42 U.S.C. § 16375: Program administration

Summary

Create one standard system to manage the federal credit instruments under the CIFIA program. If Congress does not give enough money in an appropriations act for a fiscal year to pay expert firms and some or all government servicing costs, the Secretary may charge fees during that fiscal year, starting on or after the date of financial close, to cover those costs. The Secretary may hire a financial servicer to act as the Secretary’s agent and pay that servicer a fee approved by the Secretary. The Secretary may also hire expert firms, including lawyers, to help underwrite and service the credits. The Secretary must use procedures that save time and money when approving and issuing CIFIA credit assistance.

Title 42, §16375

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

(a)Requirement

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

(b)Fees

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)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 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