Source: https://www.transportation.gov/tifia/chapter-4-application-process
Timestamp: 2019-04-24 03:35:50+00:00

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This chapter describes the process to apply for DOT credit assistance. The DOT welcomes informal consultations with prospective applicants at any time. Prospective applicants can contact BuildAmerica@dot.gov for additional information or assistance.
Regionally-focused Project Development Leads (PDLs) are members of the Bureau’s Outreach and Project Development Team who serve as the initial point of contact for Bureau engagement. PDLs work with project sponsors to determine project needs and the specific ways in which the Bureau can provide TIFIA and RRIF credit assistance. Prospective applicants can contact BuildAmerica@dot.gov or call (202) 366-2300.
Based on the specific questions, challenges, opportunities, and information needs related to a particular project, appropriate Bureau expertise is assigned and brought to bear for projects. This may require the assignment of more specialized PDL assistance for projects that involve greater complexity in terms of such factors as scope, modal elements, regulatory requirements, private-sector involvement, and financing plan. This approach helps ensure that the project has followed statutory and regulatory requirements and that it appears to be eligible and ready for credit assistance. The intent of this process is to identify major hurdles that might delay a project early in the process. A customized project development team works closely with the project sponsor to navigate relevant Federal processes and to ensure that key program requirements are satisfied.
The Bureau offers sponsors of capital programs consisting of high-priority projects in the early stages of development with technical assistance in the development and planning of the projects in the form of an emerging projects agreement. Emerging projects agreements are not credit instruments. However, they are a tool the Bureau offers to provide heightened technical assistance to large capital programs of national significance. An emerging projects agreement will establish a framework for the provision of technical assistance by the Bureau to the project sponsor prior to the project sponsor’s submission of a Letter of Interest/Draft Application. Sponsors of programs of projects that meet the criteria listed below will be considered for an emerging projects agreement. However, satisfaction of the criteria does not automatically guarantee that the DOT will enter into an emerging projects agreement, which is a determination made at the discretion of the DOT.
The sponsors of the Project Program have demonstrated the need for heightened technical assistance from the Department.
Although Letters of Interest for TIFIA credit assistance and Draft Applications for RRIF credit assistance are required as part of DOT’s credit approval process, and may be submitted on a rolling basis (i.e. at any time), the Bureau recommends that project sponsors consult the Bureau before formally submitting these documents to DOT to ensure that the relevant programmatic requirements are met and initial risk assessments are completed. (This ensures that all key project elements are in place for an efficient underwriting process.) Once these milestones are complete, DOT can expeditiously accept the Letter of Interest or Draft Application, as the case may be, and formally move the Project into the credit underwriting process. Project sponsors will be notified by the DOT if it is determined that their projects are not eligible or are lacking key programmatic requirements.
Projects seeking both RRIF and TIFIA credit assistance for the same project can use the TIFIA Letter of Interest form and add, to the extent necessary, any additional information requested in the RRIF Draft Application. All credit assistance will be awarded based on a project’s merits and its satisfaction of the eligibility requirements discussed above and, for RRIF projects, prioritization will be given to projects that satisfy the criteria described in Section 3-5 above.
The Letter of Interest/Draft Application must: (i) describe the project and the location, purpose, and cost of the project, (ii) outline the proposed financial plan, including the requested credit assistance and the proposed obligor, (iii) provide a status of environmental review, (iv) provide information regarding satisfaction the eligibility requirements of the applicable Credit Program(s), and (v) for TIFIA Letters of Interest, indicate whether the project sponsor would like to use the TIFIA streamlined application process and, if so, how the project satisfies the criteria for that process. The DOT templates for the required Letter of Interest and Draft Application for the specified Federal fiscal year can be found on the Bureau website, which can be found at: https://www.transportation.gov/buildamerica. The DOT will be updating the Letter of Interest/Draft Application forms to reflect changes made to the TIFIA and RRIF Programs by the FAST Act and to consolidate them into one consolidated Letter of Interest form that can be used for TIFIA, RRIF, or joint credit assistance. Pending publication of the updated forms, potential applicants should continue to use the forms posted on the Bureau’s website. Potential applicants must submit detailed Letters of Interest/Draft Applications so the DOT can review creditworthiness and the other statutory eligibility requirements detailed in Chapter 3. The DOT requests that project sponsors submit the Letter of Interest/Draft Application by attaching it via email to BureauCredit@dot.gov.
Currently, the Bureau will review requests for the reduced interest rate available for Rural Projects on a rolling basis. However, to the extent that the demand for the reduced interest rate exceed amounts available in the set-aside, the DOT will establish a date by which sponsors of Rural Projects should submit their TIFIA Letters of Interest. In the event such a date is established, the Bureau will post the applicable date for each fiscal year on its website: https://www.transportation.gov/buildamerica.
Upon receipt of a satisfactory Letter of Interest/Draft Application and upon making a determination that the project is reasonably likely to satisfy all of the eligibility requirements of the applicable Credit Program, the DOT will conduct an in-depth creditworthiness review of the project sponsor and the proposed revenue stream identified to repay the DOT credit assistance, as well as any other collateral proposed to secure the DOT credit instrument. In connection with this review, the DOT will request that the project sponsor provide a feasibility study (as applicable) and a fully functional Microsoft Excel-based financial model. In addition, for projects requesting TIFIA credit assistance, the DOT will also request the preliminary rating opinion letter described in more detail in Section 3-6 above. At this time, the project sponsor will also be required to submit the Advisors’ Fees Upfront Payment in the amount of $250,000 to the DOT in order to continue the review process. As noted in Chapter 1 above, these funds will be used to cover the costs incurred by the DOT for services provided by the DOT’s outside financial and legal advisors in connection with the review of the Letter of Interest/Draft Application and, in the event the project sponsor is invited to submit an application, the review of the project sponsor’s application, and the negotiation of the transaction documents. After the Advisors’ Fees Upfront Payment has been received, the DOT will engage an independent financial advisor to prepare a report and recommendation to the DOT. The DOT may also engage an independent legal advisor and other advisors to help complete its review of a project’s eligibility. For projects seeking more than $1 billion in credit assistance, two financial advisors will be hired to produce independent financial evaluations and recommendations to the DOT. The DOT will not complete its creditworthiness review until the project sponsor has provided all requested information and materials, including, for TIFIA credit assistance, a preliminary rating opinion letter, and, for all forms of credit assistance, the Advisors’ Fees Upfront Payment necessary to enable the DOT to engage its outside financial and, as and when necessary, legal advisors.
In the context of TIFIA credit assistance for a public-private partnership, where multiple bidders may be competing for a concession such that the obligor has not yet been identified, the procuring agency must submit the project’s Letter of Interest on behalf of the eventual obligor. The DOT will not consider Letters of Interest from project sponsors that have not obtained the legal rights to develop the project. However, as noted in Section 3-4 above, the DOT can assist procuring agencies in integrating the TIFIA application process with the procurement process. In these circumstances, the DOT may negotiate a preliminary indicative term sheet with the procuring agency that sets forth the general intent of the DOT, which the procuring agency may provide to potential bidders.
The Letter of Interest/Draft Application should describe the project and the proposed financial plan, identify the proposed borrower, detail how the applicable statutory eligibility requirements are met, and discuss the benefits of the proposed project and its use of credit assistance. The Letter of Interest/Draft Application should also summarize the project’s status in the environmental review process. As noted above, the DOT will be updating the Letter of Interest/Draft Application forms to reflect changes made to the TIFIA and RRIF Programs by the FAST Act and to consolidate them into one unified Letter of Interest form that can be used for TIFIA, RRIF, or joint credit assistance. Pending publication of the updated forms, potential applicants should continue to use the forms posted on the Bureau’s website.
Project Description. The Letter of Interest/Draft Application should describe the project, including its location, purpose (including quantitative or qualitative details on public benefits the project will achieve), design features, estimated capital cost, development schedule, and other relevant descriptions of the project. If the potential applicant is seeking credit assistance for a RRIF or TIFIA TOD project, the Letter of Interest/Draft Application should detail how the project satisfies the criteria for a RRIF and/or TIFIA TOD Project, as described in Sections 3-1 and 3-2, respectively.
Proposed Plan of Finance. The project sponsor should detail the plan of finance in sufficient detail to assist the DOT in its creditworthiness assessment. The Letter of Interest/Draft Application should include the proposed sources and uses of funds for the project. For requests for TIFIA credit assistance, the sources and uses of funds for the project should demonstrate that total Federal assistance does not exceed 80% of the TIFIA eligible project cost. In addition, the Letter of Interest/Draft Application should include, if applicable, a proposed flow of funds of the revenue source that will be used to satisfy repayment of credit assistance as well as any other project obligations, and state the type and amount of credit assistance to be sought from the DOT, including whether the project sponsor is requesting a master credit agreement. The discussion of proposed financing should also identify the source(s) of revenue or other security that would be pledged to repay the credit instrument. Additionally, the Letter of Interest/Draft Application should address the status of any revenue feasibility study. In both the Letter of Interest/Draft Application and in the subsequent application, the project sponsor should propose a single financing structure representing the most likely scenario. The DOT may ask applicants to develop alternative scenarios, as necessary. If the project sponsor has requested TIFIA credit assistance in excess of 33 percent of reasonably anticipated eligible project costs, the project sponsor should provide a rationale for the amount of TIFIA credit assistance requested and explain the flexibility in the financial plan to finance the project with a reduced percentage of TIFIA credit assistance. If the potential applicant is seeking a TIFIA direct loan at the reduced, rural interest rate, the TIFIA Letter of Interest should also either detail how the project meets the definition of a rural infrastructure project or indicate that the loan will be used to capitalize a rural projects fund.
Environmental Review. The Letter of Interest/Draft Application should summarize the status of the project’s environmental review, and it should state specifically whether the project has received a Categorical Exclusion, Finding of No Significant Impact, or Record of Decision, or whether a draft Environmental Impact Statement has been circulated.
Satisfaction of Eligibility Requirements. The Letter of Interest/Draft Application should provide information regarding satisfaction the eligibility requirements of the applicable Credit Program(s), including all generally applicable and program-specific requirements (see Chapter 3 for more information regarding Federal requirements and threshold criteria). The Letter of Interest/Draft Application must demonstrate how the project satisfies applicable creditworthiness standards and must include proposed indicative terms sought for the credit assistance (including proposed lien position, amortization schedule, and debt service coverage ratios) (see Sections 3-5 and 6-1 for additional discussion regarding creditworthiness requirements). In addition, the project sponsor should explain in the Letter of Interest/Draft Application how the project satisfies the DOT’s policy goals, as set forth in Section 3-5. For project sponsors seeking TIFIA credit assistance, the Letter of Interest should demonstrate that the construction contracting process for the project will commence no more than 90 days after the execution of a TIFIA credit instrument.
Proposed Participants. The Letter of Interest/Draft Application should describe the proposed borrower’s organizational structure, identify the entity that will serve as the applicant, identify if the applicant and borrower will be the same entity, list significant members of the project team, describe the proposed borrower’s relationship to subsidiaries or affiliates, if any, and provide a website link where additional information can be found. A public agency that seeks access to credit assistance on behalf of multiple competitors for a project concession must submit the project’s Letter of Interest/Draft Application. Although the public agency would not become the borrower, nor even have yet identified the eventual applicant, it must provide information sufficient for the DOT to evaluate the project against the criteria and objectives described in Chapter 3. The DOT will not consider Letters of Interest/Draft Applications from entities that have not obtained rights to develop the project. For joint ventures seeking RRIF credit assistance, the RRIF Draft Application should detail how the joint venture satisfies the joint venture eligibility criteria, as described in Section 3-4.
Planning. The Letter of Interest/Draft Application should confirm that the project is endorsed in the statewide and metropolitan planning documents or the state rail plans described in Section 3-5 above, or provide a schedule for the incorporation of the project into those planning and programming documents.
Schedule. The Letter of Interest/Draft Application should detail the timetable for requesting credit assistance, demonstrate that the application could be prepared within a short timeframe, and explain any potential factors that could impact the timetable. The Letter of Interest/Draft Application should include the project’s anticipated procurement and construction contracting scheduling (including the anticipated dates for bidder selection and contract execution), the schedule for finalization of the feasibility study (where applicable), and the timeline for achieving financial close.
Contact Information. The Letter of Interest/Draft Application should identify a key contact person with whom all communication should flow.
Additional Information. The Letter of Interest/Draft Application should provide the additional information requested in the Letter of Interest/Draft Application form, including certification as to no delinquency or default on any Federal debt or debarment from participation in any Federal programs, and any other relevant information that could affect the development and financing of the project, such as congressional districts impacted, type of jurisdiction (rural/urban), community support, pending legislation, or litigation. In addition, RRIF Draft Applications should include the additional information specified in 49 C.F.R. §§260.23-260.27 to the extent not already covered by the above.
When preparing the Letter of Interest/Draft Application, applicants must utilize the formats provided on the TIFIA website. In cases where there are differences between the guidance in this document and the guidance on the applicable website form, the website form will govern and project sponsors should conform their responses to the form.
Following the Bureau’s acceptance of the Letter of Interest/Draft Application and receipt of a preliminary rating opinion letter and the Advisors’ Fees Upfront Payment, the DOT will request that the potential applicant give an oral presentation to the DOT, followed by a question and answer session. In addition to Bureau staff and outside advisors, other officials, including members of the Bureau’s Credit Review Team and the DOT Council on Credit and Finance, may attend the presentation. This presentation is intended to clarify the potential applicant’s proposed development plans for the project, including the financing structure, and to resolve other issues relating to the Letter of Interest/Draft Application. The structure and content of the presentation will be discussed with each potential applicant at the time of the request. At the presentation, the DOT may require the potential applicant to provide additional information, including clarifications regarding cash flows, sources and uses, and/or other issues.
After concluding its in-depth review of the creditworthiness of a project and related information submitted by potential applicants, along with the independent financial analysis report from the DOT’s independent financial advisor, and after the project sponsor’s oral presentation, the DOT will invite sponsors of eligible projects to submit complete applications. Upon receiving an invitation from the DOT, the applicant may submit an application. The RRIF and TIFIA application forms for the current fiscal year required to request credit assistance is available on the Bureau website, which can be found at: https://www.transportation.gov/buildamerica. As with the Letter of Interest/Draft Application forms, the DOT will be updating the application form to reflect changes made to the TIFIA and RRIF Programs by the FAST Act and to develop one consolidated application form that can be used for TIFIA, RRIF, or joint credit assistance. Pending publication of the updated forms, applicants should continue to use the forms posted on the Bureau’s website.
The DOT must inform each applicant whether its application is complete, or, if not complete, identify additional materials needed for completion, within 30 days of receiving the application. No later than 60 days after issuing such notice, the applicant will be notified whether the application is approved or disapproved.
An invitation to submit an application for credit assistance does not guarantee the DOT’s approval, which will remain subject to evaluation, based on all of the statutory evaluation criteria, and the successful negotiation of terms and conditions acceptable to the Secretary.
RRIF and TIFIA applications request information covering the following general categories of information regarding the applicant(s) and the project.
Applicant Information. These questions request information about where and how to contact the applicant, the applicant’s organizational structure, any other parties who will be involved in the project, and the applicant’s prior experience.
Project Information. These questions request information about the project, including a description of the project and project purpose, a timeline of the project’s construction, the type and amount of credit assistance requested, cost estimates, and a description of the applicant’s operations and maintenance plans for the project and, if applicable, the related system (e.g., rail or transit system).
If the applicant is requesting a master credit agreement, the timing and amount of each credit instrument to be provided thereunder should be described.
In the case of a TIFIA applicant that has been invited to apply for consideration as a Rural Project, a description of how the project meets the applicable definition of a Rural Project, including satisfaction of the project cost ceiling and floor applicable to Rural Projects.
If the applicant is requesting credit assistance for a RRIF or TIFIA TOD Project, a description of how the project meets the eligibility criteria described in Sections 3-1 and 3-2 above.
Financial Information. These questions request information necessary for the DOT to determine whether the project and the applicant meet the applicable creditworthiness standards, such as a cash flow pro forma, credit ratings, revenue/feasibility/market studies, and a description of the dedicated revenue source or collateral, as applicable.
Federal Requirements. These questions request information regarding the project and the applicant’s satisfaction of the generally applicable Federal requirements and the Credit Program-specific requirements described in Section 3-3, such as the status of environmental review of the project and the incorporation of the project into the applicable planning and programming documents.
Threshold Requirements. These questions request information regarding the project and the applicant’s satisfaction of the other threshold requirements described in Section 3-5, including the policy-based requirements applicable to each of the Credit Programs, such as, for TIFIA projects, a description of how the project fosters partnerships that attract private investment and how TIFIA credit assistance would (1) enable the project to proceed at an earlier date than the project would otherwise be able to proceed or would reduce lifecycle costs for the project and (2) reduce the project’s need for Federal grant assistance.
Federal Debts and Delinquencies; Other Information. The application forms request information regarding any of the applicant’s outstanding Federal debts to the U.S. Government and certifications as to no delinquency or default on any Federal debt or debarment from participation in any Federal program.
The application forms also require applicants to submit certain supplementary exhibits to document or evidence the information provided in response to the questions described above.
The applicant must submit at least one original copy of the complete application package with all supporting exhibits and related documentation as well as additional hard copies (the specific number of both originals and copies are set out in the application form). In addition, applicants must submit a CD-ROM containing electronic versions of the entire application with attachments, including, as applicable, separate files for any excel-based attachments, such as the cash flow pro forma and financial plan, which must be executable electronic files, not in PDF or “values” format.
As of the date of the applicant submits an application, the applicant must have commenced the Federal System for Awards Management (SAM) registration process. To complete the SAM registration process, the applicant must first obtain a Data Universal Number System (DUNS) number. Applicants should expect the DUNS process to take some time, so this step should be done well in advance of seeking SAM registration. In addition, a Tax Identification Number or a Federal Employer Identification Number must be provided to satisfy Internal Revenue Service tax reporting requirements. Upon completing the SAM registration process, the applicant will receive a Commercial and Government Entity code.
As noted in Chapter 1 and in the Letter of Interest/Draft Application discussion in Section 4-1 above, the DOT requires applicants for and recipients of DOT credit assistance to reimburse the Federal Government for its out-of-pocket costs for its outside legal counsel and financial advisors needed to review an applicant’s Letter of Interest/Draft Application and application, and to negotiate and close the credit agreement. These charges are not considered as eligible project costs.
TIFIA Program: For TIFIA projects with eligible project costs reasonably anticipated to be less than $75 million, the FAST Act requires the Secretary to set aside at least $2 million of the TIFIA Program’s annual budget authority to be used in lieu of fees charged to the project sponsor to cover the costs of the DOT’s outside advisors. Project sponsors should indicate in their TIFIA Letter of Interest whether they wish to be considered for this assistance (though the DOT cannot guarantee that funds will be available to satisfy all requests). To the extent a project sponsor is eligible for this assistance and sufficient funds are available, the Advisors’ Fees Upfront Payment will be waived and the cost of the DOT’s outside advisors will be funded through this set-aside.
RRIF Program: The FY 2016 Consolidated Appropriations Act set aside $1.96 million to assist Class II and III railroads pursuing RRIF credit assistance. These funds are available to be used by the Bureau in lieu of fees charged to Class II and III railroads to cover the cost of the DOT’s outside advisors. These funds cannot be used to cover the CRP of a RRIF loan. Class II and III railroads seeking RRIF credit assistance should indicate in their Draft Application whether they wish to be considered for this assistance (though the DOT cannot guarantee that funds will be available to satisfy all requests). To the extent a project sponsor is eligible for this assistance and sufficient funds are available, the Advisors’ Fees Upfront Payment will be waived, and the cost of the DOT’s outside advisors will be funded through this appropriation. These funds remain available beyond FY 2016 to the extent not expended.
As projects advance through the application review process as well as the negotiation and documentation phase, additional funds may be necessary to cover the costs of the DOT’s advisors in the event that they cumulatively exceed the $250,000 paid as the Advisors’ Fees Upfront Payment. DOT’s total advisors’ fees for a typical transaction generally range between $400,000 and $700,000.
However, the amount of this fee may vary significantly depending on the complexity of the project. The Advisors’ Fees Upfront Payment is used dollar-for-dollar to cover these costs and only to the extent the DOT’s actual costs exceed $250,000 will additional fees be charged to the applicant. These amounts reimburse the Federal Government for out-of-pocket costs for its outside legal counsel and financial advisors needed to review the Letter of Interest/Draft Application and application and negotiate and close the credit agreement. For projects seeking more than $1 billion in credit assistance, two financial advisors will be hired to produce independent financial analyses and recommendations acceptable in form and content to the DOT. By submitting a Letter of Interest or Draft Application, the proposed borrower acknowledges that it is responsible for payment of these fees regardless of whether the credit agreement is executed.
TIFIA Program: As noted above, to the extent a project sponsor is eligible for fee assistance described above and sufficient funds are available, these incremental fees will be covered by funds in the set-aside but only to the extent of available funds in the set-aside.
RRIF Program: As noted above, to the extent a project sponsor is eligible for fee assistance described above and sufficient funds are available, these incremental fees will be covered by appropriated funds but only to the extent of available appropriated funds.
An annual servicing fee, indexed to inflation, of approximately $13,000 for each credit instrument approved, is required for each project that receives credit assistance. The servicing fee will be collected based on the DOT’s out-of-pocket costs to administer the credit instruments, including accounting, collections, document maintenance, and financial reporting. This fee is due by November 15 each year during the life of the credit instrument.
Project monitoring fees are charged to borrowers in cases where the DOT incurs costs in connection with monitoring the performance of a project, the enforcement of credit agreement provisions, amendments to the credit agreement and related documents, and other performance-related activities. The DOT includes a provision requiring the borrower to reimburse the DOT for such costs in each credit agreement.
The DOT periodically will announce in the Federal Register changes to the types and amounts of fees for applicants and program participants, and in some cases may provide more current information than this Program Guide. Applicants should be sure to check the Federal Register for the most current information.
 Note: A decision by the DOT to not enter into an emerging projects agreement with a project sponsor does not disqualify a project from ultimately receiving credit assistance from a Credit Program through the traditional application process, as described in more detail in this Program Guide.
 See Chapter 3 for additional information regarding Credit Program eligibility criteria.
 However, as described in Section 4-1 below, the TIFIA Program may establish a date by which Letters of Interest for Rural Projects should be submitted. The date for these submissions will be provided on the Bureau website.
 For Letter of Interest and Application contents, see 23 U.S.C. §601(a)(6) and 49 C.F.R. §260.23-260.27, and for the streamlined application process, see 23 U.S.C. §603(f).
 As noted above, 23 U.S.C. §608(a)(3)(A) limits TIFIA budget authority available for Rural Projects receiving the reduced interest rate to not more than 10 percent of the total TIFIA budget authority in any fiscal year. In addition, the TIFIA Program must make funds set aside for Rural Projects available to projects not receiving the reduced interest rate after June 1 of each fiscal year pursuant to 23 U.S.C. §608(a)(3)(B).
 23 U.S.C. §602(a)(1)(A), (a)(8). While the RRIF statute does not contain parallel language to the forgoing sections of the TIFIA statute, the DOT will consider requests for a similar process for RRIF projects being procured as public-private partnerships on a case-by-case basis.
 23 U.S.C. §601(a)(6)(A) and 49 C.F.R. §260.23(e).
 23 U.S.C. §601(a)(6)(B) and 49 C.F.R. §§260.23(f) and 260.25(b).
 23 U.S.C. §602(d)(1) and 45 U.S.C. §822(i)(1) and (2).
 23 U.S.C. §602(d)(2) and 45 U.S.C. §822(i)(3). Note that for RRIF applications, this notice is provided within 60 days after a notice that the application is complete has been provided pursuant to 45 U.S.C. §822(i)(1), i.e., under the RRIF statute, the 60-day timeline is not triggered by a notice of an incomplete application, whereas under the TIFIA statute, the 60-day timeline is triggered by a notice of an incomplete application.
 For Rural Projects, eligible project costs must be reasonably anticipated to total at least $10 million but not exceed $100 million (23 U.S.C. §602(a)(5)(B)(iii)). See Section 3-5 for more information about project cost threshold requirements.
 The current RRIF application form requests one original, compiled copy and four (4) hard copies. The current TIFIA application form requests two (2) original, compiled copies and three (3) hard copies of just the application form, without attachments. As noted above, both application forms will be updated to reflect changes made to the TIFIA and RRIF Programs by the FAST Act and to develop one consolidated application form that can be used for TIFIA, RRIF, or joint credit assistance. Pending publication of the updated forms, applicants should continue to submit the number of original and hard copies of the application forms that are noted in the applicable form.
 See 23 U.S.C. §§603(b)(7), (e)(2), 604(b)(9), and 605(b), and 45 U.S.C. §823(l)(1).
 49 C.F.R. §80.17(b). While the RRIF statute and regulations do not contain parallel language to the forgoing sections of the TIFIA statute, the DOT will apply the same principle to these charges in respect of RRIF applications, consistent with 2 C.F.R. Part 200, Subpart E.
 Consolidated Appropriations Act, 2016, Division L, §152, Pub. L. 114-113, December 18, 2015, 129 Stat. 2242, 2856 (2015).
 Consolidated Appropriations Act, 2016, Division L, §146, Pub. L. 114-113, December 18, 2015, 129 Stat. 2242, 2853 (2015).
 Projects with a straightforward capital structure and a highly rated revenue source that is not dependent upon construction or other high-value collateral and streamlined documentation will likely have lower advisor costs than projects with a complex financing structure and extensive ancillary documentation such as intercreditor or interagency agreements, compliance agreements, equity funding agreements, etc.

References: §601
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