(C) by striking ‘‘corridor planning’’ each
place it appears and inserting ‘‘corridor devel-
opment’’;
(D) in subsection (b)(1)—
(i) by inserting ‘‘, or if it is an activity
described in subparagraph (M)’’ after
‘‘high-speed rail improvements’’;
(ii) by striking ‘‘and’’ at the end of
subparagraph (K);
(iii) by striking the period at the end
of subparagraph (L) and inserting ‘‘; and’’;
and
(iv) by adding at the end the following
new subparagraph:
‘‘(M) the acquisition of locomotives, rolling
stock, track, and signal equipment.’’; and
(E) in subsection (c)(2), by striking ‘‘plan-
ning’’ and inserting ‘‘development’’.
(2) CONFORMING AMENDMENT.—The item re-
lating to section 26101 in the table of sections of
chapter 261 of title 49, United States Code, is
amended by striking ‘‘planning’’ and inserting ‘‘de-
velopment’’.
(b) AUTHORIZATION OF APPROPRIATIONS.—Section
26104 of title 49, United States Code, is amended to read
as follows:
‘‘§ 26104. Authorization of appropriations
‘‘(a) FISCAL YEARS 2002 THROUGH 2009.—There
are authorized to be appropriated to the Secretary—
‘‘(1) $25,000,000 for carrying out section
26101; and
‘‘(2) $10,000,000 for carrying out section
26102,
for each of the fiscal years 2002 through 2009.
‘‘(b) FUNDS TO REMAIN AVAILABLE.—Funds made
available under this section shall remain available until ex-
pended.’’.
SEC. 4. REHABILITATION AND IMPROVEMENT FINANCING.
(a) DEFINITIONS.—Section 102(7) of the Railroad
Revitalization and Regulatory Reform Act of 1976 (45
U.S.C. 802(7)) is amended to read as follows:
‘‘(7) ‘railroad’ has the meaning given that term
in section 20102 of title 49, United States Code;
and’’.
(b) GENERAL AUTHORITY.—Section 502(a) of the
Railroad Revitalization and Regulatory Reform Act of
1976 (45 U.S.C. 822(a)) is amended by striking ‘‘Sec-
retary may provide direct loans and loan guarantees to
State and local governments,’’ and inserting ‘‘Secretary
shall provide direct loans and loan guarantees to State and
local governments, interstate compacts entered into under
section 410 of the Amtrak Reform and Accountability Act
of 1997 (49 U.S.C 24101 nt),’’.
(c) EXTENT OF AUTHORITY.—Section 502(d) of the
Railroad Revitalization and Regulatory Reform Act of
1976 (45 U.S.C. 822(d)) is amended—
(1) by striking ‘‘$3,500,000,000’’ and inserting
‘‘$35,000,000,000’’;
(2) by striking ‘‘$1,000,000,000’’ and inserting
‘‘$7,000,000,000’’; and
(3) by adding at the end the following new sen-
tence: ‘‘The Secretary shall not establish any limit
on the proportion of the unused amount authorized
under this subsection that may be used for 1 loan
or loan guarantee.’’.
(d) COHORTS OF LOANS.—Section 502(f) of the Rail-
road Revitalization and Regulatory Reform Act of 1976
(45 U.S.C. 822(f)) is amended—
(1) in paragraph (2)—
(A) by striking ‘‘and’’ at the end of sub-
paragraph (D);
(B) by redesignating subparagraph (E) as
subparagraph (F); and
(C) by adding after subparagraph (D) the
following new subparagraph:
‘‘(E) the size and characteristics of the co-
hort of which the loan or loan guarantee is a
member; and’’; and
(2) by adding at the end of paragraph (4) the
following: ‘‘A cohort may include loans and loan
guarantees. The Secretary shall not establish any
limit on the proportion of a cohort that may be used
for 1 loan or loan guarantee.’’.
(e) CONDITIONS OF ASSISTANCE.—Section 502 of the
Railroad Revitalization and Regulatory Reform Act of
1976 (45 U.S.C. 822) is amended—
(1) in subsection (f)(2)(A), by inserting ‘‘, if
any’’ after ‘‘collateral offered’’; and
(2) by adding at the end of subsection (h) the
following:
‘‘The Secretary shall not require an applicant for a direct
loan or loan guarantee under this section to provide collat-
eral. The Secretary shall not require that an applicant for
a direct loan or loan guarantee under this section have
previously sought the financial assistance requested from
another source. The Secretary shall require recipients of
direct loans or loan guarantees under this section to apply
the standards of section 26106(a)(5) of title 49, United
States Code, to their projects, except for projects primarily
benefiting Class III freight railroads.’’.
(f) TIME LIMIT FOR APPROVAL OR DISAPPROVAL.—
Section 502 of the Railroad Revitalization and Regulatory
Reform Act of 1976 (45 U.S.C. 822) is amended by add-
ing at the end the following new subsection:
‘‘(i) TIME LIMIT FOR APPROVAL OR DISAPPROVAL.—
Not later than 180 days after receiving a complete appli-
cation for a direct loan or loan guarantee under this sec-
tion, the Secretary shall approve or disapprove the applica-
tion.’’.
(g) FEES AND CHARGES.—Section 503 of the Rail-
road Revitalization and Regulatory Reform Act of 1976
(45 U.S.C. 823) is amended by adding at the end the fol-
lowing new subsection:
‘‘(l) FEES AND CHARGES.—Except as provided in
this title, the Secretary may not assess any fees, including
user fees, or charges in connection with a direct loan or
loan guarantee provided under section 502.’’.
(h) SUBSTANTIVE CRITERIA AND STANDARDS.—Not
later than 30 days after the date of the enactment of this
Act, the Secretary of Transportation shall publish in the
Federal Register and post on the Department of Trans-
portation web site the substantive criteria and standards
used by the Secretary to determine whether to approve
or disapprove applications submitted under section 502 of
the Railroad Revitalization and Regulatory Reform Act of
1976 (45 U.S.C. 822).
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