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SECTION 1. SHORT TITLE.

This Act may be cited as the ''TIFIA Expansion Act of 2011''.

SEC. 2. TIFIA FUNDING OF QUALIFIED TRANSIT CAPITAL PROJECTS.

(a) Definition of Master Credit Agreement.--Section 601(a) of title
23, United States Code, is amended--
(1) in paragraph (8)--
(A) by striking ''and'' at the end of subparagraph
(C);
(B) by striking the period at the end of
subparagraph (D) and inserting ''and;''; and
(C) by adding at the end the following:
''(E) a project or program of related projects
that--
''(i) is for the design, acquisition,
construction, or rehabilitation of one or more
transportation projects that reduces emissions
of greenhouse gases or has a positive impact on
congestion; and
''(ii) receives not more than 30 percent of
its funding for capital costs from Federal
grant funds made available under this title or
chapter 53 of title 49, United States Code.'';
and
(2) by adding at the end the following:
''(15) Master credit agreement.--The term 'master credit
agreement' means an agreement entered into by and between the
Secretary and an obligor for a project defined in paragraph
(9)(E) that--
''(A) makes contingent commitments of one or more
secured loans or other Federal credit instruments at
future dates;
''(B) establishes the amounts and general terms and
conditions of such secured loans or other Federal
credit instruments;
''(C) identifies the dedicated revenue sources that
will secure the repayment of such secured loans or
other Federal credit instruments; and
''(D) provides for the obligation of funds for such
secured loans or other Federal credit instruments after
all requirements under section 602(c) have been met for
the project, including compliance with the requirements
of the National Environmental Policy Act of 1969 (42
U.S.C. 432i et seq.).''.
(b) Eligibility and Eligible Projected Costs.--Section 602(a) of
title 23, United States Code, is amended--
(1) in paragraph (1) by adding before the period at the end
the following:
''(1) , including, in the case of a master credit
agreement, at such time as the disbursement of loan proceeds or
the provision of other credit assistance pursuant to the master
credit agreement''; and
(2) in paragraph 3--
(A) by striking ''subparagraph (B)'' in
subparagraph (A) and inserting ''subparagraphs (B) and
(C)''; and
(B) by adding at the end the following:
''(C) Mega transportation projects.--In the case of a
project defined in section 601(a)(8)(E), eligible project costs
shall be reasonably anticipated to equal or exceed
$1,000,000,000.''.
(c) Secured Loans.--Section 603(b)--
(1) in paragraph (2) of title 23, United States Code, is
amended by striking ''33 percent'' and inserting ''49
percent'';
(2) in paragraph (4)--
(A) by striking ''The interest rate'' and inserting
the following:
''(A) In general.--The interest rate''; and
(B) by adding at the end the following new
subparagraph:
''(B) Reduction in interest rate.--
''(i) In general.--If the Secretary
determines that the interest rate described
under subparagraph (A) has increased by more
than 1 percent between the time the Secretary
signs the master credit agreement and the time
at which the secured loan is made with respect
to a project that is the subject of such master
credit agreement, the Secretary may allow the
interest rate on the secured loan to be up to--
''(I) 1 percent lower than
subparagraph (A) allows; or
''(II) for a secured loan being
made with respect to a project that is
certified by the Secretary, in
consultation with the Administrator of
the Environmental Protection Agency, as
only using clean construction
equipment, 1.5 percent lower than
subparagraph (A) allows.
''(ii) Clean construction equipment
defined.--For purposes of this subparagraph,
the term 'clean construction equipment' means
nonroad construction vehicles or equipment
powered by diesel engines that--
''(I) are certified to meet the
Environmental Protection Agency's Tier
4 nonroad engine fine particulate
emission standards, published in the
Federal Register on June 29, 2004 (69
Fed. Reg. 38958); or
''(II) achieve through other means
a particulate matter emission reduction
of 85 percent or more from uncontrolled
engine emission levels.''; and
(3) in paragraph (6) by inserting before the period the
following: '', except that when making a secured loan, the
Secretary may waive the application of this paragraph with
respect to the loan if the amount of the loan does not exceed
33 percent of the reasonably anticipated eligible project costs
and the loan is secured by tax revenue''.
(d) Lines of Credit.--Section 604(b)(2) of title 23, United States
Code, is amended by striking ''33 percent'' and inserting ''49
percent''.
(e) Funding.--Section 608(a) of title 23, United States Code, is
amended--
(1) in paragraph (1) by striking ''$122,000,000 for each of
fiscal years 2005 through 2009'' and inserting ''$375,000,000
for each of fiscal years 2011 through 2015''; and
(2) in paragraph (3) by striking ''$2,200,000 for each of
fiscal years 2005 through 2009'' and inserting ''$5,000,000 for
each of fiscal years 2011 through 2015''.
(f) Certain Unobligated Balances.--With respect to a secured loan
made pursuant to chapter 6 of title 23, United States Code, only
unobligated balances provided to carry out such chapter that were
appropriated for a fiscal year prior to the fiscal year in which such
secured loan is made, and which remain available, may be used to carry
out the authority granted to the Secretary of Transportation by the
amendment made by subsection (c)(2)(B).
(g) Conforming Amendment.--Section 603(a)(1) of title 23, United
States Code, is amended by inserting after ''into agreements'' the
following: '', including master credit agreements,''.
TIFIA Expansion Act of 2011 - Revises Transportation Infrastructure Finance and Innovation Act (TIFIA) program requirements to make eligible for TIFIA funding any projects that: (1) are for the design, acquisition, construction, or rehabilitation of one or more transportation projects that reduce emissions of greenhouse gases or have a positive impact on traffic congestion; and (2) receive not more than 30% of their funding for capital costs from federal public transportation grant funds.

Defines "master credit agreement" as one entered into between the Secretary of Transportation (DOT) and an obligor for such projects that: (1) makes contingent commitments of one or more secured loans or other federal credit instruments at future dates, (2) establishes the amounts and general terms and conditions of such loans or other instruments as well as identifies dedicated revenue sources that will secure their repayment, and (3) provides for the obligation of funds for the loans or other instruments after certain federal requirements have been met.

Requires such projects to meet certain planning and programming requirements (as under current law) at the time that loan proceeds are disbursed or other credit assistance is provided pursuant to the master credit agreement.

Makes projects with eligible costs reasonably anticipated to equal or exceed $1 billion (mega transportation projects) eligible for federal transportation infrastructure funding.

Revises terms of secured loans and lines of credit used to finance certain transportation infrastructure projects to increase the maximum loan amount for such projects from the lesser of 33% to the lesser of 49% of the reasonably anticipated eligible project costs or (as under current law), if the loan does not receive an investment grade rating, the amount of the senior project obligations.

Authorizes the Secretary to allow a 1% reduction in the interest rate for such loans if the ordinary interest rate has increased by more than 1% between the time the Secretary signs the master credit agreement and the time at which the secured loan is made with respect to a project that is the subject of the master credit agreement. Allows a 1.5% reduction in the interest rate for a secured loan with respect to a project only using clean construction equipment.

Defines "clean construction equipment" as nonroad construction vehicles or equipment powered by diesel engines that: (1) are certified to meet Environmental Protection Agency's (EPA) Tier 4 nonroad engine fine particulate emission standards, or (2) achieve through other means a particulate matter emission reduction of 85% or more from uncontrolled engine emission levels.

Authorizes the Secretary to waive the prohibition against subordination of secured loans to the claims of a holder of project obligations in the event of bankruptcy, insolvency, or liquidation of the obligor, but only if the loan amount does not exceed 33% of the reasonably anticipated eligible project costs and the loan is secured by tax revenue.