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‘(B) OTHER
CONTINGENT
COMMITMENT 
AUTHORITY.—The total estimated amount of 
future obligations of the Government and con-
tingent commitments to incur obligations cov-
ered by all project construction grant agree-
ments and early system work agreements under 
this subsection for small capital projects de-
scribed in subsection (d) may be not more than 
the greater of the amount allocated under sub-
section (m)(2)(A) for such projects or an 
amount equivalent to the last fiscal year of 
funding allocated under subsection (m)(2)(A) 
for such projects, less an amount the Secretary 
reasonably estimates is necessary for grants 
under this section for those of such projects 
that are not covered by an agreement. The total 
amount covered by new contingent commit-
ments included in project construction grant 
agreements and early systems work agreements 
for such projects may be not more than a limi-
tation specified in law. 
‘(C) INCLUSION
OF
CERTAIN
COMMIT-
MENTS.—Future obligations of the Government 
and contingent commitments made against the 
contingent commitment authority under section
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3032(g)(2) of the Intermodal Surface Trans-
portation Efficiency Act of 1991 (106 Stat. 
2125) for the San Francisco BART to the Air-
port project for fiscal years 2002, 2003, 2004, 
2005, and 2006 shall be charged against sec-
tion 3032(g)(2) of that Act. 
‘(D) APPROPRIATION REQUIRED.—An obli-
gation may be made under this subsection only 
when amounts are appropriated for the obliga-
tion. 
‘(5) NOTIFICATION OF CONGRESS.—At least 60 
days before issuing a letter of intent or entering into 
a full funding grant agreement or project construc-
tion grant agreement under this section, the Sec-
retary shall notify, in writing, the Committee on 
Transportation and Infrastructure of the House of 
Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate of the 
proposed letter or agreement. The Secretary shall in-
clude with the notification a copy of the proposed 
letter or agreement as well as the evaluations and 
ratings for the project. 
‘(g) GOVERNMENT’S
SHARE
OF
NET
PROJECT 
COST.—
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‘(1) FEDERAL SHARE.—Based on engineering 
studies, studies of economic feasibility, and informa-
tion on the expected use of equipment or facilities, 
the Secretary shall estimate the net project cost. A 
grant for the project shall be for 80 percent of the 
net capital project cost, unless the grant recipient 
requests a lower grant percentage. 
‘(2) REMAINDER OF NET PROJECT COST.—The 
remainder of net project costs shall be provided from 
an undistributed cash surplus, a replacement or de-
preciation cash fund or reserve, or new capital. 
‘(3) LIMITATION
ON
STATUTORY
CONSTRUC-
TION.—Nothing in this section, including paragraph 
(1) and subsections (c)(3)(D)(iv) and (c)(4), shall be 
construed as authorizing the Secretary to require a 
non-Federal financial commitment for a project that 
is more than 20 percent of the net capital project 
cost. 
‘(4) SPECIAL
RULE
FOR
ROLLING
STOCK 
COSTS.—In addition to amounts allowed pursuant to 
paragraph (1), a planned extension to a fixed guide-
way system may include the cost of rolling stock pre-
viously purchased if the applicant satisfies the Sec-
retary that only amounts other than amounts of the 
Government were used and that the purchase was
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made for use on the extension. A refund or reduc-
tion of the remainder may be made only if a refund 
of a proportional amount of the grant of the Govern-
ment is made at the same time. 
‘(5) LIMITATION ON APPLICABILITY.—This sub-
section does not apply to projects for which the Sec-
retary has entered into a full funding grant agree-
ment before the date of enactment of the Federal 
Public Transportation Act of 2005. 
‘(h) FISCAL CAPACITY CONSIDERATIONS.—If the 
Secretary gives priority consideration to financing projects 
that include more than the non-Government share re-
quired under subsection (g), the Secretary shall give equal 
consideration to differences in the fiscal capacity of State 
and local governments. 
‘(i) REPORTS ON NEW STARTS.—
‘(1) ANNUAL DOT REPORT.—Not later than the 
first Monday in February of each year, the Sec-
retary shall submit to the Committee on Transpor-
tation and Infrastructure of the House of Represent-
atives and the Committee on Banking, Housing, and 
Urban Affairs of the Senate a report that includes—
‘(A) a proposal of allocations of amounts 
to be available to finance grants for new fixed
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guideway capital projects among applicants for 
these amounts; 
‘(B) evaluations and ratings, as required 
under subsection (c), for each such project that 
is authorized by the Federal Public Transpor-
tation Act of 2005; and 
‘(C) recommendations of such projects for 
funding based on the evaluations and ratings 
and on existing commitments and anticipated 
funding levels for the next 3 fiscal years and for 
the next 10 fiscal years based on information 
currently available to the Secretary. 
‘(2) ANNUAL GAO REVIEW.—The Comptroller 
General shall—
‘(A) conduct an annual review of—
‘(i) the processes and procedures for 
evaluating, rating, and recommending new 
fixed guideway capital projects; and 
‘(ii) the Secretary’s implementation of 
such processes and procedures; and 
‘(B) report to Congress on the results of 
such review by May 31 of each year. 
‘(j) UNDERTAKING PROJECTS IN ADVANCE.—
‘(1) IN GENERAL.—The Secretary may pay the 
Government’s share of the net capital project cost to