2013 US Code
Title 23 - Highways
Chapter 6 - INFRASTRUCTURE FINANCE (§§ 601 - 610)
Section 602 - Determination of eligibility and project selection
Publication Title | United States Code, 2012 Edition, Supplement 1, 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. 602 - Determination of eligibility and project selection |
Contains | section 602 |
Date | 2013 |
Laws in Effect as of Date | January 16, 2014 |
Positive Law | Yes |
Disposition | standard |
Source Credit | Added Pub. L. 105-178, title I, §1503(a), June 9, 1998, 112 Stat. 243, §182; renumbered §602 and amended Pub. L. 109-59, title I, §§1601(b), (c), 1602(b)(2), (5), (d), Aug. 10, 2005, 119 Stat. 1240, 1247; Pub. L. 112-141, div. A, title II, §2002, July 6, 2012, 126 Stat. 611. |
Statutes at Large References | 78 Stat. 241 83 Stat. 852 84 Stat. 1894 112 Stat. 243 119 Stat. 1240 126 Stat. 611 |
Public Law References | Public Law 88-352, Public Law 91-190, Public Law 91-646, Public Law 105-178, Public Law 109-59, Public Law 112-141 |
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(a)
(1)
(A) the entity proposing to carry out the project submits a letter of interest prior to submission of a formal application for the project; and
(B) the project meets the criteria described in this subsection.
(2)
(A)
(i) a rate covenant, if applicable;
(ii) adequate coverage requirements to ensure repayment;
(iii) an investment grade rating from at least 2 rating agencies on debt senior to the Federal credit instrument; and
(iv) a rating from at least 2 rating agencies on the Federal credit instrument, subject to the condition that, with respect to clause (iii), if the total amount of the senior debt and the Federal credit instrument is less than $75,000,000, 1 rating agency opinion for each of the senior debt and Federal credit instrument shall be sufficient.
(B)
(3)
(4)
(5)
(A)
(i)(I) $50,000,000; or
(II) in the case of a rural infrastructure project, $25,000,000; and
(ii) 331/3 percent of the amount of Federal highway assistance funds apportioned for the most recently completed fiscal year to the State in which the project is located.
(B)
(6)
(A) tolls;
(B) user fees;
(C) payments owing to the obligor under a public-private partnership; or
(D) other dedicated revenue sources that also secure or fund the project obligations.
(7)
(8)
(A) the obligor; and
(B) identified later through completion of a procurement and selection of the private party.
(9)
(A) foster, if appropriate, partnerships that attract public and private investment for the project;
(B) enable the project to proceed at an earlier date than the project would otherwise be able to proceed or reduce the lifecycle costs (including debt service costs) of the project; and
(C) reduce the contribution of Federal grant assistance for the project.
(10)
(b)
(1)
(2)
(A) the following fiscal year; and
(B) the fiscal year during which additional funds are available to receive credit assistance.
(3)
(A) indicating that the senior obligations of the project, which may be the Federal credit instrument, have the potential to achieve an investment-grade rating; and
(B) including a preliminary rating opinion on the Federal credit instrument.
(c)
(1)
(A) Title VI of the Civil Rights Act of 1964 (42 U.S.C. 2000d et seq.).
(B) The National Environmental Policy Act of 1969 (42 U.S.C. 4321 et seq.).
(C) The Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970 (42 U.S.C. 4601 et seq.).
(2)
(d)
(1)
(A) the application is complete; or
(B) additional information or materials are needed to complete the application.
(2)
(e)
(Added Pub. L. 105–178, title I, §1503(a), June 9, 1998, 112 Stat. 243, §182; renumbered §602 and amended Pub. L. 109–59, title I, §§1601(b), (c), 1602(b)(2), (5), (d), Aug. 10, 2005, 119 Stat. 1240, 1247; Pub. L. 112–141, div. A, title II, §2002, July 6, 2012, 126 Stat. 611.)
REFERENCES IN TEXTThe Civil Rights Act of 1964, referred to in subsec. (c)(1)(A), is Pub. L. 88–352, July 2, 1964, 78 Stat. 241. Title VI of the Act is classified generally to subchapter V (§2000d et seq.) of chapter 21 of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see Short Title note set out under section 2000a of Title 42 and Tables.
The National Environmental Policy Act of 1969, referred to in subsec. (c)(1)(B), (2), is Pub. L. 91–190, Jan. 1, 1970, 83 Stat. 852, which is classified generally to chapter 55 (§4321 et seq.) of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see Short Title note set out under section 4321 of Title 42 and Tables.
The Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970, referred to in subsec. (c)(1)(C), is act Jan. 2, 1971, Pub. L. 91–646, 84 Stat. 1894, and which is classified principally to chapter 61 (§4601 et seq.) of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see Short Title note set out under section 4601 of Title 42 and Tables.
AMENDMENTS2012—Pub. L. 112–141 amended section generally. Prior to amendment, section related to determination of eligibility and project selection, consisting of subsecs. (a) to (c).
2005—Pub. L. 109–59, §1602(d), renumbered section 182 of this title as this section.
Subsec. (a). Pub. L. 109–59, §1602(b)(5), substituted "this chapter" for "this subchapter" in introductory provisions.
Subsec. (a)(1). Pub. L. 109–59, §1602(b)(5), substituted "this chapter" for "this subchapter".
Pub. L. 109–59, §1601(b)(1), added par. (1) and struck out heading and text of former par. (1). Text read as follows: "The project—
"(A) shall be included in the State transportation plan required under section 135; and
"(B) at such time as an agreement to make available a Federal credit instrument is entered into under this subchapter, shall be included in the approved State transportation improvement program required under section 134."
Subsec. (a)(2). Pub. L. 109–59, §1601(b)(1), added par. (2) and struck out heading and text of former par. (2). Text read as follows: "A State, a local servicer identified under section 185(a), or the entity undertaking the project shall submit a project application to the Secretary."
Subsec. (a)(3)(A). Pub. L. 109–59, §1602(b)(5), substituted "this chapter" for "this subchapter" in introductory provisions.
Subsec. (a)(3)(A)(i). Pub. L. 109–59, §1601(b)(2), substituted "$50,000,000" for "$100,000,000".
Subsec. (a)(3)(A)(ii). Pub. L. 109–59, §1601(b)(3), substituted "331/3" for "50".
Subsec. (a)(3)(B). Pub. L. 109–59, §1601(b)(4), substituted "$15,000,000" for "$30,000,000".
Subsec. (a)(4). Pub. L. 109–59, §1601(b)(5), substituted "The Federal credit instrument" for "Project financing" and inserted "that also secure the project obligations" before period at end.
Subsec. (b)(1). Pub. L. 109–59, §1601(c)(1), substituted "eligibility requirements" for "eligibility criteria".
Subsec. (b)(2)(A)(iii), (iv), (vi). Pub. L. 109–59, §1602(b)(5), substituted "this chapter" for "this subchapter".
Subsec. (b)(2)(A)(viii). Pub. L. 109–59, §1602(b)(2), inserted "and chapter 1" after "this chapter".
Subsec. (b)(2)(B). Pub. L. 109–59, §1601(c)(2), inserted ", which may be the Federal credit instrument," after "obligations".
Subsec. (c). Pub. L. 109–59, §1602(b)(5), substituted "this chapter" for "this subchapter" in introductory provisions.
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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