Revitalizing American Priorities for Infrastructure Development Act or the RAPID Act
This bill revises the transportation infrastructure finance and innovation (TIFIA) program to (1) require program applicants to obtain investment grade ratings from at least two credit rating agencies, unless the federal credit instrument is less than $150 million (currently, less than $75 million), in which case one rating will suffice; (2) require the Department of Transportation (DOT) to implement an expedited decision time line for public agency borrowers seeking secured loans; and (3) require DOT to publish status reports on program applications on the TIFIA website.
[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3651 Introduced in House (IH)]
<DOC>
117th CONGRESS
1st Session
H. R. 3651
To amend title 23, United States Code, to improve the transportation
infrastructure finance and innovation (TIFIA) program, and for other
purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
June 1, 2021
Mr. Allred (for himself and Mr. Gallagher) introduced the following
bill; which was referred to the Committee on Transportation and
Infrastructure
_______________________________________________________________________
A BILL
To amend title 23, United States Code, to improve the transportation
infrastructure finance and innovation (TIFIA) program, and for other
purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Revitalizing American Priorities for
Infrastructure Development Act'' or the ``RAPID Act''.
SEC. 2. TRANSPORTATION INFRASTRUCTURE FINANCE AND INNOVATION PROGRAM.
(a) Eligibility.--Section 602(a)(2) of title 23, United States
Code, is amended--
(1) in subparagraph (A)(iv)--
(A) by striking ``a rating'' and inserting ``an
investment-grade rating''; and
(B) by striking ``$75,000,000'' and inserting
``$150,000,000''; and
(2) in subparagraph (B)--
(A) by striking ``the senior debt'' and inserting
``senior debt''; and
(B) by striking ``credit instrument is for an
amount less than $75,000,000'' and inserting ``total
amount of other senior debt and the Federal credit
instrument is less than $150,000,000''.
(b) Streamlined Application Process.--Section 603(f) of title 23,
United States Code, is amended by adding at the end the following:
``(3) Additional terms for expedited decisions.--
``(A) In general.--Not later than 120 days after
the date of enactment of this paragraph, the Secretary
shall implement an expedited decision timeline for
public agency borrowers seeking secured loans that
meet--
``(i) the terms under paragraph (2); and
``(ii) the additional criteria described in
subparagraph (B).
``(B) Additional criteria.--The additional criteria
referred to in subparagraph (A)(ii) are the following:
``(i) The secured loan is made on terms and
conditions that substantially conform to the
conventional terms and conditions established
by the National Surface Transportation
Innovative Finance Bureau.
``(ii) The secured loan is rated in the A
category or higher.
``(iii) The TIFIA program share of eligible
project costs is 33 percent or less.
``(iv) The applicant demonstrates a
reasonable expectation that the contracting
process for the project can commence by not
later than 90 days after the date on which a
Federal credit instrument is obligated for the
project under the TIFIA program.
``(v) The project has received a
categorical exclusion, a finding of no
significant impact, or a record of decision
under the National Environmental Policy Act of
1969 (42 U.S.C. 4321 et seq.).
``(C) Written notice.--The Secretary shall provide
to an applicant seeking a secured loan under the
expedited decision process under this paragraph a
written notice informing the applicant whether the
Secretary has approved or disapproved the application
by not later than 180 days after the date on which the
Secretary submits to the applicant a letter indicating
that the National Surface Transportation Innovative
Finance Bureau has commenced the creditworthiness
review of the project.''.
(c) Status Reports.--Section 609 of title 23, United States Code,
is amended by adding at the end the following:
``(c) Status Reports.--
``(1) In general.--The Secretary shall publish on the
website for the TIFIA program--
``(A) on a monthly basis, a current status report
on all submitted letters of interest and applications
received for assistance under the TIFIA program; and
``(B) on a quarterly basis, a current status report
on all approved applications for assistance under the
TIFIA program.
``(2) Inclusions.--Each monthly and quarterly status report
under paragraph (1) shall include, at a minimum, with respect
to each project included in the status report--
``(A) the name of the party submitting the letter
of interest or application;
``(B) the name of the project;
``(C) the date on which the letter of interest or
application was received;
``(D) the estimated project eligible costs;
``(E) the type of credit assistance sought; and
``(F) the anticipated fiscal year and quarter for
closing of the credit assistance.''.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Transportation and Infrastructure.
Referred to the Subcommittee on Highways and Transit.
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