PRIA, Government Policy, Made Personal

Summary

Set up one uniform system to manage the Federal credit help made under TIFIA. If Congress allows it in spending bills, the Secretary can collect fees to pay for expert firms and some government costs. The Secretary may hire a financial company to help manage the credit instruments and act as the Secretary’s agent for an approved fee. The Secretary can also hire expert firms, including lawyers, to help with underwriting and management. The Secretary must use faster, cheaper procedures for approving and issuing credit assistance. Each year, after the set‑aside in section 608(a)(6), at least $2,000,000 must be kept to cover fees instead for projects expected to cost $75,000,000 or less. Any of that money not used in the year becomes available on October 1 of the next fiscal year to help any TIFIA project.

Title 23, §605

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(a)Requirement.—

The Secretary shall establish a uniform system to service the Federal credit instruments made available under the TIFIA program.

(b)Fees.—

The Secretary may collect and spend fees, contingent on authority being provided in appropriations Acts, at a level that is sufficient to cover—

(1)the costs of services of expert firms retained pursuant to subsection (d); and

(2)all or a portion of the costs to the Federal Government of servicing the Federal credit instruments.

(c)Servicer.—

(1)In general.—

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

(2)Duties.—

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

(3)Fee.—

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

(d)Assistance From Expert Firms.—

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)Expedited Processing.—

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 TIFIA program.

(f)Assistance to Small Projects.—

(1)Reservation of funds.—

Of the funds made available to carry out the TIFIA program for each fiscal year, and after the set aside under section 608(a)(6), not less than $2,000,000 shall be made available for the Secretary to use in lieu of fees collected under subsection (b) for projects under the TIFIA program having eligible project costs that are reasonably anticipated not to equal or exceed $75,000,000.

(2)Release of funds.—

Any funds not used under paragraph (1) in a fiscal year shall be made available on October 1 of the following fiscal year to provide credit assistance to any project under the TIFIA program.

Notes & Related Subsidiaries

Editorial Notes

Amendments

2021—Subsec. (f)(1). Pub. L. 117–58 substituted “section 608(a)(6)” for “section 608(a)(5)”. 2015—Subsecs. (a), (e). Pub. L. 114–94, § 2001(d)(1), substituted “the TIFIA program” for “this chapter”. Subsec. (f). Pub. L. 114–94, § 2001(d)(2), added subsec. (f). 2012—Pub. L. 112–141 amended section generally. Prior to amendment, section related to program administration, consisting of subsecs. (a) to (d). 2005—Pub. L. 109–59, § 1602(d), renumbered section 185 of this title as this section. Pub. L. 109–59, § 1601(f), amended section catchline and text generally, substituting provisions relating to establishment by the Secretary of a uniform system to service the Federal credit instruments made available under this subchapter for provisions authorizing a State to identify a local servicer to assist the Secretary in servicing the Federal credit instrument made available under this subchapter. Subsec. (a). Pub. L. 109–59, § 1602(b)(5), substituted “this chapter” for “this subchapter”.

Statutory Notes and Related Subsidiaries

Effective Date

of 2021 AmendmentAmendment by Pub. L. 117–58 effective Oct. 1, 2021, see section 10003 of Pub. L. 117–58, set out as a note under section 101 of this title.

Effective Date

of 2015 AmendmentAmendment by Pub. L. 114–94 effective Oct. 1, 2015, see section 1003 of Pub. L. 114–94, set out as a note under section 5313 of Title 5, Government Organization and Employees.

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.

§605 Program Administration

Summary

Title 23, §605

Notes & Related Subsidiaries

Editorial Notes

Amendments

Statutory Notes and Related Subsidiaries

Effective Date

Effective Date

Effective Date

Citations & Metadata