Source: https://www.law.cornell.edu/uscode/text/45/822
Timestamp: 2019-04-22 22:35:44+00:00

Document:
solely for the purpose of constructing a rail connection between a plant or facility and a railroad, limited option freight shippers that own or operate a plant or other facility.
has a high probability of reducing the need for financial assistance under any other Federal program for the relevant passenger rail station or service by increasing ridership, tenant lease payments, or other activities that generate revenue exceeding costs.
Direct loans and loan guarantees under this section shall not be used for railroad operating expenses.
The Secretary may provide a direct loan or loan guarantee under this section for a project described in paragraph (1)(E) only during the 4-year period beginning on December 4, 2015.
would materially alleviate rail capacity problems which degrade the provision of service to shippers and would fulfill a need in the national transportation system.
The aggregate unpaid principal amounts of obligations under direct loans and loan guarantees made under this section shall not exceed $35,000,000,000 at any one time. Of this amount, not less than $7,000,000,000 shall be available solely for projects primarily benefiting freight railroads other than Class I carriers. The Secretary shall not establish any limit on the proportion of the unused amount authorized under this subsection that may be used for 1 loan or loan guarantee.
The Secretary shall require interest to be paid on a direct loan made under this section at a rate not less than that necessary to recover the cost of making the loan.
The Secretary shall not make a loan guarantee under this section if the interest rate for the loan exceeds that which the Secretary determines to be reasonable, taking into consideration the prevailing interest rates and customary fees incurred under similar obligations in the private capital market.
In lieu of or in combination with appropriations of budget authority to cover the costs of direct loans and loan guarantees as required under section 661c(b)(1) of title 2, including the cost of a modification thereof, the Secretary may accept on behalf of an applicant for assistance under this section a commitment from a non-Federal source, including a State or local government or agency or public benefit corporation or public authority thereof, to fund in whole or in part credit risk premiums and modification costs with respect to the loan that is the subject of the application or modification. In no event shall the aggregate of appropriations of budget authority and credit risk premiums described in this paragraph with respect to a direct loan or loan guarantee be less than the cost of that direct loan or loan guarantee.
any other factors the Secretary considers relevant.
The net present value of a future stream of State or local subsidy income or other dedicated revenues to secure the direct loan or loan guarantee.
payments owing to the obligor under a public-private partnership.
An investment-grade rating on the direct loan or loan guarantee, as applicable, except that if the total amount of the direct loan or loan guarantee is greater than $75,000,000, the applicant shall have an investment-grade rating from at least 2 rating agencies on the direct loan or loan guarantee.
Credit risk premiums under this subsection shall be paid to the Secretary before the disbursement of loan amounts (and in the case of a modification, before the modification is executed), to the extent appropriations are not available to the Secretary to meet the costs of direct loans and loan guarantees, including costs of modifications thereof.
the purposes of the direct loan or loan guarantee are consistent with subsection (b).
will not make any discretionary dividend payments that unreasonably conflict with the purposes stated in subsection (b).
The Secretary shall not require an applicant for a direct loan or loan guarantee under this section to provide collateral. Any collateral provided or thereafter enhanced shall be valued as a going concern after giving effect to the present value of improvements contemplated by the completion and operation of the project, if applicable. The Secretary shall not require that an applicant for a direct loan or loan guarantee under this section have previously sought the financial assistance requested from another source.
the protective arrangements established under section 836 of this title, with respect to employees affected by actions taken in connection with the project to be financed by the loan or loan guarantee.
The Secretary shall require each recipient of a direct loan or loan guarantee under this section for a project described in subsection (b)(1)(E) to provide a non-Federal match of not less than 25 percent of the total amount expended by the recipient for such project.
Not later than 30 days after the date that the Secretary receives an application under this section, or additional information and material under paragraph (2)(B), the Secretary shall provide the applicant written notice as to whether the application is complete or incomplete.
allow the applicant to resubmit the application with the information and material described under subparagraph (A) to complete the application.
Not later than 60 days after the date the Secretary notifies an applicant that an application is complete under paragraph (1), the Secretary shall provide the applicant written notice as to whether the Secretary has approved or disapproved the application.
In order to enable compliance with the time limit under subparagraph (A), the Office of Management and Budget shall take any action required with respect to the application within that 60-day period.
The Secretary shall implement procedures and measures to economize the time and cost involved in obtaining an approval or a disapproval of an application for a direct loan or loan guarantee under this subchapter.
the date that the Secretary provided notice of approval or disapproval under paragraph (3).
The Secretary shall establish a repayment schedule requiring payments to commence not later than 5 years after the date of substantial completion.
Interest shall accrue as of the date of disbursement, and shall be amortized over the remaining term of the loan beginning at the time the payments begin.
If at any time after the date of substantial completion the obligor is unable to pay the scheduled loan repayments of principal and interest on a direct loan provided under this section, the Secretary, subject to subparagraph (B), may allow, for a maximum aggregate time of 1 year over the duration of the direct loan, the obligor to add unpaid principal and interest to the outstanding balance of the direct loan.
be scheduled to be amortized over the remaining term of the loan.
With respect to a direct loan provided by the Secretary under this section, any excess revenues that remain after satisfying scheduled debt service requirements on the project obligations and direct loan and all deposit requirements under the terms of any trust agreement, bond resolution, or similar agreement securing project obligations may be applied annually to prepay the direct loan without penalty.
The direct loan may be prepaid at any time without penalty from the proceeds of refinancing from non-Federal funding sources.
Subject to paragraph (2) and as soon as practicable after substantial completion of a project, the Secretary, after notifying the obligor, may sell to another entity or reoffer into the capital markets a direct loan for the project if the Secretary determines that the sale or reoffering has a high probability of being made on favorable terms.
In making a sale or reoffering under paragraph (1), the Secretary may not change the original terms and conditions of the secured loan without the prior written consent of the obligor.
Except as provided in paragraph (2), a direct loan provided by the Secretary under this section shall not be subordinated to the claims of any holder of project obligations in the event of bankruptcy, insolvency, or liquidation of the obligor.
the program share, under this subchapter, of eligible project costs is 50 percent or less.
The Secretary may impose limitations for the waiver of the nonsubordination requirement under this paragraph if the Secretary determines that such limitations would be in the financial interest of the Federal Government.
Subject to subsection (d) and paragraph (2) of this subsection, the Secretary may enter into a master credit agreement that is contingent on all of the conditions for the provision of a direct loan or loan guarantee, as applicable, under this subchapter and other applicable requirements being satisfied prior to the issuance of the direct loan or loan guarantee.
provide 1 or more dates, as determined by the Secretary, before which the master credit agreement results in each of the direct loans or loan guarantees or in the release of the master credit agreement.
Section 410(a) of the Amtrak Reform and Accountability Act of 1997, referred to in subsec. (a)(2), is section 410(a) of Pub. L. 105–134, which is set out as a note under section 24101 of Title 49, Transportation.
A prior section 822, Pub. L. 94–210, title V, § 502, Feb. 5, 1976, 90 Stat. 67; Pub. L. 95–620, title VIII, § 803(c)(2)–(4), Nov. 9, 1978, 92 Stat. 3347, related to the Rail Fund, prior to repeal by Pub. L. 105–178, title VII, § 7203(a)(1), June 9, 1998, 112 Stat. 471.
2015—Subsec. (a)(5). Pub. L. 114–94, § 11603(1), substituted “1 of the entities described in paragraph (1), (2), (3), (4), or (6)” for “one railroad”.
Subsec. (b)(1)(A). Pub. L. 114–94, § 11604(a)(1), inserted “, and costs related to these activities, including pre-construction costs” after “shops”.
Subsec. (b)(1)(B). Pub. L. 114–94, § 11604(a)(2), substituted “subparagraph (A) or (C);” for “subparagraph (A); or”.
Subsec. (b)(1)(D), (E). Pub. L. 114–94, § 11604(a)(3), (4), added subpars. (D) and (E).
Subsec. (b)(3). Pub. L. 114–94, § 11604(c), added par. (3).
Subsec. (c)(1). Pub. L. 114–94, § 11609(a)(1), inserted “, including projects for the installation of a positive train control system (as defined in section 20157(i) of title 49)” after “public safety”.
Subsec. (c)(2), (3). Pub. L. 114–94, § 11609(a)(2), redesignated pars. (2) and (3) as (3) and (2), respectively.
Subsec. (c)(5). Pub. L. 114–94, § 11609(a)(3), inserted “or chapter 227 of title 49” after “section 135 of title 23”.
Subsec. (c)(6) to (9). Pub. L. 114–94, § 11609(a)(4), (5), added par. (6) and redesignated former pars. (6) to (8) as (7) to (9), respectively.
Subsec. (f)(2)(D) to (F). Pub. L. 114–94, § 11607(a)(2), inserted “and” at end of subpar. (D), redesignated subpar. (F) as (E), and struck out former subpar. (E) which read as follows: “the size and characteristics of the cohort of which the loan or loan guarantee is a member; and”.
Subsec. (f)(3). Pub. L. 114–94, § 11607(a)(5), added par. (3). Former par. (3) redesignated (4).
Subsec. (f)(4). Pub. L. 114–94, § 11607(a)(4), (6), redesignated par. (3) as (4) and substituted “amounts (and in the case of a modification, before the modification is executed), to the extent appropriations are not available to the Secretary to meet the costs of direct loans and loan guarantees, including costs of modifications thereof” for “amounts”.
Subsec. (g)(1). Pub. L. 114–94, § 11606(a), substituted “the lesser of—” for “35 years from the date of its execution;” and added subpars. (A) and (B).
Subsec. (h)(2). Pub. L. 114–94, § 11609(b), inserted “, if applicable” after “project”.
Subsec. (h)(4). Pub. L. 114–94, § 11604(b), added par. (4).
Subsec. (j)(1). Pub. L. 114–94, § 11606(b)(1), substituted “5 years after the date of substantial completion” for “the sixth anniversary date of the original loan disbursement”.
Subsec. (j)(3), (4). Pub. L. 114–94, § 11606(b)(2), added pars. (3) and (4).
Subsec. (k). Pub. L. 114–94, § 11606(c), added subsec. (k).
Subsec. (l). Pub. L. 114–94, § 11606(d), added subsec. (l).
Subsec. (m). Pub. L. 114–94, § 11608, added subsec. (m).
2008—Subsec. (g)(1). Pub. L. 110–432 substituted “35 years” for “25 years”.
Subsec. (c)(7), (8). Pub. L. 109–59, § 9003(c), added pars. (7) and (8).
Subsec. (f)(2)(A). Pub. L. 109–59, § 9003(f)(2), substituted “amount of collateral offered, if any;” for “amount of collateral offered;”.
Subsec. (f)(2)(E), (F). Pub. L. 109–59, § 9003(e)(1)–(3), added subpar. (E) and redesignated former subpar. (E) as (F).
Subsec. (h). Pub. L. 109–59, § 9003(f)(1), designated existing provisions as par. (1), redesignated former pars. (1) to (3) as subpars. (A) to (C) of par. (1), respectively, and added pars. (2) and (3).
Subsecs. (i), (j). Pub. L. 109–59, § 9003(g), added subsecs. (i) and (j).
shall not treat the repayment of a loan after the date of enactment of Public Law 114–94 [Dec. 4, 2015] as precluding, limiting, or negatively affecting the satisfaction of the obligation of its cohort prior to the enactment of Public Law 114–94.

References: § 502
 § 803
 § 7203
 § 11603
 § 11604
 § 11604
 § 11604
 § 11604
 § 11609
 § 11609
 § 11609
 § 11609
 § 11607
 § 11607
 § 11607
 § 11606
 § 11609
 § 11604
 § 11606
 § 11606
 § 11606
 § 11606
 § 11608
 § 9003
 § 9003
 § 9003
 § 9003
 § 9003