§16378 — Title 42 The Public Health and Welfare | U.S. Code

Summary

The law gives money to the Secretary to run the CIFIA program: $600,000,000 for each of fiscal years 2022 and 2023, and $300,000,000 for each of fiscal years 2024, 2025, and 2026. The Secretary must get the yearly spending and borrowing authority quickly each fiscal year. If the estimated subsidy cost for a federal credit deal is later reestimated, any increase or decrease in cost goes to the Treasury’s general fund. Up to $9,000,000 each fiscal year (adjusted for U.S. dollar inflation from November 15, 2021, using the Consumer Price Index) may be used for program administration. When the Secretary signs a term sheet for a CIFIA-backed federal credit instrument, the United States becomes contractually required to fund that credit investment. Money made available for a fiscal year can be obligated starting October 1 of that fiscal year.

Title 42, §16378

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

(a)(1)There are authorized to be appropriated to the Secretary to carry out this part—

(A)$600,000,000 for each of fiscal years 2022 and 2023; and

(B)$300,000,000 for each of fiscal years 2024 through 2026.

(2)Spending and borrowing authority for a fiscal year to enter into Federal credit instruments shall be promptly apportioned to the Secretary on a fiscal-year basis.

(3)If the subsidy amount of a Federal credit instrument is reestimated, the cost increase or decrease of the reestimate shall be borne by, or benefit, the general fund of the Treasury, consistent with section 661c(f) of title 2.

(4)Of the amounts made available to carry out the CIFIA program, the Secretary may use not more than $9,000,000 (as indexed for United States dollar inflation from November 15, 2021 (as measured by the Consumer Price Index)) each fiscal year for the administration of the CIFIA program.

(b)(1)Notwithstanding any other provision of law, execution of a term sheet by the Secretary of a Federal credit instrument that uses amounts made available under the CIFIA program shall impose on the United States a contractual obligation to fund the Federal credit investment.

(2)Amounts made available to carry out the CIFIA program for a fiscal year shall be available for obligation on October 1 of the fiscal year.

Notes & Related Subsidiaries

Editorial Notes

Prior Provisions

A prior section 16378, Pub. L. 109–58, title IX, § 999H, Aug. 8, 2005, 119 Stat. 924; Pub. L. 113–287, § 5(k)(6), Dec. 19, 2014, 128 Stat. 3270, related to the Ultra-Deepwater and Unconventional Natural Gas and Other Petroleum Research Fund, 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.

§16378 Authorization of Appropriations; Contract Authority