Illinois Administrative Code › Title 92 - TRANSPORTATION › Part 800 - RAIL FREIGHT PROGRAM › Subpart A - INTRODUCTION › Section 800.20 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
The following words or phrases when used in this Part shall
				  have the meanings ascribed to them below.
"Benefit/Cost" - The ratio of project benefits and the net
				  cost of the project.
"Benefits" are categorized into three groups:
Economic Benefits - measured as the addition/ retention of
				  employment or the avoidable loss of business and its related jobs to a
				  community.
Public Benefits - measured as the incremental reduction in
				  directly related government expenditures resulting from the implementation of
				  the rail project.
Transportation Benefits - measured as the avoidable,
				  additional cost of transporting affected freight shipments by other
				  modes.
"Contract" - The written agreement between the recipient and
				  the Department defining the project and terms of the loan or grant.
"Contractor" - Any person or organization, including its
				  directors, officers and others engaged in managerial positions, which perform
				  or seek to perform services or provide or seek to provide materials to the
				  recipient; or any contractor of such person or organization.
"Department" - The Illinois Department of
				  Transportation.
"FRA" - The Federal Railroad Administration
"Fiscal Year" - The Fiscal Year of the State of Illinois;
				  July 1 to June 30. A Fiscal Year is identified by the calendar year in which it
				  ends.
"Net Project Cost" - The total expenditure of funds of a
				  proposed project minus the salvage value of materials extracted from the line
				  during the construction of that project.
"Project Completion" - When notified by the loan or grant
				  recipient that a project is completed, Department engineers will perform a
				  field inspection within 30 days unless weather conditions or a strike or
				  lockout prevent inspection. If the work meets the terms of the loan or grant
				  agreement, the project will be deemed complete and the recipient will be
				  notified in writing.
"Project Life" - The number of years the recipient is willing
				  to commit itself, or is required to provide service over a line. In the
				  benefit/cost analysis, project life is the period of time over which proposed
				  project benefits and costs are calculated.
"Recipient" - Grant or loan recipient.
"Residual Value of Project Materials" - As determined by the
				  Department, the residual value will be the expected salvage value of project
				  materials based on existing market values plus or minus the projected increase
				  or decrease in value based on previous price trends.
"Salvage Value of Extracted Materials" - The expected salvage
				  value of the materials which would be removed during a line rehabilitation and
				  sold, either for scrap or reuse. Salvage value will be determined by the
				  Department based on a survey of existing market prices.
"Secretary" - Secretary of the Illinois Department of
				  Transportation.
"Term of Contract":
Loan: The period of time it takes for the recipient to repay
				  the loan.
Grant: The number of years the recipient has committed
				  itself, or is expected, to provide or use service over a line. The minimum
				  service period is five years.