42 U.S.C. § 16378: Authorization of…

Summary

Provides money for the Secretary to run the CIFIA program. It gives $600,000,000 for each of fiscal years 2022 and 2023, and $300,000,000 for each of fiscal years 2024 through 2026. Spending and borrowing authority for Federal credit must be quickly apportioned to the Secretary each fiscal year. If a subsidy amount is reestimated, the cost change goes to or benefits the Treasury’s general fund under 2 U.S.C. 661c(f). Up to $9,000,000 per year, indexed for inflation from November 15, 2021, may be used for program administration. Signing a term sheet for a Federal credit instrument creates a binding U.S. contract to fund that investment. Amounts 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)Authorization of appropriations

(1)In general

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

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)Reestimates

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)Administrative costs

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)Contract authority

(1)In general

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)Availability

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