TIFIA 2.0 Act

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``TIFIA 2.0 Act''.

SEC. 2. TIFIA FUNDING.

    (a) In General.--Section 608 of title 23, United States Code, is 
amended to read as follows:
``Sec. 608. Funding
    ``(a) TIFIA Revolving Fund.--
            ``(1) Establishment.--There is established in the Treasury 
        of the United States a revolving fund to be known as the 
        Transportation Infrastructure Finance and Innovation Act 
        Revolving Fund (in this section referred to as the `Fund').
            ``(2) Deposits.--There shall be deposited in the Fund the 
        following:
                    ``(A) Amounts made available to carry out this 
                chapter.
                    ``(B) Amounts received from the repayment of 
                principal and interest on a direct loan made under this 
                chapter.
                    ``(C) Unobligated and uncommitted budget authority 
                under this chapter in a fiscal year.
                    ``(D) Proceeds from the sale of secured loans under 
                section 603(d).
                    ``(E) Amounts received from interest on investments 
                under paragraph (6).
                    ``(F) Amounts received from the collection of fees 
                established by the Secretary of Transportation (in this 
                section referred to as the `Secretary') pursuant to 
                this chapter.
            ``(3) Disbursements.--Disbursements from the Fund may be 
        made by the Secretary for the purpose of carrying out this 
        chapter.
            ``(4) Rural set aside.--
                    ``(A) In general.--Of the amounts deposited 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 fiscal year shall be 
                invested pursuant to paragraph (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 Secretary 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 
        investment 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 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 administration of this chapter, excluding 
        amounts to be transferred 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;
            (2) in section 602(b)(1) by striking ``the subsidy costs 
        associated with'';
            (3) in section 603--
                    (A) in subsection (a)(3) by striking ``subsidy 
                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 preexisting 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
                            ``(iii) the TIFIA program share of eligible 
                        project costs is 33 percent or less.''; and
            (4) in section 604--
                    (A) in subsection (a)(3) by striking ``subsidy''; 
                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 subparagraph (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 revenues 
                                not affected by project performance, 
                                such as a tax-backed revenue pledge or 
                                a system-backed pledge of project 
                                revenues; and
                                    ``(III) the TIFIA program share of 
                                eligible project costs is 33 percent or 
                                less.''.

SEC. 3. DETERMINATION OF ELIGIBILITY AND PROJECT SELECTION.

    (a) Eligibility.--Section 602(a)(9) of title 23, United States 
Code, is amended--
            (1) by striking ``and'' at the end of subparagraph (B);
            (2) by striking the period at the end of subparagraph (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 generates such 
                revenues.''.
    (b) Selection Among Eligible Projects.--Section 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 Secretary shall 
                give priority consideration to projects with sponsors 
                who have sponsored prior credit agreements under this 
                chapter that have been repaid in full.''.

Summary: TIFIA 2.0 Act - Amends the Transportation Infrastructure Finance and Innovation Act (TIFIA) to revise the Department of Transportation (DOT) TIFIA program of direct loans, loan guarantees, and credit for surface transportation projects. Establishes in the Treasury a TIFIA Revolving Fund. Requires the set-aside of up to 10% of Fund amounts for rural infrastructure projects (as similarly required in current funding law). Directs the Secretary of Transportation to transfer from the Fund to the general fund of the Treasury amounts equal to moneys deposited in the Fund as a result of the repayment of principal and interest on direct loans for transportation infrastructure projects before enactment of this Act.  Revises project eligibility requirements.