2012 US Code
Title 23 - Highways
Chapter 6 - INFRASTRUCTURE FINANCE (§§ 601 - 610)
Section 604 - Lines of credit
Publication Title | United States Code, 2012 Edition, Title 23 - HIGHWAYS |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 23 - HIGHWAYS CHAPTER 6 - INFRASTRUCTURE FINANCE Sec. 604 - Lines of credit |
Contains | section 604 |
Date | 2012 |
Laws in Effect as of Date | January 15, 2013 |
Positive Law | Yes |
Disposition | standard |
Source Credit | Added Pub. L. 105-178, title I, §1503(a), June 9, 1998, 112 Stat. 247, §184; renumbered §604 and amended Pub. L. 109-59, title I, §§1601(e), 1602(b)(4), (d), Aug. 10, 2005, 119 Stat. 1241, 1247; Pub. L. 112-141, div. A, title II, §2002, July 6, 2012, 126 Stat. 617. |
Statutes at Large References | 112 Stat. 247 119 Stat. 1241 126 Stat. 617 |
Public Law References | Public Law 105-178, Public Law 109-59, Public Law 112-141 |
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(a)
(1)
(2)
(3)
(4)
(b)
(1)
(2)
(3)
(A) represent a direct loan; and
(B) be made only if net revenues from the project (including capitalized interest, but not including reasonably required financing reserves) are insufficient to pay the costs specified in subsection (a)(2).
(4)
(5)
(A) shall—
(i) be payable, in whole or in part, from—
(I) tolls;
(II) user fees;
(III) payments owing to the obligor under a public-private partnership; or
(IV) other dedicated revenue sources that also secure the senior project obligations; and
(ii) include a rate covenant, coverage requirement, or similar security feature supporting the project obligations; and
(B) may have a lien on revenues described in subparagraph (A), subject to any lien securing project obligations.
(6)
(7)
(A)
(B)
(i) 1 or more lenders; or
(ii) a trustee on the behalf of such a lender.
(8)
(A)
(B)
(i)
(I) the line of credit is rated in the A category or higher;
(II) the TIFIA program loan resulting from a draw on the line of credit is payable from pledged revenues not affected by project performance, such as a tax-backed revenue pledge or a system-backed pledge of project revenues; and
(III) the TIFIA program share of eligible project costs is 33 percent or less.
(ii)
(I) the maximum credit subsidy to be paid by the Federal Government shall be not more than 10 percent of the principal amount of the secured loan; and
(II) the obligor shall be responsible for paying the remainder of the subsidy cost.
(9)
(10)
(c)
(1)
(A) the projected cash flow from project revenues and other repayment sources; and
(B) the useful life of the asset being financed.
(2)
(A) to commence not later than 5 years after the end of the period of availability specified in subsection (b)(6); and
(B) to conclude, with full repayment of principal and interest, by the date that is 25 years after the end of the period of availability specified in subsection (b)(6).
(Added Pub. L. 105–178, title I, §1503(a), June 9, 1998, 112 Stat. 247, §184; renumbered §604 and amended Pub. L. 109–59, title I, §§1601(e), 1602(b)(4), (d), Aug. 10, 2005, 119 Stat. 1241, 1247; Pub. L. 112–141, div. A, title II, §2002, July 6, 2012, 126 Stat. 617.)
Amendments2012—Pub. L. 112–141 amended section generally. Prior to amendment, section related to lines of credit.
2005—Pub. L. 109–59, §1602(d), renumbered section 184 of this title as this section.
Subsec. (a)(1). Pub. L. 109–59, §1602(b)(4)(A), substituted “602” for “182”.
Subsec. (a)(3). Pub. L. 109–59, §1602(b)(4)(B), substituted “602(b)(2)(B)” for “182(b)(2)(B)”.
Subsec. (b)(2). Pub. L. 109–59, §1601(e)(1)(A), added par. (2) and struck out heading and text of former par. (2). Text read as follows:
“(A)
“(B) 1-
Subsec. (b)(3). Pub. L. 109–59, §1601(e)(1)(B), substituted “but not including reasonably required financing reserves” for “, any debt service reserve fund, and any other available reserve”.
Subsec. (b)(4). Pub. L. 109–59, §1601(e)(1)(C), struck out “marketable” before “United States Treasury securities” and substituted “date of execution of the line of credit agreement” for “date on which the line of credit is obligated”.
Subsec. (b)(5)(A)(i). Pub. L. 109–59, §1601(e)(1)(D), inserted “that also secure the senior project obligations” after “sources”.
Subsec. (b)(6). Pub. L. 109–59, §1601(e)(1)(E), substituted “The full amount of the line of credit, to the extent not drawn upon,” for “The line of credit”.
Subsec. (b)(10). Pub. L. 109–59, §1602(b)(4)(C), substituted “603” for “183”.
Subsec. (c)(2). Pub. L. 109–59, §1601(e)(2)(A), struck out “scheduled” before “repayments”, inserted “be scheduled to” after “shall”, and substituted “to conclude, with full repayment of principal and interest,” for “be fully repaid, with interest,”.
Subsec. (c)(3). Pub. L. 109–59, §1601(e)(2)(B), struck out heading and text of par. (3). Text read as follows: “The sources of funds for scheduled loan repayments under this section shall include tolls, user fees, or other dedicated revenue sources.”
Effective Date of 2012 AmendmentAmendment by Pub. L. 112–141 effective Oct. 1, 2012, see section 3(a) of Pub. L. 112–141, set out as an Effective and Termination Dates of 2012 Amendment note under section 101 of this title.
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