Bus Rolling Stock Modernization Act of 2024

Bill: 118-s-3924
Sponsor: full_name: Sen. Smith, Tina [D-MN]
Introduced: 2024-03-12
Policy area: Transportation and Public Works
Subjects: Motor vehicles

Transportation programs funding
Latest action: action_date: 2024-03-12
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2024-03-12
action_desc: Introduced in Senate
text: <p><strong>Bus Rolling Stock Modernization Act of 2024</strong></p><p>This bill allows a state or local authority (e.g., a transit authority) to use public transportation grants to make a partial advance payment for bus rolling stock (e.g., transit buses).</p><p>Specifically, a public transportation grant recipient may use grant funds to make an advance payment of not more than 20% of the total purchase order value of a bus rolling stock vehicle without obtaining preapproval or requiring the vehicle manufacturer to provide a performance bond (or other form of security). In order to make an advance payment, the&nbsp;recipient must meet certain requirements. For example, the recipient must have a signed purchase order and an executed contract with a vehicle manufacturer that includes advance payment provisions.</p>

tv_txt: II 118th CONGRESS 2d Session S. 3924 IN THE SENATE OF THE UNITED STATES March 12, 2024 Ms. Smith (for herself, Mr. Cramer , Mr. Fetterman , and Mrs. Britt ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To establish limitations on advanced payments for bus rolling stock, and for other purposes.

1. Short title This Act may be cited as the Bus Rolling Stock Modernization Act of 2024 . 2. Limitations on advanced payments for bus rolling stock Section 5323 of title 49, United States Code, is amended by adding at the end the following: (w) Limitations on advanced payments for bus rolling stock (1) In general Notwithstanding any provision of this chapter or part 200 of title 2, Code of Federal Regulations, or any successor regulation, a recipient may use assistance made available under this chapter to make an advance payment on a bus rolling stock vehicle without the recipient obtaining pre-approval or requiring a performance bond or other form of security from the transit vehicle manufacturer. (2) Limitations A recipient making an advance payment under paragraph (1)— (A) shall have— (i) a signed purchase order and executed contract with a transit vehicle manufacturer that includes advance payment provisions; (ii) preaward authority; and (iii) met the requirements under subsection (m) and section 5318(e) of this title; and (B) shall not provide an advanced payment that is more than 20 percent of the total purchase order value. .