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(3) in paragraph (8) (as redesignated by para-
graph (2))—
(A) in subparagraph (B), by striking the
period at the end and inserting a semicolon; and
(B) by striking subparagraph (D) and in-
serting the following:
‘‘(D) a project that—
‘‘(i)(I) is a project for—
‘‘(aa) a public freight rail facility
or a private facility providing public
benefit;
‘‘(bb) an intermodal freight trans-
fer facility;
‘‘(cc) a means of access to a facil-
ity described in item (aa) or (bb);
‘‘(dd) a service improvement for a
facility described in item (aa) or (bb)
(including a capital investment for an
intelligent transportation system); or
‘‘(II) comprises a series of projects de-
scribed in subclause (I) with the common
objective of improving the flow of goods;
‘‘(ii) may involve the combining of pri-
vate and public sector funds, including in-
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vestment of public funds in private sector
facility improvements; and
‘‘(iii) if located within the boundaries
of a port terminal, includes only such sur-
face transportation infrastructure modifica-
tions as are necessary to facilitate direct
intermodal interchange, transfer, and access
into and out of the port.’’; and
(4) in paragraph (10) (as redesignated by para-
graph (2)) by striking ‘‘bond’’ and inserting ‘‘credit’’.
(b) DETERMINATION OF ELIGIBILITY AND PROJECT
SELECTION.—Section 182 of title 23, United States Code,
is amended—
(1) in subsection (a)—
(A) by striking paragraphs (1) and (2) and
inserting the following:
‘‘(1) INCLUSION IN TRANSPORTATION PLANS AND
PROGRAMS.—The project shall satisfy the applicable
planning and programming requirements of sections
134 and 135 at such time as an agreement to make
available a Federal credit instrument is entered into
under this subchapter.
‘‘(2) APPLICATION.—A State, local government,
public authority, public-private partnership, or any
other legal entity undertaking the project and author-
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ized by the Secretary shall submit a project applica-
tion to the Secretary.’’;
(B) in paragraph (3)(A)—
(i) 
in 
clause 
(i), 
by 
striking
‘‘$100,000,000’’ 
and 
inserting
‘‘$50,000,000’’; and
(ii) in clause (ii), by striking ‘‘50’’
and inserting ‘‘20’’; and
(C) in paragraph (4)—
(i) by striking ‘‘Project financing’’ and
inserting ‘‘The Federal credit instrument’’;
and
(ii) by inserting before the period at
the end the following: ‘‘that also secure the
project obligations’’; and
(2) in subsection (b)—
(A) in paragraph (1), by striking ‘‘criteria’’
the second place it appears and inserting ‘‘re-
quirements’’; and
(B) in paragraph (2)(B), by inserting
‘‘(which may be the Federal credit instrument)’’
after ‘‘obligations’’.
(c) SECURED LOANS.—Section 183 of title 23, United
States Code, is amended—
(1) in subsection (a)—
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(A) in paragraph (1)—
(i) by striking ‘‘of any project selected
under section 182.’’ at the end;
(ii) in subparagraphs (A) and (B), by
inserting ‘‘of any project selected under sec-
tion 182’’ after ‘‘costs’’ ; and
(iii) in subparagraph (B), by striking
the semicolon at the end and inserting a pe-
riod; and
(B) in paragraph (4)—
(i) by striking ‘‘funding’’ and inserting
‘‘execution’’; and
(ii) by striking ‘‘rating,’’ and all that
follows and inserting a period;
(2) in subsection (b)—
(A) by striking paragraph (2) and inserting
the following:
‘‘(2) MAXIMUM AMOUNT.—The amount of the se-
cured loan shall not exceed the lesser of—
‘‘(A) 33 percent of the reasonably antici-
pated eligible project costs; or
‘‘(B) the amount of the senior project obli-
gations.’’;
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(B) in paragraph (3)(A)(i), by inserting
‘‘that also secure the senior project obligations’’
after ‘‘sources’’; and
(C) in paragraph (4), by striking ‘‘market-
able’’; and
(3) in subsection (c)—
(A) by striking paragraph (3);
(B) by redesignating paragraphs (4) and
(5) as paragraphs (3) and (4), respectively; and
(C) in paragraph (3) (as redesignated by
subparagraph (B))—
(i) in subparagraph (A), by striking
‘‘during the 10 years’’; and
(ii) in subparagraph (B)(ii), by strik-
ing ‘‘loan’’ and all that follows and insert-
ing ‘‘loan.’’.
(d) LINES OF CREDIT.—Section 184 of title 23, United
States Code, is amended—
(1) in subsection (b)—
(A) in paragraph (3), by striking ‘‘interest,
any debt service reserve fund, and any other
available reserve’’ and inserting ‘‘interest (but
not including reasonably required financing re-
serves)’’;