‘‘(4) RURAL SET ASIDE.— 
‘‘(A) IN GENERAL.—Of the amounts de-
posited in the Fund in a fiscal year, not more 
than 10 percent shall be set aside for use in the 
following fiscal year for rural infrastructure 
projects. 
‘‘(B) REINVESTMENT.—Any amounts set 
aside for a fiscal year under subparagraph (A) 
that remain unobligated by June 1 of that fis-
cal year shall be invested pursuant to para-
graph (6). 
‘‘(5) TRANSFERS.—The Secretary shall transfer 
from the Fund to the general fund of the Treasury 
amounts equivalent to moneys deposited in the Fund 
as a result of repayment of principal and interest on 
a direct loan made under this chapter before the 
date of enactment of the TIFIA 2.0 Act. 
‘‘(6) INVESTMENTS
AUTHORITY.—The Sec-
retary of the Treasury shall invest any portion of the 
Fund that, as determined by the Secretary, is not 
required to meet current expenses. Each such invest-
ment shall be made in an interest-bearing obligation 
of the United States or an obligation guaranteed 
both as to principal and interest by the United 
States that, as determined by the Secretary, has a 
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maturity date suitable for the purposes of the Fund. 
The Secretary of the Treasury shall credit interest 
earned on the obligations to the Fund. 
‘‘(7) ADMINISTRATIVE COSTS.—Of the amounts 
in the Fund, the Secretary may use not more than 
0.50 percent for each fiscal year for the administra-
tion of this chapter, excluding amounts to be trans-
ferred under paragraph (5). 
‘‘(b) CONTRACTING AUTHORITY.— 
‘‘(1) IN GENERAL.—Notwithstanding any other 
provision of law, execution of a term sheet by the 
Secretary of a Federal credit instrument that uses 
amounts in the Fund shall impose on the United 
States a contractual obligation to fund the Federal 
credit investment. 
‘‘(2) AVAILABILITY.—Amounts in the Fund 
shall be available for obligation without fiscal year 
limitation and without further appropriation until 
expended.’’. 
(b) CONFORMING AMENDMENTS.—Chapter 6 of such 
title is amended— 
(1) in section 601(a)— 
(A) by striking paragraph (18); and 
(B) by redesignating paragraphs (19) and 
(20) as paragraphs (18) and (19), respectively; 
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(2) in section 602(b)(1) by striking ‘‘the sub-
sidy costs associated with’’; 
(3) in section 603— 
(A) in subsection (a)(3) by striking ‘‘sub-
sidy amount’’; and 
(B) in subsection (b)— 
(i) in paragraph (4)(B)(ii) by striking 
‘‘the subsidy cost of which’’; and 
(ii) by striking paragraph (6)(B) and 
inserting the following: 
‘‘(B) 
PREEXISTING
INDENTURE.—The 
Secretary shall waive the requirement under 
subparagraph (A) for a public agency borrower 
that is financing ongoing capital programs and 
has outstanding senior bonds under a pre-
existing indenture, if— 
‘‘(i) the secured loan is rated in the A 
category or higher; 
‘‘(ii) the secured loan is secured and 
payable from pledged revenues not affected 
by project performance, such as a tax- 
backed revenue pledge or a system-backed 
pledge of project revenues; and 
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‘‘(iii) the TIFIA program share of eli-
gible project costs is 33 percent or less.’’; 
and 
(4) in section 604— 
(A) in subsection (a)(3) by striking ‘‘sub-
sidy’’; and 
(B) by striking subsection (b)(8)(B) and 
inserting the following: 
‘‘(B) PRE-EXISTING INDENTURE.— 
‘‘(i) IN
GENERAL.—The Secretary 
shall waive the requirement of subpara-
graph (A) for a public agency borrower 
that is financing ongoing capital programs 
and has outstanding senior bonds under a 
preexisting indenture, if— 
‘‘(I) the line of credit is rated in 
the A category or higher; 
‘‘(II) the TIFIA program loan 
resulting from a draw on the line of 
credit is payable from pledged reve-
nues not affected by project perform-
ance, such as a tax-backed revenue 
pledge or a system-backed pledge of 
project revenues; and 
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‘‘(III) the TIFIA program share 
of eligible project costs is 33 percent 
or less.’’. 
SEC. 3. DETERMINATION OF ELIGIBILITY AND PROJECT SE-
LECTION. 
(a) ELIGIBILITY.—Section 602(a)(9) of title 23, 
United States Code, is amended— 
(1) by striking ‘‘and’’ at the end of subpara-
graph (B); 
(2) by striking the period at the end of sub-
paragraph (C) and inserting ‘‘; and’’; and 
(3) by adding at the end the following: 
‘‘(D) generate revenue through tolls or 
user fees, or promote use of a facility that gen-
erates such revenues.’’. 
(b) SELECTION AMONG ELIGIBLE PROJECTS.—Sec-
tion 602(b)(1) of such title, as amended by this Act, is 
further amended— 
(1) by striking ‘‘The Secretary’’ and inserting 
the following: 
‘‘(A) APPLICATION PROCESS.—Subject to 
subparagraph (B), the Secretary’’; and 
(2) by adding at the end the following: 
‘‘(B) PRIORITY.—In selecting projects to 
receive funding under subparagraph (A), the 
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Secretary shall give priority consideration to 
projects with sponsors who have sponsored 
prior credit agreements under this chapter that 
have been repaid in full.’’. 
Æ 
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