RAPID Act
Bill: S.941 | Sponsor: Sen. Cornyn, John (R-TX)
Policy area: Transportation and Public Works

Summary:
Revitalizing American Priorities for Infrastructure Development Act or the RAPID Act
This bill revises the transportation infrastructure finance and innovation (TIFIA) program to (1) require program applicants to obtain investment grade ratings from at least two credit rating agencies, unless the federal credit instrument is less than $150 million (currently, less than $75 million), in which case one rating will suffice; (2) require the Department of Transportation (DOT) to implement an expedited decision time line for public agency borrowers seeking secured loans; and (3) require DOT to publish status reports on program applications on the TIFIA website.

To amend title 23, United States Code, to improve the transportation 
 infrastructure finance and innovation (TIFIA) program, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Revitalizing American Priorities for 
Infrastructure Development Act'' or the ``RAPID Act''.

SEC. 2. TRANSPORTATION INFRASTRUCTURE FINANCE AND INNOVATION PROGRAM.

    (a) Eligibility.--Section 602(a)(2) of title 23, United States 
Code, is amended--
            (1) in subparagraph (A)(iv)--
                    (A) by striking ``a rating'' and inserting ``an 
                investment-grade rating''; and
                    (B) by striking ``$75,000,000'' and inserting 
                ``$150,000,000''; and
            (2) in subparagraph (B)--
                    (A) by striking ``the senior debt'' and inserting 
                ``senior debt''; and
                    (B) by striking ``credit instrument is for an 
                amount less than $75,000,000'' and inserting ``total 
                amount of other senior debt and the Federal credit 
                instrument is less than $150,000,000''.
    (b) Streamlined Application Process.--Section 603(f) of title 23, 
United States Code, is amended by adding at the end the following:
            ``(3) Additional terms for expedited decisions.--
                    ``(A) In general.--Not later than 120 days after 
                the date of enactment of this paragraph, the Secretary 
                shall implement an expedited decision timeline for 
                public agency borrowers seeking secured loans that 
                meet--
                            ``(i) the terms under paragraph (2); and
                            ``(ii) the additional criteria described in 
                        subparagraph (B).
                    ``(B) Additional criteria.--The additional criteria 
                referred to in subparagraph (A)(ii) are the following:
                            ``(i) The secured loan is made on terms and 
                        conditions that substantially conform to the 
                        conventional terms and conditions established 
                        by the National Surface Transportation 
                        Innovative Finance Bureau.
                            ``(ii) The secured loan is rated in the A 
                        category or higher.
                            ``(iii) The TIFIA program share of eligible 
                        project costs is 33 percent or less.
                            ``(iv) The applicant demonstrates a 
                        reasonable expectation that the contracting 
                        process for the project can commence by not 
                        later than 90 days after the date on which a 
                        Federal credit instrument is obligated for the 
                        project under the TIFIA program.
                            ``(v) The project has received a 
                        categorical exclusion, a finding of no 
                        significant impact, or a record of decision 
                        under the National Environmental Policy Act of 
                        1969 (42 U.S.C. 4321 et seq.).
                    ``(C) Written notice.--The Secretary shall provide 
                to an applicant seeking a secured loan under the 
                expedited decision process under this paragraph a 
                written notice informing the applicant whether the 
                Secretary has approved or disapproved the application 
                by not later than 180 days after the date on which the 
                Secretary submits to the applicant a letter indicating 
                that the National Surface Transportation Innovative 
                Finance Bureau has commenced the creditworthiness 
                review of the project.''.
    (c) Status Reports.--Section 609 of title 23, United States Code, 
is amended by adding at the end the following:
    ``(c) Status Reports.--
            ``(1) In general.--The Secretary shall publish on the 
        website for the TIFIA program--
                    ``(A) on a monthly basis, a current status report 
                on all submitted letters of interest and applications 
                received for assistance under the TIFIA program; and
                    ``(B) on a quarterly basis, a current status report 
                on all approved applications for assistance under the 
                TIFIA program.
            ``(2) Inclusions.--Each monthly and quarterly status report 
        under paragraph (1) shall include, at a minimum, with respect 
        to each project included in the status report--
                    ``(A) the name of the party submitting the letter 
                of interest or application;
                    ``(B) the name of the project;
                    ``(C) the date on which the letter of interest or 
                application was received;
                    ``(D) the estimated project eligible costs;
                    ``(E) the type of credit assistance sought; and
                    ``(F) the anticipated fiscal year and quarter for 
                closing of the credit assistance.''.
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