I 

113TH CONGRESS 

2D SESSION H. R. 4925 

To amend title 23, United States Code, to establish a Transportation Infrastructure Finance and Innovation Act Revolving Fund, and for other 

purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JUNE 20, 2014 

Mr. WEBSTER of Florida introduced the following bill; which was referred to 

the Committee on Transportation and Infrastructure 

A BILL 

To amend title 23, United States Code, to establish a Transportation Infrastructure Finance and Innovation Act Revolving Fund, 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 ‘‘TIFIA 2.0 Act’’. 

5 SEC. 2. TIFIA FUNDING. 

6 (a) IN GENERAL.—Section 608 of title 23, United 

7 States Code, is amended to read as follows: 

8 ‘‘§ 608. Funding 

9 ‘‘(a) TIFIA REVOLVING FUND.— 


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1 ‘‘(1) ESTABLISHMENT.—There is established in 

2 the Treasury of the United States a revolving fund 

3 to be known as the Transportation Infrastructure 

4 Finance and Innovation Act Revolving Fund (in this 

5 section referred to as the ‘Fund’). 

6 ‘‘(2) DEPOSITS.—There shall be deposited in 

7 the Fund the following: 

8 ‘‘(A) Amounts made available to carry out 

9 this chapter. 

10 ‘‘(B) Amounts received from the repay11 ment of principal and interest on a direct loan 

12 made under this chapter. 

13 ‘‘(C) Unobligated and uncommitted budget 

14 authority under this chapter in a fiscal year. 

15 ‘‘(D) Proceeds from the sale of secured 

16 loans under section 603(d). 

17 ‘‘(E) Amounts received from interest on in18 vestments under paragraph (6). 

19 ‘‘(F) Amounts received from the collection 

20 of fees established by the Secretary of Trans21 portation (in this section referred to as the 

22 ‘Secretary’) pursuant to this chapter. 

23 ‘‘(3) DISBURSEMENTS.—Disbursements from 

24 the Fund may be made by the Secretary for the pur25 pose of carrying out this chapter. 


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1 ‘‘(4) RURAL SET ASIDE.— 

2 ‘‘(A) IN GENERAL.—Of the amounts de3 posited in the Fund in a fiscal year, not more 

4 than 10 percent shall be set aside for use in the 

5 following fiscal year for rural infrastructure 

6 projects. 

7 ‘‘(B) REINVESTMENT.—Any amounts set 

8 aside for a fiscal year under subparagraph (A) 

9 that remain unobligated by June 1 of that fis10 cal year shall be invested pursuant to para11 graph (6). 

12 ‘‘(5) TRANSFERS.—The Secretary shall transfer 

13 from the Fund to the general fund of the Treasury 

14 amounts equivalent to moneys deposited in the Fund 

15 as a result of repayment of principal and interest on 

16 a direct loan made under this chapter before the 

17 date of enactment of the TIFIA 2.0 Act. 

18 ‘‘(6) INVESTMENTS AUTHORITY.—The Sec19 retary of the Treasury shall invest any portion of the 

20 Fund that, as determined by the Secretary, is not 

21 required to meet current expenses. Each such invest22 ment shall be made in an interest-bearing obligation 

23 of the United States or an obligation guaranteed 

24 both as to principal and interest by the United 

25 States that, as determined by the Secretary, has a 


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1 maturity date suitable for the purposes of the Fund. 

2 The Secretary of the Treasury shall credit interest 

3 earned on the obligations to the Fund. 

4 ‘‘(7) ADMINISTRATIVE COSTS.—Of the amounts 

5 in the Fund, the Secretary may use not more than 

6 0.50 percent for each fiscal year for the administra7 tion of this chapter, excluding amounts to be trans8 ferred under paragraph (5). 

9 ‘‘(b) CONTRACTING AUTHORITY.— 

10 ‘‘(1) IN GENERAL.—Notwithstanding any other 

11 provision of law, execution of a term sheet by the 

12 Secretary of a Federal credit instrument that uses 

13 amounts in the Fund shall impose on the United 

14 States a contractual obligation to fund the Federal 

15 credit investment. 

16 ‘‘(2) AVAILABILITY.—Amounts in the Fund 

17 shall be available for obligation without fiscal year 

18 limitation and without further appropriation until 

19 expended.’’. 

20 (b) CONFORMING AMENDMENTS.—Chapter 6 of such 

21 title is amended— 

22 (1) in section 601(a)— 

23 (A) by striking paragraph (18); and 

24 (B) by redesignating paragraphs (19) and 

25 (20) as paragraphs (18) and (19), respectively; 


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1 (2) in section 602(b)(1) by striking ‘‘the sub2 sidy costs associated with’’; 

3 (3) in section 603— 

4 (A) in subsection (a)(3) by striking ‘‘sub5 sidy amount’’; and 

6 (B) in subsection (b)— 

7 (i) in paragraph (4)(B)(ii) by striking 

8 ‘‘the subsidy cost of which’’; and 

9 (ii) by striking paragraph (6)(B) and 

10 inserting the following: 

11 ‘‘(B) PREEXISTING INDENTURE.—The 

12 Secretary shall waive the requirement under 

13 subparagraph (A) for a public agency borrower 

14 that is financing ongoing capital programs and 

15 has outstanding senior bonds under a pre16 existing indenture, if— 

17 ‘‘(i) the secured loan is rated in the A 

18 category or higher; 

19 ‘‘(ii) the secured loan is secured and 

20 payable from pledged revenues not affected 

21 by project performance, such as a tax22 backed revenue pledge or a system-backed 

23 pledge of project revenues; and 


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1 ‘‘(iii) the TIFIA program share of eli2 gible project costs is 33 percent or less.’’; 

3 and 

4 (4) in section 604— 

5 (A) in subsection (a)(3) by striking ‘‘sub6 sidy’’; and 

7 (B) by striking subsection (b)(8)(B) and 

8 inserting the following: 

9 ‘‘(B) PRE-EXISTING INDENTURE.— 

10 ‘‘(i) IN GENERAL.—The Secretary 

11 shall waive the requirement of subpara12 graph (A) for a public agency borrower 

13 that is financing ongoing capital programs 

14 and has outstanding senior bonds under a 

15 preexisting indenture, if— 

16 ‘‘(I) the line of credit is rated in 

17 the A category or higher; 

18 ‘‘(II) the TIFIA program loan 

19 resulting from a draw on the line of 

20 credit is payable from pledged reve21 nues not affected by project perform22 ance, such as a tax-backed revenue 

23 pledge or a system-backed pledge of 

24 project revenues; and 


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1 ‘‘(III) the TIFIA program share 

2 of eligible project costs is 33 percent 

3 or less.’’. 

4 SEC. 3. DETERMINATION OF ELIGIBILITY AND PROJECT SE5 LECTION. 

6 (a) ELIGIBILITY.—Section 602(a)(9) of title 23, 

7 United States Code, is amended— 

8 (1) by striking ‘‘and’’ at the end of subpara9 graph (B); 

10 (2) by striking the period at the end of sub11 paragraph (C) and inserting ‘‘; and’’; and 

12 (3) by adding at the end the following: 

13 ‘‘(D) generate revenue through tolls or 

14 user fees, or promote use of a facility that gen15 erates such revenues.’’. 

16 (b) SELECTION AMONG ELIGIBLE PROJECTS.—Sec17 tion 602(b)(1) of such title, as amended by this Act, is 

18 further amended— 

19 (1) by striking ‘‘The Secretary’’ and inserting 

20 the following: 

21 ‘‘(A) APPLICATION PROCESS.—Subject to 

22 subparagraph (B), the Secretary’’; and 

23 (2) by adding at the end the following: 

24 ‘‘(B) PRIORITY.—In selecting projects to 

25 receive funding under subparagraph (A), the 


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1 Secretary shall give priority consideration to 

2 projects with sponsors who have sponsored 

3 prior credit agreements under this chapter that 

4 have been repaid in full.’’. 

Æ 


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