1 2 U.S.C. §661c(b).
2 MAP-21, Pub. L. No. 112-141, §1101(a)(2), (126 Stat. 607) (2012).
3 23 U.S.C. §602(a)(1)(A).
4 23 U.S.C. §601(a)(6).
5 To be eligible for TIFIA credit assistance, the applicant must demonstrate: (a) that it satisfies (or will have satisfied at the time of obligation of Federal credit assistance) all applicable Federal requirements, including all National Environmental Policy Act requirements, and (b) a reasonable expectation that the contracting process for construction of the project can commence no later than 90 days after the date on which the TIFIA credit assistance is obligated. 23 U.S.C. §602(a)(10) and (c).
6 The preliminary rating opinion letter must indicate that the senior obligations of the project have the potential to achieve an investment-grade rating and must include a preliminary rating opinion on the TIFIA credit instrument. 23 U.S.C. §602(b)(3).
7 23 U.S.C. §602(d)(1).
8 23 U.S.C. §602(d)(2).
9 23 U.S.C. §602(a)(2).
10 23 U.S.C. §§603(a), (e)(2) and 604(a)(2).
11 23 U.S.C. §§603(b)(5), (e)(2) and 604(c)(2)(B).
12 23 U.S.C. §603(c)(2), (c)(3) and (e)(2). For standby lines of credit, repayment can commence up to 15 years after substantial completion. 23 U.S.C. §604(c)(2)(A).
13 23 U.S.C. §§603(b)(6), (e)(2) and 604(b)(8). However, as discussed in the following footnote, this nonsubordination requirement may be waived under certain specified circumstances.
14 MAP-21 permits the waiver of TIFIA's nonsubordination requirement in connection with secured loans or lines of credit for public agency borrowers having senior bonds under preexisting indentures, so long as: (i) the borrower is a public agency; (ii) the TIFIA credit instrument receives a rating within the A category or higher from at least two Credit Rating Agencies; (iii) the revenue pledge is not affected by project performance, such as a tax-backed revenue pledge or a system pledge; and (iv) TIFIA is financing 33 percent or less of the eligible project costs. However, in such cases, the maximum credit subsidy to be paid by the Federal Government may not be more than 10 percent of the principal amount of the loan, and the obligor is responsible to pay any remaining subsidy cost. 23 U.S.C. §§603(b)(6)(B) and 604(b)(8)(B).
15 23 U.S.C. §§603(b)(2) and 604(b)(2). As noted below, TIFIA secured loans provided to date have covered up to 33 percent of reasonably anticipated eligible project costs. Applicants requesting assistance in excess of this amount must provide a rationale for such additional assistance.
16 23 U.S.C. §602(a)(2)(A).
17 23 U.S.C. §602(a)(2)(B).
18 23 U.S.C. §602(a)(2)(A)(iv) and (a)(2)(B).
19 23 U.S.C. §603(a)(1).
20 23 U.S.C. §603(a)(2).
21 23 U.S.C. §603(b)(2). Note that the maximum amount is limited to 33 percent where the nonsubordination requirement is waived, as described in footnote 14 above.
22 23 U.S.C. §603(b)(2).
23 23 U.S.C. §603(b)(4)(A).
24 23 U.S.C. §603(b)(4)(B)(i).
25 23 U.S.C. §603(b)(4)(B)(ii).
26 23 U.S.C. §608(a)(3)(A).
27 23 U.S.C. §608(a)(3)(B).
28 23 U.S.C. §§601(a)(8) and 603(b)(4)(C). In addition, a limited buydown is available in the event a borrower has entered into a master credit agreement and the interest rate has increased between the date on which the master credit agreement was executed and the date on which an underlying secured loan is entered into in connection with such master credit agreement.
29 23 U.S.C. §603(a)(1).
30 23 U.S.C. §603(b)(5).
31 23 U.S.C. §603(c)(2).
32 23 U.S.C. §603(c)(1).
33 23 U.S.C. §603(c)(3).
34 23 U.S.C. §603(c)(4).
35 23 U.S.C. §603(b)(6).
36 23 U.S.C. §603(b)(6)(B).
37 49 C.F.R. §80.15(c).
38 23 U.S.C. §603(a)(1) and (e)(2).
39 23 U.S.C. §603(a)(2) and (e)(2).
40 23 U.S.C. §603(b)(2) and (e)(2).
41 23 U.S.C. §603(e)(2).
42 23 U.S.C. §603(b)(5) and (e)(2).
43 23 U.S.C. §603(c)(2) and (e)(2).
44 23 U.S.C. §603(c)(1) and (e)(2).
45 23 U.S.C. §603(c)(3) and (e)(2).
46 23 U.S.C. §603(e)(2).
47 23 U.S.C. §601(a)(9).
48 23 U.S.C. §603(b)(6) and (e)(2).
49 23 U.S.C. §603(b)(6)(B).
50 23 U.S.C. §604(a)(1) and (b)(6).
51 23 U.S.C. §604(a)(1) and (b)(1).
52 23 U.S.C. §604(a)(2).
53 23 U.S.C. §604(b)(2).
54 23 U.S.C. §604(b)(10).
55 23 U.S.C. §604(b)(3)(B).
56 23 U.S.C. §604(b)(6).
57 23 U.S.C. §604(b)(4).
58 23 U.S.C. §604(c)(2)(B).
59 23 U.S.C. §604(c)(2).
60 23 U.S.C. §604(c)(1).
61 23 U.S.C. §604(b)(8)(A).
62 23 U.S.C. §604(b)(8)(B).
63 23 U.S.C. §603(c)(2) and (e)(2). Debt service payments on direct loans issued under a line of credit can be deferred for up to fifteen years after substantial completion. 23 U.S.C. §604(c)(2)(A).
64 23 U.S.C. §§603(c)(1), (c)(3), (e)(2) and 604(c)(1).
65 23 U.S.C. §§603(c)(1), (c)(3), (e)(2) and 604(c)(1).
66 2 U.S.C. §661c(b).
67 MAP-21, Pub. L. No. 112-141, §1101(a)(2), (126 Stat. 607) (2012). Authorized funding for FY 2015 has been continued at FY 2014 levels.
68 23 U.S.C. §608(a)(5).
69 23 U.S.C. §608(a)(4)(A).
70 23 U.S.C. §608(a)(6).
71 23 U.S.C. §605(b).
72 23 U.S.C. §608(a)(5).
73 23 U.S.C. §601(a)(12)(A).
74 23 U.S.C. §601(a)(12)(B).
75 23 U.S.C. §601(a)(12)(A).
76 23 U.S.C. §601(a)(12)(C).
77 23 U.S.C. §601(a)(12)(C).
78 23 U.S.C. §601(a)(12)(D)(i).
79 23 U.S.C. §601(a)(12)(D)(i)(V).
80 23 U.S.C. §601(a)(12)(D)(iii).
81 23 U.S.C. §§603(b)(4)(B) and 608(a)(3)(A).
82 23 U.S.C. §601(a)(15).
83 23 U.S.C. §601(a)(12)(D)(iv).
84 23 U.S.C. §§603(a)(1)(A), 603(e)(1) and 604(a)(2).
85 23 U.S.C. §602(a)(5).
86 23 U.S.C. §§603(b)(2), 603(e)(2) and 604(b)(2).
87 23 U.S.C. §601(a)(2)(A).
88 23 U.S.C. §601(a)(2)(B).
89 23 U.S.C. §601(a)(2)(C).
90 49 C.F.R. §§80.5(b) and 80.17(b).
91 49 C.F.R. §80.5(a).
92 42 U.S.C. §4601 et seq.
93 49 C.F.R. §80.5(b).
94 23 U.S.C. §602(c)(1).
95 23 U.S.C. §602(c)(1).
96 42 U.S.C. §2000d et seq.
97 42 U.S.C. §4321 et seq.
98 23 U.S.C. §602(c)(2).
99 23 U.S.C. §602(a)(10).
100 42 U.S.C. §4601 et seq.
101 See 23 U.S.C. §602(a)(4).
102 23 U.S.C. §602(c).
103 Office of Mgmt. & Budget, Exec. Office of the President, OMB Circular No. A-129, Policies for Federal Credit Programs and Non-Tax Receivables (2013).
104 23 U.S.C. §602(a)(1)(A), (a)(8).
105 23 U.S.C. §602(a)(10).
106 23 U.S.C. §601(a)(2).
107 23 U.S.C. §602(a)(5)(A).
108 23 U.S.C. §602(a)(5)(A).
109 23 U.S.C. §601(a)(15).
110 23 U.S.C. §601(a)(12)(D)(iv).
111 23 U.S.C. §602(a)(5)(B).
112 23 U.S.C. §§603(b)(2) and 604(b)(2). As noted in Section 2-2 above, TIFIA secured loans provided to date have only covered up to 33 percent of reasonably anticipated eligible project costs. Applicants requesting assistance in excess of this amount must provide a rationale for such additional assistance.
113 49 C.F.R. §80.5(a).
114 23 U.S.C. §602(a)(3).
115 49 C.F.R. §80.13(a)(1).
116 49 C.F.R. §§80.7(b)(1) and 80.13(a)(1).
117 23 U.S.C. §602(a)(3).
118 49 C.F.R. §§80.7(b)(1) and 80.13(a)(1).
119 23 U.S.C. §§602(a)(6), 603(b)(3)(A)(i), and 604(b)(5)(A)(i).
120 49 C.F.R. §80.13(c).
121 23 U.S.C. §602(a)(3) and 49 C.F.R. §80.13(a)(1).
122 23 U.S.C. §602(a)(1), (a)(4).
123 According 23 U.S.C. §601(a)(14), "the term 'rating agency' means a credit rating agency identified by the Securities and Exchange Commission as a nationally recognized statistical rating organization (as that term is defined in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a))." The complete list of nationally recognized statistical rating organizations can be found at online.
124 23 U.S.C. §602(b)(3).
125 23 U.S.C. §602(a)(2)(A).
126 23 U.S.C. §603(b)(2).
127 23 U.S.C. §602(a)(2)(B).
128 Office of Mgmt. & Budget, Exec. Office of the President, OMB Circular No. A-11, Preparation, Submission, and Execution of the Budget (2012).
129 23 U.S.C. §602(b)(3).
130 23 U.S.C. §603(b)(2).
131 49 C.F.R. §80.11(d).
132 49 C.F.R. §80.11(d).
133 49 C.F.R. §80.11(c).
134 23 U.S.C. §602(a)(1)(A).
135 23 U.S.C. §602(b)(1). However, as described below, the TIFIA Program will establish a date by which Letters of Interest for rural infrastructure projects should be submitted. The date for these submissions will be provided on the TIFIA web site.
136 23 U.S.C. §602(a)(1).
137 23 U.S.C. §601(a)(6).
138 As noted above, 23 U.S.C. §608(a)(3)(A) limits TIFIA budget authority available for rural infrastructure projects receiving the reduced interest rate to not more than 10 percent of the total TIFIA budget authority in any fiscal year. In addition, the TIFIA Program must make funds set aside for rural infrastructure projects available to projects not receiving the reduced interest rate after June 1 of each fiscal year pursuant to 23 U.S.C. §608(a)(3)(B).
139 23 U.S.C. §602(a)(2).
140 23 U.S.C. §602(a)(9)(A).
141 23 U.S.C. §602(a)(9)(B).
142 23 U.S.C. §602(a)(9)(C).
143 23 U.S.C. §602(a)(10).
144 23 U.S.C. §602(a)(1)(A), (a)(8).
145 23 U.S.C. §602(a)(10).
146 23 U.S.C. §601(a)(6)(A).
147 23 U.S.C. §601(a)(6)(B).
148 23 U.S.C. §601(a)(6)(C).
149 23 U.S.C. §601(a)(6)(D).
150 See 23 U.S.C. §601(a)(15).
151 23 U.S.C. §101(a)(34).
152 Office of Mgmt. & Budget, Exec. Office of the President, OMB Circular No. A-129, Policies for Federal Credit Programs and Non-Tax Receivables (2013).
153 23 U.S.C. §602(d)(1).
154 23 U.S.C. §602(d)(2).
155 23 U.S.C. §101(a)(34).
156 23 U.S.C. §§603(b)(6)(B) and 604(b)(8)(B).
157 See 23 U.S.C. §§603(b)(7), (e)(2), 604(b)(9), and 605(b).
158 49 C.F.R. §80.17(b).
159 49 C.F.R. §80.7(c).
160 23 U.S.C. §602(a)(5).
161 23 U.S.C. §602(a)(3).
162 23 U.S.C. §§603(b)(2), (e)(2) and 604(b)(2).
163 23 U.S.C. §602(a)(10).
164 23 U.S.C. §602(a)(6).
165 As noted in Section 2-1 above, the TIFIA lien on pledged revenues can be subordinated to those of senior lenders to the project except in the event of bankruptcy, insolvency, or liquidation of the obligor. In such an instance, the TIFIA lien would be on par with the lien of the project's senior creditors. However, this provision can be waived under certain circumstances for public agency borrowers having senior bonds under preexisting indentures so long as certain conditions are met, as further discussed in Section 2-1 above.
166 If there are no debt obligations senior to the TIFIA credit instrument, then the TIFIA credit instrument itself must be shown to have the potential to obtain an investment grade rating. 23 U.S.C. §602(b)(3).
167 23 U.S.C. §602(b)(3).
168 23 U.S.C. §602(a)(2).
169 23 U.S.C. §602(a)(2)(A)(i).
170 23 U.S.C. §602(a)(2)(A)(ii).
171 23 U.S.C. §602(a)(2)(A)(iii).
172 23 U.S.C. §602(a)(9)(A).
173 23 U.S.C. §602(a)(9)(B).
174 23 U.S.C. §602(a)(9)(C).
175 23 U.S.C. §602(c)(2).
176 23 U.S.C. §602(c)(1).
177 Office of Mgmt. & Budget, Exec. Office of the President, OMB Circular No. A-129, Policies for Federal Credit Programs and Non-Tax Receivables (2013).
178 23 U.S.C. §608(b)(1).
179 23 U.S.C. §§603(a)(1), (e)(2) and 604(a)(1).
180 23 U.S.C. §608(b)(1).
181 23 U.S.C. §602(b)(3).
182 23 U.S.C. §602(c)(2).
183 23 U.S.C. §602(a)(3) and 49 C.F.R. §80.13(a)(1).
184 23 U.S.C. §602(a)(2).
185 49 C.F.R. §80.11(d).
186 49 C.F.R. §80.11(d).
187 23 U.S.C. §605(c)(1).
188 23 U.S.C. §605(b)(2).
189 23 U.S.C. §601(a)(5).
190 23 U.S.C. §601(a)(5).
191 Office of Mgmt. & Budget, Exec. Office of the President, OMB Circular No. A-129, Policies for Federal Credit Programs and Non-Tax Receivables (2013).
192 Office of Mgmt. & Budget, Exec. Office of the President, OMB Circular No. A-129, Policies for Federal Credit Programs and Non-Tax Receivables (2013).
193 23 U.S.C. §603(e)(2).