§16375 — Title 42 The Public Health and Welfare | U.S. Code

Summary

Create one standard system to handle servicing CIFIA federal credit instruments. The Secretary must set up and run that system. The Secretary can hire expert firms (including lawyers) and can appoint a financial servicer to help underwrite and manage the credits. Those helpers act for the Secretary and are paid fees that the Secretary approves. If Congress does not provide enough money in an appropriations act for a fiscal year to pay these costs, the Secretary can charge fees on or after the date of the financial close of a CIFIA credit instrument to cover the shortfall. The Secretary must also put in place ways to make approving and issuing CIFIA credit help faster and cheaper.

Title 42, §16375

The Public Health and Welfare — Source: USLM XML via OLRC

(a)The Secretary shall establish a uniform system to service the Federal credit instruments provided under the CIFIA program.

(b)If funding sufficient to cover the costs of services of expert firms retained pursuant to subsection (d) and all or a portion of the costs to the Federal Government of servicing the Federal credit instruments is not provided in an appropriations Act for a fiscal year, the Secretary, during that fiscal year, may collect fees on or after the date of the financial close of a Federal credit instrument provided under the CIFIA program at a level that is sufficient to cover those costs.

(c)(1)The Secretary may appoint a financial entity to assist the Secretary in servicing the Federal credit instruments.

(2)A servicer appointed under paragraph (1) shall act as the agent for the Secretary.

(3)A servicer appointed under paragraph (1) shall receive a servicing fee, subject to approval by the Secretary.

(d)The Secretary may retain the services of expert firms, including counsel, in the field of municipal and project finance to assist in the underwriting and servicing of Federal credit instruments.

(e)The Secretary shall implement procedures and measures to economize the time and cost involved in obtaining approval and the issuance of credit assistance under the CIFIA program.

Notes & Related Subsidiaries

Editorial Notes

Prior Provisions

A prior section 16375, Pub. L. 109–58, title IX, § 999E, Aug. 8, 2005, 119 Stat. 923, related to limitations on eligibility for awards, prior to repeal by Pub. L. 113–67, div. A, title III, § 301(a), Dec. 26, 2013, 127 Stat. 1181.

Statutory Notes and Related Subsidiaries

Wage Rate RequirementsFor provisions relating to rates of wages to be paid to laborers and mechanics on projects for

Construction

, alteration, or repair work funded under div. D or an amendment by div. D of Pub. L. 117–58, including authority of Secretary of Labor, see section 18851 of this title.

§16375 Program administration