Source: https://www.govregs.com/uscode/title23_chapter6_section601
Timestamp: 2020-02-26 16:30:23
Document Index: 345402426

Matched Legal Cases: ['§\u202f602', '§\u202f1503', '§\u202f181', '§\u202f601', '§\u202f1601', '§\u202f4', '§\u202f101', '§\u202f2002', '§\u202f2001']

23 USC 601 - Generally applicable provisions
§ 602. Determination of eligibility and project selection
The following definitions apply to sections 601 through 609:
Contingent commitment.—
The term “contingent commitment” means a commitment to obligate an amount from future available budget authority that is—
Eligible project costs.—
The term “eligible project costs” means amounts substantially all of which are paid by, or for the account of, an obligor in connection with a project, including the cost of—
construction, reconstruction, rehabilitation, replacement, and acquisition of real property (including land relating to the project and improvements to land), environmental mitigation, construction contingencies, and acquisition of equipment;
capitalized interest necessary to meet market requirements, reasonably required reserve funds, capital issuance expenses, and other carrying costs during construction; and
capitalizing a rural projects fund.
Federal credit instrument.—
The term “Federal credit instrument” means a secured loan, loan guarantee, or line of credit authorized to be made available under the TIFIA program with respect to a project.
Investment-grade rating.—
The term “investment-grade rating” means a rating of BBB minus, Baa3, bbb minus, BBB (low), or higher assigned by a rating agency to project obligations.
Lender.—
The term “lender” means any non-Federal qualified institutional buyer (as defined in section 230.144A(a) of title 17, Code of Federal Regulations (or any successor regulation), known as Rule 144A(a) of the Securities and Exchange Commission and issued under the Securities Act of 1933 (15 U.S.C. 77a et seq.)), including—
Letter of interest.—
The term “letter of interest” means a letter submitted by a potential applicant prior to an application for credit assistance in a format prescribed by the Secretary on the website of the TIFIA program that—
Line of credit.—
The term “line of credit” means an agreement entered into by the Secretary with an obligor under section 604 to provide a direct loan at a future date upon the occurrence of certain events.
Limited buydown.—
The term “limited buydown” means, subject to the conditions described in section 603(b)(4)(C), a buydown of the interest rate by the obligor if the interest rate has increased between—
Loan guarantee.—
The term “loan guarantee” means any guarantee or other pledge by the Secretary to pay all or part of the principal of and interest on a loan or other debt obligation issued by an obligor and funded by a lender.
Master credit agreement.—
The term “master credit agreement” means a conditional agreement to extend credit assistance for a program of related projects secured by a common security pledge covered under section 602(b)(2)(A) or for a single project covered under section 602(b)(2)(B) that does not provide for a current obligation of Federal funds, and that would—
the availability of future funds being made available to carry out the TIFIA program; and
the satisfaction of all of the conditions for the provision of credit assistance under the TIFIA program, including section 603(b)(1);
receiving an investment grade rating from a rating agency;
compliance with such other requirements as are specified under the TIFIA program, including sections 602(c) and 603(b)(1); and
the availability of funds to carry out the TIFIA program; and
Obligor.—
The term “obligor” means a party that—
Project.—
The term “project” means—
a project for intercity passenger bus or rail facilities and vehicles, including facilities and vehicles owned by the National Railroad Passenger Corporation and components of magnetic levitation transportation systems;
is composed of related highway, surface transportation, transit, rail, or intermodal capital improvement projects eligible for assistance under this section in order to meet the eligible project cost threshold under section 602, by grouping related projects together for that purpose, subject to the condition that the credit assistance for the projects is secured by a common pledge;
a project to improve or construct public infrastructure that is located within walking distance of, and accessible to, a fixed guideway transit facility, passenger rail station, intercity bus station, or intermodal facility, including a transportation, public utility, or capital project described in section 5302(3)(G)(v) of title 49, and related infrastructure; and
the capitalization of a rural projects fund.
Project obligation.—
The term “project obligation” means any note, bond, debenture, or other debt obligation issued by an obligor in connection with the financing of a project, other than a Federal credit instrument.
Rating agency.—
The term “rating agency” means a credit rating agency registered with the Securities and Exchange Commission as a nationally recognized statistical rating organization (as that term is defined in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a))).
Rural infrastructure project.—
The term “rural infrastructure project” means a surface transportation infrastructure project located in an area that is outside of an urbanized area with a population greater than 150,000 individuals, as determined by the Bureau of the Census.
The term “rural projects fund” means a fund—
established by a State infrastructure bank in accordance with section 610(d)(4);
capitalized with the proceeds of a secured loan made to the bank in accordance with sections 602 and 603; and
for the purpose of making loans to sponsors of rural infrastructure projects in accordance with section 610.
Secured loan.—
The term “secured loan” means a direct loan or other debt obligation issued by an obligor and funded by the Secretary in connection with the financing of a project under section 603.
The term “State” has the meaning given the term in section 101.
State infrastructure bank.—
The term “State infrastructure bank” means an infrastructure bank established under section 610.
Subsidy amount.—
The term “subsidy amount” means the amount of budget authority sufficient to cover the estimated long-term cost to the Federal Government of a Federal credit instrument—
Substantial completion.—
The term “substantial completion” means—
TIFIA program.—
The term “TIFIA program” means the transportation infrastructure finance and innovation program of the Department established under sections 602 through 609.
Treatment of Chapter.—
For purposes of this title, this chapter shall be treated as being part of chapter 1.
(Added Pub. L. 105–178, title I, § 1503(a), June 9, 1998, 112 Stat. 241, § 181; renumbered § 601 and amended Pub. L. 109–59, title I, §§ 1601(a), 1602(b)(1), (5), (d), Aug. 10, 2005, 119 Stat. 1239, 1246, 1247; Pub. L. 109–291, § 4(b)(6), Sept. 29, 2006, 120 Stat. 1338; Pub. L. 110–244, title I, § 101(r), June 6, 2008, 122 Stat. 1577; Pub. L. 112–141, div. A, title II, § 2002, July 6, 2012, 126 Stat. 607; Pub. L. 114–94, div. A, title II, § 2001(a), Dec. 4, 2015, 129 Stat. 1439.)
cite as: 23 USC 601