(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 New Opportunities for Bicycle 
and Pedestrian Infrastructure Financing Act of 
2013 unless and until the pilot program estab-
lished by that Act is terminated; and 
‘‘(B) $1,000,000 for shall be set aside for 
administrative 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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