONS.— 


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1 (1) MAXIMUM AMOUNT.—The amount of a se2 cured loan under this section shall not exceed the 

3 lesser of— 

4 (A) an amount equal to 49 percent of the 

5 reasonably anticipated eligible project costs; or 

6 (B) if the secured loan does not receive an 

7 investment-grade rating, the amount of the sen8 ior project obligations of the project. 

9 (2) PAYMENT.—A secured loan under this sec10 tion— 

11 (A) shall be payable, in whole or in part, 

12 from State or local taxes, user fees, or other 

13 dedicated revenue sources that also secure the 

14 senior project obligations of the relevant 

15 project; 

16 (B) shall include a rate covenant, coverage 

17 requirement, or similar security feature sup18 porting the project obligations; and 

19 (C) may have a lien on revenues described 

20 in subparagraph (A), subject to any lien secur21 ing project obligations. 

22 (3) INTEREST RATE.—The interest rate on a 

23 secured loan under this section shall be— 

24 (A) equal to the yield on marketable 

25 United States Treasury securities of a similar 


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1 maturity to the maturity of the secured loan on 

2 the date of execution of the loan agreement; 

3 and 

4 (B) fixed for the term of the loan. 

5 (4) MATURITY DATE.— 

6 (A) IN GENERAL.—Except as provided in 

7 subparagraph (B), the final maturity date of a 

8 secured loan under this section for an eligible 

9 project shall be not later than 35 years after 

10 the date of substantial completion of the 

11 project. 

12 (B) SPECIAL RULE FOR STATE INFRA13 STRUCTURE FINANCING AUTHORITIES.—The 

14 final maturity date of a secured loan under this 

15 section made to a State infrastructure financing 

16 authority shall be not later than 35 years after 

17 the date on which loan amounts are first dis18 bursed. 

19 (5) NONSUBORDINATION.—A secured loan 

20 under this section shall not be subordinated to the 

21 claims of any holder of project obligations in the 

22 event of bankruptcy, insolvency, or liquidation of the 

23 obligor. 

24 (6) FEES.—The Secretary may establish fees in 

25 connection with a secured loan under this section, in 


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1 amounts sufficient to cover all or a portion of the 

2 costs to the Federal Government of secured loans 

3 under this section. 

4 (7) USE OF PROCEEDS FOR PAYMENT OF NON5 FEDERAL SHARE.—The proceeds of a secured loan 

6 under this section may be used to pay any non-Fed7 eral share required with respect to other funding ob8 tained for project costs, but only if such secured 

9 loan is repaid using non-Federal funds. 

10 (8) MAXIMUM FEDERAL INVOLVEMENT.—For 

11 any project for which assistance is provided under 

12 this Act, the total amount of Federal assistance 

13 from all sources, including this Act, shall not exceed 

14 80 percent of the total project cost. 

15 (9) OTHER TERMS AND CONDITIONS.—A se16 cured loan provided for a project under this section 

17 shall be subject to such other terms and conditions, 

18 and contain such covenants, representations, war19 ranties, and requirements (including requirements 

20 for audits), as the Secretary determines to be appro21 priate. 

22 (f) REPAYMENT.— 

23 (1) SCHEDULE.—The Secretary shall establish 

24 a repayment schedule for each secured loan provided 


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1 under this section, based on the projected cash flow 

2 from project revenues and other repayment sources. 

3 (2) COMMENCEMENT.— 

4 (A) IN GENERAL.—Except as provided in 

5 subparagraph (B), scheduled loan repayments 

6 of principal or interest on a secured loan under 

7 this section for an eligible project shall com8 mence not later than 5 years after the date of 

9 substantial completion of the project. 

10 (B) SPECIAL RULE FOR STATE INFRA11 STRUCTURE FINANCING AUTHORITIES.—Sched12 uled loan repayments of principal or interest on 

13 a secured loan made under this section to a 

14 State infrastructure financing authority shall 

15 commence not later than 5 years after the date 

16 on which amounts are first disbursed. 

17 (3) DEFERRED PAYMENTS.— 

18 (A) IN GENERAL.—If, at any time after 

19 the date of substantial completion of a project 

20 for which a secured loan is provided under this 

21 section, the project is unable to generate suffi22 cient revenues to pay the scheduled loan repay23 ments of principal and interest on the loan, the 

24 Secretary may, subject to subparagraph (C), 

25 allow the obligor to add unpaid principal and 


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1 interest to the outstanding balance of the se2 cured loan. 

3 (B) INTEREST.—Any payment deferred 

4 pursuant to subparagraph (A) shall— 

5 (i) continue to accrue interest in ac6 cordance with subsection (e)(3) until fully 

7 repaid; and 

8 (ii) be amortized over the remaining 

9 term of the secured loan. 

10 (C) CRITERIA.—Any payment deferral pur11 suant to subparagraph (A) shall be contingent 

12 on the project meeting— 

13 (i) standards for reasonable assurance 

14 of repayment, as the Secretary shall estab15 lish; and 

16 (ii) such other criteria as the Sec17 retary may establish. 

18 (4) PREPAYMENT.— 

19 (A) USE OF EXCESS REVENUES.—Any ex20 cess revenues from an eligible project that re21 main after satisfying scheduled debt service re22 quirements on the project obligations and se23 cured loan and all deposit requirements under 

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1 gations may be applied annually to prepay a se2 cured loan under this section without penalty. 

3 (B) USE OF PROCEEDS OF REFI4 NANCING.—A secured loan under this section 

5 may be prepaid at any time, without penalty, 

6 from the proceeds of refinancing from non-Fed7 eral funding sources. 

8 (g) SALE OF SECURED LOANS.— 

9 (1) IN GENERAL.—Subject to paragraph (2), if 

10 the Secretary determines that the sale or reoffering 

11 of a secured loan under this section for an eligible 

12 project can be made on favorable terms, the Sec13 retary may sell the loan to another entity or reoffer 

14 the loan into the capital markets as soon as prac15 ticable after the date of substantial completion of a 

16 project and after providing notice to the obligor. 

17 (2) CONSENT OF OBLIGOR.—In making a sale 

18 or reoffering under paragraph (1), the Secretary 

19 may not change the original terms and conditions of 

20 the secured loan without the written consent of the 

21 obligor. 

22 (h) LOAN GUARANTEES.— 

23 (1) IN GENERAL.—In lieu of making a secured 

24 loan under this section for an eligible project, the 

25 Secretary may provide a loan guarantee for a project 


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1 obligation for a project funded by a qualified lender 

2 (as such term is defined in section 12), but only if 

3 the Secretary determines that the cost as such term 

4 is defined in section 502 of the Federal Credit Re5 form Act of 1990 (2 U.S.C. 661a) of the loan guar6 antee is substantially the same as or less than that 

7 of making a secured loan. 

8 (2) TERMS.—The terms of a loan guarantee 

9 provided under this subsection shall be consistent 

10 with the terms established in this section for a se11 cured loan, except that the interest rate on the guar12 anteed loan and any prepayment features shall be 

13 negotiated between the obligor and the qualified 

14 lender, subject to the consent of the Secretary. 

15 SEC. 9. PROGRAM ADMINISTRATION. 

16 (a) REQUIREMENT.—The Secretary shall establish a 

17 uniform system to service the Federal credit instruments 

18 made available under this Act. 

19 (b) SERVICER.— 

20 (1) IN GENERAL.—The Secretary may appoint 

21 a financial entity to assist the Secretary in servicing 

22 Federal credit instruments provided under this Act. 

23 (2) DUTIES.—A servicer appointed under para24 graph (1) shall act as the agent for the Secretary. 


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1 (c) ASSISTANCE FROM EXPERTS.—The Secretary 

2 may retain the services, including counsel, of organizations 

3 and entities with expertise in the field of municipal and 

4 project finance to assist in the underwriting and servicing 

5 of Federal credit instruments provided under this Act. 

6 SEC. 10. STATE AND LOCAL PERMITS. 

7 The provision of financial assistance under this Act 

8 for an eligible project shall not— 

9 (1) relieve any recipient of such assistance of 

10 any obligation to obtain any required State or local 

11 permit or approval with respect to the project; 

12 (2) limit the right of any unit of State or local 

13 government to approve or regulate any rate of re14 turn on private equity invested in the project; or 

15 (3) otherwise supersede any State or local law 

16 or regulation applicable to the construction or oper17 ation of the project. 

18 SEC. 11. DEFINITIONS. 

19 In this Act, the following definitions shall apply: 

20 (1) ELIGIBLE ENTITY.—The term ‘‘eligible enti21 ty’’ means an entity listed in section 5 to receive fi22 nancial assistance under this Act. 

23 (2) ELIGIBLE PROJECT.—The term ‘‘eligible 

24 project’’ means a project described in section 6. 


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1 (3) ELIGIBLE PROJECT COSTS.—The term ‘‘eli2 gible project costs’’ means, with respect to an eligi3 ble project, any costs of the project eligible under 

4 section 8 to be paid with amounts from a loan made 

5 or guaranteed under this Act. 

6 (4) FEDERAL CREDIT INSTRUMENT.—The term 

7 ‘‘Federal credit instrument’’ means a secured loan 

8 made, or loan guarantee provided, under section 9. 

9 (5) INVESTMENT-GRADE RATING.—The term 

10 ‘‘investment-grade rating’’ means, with respect to 

11 project obligations, a rating of BBB minus, Baa3, 

12 bbb minus, BBB (low), or higher as assigned by a 

13 rating agency. 

14 (6) LOAN GUARANTEE.—The term ‘‘loan guar15 antee’’ means any guarantee or other pledge by the 

16 Secretary to pay all or part of the principal of, and 

17 interest on, a loan or other debt obligation. 

18 (7) OBLIGOR.—The term ‘‘obligor’’ means— 

19 (A) with respect to a Federal credit instru20 ment that is a secured loan under section 9, the 

21 eligible entity that is primarily liable for pay22 ment of the principal of, or interest on, the 

23 loan; and 

24 (B) with respect to a Federal credit instru25 ment that is a loan guarantee under section 


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1 9(h), the eligible entity that is primarily liable 

2 for payment of the loan or other debt obligation 

3 repayment of which is guaranteed pursuant to 

4 such section. 

5 (8) PROJECT OBLIGATION.—The term ‘‘project 

6 obligation’’ means, with respect to an eligible 

7 project, any note, bond, debenture, or other debt ob8 ligation issued by an obligor in connection with the 

9 financing of the project. Such term does not include 

10 a Federal credit instrument. 

11 (9) QUALIFIED LENDER.— 

12 (A) IN GENERAL.—The term ‘‘qualified 

13 lender’’ means any non-Federal qualified insti14 tutional buyer, as such term is defined in sec15 tion 230.144A(a) of title 17, Code of Federal 

16 Regulations (or any successor regulation), 

17 known as Rule 144A(a) of the Securities and 

18 Exchange Commission and issued under the Se19 curities Act of 1933 (15 U.S.C. 77a et seq.). 

20 (B) INCLUSIONS.—Such term includes— 

21 (i) a qualified retirement plan (as de22 fined in section 4974(c) of the Internal 

23 Revenue Code of 1986) that is a qualified 

24 institutional buyer; and 


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1 (ii) a governmental plan (as defined in 

2 section 414(d) of the Internal Revenue 

3 Code of 1986) that is a qualified institu4 tional buyer. 

5 (10) RATING AGENCY.—The term ‘‘rating agen6 cy’’ means a credit rating agency registered with the 

7 Securities and Exchange Commission as a nationally 

8 recognized statistical rating organization (as defined 

9 in section 3(a) of the Securities Exchange Act of 

10 1934 (15 U.S.C. 78c(a))). 

11 (11) SECRETARY.—The term ‘‘Secretary’’ 

12 means the Secretary of Transportation. 

13 (12) SECURED LOAN.—The term ‘‘secured 

14 loan’’ means a direct loan or other debt obligation 

15 issued by an obligor and funded by the Secretary 

16 pursuant to section 9. 

17 (13) STATE.—The term ‘‘State’’ means a State, 

18 the District of Columbia, the Commonwealth of 

19 Puerto Rico, and any other territory or possession of 

20 the United States. 

21 (14) STATE INFRASTRUCTURE FINANCING AU22 THORITY.—The term ‘‘State infrastructure financing 

23 authority’’ means the State entity established or des24 ignated by the Governor of a State to receive assist25 ance under this Act. 


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1 (15) SUBSIDY AMOUNT.—The term ‘‘subsidy 

2 amount’’ means, with respect to a Federal credit in3 strument, the amount of budget authority sufficient 

4 to cover the estimated long-term cost to the Federal 

5 Government of the Federal credit instrument, as cal6 culated on a net present value basis, excluding ad7 ministrative costs and any incidental effects on gov8 ernmental receipts or outlays in accordance with the 

9 Federal Credit Reform Act of 1990 (2 U.S.C. 661 

10 et seq.). 

11 (16) SUBSTANTIAL COMPLETION.—The term 

12 ‘‘substantial completion’’ means, with respect to a 

13 project, the earliest date on which a project is con14 sidered capable of performing the functions for 

15 which the project is designed. 

16 SEC. 12. REGULATIONS. 

17 The Secretary may issue such regulations as the Sec18 retary considers appropriate to carry out this Act. 

19 SEC. 13. FUNDING. 

20 Section 608(a) of title 23, United States Code, is 

21 amended— 

22 (1) by redesignating paragraphs (4) through 

23 (6) as paragraphs (5) through (7), respectively; and 

24 (2) by inserting after paragraph (3) the fol25 lowing: 


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1 ‘‘(4) SET ASIDES.—Of the total amount of 

2 funds made available to carry out this chapter for 

3 each fiscal year— 

4 ‘‘(A) $11,000,000 shall be set aside for pe5 destrian and bicycle infrastructure projects de6 scribed in the New Opportunities for Bicycle 

7 and Pedestrian Infrastructure Financing Act of 

8 2013 unless and until the pilot program estab9 lished by that Act is terminated; and 

10 ‘‘(B) $1,000,000 for shall be set aside for 

11 administrative costs of the program.’’. 

12 SEC. 14. REPORT TO CONGRESS. 

13 Not later than 2 years after the date of enactment 

14 of this Act, the Secretary shall submit to Congress a re15 port summarizing the financial performance of the 

16 projects that are receiving, or have received, assistance 

17 under this Act, including a recommendation as to whether 

18 the objectives of this Act are best served— 

19 (1) by continuing the program under the au20 thority of the Secretary; and 

21 (2) by phasing out the program and relying on 

22 the capital markets to fund the types of infrastruc23 ture investments assisted by this Act without Fed24 eral participation. 

Æ 


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