I 
114TH CONGRESS 
1ST SESSION 
H. R. 199 
To authorize the Secretary of Transportation to establish a pedestrian and 
bicycle infrastructure credit assistance pilot program, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JANUARY 7, 2015 
Mr. SIRES introduced the following bill; which was referred to the Committee 
on Transportation and Infrastructure 
A BILL 
To authorize the Secretary of Transportation to establish 
a pedestrian and bicycle infrastructure credit assistance 
pilot program, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Bicycle and Pedestrian Infrastructure Improvement Act 
of 2015’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
Sec. 2. Purposes. 
Sec. 3. Authority to provide assistance. 
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Sec. 4. Eligible entities. 
Sec. 5. Projects eligible for assistance. 
Sec. 6. Applications. 
Sec. 7. Determination of eligibility and project selection. 
Sec. 8. Secured loans and loan guarantees. 
Sec. 9. Program administration. 
Sec. 10. State and local permits. 
Sec. 11. Definitions. 
Sec. 12. Regulations. 
Sec. 13. Funding. 
Sec. 14. Report to Congress. 
SEC. 2. PURPOSES. 
The purposes of this Act are as follows: 
(1) To promote investment in bicycling and 
walking infrastructure to create and connect trans-
portation networks. 
(2) To improve access to employment, business 
districts, and transit in communities traditionally 
underserved by existing transportation systems by 
establishing additional opportunities for financing 
nonmotorized infrastructure projects. 
(3) To attract new investment to business dis-
tricts and neighborhoods in low-income communities. 
(4) To leverage Federal funds and private in-
vestment in low-income communities and those tra-
ditionally underserved by existing transportation sys-
tems. 
SEC. 3. AUTHORITY TO PROVIDE ASSISTANCE. 
The Secretary of Transportation may provide finan-
cial assistance under this Act to eligible entities to carry 
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out bicycle and pedestrian infrastructure projects selected 
for such assistance under this Act. 
SEC. 4. ELIGIBLE ENTITIES. 
In this Act, the term ‘‘eligible entity’’ means the fol-
lowing: 
(1) A corporation. 
(2) A public/private partnership. 
(3) A joint venture. 
(4) A trust. 
(5) A State infrastructure financing authority. 
SEC. 5. PROJECTS ELIGIBLE FOR ASSISTANCE. 
Financial assistance may be provided under this Act 
only for the following types of projects: 
(1) A project for the construction, planning, 
and design of on-road and off-road pathways for pe-
destrians, bicyclists, and other nonmotorized forms 
of transportation to create a comprehensive and con-
nected transportation system, including sidewalks, 
bicycling infrastructure and parking, pedestrian and 
bicycle signals, traffic calming techniques, lighting 
and other safety-related infrastructure, and trans-
portation projects to achieve compliance with the 
Americans with Disabilities Act of 1990 (42 U.S.C. 
12101 et seq.). 
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(2) A project for the construction, planning, 
and design of infrastructure-related projects and 
systems that connect existing infrastructure to cre-
ate a network and improve safety and access for 
nonmotorized users to transit, schools, and commer-
cial areas. 
(3) Innovative infrastructure for bicycling and 
walking, such as designs included in the National 
Association of City Transportation Officials guide 
for urban street design, to enhance the ability of 
communities to develop solutions to increase non-
motorized travel. 
(4) A project for the conversion and use of 
abandoned railroad corridors for trails for pedes-
trians, bicyclists, or other nonmotorized transpor-
tation users to connect to or expand an existing net-
work of bicycle and pedestrian facilities. 
(5) A bike share program as a standalone 
project or in conjunction with other infrastructure 
projects. 
SEC. 6. APPLICATIONS. 
(a) IN GENERAL.—The Secretary shall provide for el-
igible entities to submit applications for selection of eligi-
ble projects to receive financial assistance under this Act 
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at such time, in such manner, and containing such infor-
mation as the Secretary may require. 
(b) COMBINED PROJECTS.—The Secretary shall pro-
vide, only in the case of a State infrastructure financing 
authority, that such an entity may submit a single applica-
tion for a combination of projects, each of which is an 
eligible project under section 8(b). 
SEC. 7. DETERMINATION OF ELIGIBILITY AND PROJECT SE-
LECTION. 
(a) SELECTION OF PROJECTS.—Using the selection 
criteria under subsection (d), the Secretary shall select, 
from applications submitted pursuant under this Act, eli-
gible projects that meet the criteria under subsections (b) 
and (c) for financial assistance under this Act. 
(b) ACTIVITIES
ELIGIBLE
FOR
ASSISTANCE.— 
Amounts from a loan made or guaranteed under this Act 
provided for an eligible project may be used to pay the 
costs of carrying out such project, including costs of— 
(1) development-phase activities, including plan-
ning, feasibility analysis, revenue forecasting, envi-
ronmental review, permitting, preliminary engineer-
ing and design work, and other preconstruction ac-
tivities; 
(2) construction, reconstruction, rehabilitation, 
and replacement activities; 
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(3) the acquisition of real property (including 
land relating to the project and improvements to 
land), environmental mitigation, construction contin-
gencies, and acquisition of equipment; 
(4) capitalized interest necessary to meet mar-
ket requirements, reasonably required reserve funds, 
capital issuance expenses, and other carrying costs 
during construction; and 
(5) refinancing interim construction funding, 
long-term project obligations, or a secured loan or 
loan guarantee made under this Act. 
(c) PROJECT REQUIREMENTS.—An eligible project 
may not be selected to receive financial assistance under 
this Act unless the Secretary determines that the project 
meets all of the following criteria: 
(1) CREDITWORTHINESS.— 
(A) IN
GENERAL.—Subject to subpara-
graph (B), the project shall be creditworthy, as 
determined by the Secretary as applicable, to 
ensure that any financing for the project has 
appropriate security features, such as a rate 
covenant, to ensure repayment. 
(B) PRELIMINARY RATING OPINION LET-
TER.—The Secretary shall require an applicant 
for each project to provide, as part of the appli-
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cation for the project under this section, a pre-
liminary rating opinion letter from at least one 
rating agency indicating that the senior project 
obligations of the project (which may be the 
Federal credit instrument) have the potential to 
achieve an investment-grade rating. 
(C) SPECIAL
RULE
FOR
CERTAIN
COM-
BINED PROJECTS.—The Secretary shall develop 
a credit evaluation process for a Federal credit 
instrument provided to a State infrastructure 
financing authority for a project described in 
subsection (b), which may include requiring the 
provision of a preliminary rating opinion letter 
from at least one rating agency. 
(2) ELIGIBLE PROJECT COSTS.—The costs of 
an eligible project shall be reasonably anticipated to 
be not less than $2,000,000. 
(3) DEDICATED REVENUE SOURCES.—The Fed-
eral credit instrument for the project shall be repay-
able, in whole or in part, from dedicated revenue 
sources that also secure the project obligations. 
(4) PUBLIC SPONSORSHIP OF PRIVATE ENTI-
TIES.—In the case of a project carried out by an en-
tity that is not a State or local government or an 
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agency or instrumentality of a State or local govern-
ment, the project shall be publicly sponsored. 
(5) PUBLIC INVOLVEMENT PROCESS.—The ap-
plicant shall show evidence of having incorporated a 
public involvement process in the application, and 
plans for continued public involvement through the 
implementation of the process. The public involve-
ment processes shall be proactive and provide com-
plete information, timely public notice, full public ac-
cess to key decisions, and opportunities for early and 
continuing involvement. The processes shall provide 
for— 
(A) reasonable public access to technical 
and policy information used in the development 
of the application; 
(B) adequate public notice of public in-
volvement activities and time for public review 
and comment at key decision points; 
(C) a process for demonstrating explicit 
consideration and response to public input dur-
ing the planning and program development 
process; and 
(D) a process for seeking out and consid-
ering the needs of those traditionally under-
served by existing transportation systems, such 
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as low-income and minority households which 
may face challenges accessing employment and 
other amenities. 
(d) SELECTION AMONG ELIGIBLE PROJECTS.— 
(1) ESTABLISHMENT.—The Secretary shall es-
tablish a rolling application process in which projects 
that are eligible to receive credit assistance under 
subsection (a) shall receive credit assistance on 
terms acceptable to the Secretary, if adequate funds 
are available to cover the subsidy costs associated 
with the Federal credit instrument. 
(2) ADEQUATE FUNDING NOT AVAILABLE.—If 
the Secretary fully obligates funding to eligible 
projects in a given fiscal year, and adequate funding 
is not available to fund a credit instrument, a 
project sponsor of an eligible project may elect to 
enter into a master credit agreement and wait until 
the following fiscal year or until additional funds are 
available to receive credit assistance. 
(e) LOW-INCOME
COMMUNITIES.—The Secretary 
shall ensure that not less that 25 percent of funds under 
this section are used to support projects in low-income 
communities. 
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(f) FEDERAL REQUIREMENTS.—Nothing in this sec-
tion may be construed to alter, affect, or annul the appli-
cability of any other Federal law. 
SEC. 8. SECURED LOANS AND LOAN GUARANTEES. 
(a) AUTHORITY.—The Secretary may enter into 
agreements with eligible entities to make, and may make, 
secured loans to such entities as provided under this sec-
tion for eligible projects selected under section 8. 
(b) USE.— 
(1) IN GENERAL.—The proceeds of a secured 
loan under this section shall be used only— 
(A) to finance project costs of an eligible 
project selected under section 8; 
(B) subject to paragraph (2), to refinance 
interim construction financing of eligible project 
costs of an eligible project selected under sec-
tion 8; or 
(C) to refinance long-term project obliga-
tions or Federal credit instruments, if such refi-
nancing provides additional funding capacity for 
the completion, enhancement, or expansion of a 
project that— 
(i) is selected under section 8; or 
(ii) was originally financed, in whole 
or in part, with amounts provided other 
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than under this Act, if the project other-
wise meets the requirements of section 8. 
(2) LIMITATION ON REFINANCING OF INTERIM 
CONSTRUCTION FINANCING.—The proceeds of a se-
cured loan under this section made for an eligible 
project may not be used for the purpose under para-
graph (1)(B) after the expiration of the 12-month 
period beginning on the date of substantial comple-
tion of the project. 
(c) RISK ASSESSMENT.—Before entering into an 
agreement under this subsection for a secured loan, the 
Secretary, in consultation with the Director of the Office 
of Management and Budget and each rating agency pro-
viding a preliminary rating opinion letter under section 
8(c)(1)(B), shall determine an appropriate capital reserve 
subsidy amount for the secured loan, taking into account 
each such preliminary rating opinion letter. 
(d) INVESTMENT-GRADE RATING REQUIREMENT FOR 
SENIOR OBLIGATIONS.—The execution of a secured loan 
under this section shall be contingent on receipt by the 
senior obligations of the project of an investment-grade 
rating. 
(e) TERMS AND LIMITATIONS.— 
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(1) MAXIMUM AMOUNT.—The amount of a se-
cured loan under this section shall not exceed the 
lesser of— 
(A) an amount equal to 49 percent of the 
reasonably anticipated eligible project costs; or 
(B) if the secured loan does not receive an 
investment-grade rating, the amount of the sen-
ior project obligations of the project. 
(2) PAYMENT.—A secured loan under this sec-
tion— 
(A) shall be payable, in whole or in part, 
from State or local taxes, user fees, or other 
dedicated revenue sources that also secure the 
senior project obligations of the relevant 
project; 
(B) shall include a rate covenant, coverage 
requirement, or similar security feature sup-
porting the project obligations; and 
(C) may have a lien on revenues described 
in subparagraph (A), subject to any lien secur-
ing project obligations. 
(3) INTEREST RATE.—The interest rate on a 
secured loan under this section shall be— 
(A) equal to the yield on marketable 
United States Treasury securities of a similar 
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maturity to the maturity of the secured loan on 
the date of execution of the loan agreement; 
and 
(B) fixed for the term of the loan. 
(4) MATURITY DATE.— 
(A) IN GENERAL.—Except as provided in 
subparagraph (B), the final maturity date of a 
secured loan under this section for an eligible 
project shall be not later than 35 years after 
the date of substantial completion of the 
project. 
(B) SPECIAL
RULE
FOR
STATE
INFRA-
STRUCTURE
FINANCING
AUTHORITIES.—The 
final maturity date of a secured loan under this 
section made to a State infrastructure financing 
authority shall be not later than 35 years after 
the date on which loan amounts are first dis-
bursed. 
(5) 
NONSUBORDINATION.—A 
secured 
loan 
under this section shall not be subordinated to the 
claims of any holder of project obligations in the 
event of bankruptcy, insolvency, or liquidation of the 
obligor. 
(6) FEES.—The Secretary may establish fees in 
connection with a secured loan under this section, in 
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amounts sufficient to cover all or a portion of the 
costs to the Federal Government of secured loans 
under this section. 
(7) USE OF PROCEEDS FOR PAYMENT OF NON- 
FEDERAL SHARE.—The proceeds of a secured loan 
under this section may be used to pay any non-Fed-
eral share required with respect to other funding ob-
tained for project costs, but only if such secured 
loan is repaid using non-Federal funds. 
(8) MAXIMUM
FEDERAL
INVOLVEMENT.—For 
any project for which assistance is provided under 
this Act, the total amount of Federal assistance 
from all sources, including this Act, shall not exceed 
80 percent of the total project cost. 
(9) OTHER
TERMS
AND
CONDITIONS.—A se-
cured loan provided for a project under this section 
shall be subject to such other terms and conditions, 
and contain such covenants, representations, war-
ranties, and requirements (including requirements 
for audits), as the Secretary determines to be appro-
priate. 
(f) REPAYMENT.— 
(1) SCHEDULE.—The Secretary shall establish 
a repayment schedule for each secured loan provided 
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under this section, based on the projected cash flow 
from project revenues and other repayment sources. 
(2) COMMENCEMENT.— 
(A) IN GENERAL.—Except as provided in 
subparagraph (B), scheduled loan repayments 
of principal or interest on a secured loan under 
this section for an eligible project shall com-
mence not later than 5 years after the date of 
substantial completion of the project. 
(B) SPECIAL
RULE
FOR
STATE
INFRA-
STRUCTURE FINANCING AUTHORITIES.—Sched-
uled loan repayments of principal or interest on 
a secured loan made under this section to a 
State infrastructure financing authority shall 
commence not later than 5 years after the date 
on which amounts are first disbursed. 
(3) DEFERRED PAYMENTS.— 
(A) IN GENERAL.—If, at any time after 
the date of substantial completion of a project 
for which a secured loan is provided under this 
section, the project is unable to generate suffi-
cient revenues to pay the scheduled loan repay-
ments of principal and interest on the loan, the 
Secretary may, subject to subparagraph (C), 
allow the obligor to add unpaid principal and 
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interest to the outstanding balance of the se-
cured loan. 
(B) INTEREST.—Any payment deferred 
pursuant to subparagraph (A) shall— 
(i) continue to accrue interest in ac-
cordance with subsection (e)(3) until fully 
repaid; and 
(ii) be amortized over the remaining 
term of the secured loan. 
(C) CRITERIA.—Any payment deferral pur-
suant to subparagraph (A) shall be contingent 
on the project meeting— 
(i) standards for reasonable assurance 
of repayment, as the Secretary shall estab-
lish; and 
(ii) such other criteria as the Sec-
retary may establish. 
(4) PREPAYMENT.— 
(A) USE OF EXCESS REVENUES.—Any ex-
cess revenues from an eligible project that re-
main after satisfying scheduled debt service re-
quirements on the project obligations and se-
cured loan and all deposit requirements under 
the terms of any trust agreement, bond resolu-
tion, or similar agreement securing project obli-
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gations may be applied annually to prepay a se-
cured loan under this section without penalty. 
(B) 
USE
OF
PROCEEDS
OF
REFI-
NANCING.—A secured loan under this section 
may be prepaid at any time, without penalty, 
from the proceeds of refinancing from non-Fed-
eral funding sources. 
(g) SALE OF SECURED LOANS.— 
(1) IN GENERAL.—Subject to paragraph (2), if 
the Secretary determines that the sale or reoffering 
of a secured loan under this section for an eligible 
project can be made on favorable terms, the Sec-
retary may sell the loan to another entity or reoffer 
the loan into the capital markets as soon as prac-
ticable after the date of substantial completion of a 
project and after providing notice to the obligor. 
(2) CONSENT OF OBLIGOR.—In making a sale 
or reoffering under paragraph (1), the Secretary 
may not change the original terms and conditions of 
the secured loan without the written consent of the 
obligor. 
(h) LOAN GUARANTEES.— 
(1) IN GENERAL.—In lieu of making a secured 
loan under this section for an eligible project, the 
Secretary may provide a loan guarantee for a project 
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obligation for a project funded by a qualified lender 
(as such term is defined in section 12), but only if 
the Secretary determines that the cost as such term 
is defined in section 502 of the Federal Credit Re-
form Act of 1990 (2 U.S.C. 661a) of the loan guar-
antee is substantially the same as or less than that 
of making a secured loan. 
(2) TERMS.—The terms of a loan guarantee 
provided under this subsection shall be consistent 
with the terms established in this section for a se-
cured loan, except that the interest rate on the guar-
anteed loan and any prepayment features shall be 
negotiated between the obligor and the qualified 
lender, subject to the consent of the Secretary. 
SEC. 9. PROGRAM ADMINISTRATION. 
(a) REQUIREMENT.—The Secretary shall establish a 
uniform system to service the Federal credit instruments 
made available under this Act. 
(b) SERVICER.— 
(1) IN GENERAL.—The Secretary may appoint 
a financial entity to assist the Secretary in servicing 
Federal credit instruments provided under this Act. 
(2) DUTIES.—A servicer appointed under para-
graph (1) shall act as the agent for the Secretary. 
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(c) ASSISTANCE FROM EXPERTS.—The Secretary 
may retain the services, including counsel, of organizations 
and entities with expertise in the field of municipal and 
project finance to assist in the underwriting and servicing 
of Federal credit instruments provided under this Act. 
SEC. 10. STATE AND LOCAL PERMITS. 
The provision of financial assistance under this Act 
for an eligible project shall not— 
(1) relieve any recipient of such assistance of 
any obligation to obtain any required State or local 
permit or approval with respect to the project; 
(2) limit the right of any unit of State or local 
government to approve or regulate any rate of re-
turn on private equity invested in the project; or 
(3) otherwise supersede any State or local law 
or regulation applicable to the construction or oper-
ation of the project. 
SEC. 11. DEFINITIONS. 
In this Act, the following definitions shall apply: 
(1) ELIGIBLE ENTITY.—The term ‘‘eligible enti-
ty’’ means an entity listed in section 5 to receive fi-
nancial assistance under this Act. 
(2) ELIGIBLE
PROJECT.—The term ‘‘eligible 
project’’ means a project described in section 6. 
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(3) ELIGIBLE PROJECT COSTS.—The term ‘‘eli-
gible project costs’’ means, with respect to an eligi-
ble project, any costs of the project eligible under 
section 8 to be paid with amounts from a loan made 
or guaranteed under this Act. 
(4) FEDERAL CREDIT INSTRUMENT.—The term 
‘‘Federal credit instrument’’ means a secured loan 
made, or loan guarantee provided, under section 9. 
(5) INVESTMENT-GRADE
RATING.—The term 
‘‘investment-grade rating’’ means, with respect to 
project obligations, a rating of BBB minus, Baa3, 
bbb minus, BBB (low), or higher as assigned by a 
rating agency. 
(6) LOAN GUARANTEE.—The term ‘‘loan guar-
antee’’ means any guarantee or other pledge by the 
Secretary to pay all or part of the principal of, and 
interest on, a loan or other debt obligation. 
(7) OBLIGOR.—The term ‘‘obligor’’ means— 
(A) with respect to a Federal credit instru-
ment that is a secured loan under section 9, the 
eligible entity that is primarily liable for pay-
ment of the principal of, or interest on, the 
loan; and 
(B) with respect to a Federal credit instru-
ment that is a loan guarantee under section 
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9(h), the eligible entity that is primarily liable 
for payment of the loan or other debt obligation 
repayment of which is guaranteed pursuant to 
such section. 
(8) PROJECT OBLIGATION.—The term ‘‘project 
obligation’’ means, with respect to an eligible 
project, any note, bond, debenture, or other debt ob-
ligation issued by an obligor in connection with the 
financing of the project. Such term does not include 
a Federal credit instrument. 
(9) QUALIFIED LENDER.— 
(A) IN
GENERAL.—The term ‘‘qualified 
lender’’ means any non-Federal qualified insti-
tutional buyer, as such term is defined in sec-
tion 230.144A(a) of title 17, Code of Federal 
Regulations (or any successor regulation), 
known as Rule 144A(a) of the Securities and 
Exchange Commission and issued under the Se-
curities Act of 1933 (15 U.S.C. 77a et seq.). 
(B) INCLUSIONS.—Such term includes— 
(i) a qualified retirement plan (as de-
fined in section 4974(c) of the Internal 
Revenue Code of 1986) that is a qualified 
institutional buyer; and 
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(ii) a governmental plan (as defined in 
section 414(d) of the Internal Revenue 
Code of 1986) that is a qualified institu-
tional buyer. 
(10) RATING AGENCY.—The term ‘‘rating agen-
cy’’ means a credit rating agency registered with the 
Securities and Exchange Commission as a nationally 
recognized statistical rating organization (as defined 
in section 3(a) of the Securities Exchange Act of 
1934 (15 U.S.C. 78c(a))). 
(11) 
SECRETARY.—The 
term 
‘‘Secretary’’ 
means the Secretary of Transportation. 
(12) SECURED
LOAN.—The term ‘‘secured 
loan’’ means a direct loan or other debt obligation 
issued by an obligor and funded by the Secretary 
pursuant to section 9. 
(13) STATE.—The term ‘‘State’’ means a State, 
the District of Columbia, the Commonwealth of 
Puerto Rico, and any other territory or possession of 
the United States. 
(14) STATE INFRASTRUCTURE FINANCING AU-
THORITY.—The term ‘‘State infrastructure financing 
authority’’ means the State entity established or des-
ignated by the Governor of a State to receive assist-
ance under this Act. 
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(15) SUBSIDY
AMOUNT.—The term ‘‘subsidy 
amount’’ means, with respect to a Federal credit in-
strument, the amount of budget authority sufficient 
to cover the estimated long-term cost to the Federal 
Government of the Federal credit instrument, as cal-
culated on a net present value basis, excluding ad-
ministrative costs and any incidental effects on gov-
ernmental receipts or outlays in accordance with the 
Federal Credit Reform Act of 1990 (2 U.S.C. 661 
et seq.). 
(16) SUBSTANTIAL
COMPLETION.—The term 
‘‘substantial completion’’ means, with respect to a 
project, the earliest date on which a project is con-
sidered capable of performing the functions for 
which the project is designed. 
SEC. 12. REGULATIONS. 
The Secretary may issue such regulations as the Sec-
retary considers appropriate to carry out this Act. 
SEC. 13. FUNDING. 
Section 608(a) of title 23, United States Code, is 
amended— 
(1) by redesignating paragraphs (4) through 
(6) as paragraphs (5) through (7), respectively; and 
(2) by inserting after paragraph (3) the fol-
lowing: 
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‘‘(4) SET
ASIDES.—Of the total amount of 
funds made available to carry out this chapter for 
each fiscal year— 
‘‘(A) $11,000,000 shall be set aside for pe-
destrian and bicycle infrastructure projects de-
scribed in the Bicycle and Pedestrian Infra-
structure Improvement Act of 2015 unless and 
until the pilot program established by that Act 
is terminated; and 
‘‘(B) $1,000,000 shall be set aside for ad-
ministrative costs of the program.’’. 
SEC. 14. REPORT TO CONGRESS. 
Not later than 2 years after the date of enactment 
of this Act, the Secretary shall submit to Congress a re-
port summarizing the financial performance of the 
projects that are receiving, or have received, assistance 
under this Act, including a recommendation as to whether 
the objectives of this Act are best served— 
(1) by continuing the program under the au-
thority of the Secretary; and 
(2) by phasing out the program and relying on 
the capital markets to fund the types of infrastruc-
ture investments assisted by this Act without Fed-
eral participation. 
Æ 
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