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legal/us/code/title-23/chapter-6/section-603.md

@@ -0,0 +1,211 @@
+---
+type: "LegalText"
+title: "23 U.S.C. § 603"
+description: "Secured loans"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 23
+title_name: "HIGHWAYS"
+chapter_number: "6"
+chapter_name: "INFRASTRUCTURE FINANCE"
+section: "603"
+citation: "23 U.S.C. § 603"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc23@119-100.zip"
+source_identifier: "/us/usc/t23/s603"
+source_file: "data/legal/raw/us/code/title-23/usc23.xml"
+source_hash: "cd5caf7f8cac8dcb2d970ff3768fbbc393d6412112fc2db812cdc36cb5f2ba8e"
+raw_snapshot_hash: "e416780887af9b032b058a30d5deabd208499e53ab0f2ba19007646ef6293cbe"
+text_hash: "b210a4560acd7f152d8bc01409734fdb2082ddb85311226ff49a77917774c546"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 23 U.S.C. § 603 - Secured loans
+
+## Text
+
+(a) In General.— (1) Agreements.— Subject to paragraphs (2) and (3), the Secretary may enter into agreements with 1 or more obligors to make secured loans, the proceeds of which shall be used—
+
+(A) to finance eligible project costs of any project selected under section 602;
+
+(B) to refinance interim construction financing of eligible project costs of any project selected under section 602;
+
+(C) to refinance existing Federal credit instruments for rural infrastructure projects; or
+
+(D) to refinance long-term project obligations or Federal credit instruments, if the refinancing provides additional funding capacity for the completion, enhancement, or expansion of any project that—
+
+(i) is selected under section 602; or
+
+(ii) otherwise meets the requirements of section 602.
+
+(2) Limitation on refinancing of interim construction financing.— A loan under paragraph (1) shall not refinance interim construction financing under paragraph (1)(B)—
+
+(A) if the maturity of such interim construction financing is later than 1 year after the substantial completion of the project; and
+
+(B) later than 1 year after the date of substantial completion of the project.
+
+(3) Risk assessment.— Before entering into an agreement under this subsection, the Secretary, in consultation with the Director of the Office of Management and Budget, shall determine an appropriate capital reserve subsidy amount for each secured loan, taking into account each rating letter provided by an agency under section 602(b)(3)(B).
+
+(b) Terms and Limitations.— (1) In general.— A secured loan under this section with respect to a project shall be on such terms and conditions and contain such covenants, representations, warranties, and requirements (including requirements for audits) as the Secretary determines to be appropriate.
+
+(2) Maximum amount.— (A) In general.— Except as provided in subparagraph (B), the amount of a secured loan under this section shall not exceed the lesser of 49 percent of the reasonably anticipated eligible project costs or if the secured loan does not receive an investment grade rating, the amount of the senior project obligations.
+
+(B) Rural projects fund.— In the case of a project capitalizing a rural projects fund, the maximum amount of a secured loan made to a State infrastructure bank shall be determined in accordance with section 602(a)(5)(B)(iii).
+
+(3) Payment.— A secured loan under this section—
+
+(A) shall—
+
+(i) be payable, in whole or in part, from—
+
+(I) tolls;
+
+(II) user fees;
+
+(III) payments owing to the obligor under a public-private partnership;
+
+(IV) other dedicated revenue sources that also secure the senior project obligations; or
+
+(V) in the case of a secured loan for a project capitalizing a rural projects fund, any other dedicated revenue sources available to a State infrastructure bank, including repayments from loans made by the bank for rural infrastructure projects; and
+
+(ii) include a rate covenant, coverage requirement, or similar security feature supporting the project obligations; and
+
+(B) may have a lien on revenues described in subparagraph (A), subject to any lien securing project obligations.
+
+(4) Interest rate.— (A) In general.— Except as provided in subparagraphs (B) and (C), the interest rate on a secured loan under this section shall be not less than the yield on United States Treasury securities of a similar maturity to the maturity of the secured loan on the date of execution of the loan agreement.
+
+(B) Rural infrastructure projects.— (i) In general.— The interest rate of a loan offered to a rural infrastructure project or a rural projects fund under the TIFIA program shall be at ½ of the Treasury Rate in effect on the date of execution of the loan agreement.
+
+(ii) Application.— The rate described in clause (i) shall only apply to any portion of a loan the subsidy cost of which is funded by amounts set aside for rural infrastructure projects and rural project funds under section 608(a)(3)(A).
+
+(C) Limited buydowns.— The interest rate of a secured loan under this section may not be lowered by more than the lower of—
+
+(i) 1½ percentage points (150 basis points); or
+
+(ii) the amount of the increase in the interest rate.
+
+(5) Maturity date.— (A) In general.— Except as provided in subparagraphs (B) and (C), the final maturity date of the secured loan shall be the lesser of—
+
+(i) 35 years after the date of substantial completion of the project; and
+
+(ii) if the useful life of the capital asset being financed is of a lesser period, the useful life of the asset.
+
+(B) Rural projects fund.— In the case of a project capitalizing a rural projects fund, the final maturity date of the secured loan shall not exceed 35 years after the date on which the secured loan is obligated.
+
+(C) Long lived assets.— In the case of a capital asset with an estimated life of more than 50 years, the final maturity date of the secured loan shall be the lesser of—
+
+(i) 75 years after the date of substantial completion of the project; or
+
+(ii) 75 percent of the estimated useful life of the capital asset.
+
+(6) Nonsubordination.— (A) In general.— Except as provided in subparagraph (B), the secured loan shall not be subordinated to the claims of any holder of project obligations in the event of bankruptcy, insolvency, or liquidation of the obligor.
+
+(B) Preexisting indenture.— (i) In general.— The Secretary shall waive the requirement under subparagraph (A) for a public agency borrower that is financing ongoing capital programs and has outstanding senior bonds under a preexisting indenture, if—
+
+(I) the secured loan is rated in the A category or higher;
+
+(II) the secured loan is secured and payable from pledged revenues not affected by project performance, such as a tax-backed revenue pledge or a system-backed pledge of project revenues; and
+
+(III) the TIFIA program share of eligible project costs is 33 percent or less.
+
+(ii) Limitation.— If the Secretary waives the nonsubordination requirement under this subparagraph—
+
+(I) the maximum credit subsidy to be paid by the Federal Government shall be not more than 10 percent of the principal amount of the secured loan; and
+
+(II) the obligor shall be responsible for paying the remainder of the subsidy cost, if any.
+
+(7) Fees.— The Secretary may establish fees at a level sufficient to cover all or a portion of the costs to the Federal Government of making a secured loan under this section.
+
+(8) Non-federal share.— The proceeds of a secured loan under the TIFIA program may be used for any non-Federal share of project costs required under this title or chapter 53 of title 49, if the loan is repayable from non-Federal funds.
+
+(9) Maximum federal involvement.— (A) In general.— The total Federal assistance provided for a project receiving a loan under the TIFIA program shall not exceed 80 percent of the total project cost.
+
+(B) Rural projects fund.— A project capitalizing a rural projects fund shall satisfy subparagraph (A) through compliance with the Federal share requirement described in section 610(e)(3)(B).
+
+(c) Repayment.— (1) Schedule.— The Secretary shall establish a repayment schedule for each secured loan under this section based on—
+
+(A) the projected cash flow from project revenues and other repayment sources; and
+
+(B) the useful life of the project.
+
+(2) Commencement.— Scheduled loan repayments of principal or interest on a secured loan under this section shall commence not later than 5 years after the date of substantial completion of the project.
+
+(3) Deferred payments.— (A) In general.— If, at any time after the date of substantial completion of the project, the project is unable to generate sufficient revenues to pay the scheduled loan repayments of principal and interest on the secured loan, the Secretary may, subject to subparagraph (C), allow the obligor to add unpaid principal and interest to the outstanding balance of the secured loan.
+
+(B) Interest.— Any payment deferred under subparagraph (A) shall—
+
+(i) continue to accrue interest in accordance with subsection (b)(4) until fully repaid; and
+
+(ii) be scheduled to be amortized over the remaining term of the loan.
+
+(C) Criteria.— (i) In general.— Any payment deferral under subparagraph (A) shall be contingent on the project meeting criteria established by the Secretary.
+
+(ii) Repayment standards.— The criteria established pursuant to clause (i) shall include standards for reasonable assurance of repayment.
+
+(4) Prepayment.— (A) Use of excess revenues.— (i) In general.— Except as provided in clause (ii), any excess revenues that remain after satisfying scheduled debt service requirements on the project obligations and secured loan and all deposit requirements under the terms of any trust agreement, bond resolution, or similar agreement securing project obligations may be applied annually to prepay the secured loan without penalty.
+
+(ii) Certain applicants.— In the case of a secured loan or other secured Federal credit instrument provided after the date of enactment of the Surface Transportation Reauthorization Act of 2021, if the obligor is a governmental entity, agency, or instrumentality, the obligor shall not be required to prepay the secured loan or other secured Federal credit instrument with any excess revenues described in clause (i) if the obligor enters into an agreement to use those excess revenues only for purposes authorized under this title or title 49.
+
+(B) Use of proceeds of refinancing.— The secured loan may be prepaid at any time without penalty from the proceeds of refinancing from non-Federal funding sources.
+
+(d) Sale of Secured Loans.— (1) In general.— Subject to paragraph (2), as soon as practicable after substantial completion of a project and after notifying the obligor, the Secretary may sell to another entity or reoffer into the capital markets a secured loan for the project if the Secretary determines that the sale or reoffering can be made on favorable terms.
+
+(2) Consent of obligor.— In making a sale or reoffering under paragraph (1), the Secretary may not change the original terms and conditions of the secured loan without the written consent of the obligor.
+
+(e) Loan Guarantees.— (1) In general.— The Secretary may provide a loan guarantee to a lender in lieu of making a secured loan under this section if the Secretary determines that the budgetary cost of the loan guarantee is substantially the same as that of a secured loan.
+
+(2) Terms.— The terms of a loan guarantee under paragraph (1) shall be consistent with the terms required under this section for a secured loan, except that the rate on the guaranteed loan and any prepayment features shall be negotiated between the obligor and the lender, with the consent of the Secretary.
+
+(f) Streamlined Application Process.— (1) In general.— Not later than 180 days after the date of enactment of the FAST Act, the Secretary shall make available an expedited application process or processes available at the request of entities seeking secured loans under the TIFIA program that use a set or sets of conventional terms established pursuant to this section.
+
+(2) Terms.— In establishing the streamlined application process required by this subsection, the Secretary may include terms commonly included in prior credit agreements and allow for an expedited application period, including—
+
+(A) the secured loan is in an amount of not greater than $100,000,000;
+
+(B) the secured loan is secured and payable from pledged revenues not affected by project performance, such as a tax-backed revenue pledge, tax increment financing, or a system-backed pledge of project revenues; and
+
+(C) repayment of the loan commences not later than 5 years after disbursement.
+
+(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.
+
+(Added Pub. L. 105–178, title I, § 1503(a), June 9, 1998, 112 Stat. 245, § 183; renumbered § 603 and amended Pub. L. 109–59, title I, §§ 1601(d), 1602(b)(3), (5), (d), Aug. 10, 2005, 119 Stat. 1240, 1247; Pub. L. 112–141, div. A, title II, § 2002, July 6, 2012, 126 Stat. 614; Pub. L. 114–94, div. A, title II, § 2001(c), Dec. 4, 2015, 129 Stat. 1442; Pub. L. 117–58, div. A, title II, § 12001(e), (f), (h), Nov. 15, 2021, 135 Stat. 619.)
+
+## Notes
+
+Editorial Notes
+
+References in TextThe date of enactment of the Surface Transportation Reauthorization Act of 2021 and the date of enactment of this paragraph, referred to in subsecs. (c)(4)(A)(ii) and (f)(3)(A), are the date of enactment of div. A of Pub. L. 117–58, which was approved Nov. 15, 2021. The date of enactment of the FAST Act, referred to in subsec. (f)(1), is the date of enactment of Pub. L. 114–94, which was approved Dec. 4, 2015. The National Environmental Policy Act of 1969, referred to in subsec. (f)(3)(B)(v), is Pub. L. 91–190, Jan. 1, 1970, 83 Stat. 852, which is classified generally to chapter 55 (§ 4321 et seq.) of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see Short Title note set out under section 4321 of Title 42 and Tables.
+
+Amendments2021—Subsec. (b)(5)(A). Pub. L. 117–58, § 12001(e)(1), substituted “subparagraphs (B) and (C)” for “subparagraph (B)” in introductory provisions. Subsec. (b)(5)(C). Pub. L. 117–58, § 12001(e)(2), added subpar. (C). Subsec. (c)(4)(A). Pub. L. 117–58, § 12001(f), designated existing provisions as cl. (i), inserted heading, substituted “Except as provided in clause (ii), any excess” for “Any excess”, and added cl. (ii). Subsec. (f)(3). Pub. L. 117–58, § 12001(h), added par. (3). 2015—Subsec. (a)(2). Pub. L. 114–94, § 2001(c)(1), added par. (2) and struck out former par. (2). Prior to amendment, text read as follows: “A loan under paragraph (1) shall not refinance interim construction financing under paragraph (1)(B) later than 1 year after the date of substantial completion of the project.” Subsec. (b)(2). Pub. L. 114–94, § 2001(c)(2)(A), designated existing provisions as subpar. (A), inserted subpar. (A) heading, substituted “Except as provided in subparagraph (B), the amount of” for “The amount of”, and added subpar. (B). Subsec. (b)(3)(A)(i)(V). Pub. L. 114–94, § 2001(c)(2)(B), added subcl. (V). Subsec. (b)(4)(B)(i). Pub. L. 114–94, § 2001(c)(2)(C)(i), substituted “or a rural projects fund under the TIFIA program” for “under this chapter”. Subsec. (b)(4)(B)(ii). Pub. L. 114–94, § 2001(c)(2)(C)(ii), inserted “and rural project funds” after “rural infrastructure projects”. Subsec. (b)(5). Pub. L. 114–94, § 2001(c)(2)(D), designated existing provisions as subpar. (A) and inserted heading, substituted “Except as provided in subparagraph (B), the final” for “The final”, redesignated former subpars. (A) and (B) as cls. (i) and (ii), respectively, of subpar. (A), and added subpar. (B). Subsec. (b)(8). Pub. L. 114–94, § 2001(c)(2)(E), substituted “the TIFIA program” for “this chapter”. Subsec. (b)(9). Pub. L. 114–94, § 2001(c)(2)(F), designated existing provisions as subpar. (A) and inserted heading, substituted “The total Federal assistance provided for a project receiving a loan under the TIFIA program” for “The total Federal assistance provided on a project receiving a loan under this chapter”, and added subpar. (B). Subsec. (f). Pub. L. 114–94, § 2001(c)(3), added subsec. (f). 2012—Pub. L. 112–141 amended section generally. Prior to amendment, section related to secured loans. 2005—Pub. L. 109–59, § 1602(d), renumbered section 183 of this title as this section. Subsec. (a)(1). Pub. L. 109–59, § 1601(d)(1), in subpars. (A) and (B) inserted “of any project selected under section 602” after “costs”, added subpar. (C), and struck out concluding provisions which read as follows: “of any project selected under section 182.” Subsec. (a)(3). Pub. L. 109–59, § 1602(b)(3), substituted “602(b)(2)(B)” for “182(b)(2)(B)”. Subsec. (a)(4). Pub. L. 109–59, § 1601(d)(2), substituted “The execution” for “The funding” and struck out before period at end “, except that— “(A) the Secretary may fund an amount of the secured loan not to exceed the capital reserve subsidy amount determined under paragraph (3) prior to the obligations receiving an investment-grade rating; and “(B) the Secretary may fund the remaining portion of the secured loan only after the obligations have received an investment-grade rating by at least 1 rating agency”. Subsec. (b)(2). Pub. L. 109–59, § 1601(d)(3)(A), inserted “the lesser of” before “33 percent” and “or, if the secured loan does not receive an investment grade rating, the amount of the senior project obligations” before period at end. Subsec. (b)(3)(A)(i). Pub. L. 109–59, § 1601(d)(3)(B), inserted “that also secure the senior project obligations” after “sources”. Subsec. (b)(4). Pub. L. 109–59, § 1601(d)(3)(C), struck out “marketable” before “United States Treasury securities”. Subsec. (b)(8). Pub. L. 109–59, § 1602(b)(5), substituted “this chapter” for “this subchapter”. Subsec. (c)(3) to (5). Pub. L. 109–59, § 1601(d)(4), redesignated pars. (4) and (5) as (3) and (4), respectively, in par. (3)(A), struck out “during the 10 years” after “at any time”, in par. (3)(B)(ii), substituted “loan” for “loan beginning not later than 10 years after the date of substantial completion of the project in accordance with paragraph (1)”, and struck out heading and text of former par. (3). Text read as follows: “The sources of funds for scheduled loan repayments under this section shall include tolls, user fees, or other dedicated revenue sources.”
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 2021 AmendmentAmendment by Pub. L. 117–58 effective Oct. 1, 2021, see section 10003 of Pub. L. 117–58, set out as a note under section 101 of this title.
+
+Effective Date of 2015 AmendmentAmendment by Pub. L. 114–94 effective Oct. 1, 2015, see section 1003 of Pub. L. 114–94, set out as a note under section 5313 of Title 5, Government Organization and Employees.
+
+Effective Date of 2012 AmendmentAmendment by Pub. L. 112–141 effective Oct. 1, 2012, see section 3(a) of Pub. L. 112–141, set out as an Effective and Termination Dates of 2012 Amendment note under section 101 of this title.

legal/us/code/title-23/chapter-6/section-604.md

@@ -0,0 +1,123 @@
+---
+type: "LegalText"
+title: "23 U.S.C. § 604"
+description: "Lines of credit"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 23
+title_name: "HIGHWAYS"
+chapter_number: "6"
+chapter_name: "INFRASTRUCTURE FINANCE"
+section: "604"
+citation: "23 U.S.C. § 604"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc23@119-100.zip"
+source_identifier: "/us/usc/t23/s604"
+source_file: "data/legal/raw/us/code/title-23/usc23.xml"
+source_hash: "73fc272e6d1ed6092bf92bee0eb8db7b826b2fe5339b9b9abf284ad19fc9a7ce"
+raw_snapshot_hash: "e416780887af9b032b058a30d5deabd208499e53ab0f2ba19007646ef6293cbe"
+text_hash: "927b0c6b5c70c65d89c3def907f2b7c3603ac350c33f3e0fc654b4fc38461af1"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 23 U.S.C. § 604 - Lines of credit
+
+## Text
+
+(a) In General.— (1) Agreements.— Subject to paragraphs (2) through (4), the Secretary may enter into agreements to make available to 1 or more obligors lines of credit in the form of direct loans to be made by the Secretary at future dates on the occurrence of certain events for any project selected under section 602.
+
+(2) Use of proceeds.— The proceeds of a line of credit made available under this section shall be available to pay debt service on project obligations issued to finance eligible project costs, extraordinary repair and replacement costs, operation and maintenance expenses, and costs associated with unexpected Federal or State environmental restrictions.
+
+(3) Risk assessment.— Before entering into an agreement under this subsection, the Secretary, in consultation with the Director of the Office of Management and Budget and each rating agency providing a preliminary rating opinion letter under section 602(b)(3), shall determine an appropriate capital reserve subsidy amount for each line of credit, taking into account the rating opinion letter.
+
+(4) Investment-grade rating requirement.— The funding of a line of credit under this section shall be contingent on the senior obligations of the project receiving an investment-grade rating from 2 rating agencies.
+
+(b) Terms and Limitations.— (1) In general.— A line of credit under this section with respect to a project shall be on such terms and conditions and contain such covenants, representations, warranties, and requirements (including requirements for audits) as the Secretary determines to be appropriate.
+
+(2) Maximum amounts.— The total amount of a line of credit under this section shall not exceed 33 percent of the reasonably anticipated eligible project costs.
+
+(3) Draws.— Any draw on a line of credit under this section shall—
+
+(A) represent a direct loan; and
+
+(B) be made only if net revenues from the project (including capitalized interest, but not including reasonably required financing reserves) are insufficient to pay the costs specified in subsection (a)(2).
+
+(4) Interest rate.— Except as provided in subparagraphs (B) and (C) of section 603(b)(4), the interest rate on a direct loan resulting from a draw on the line of credit shall be not less than the yield on 30-year United States Treasury securities, as of the date of execution of the line of credit agreement.
+
+(5) Security.— A line of credit issued under this section—
+
+(A) shall—
+
+(i) be payable, in whole or in part, from—
+
+(I) tolls;
+
+(II) user fees;
+
+(III) payments owing to the obligor under a public-private partnership; or
+
+(IV) other dedicated revenue sources that also secure the senior project obligations; and
+
+(ii) include a rate covenant, coverage requirement, or similar security feature supporting the project obligations; and
+
+(B) may have a lien on revenues described in subparagraph (A), subject to any lien securing project obligations.
+
+(6) Period of availability.— The full amount of a line of credit under this section, to the extent not drawn upon, shall be available during the 10-year period beginning on the date of substantial completion of the project.
+
+(7) Rights of third-party creditors.— (A) Against federal government.— A third-party creditor of the obligor shall not have any right against the Federal Government with respect to any draw on a line of credit under this section.
+
+(B) Assignment.— An obligor may assign a line of credit under this section to—
+
+(i) 1 or more lenders; or
+
+(ii) a trustee on the behalf of such a lender.
+
+(8) Nonsubordination.— (A) In general.— Except as provided in subparagraph (B), a direct loan under this section shall not be subordinated to the claims of any holder of project obligations in the event of bankruptcy, insolvency, or liquidation of the obligor.
+
+(B) Pre-existing indenture.— (i) In general.— The Secretary shall waive the requirement of subparagraph (A) for a public agency borrower that is financing ongoing capital programs and has outstanding senior bonds under a preexisting indenture, if—
+
+(I) the line of credit is rated in the A category or higher;
+
+(II) the TIFIA program loan resulting from a draw on the line of credit is payable from pledged revenues not affected by project performance, such as a tax-backed revenue pledge or a system-backed pledge of project revenues; and
+
+(III) the TIFIA program share of eligible project costs is 33 percent or less.
+
+(ii) Limitation.— If the Secretary waives the nonsubordination requirement under this subparagraph—
+
+(I) the maximum credit subsidy to be paid by the Federal Government shall be not more than 10 percent of the principal amount of the secured loan; and
+
+(II) the obligor shall be responsible for paying the remainder of the subsidy cost.
+
+(9) Fees.— The Secretary may establish fees at a level sufficient to cover all or a portion of the costs to the Federal Government of providing a line of credit under this section.
+
+(10) Relationship to other credit instruments.— A project that receives a line of credit under this section also shall not receive a secured loan or loan guarantee under section 603 in an amount that, combined with the amount of the line of credit, exceeds 49 percent of eligible project costs.
+
+(c) Repayment.— (1) Terms and conditions.— The Secretary shall establish repayment terms and conditions for each direct loan under this section based on—
+
+(A) the projected cash flow from project revenues and other repayment sources; and
+
+(B) the useful life of the asset being financed.
+
+(2) Timing.— All repayments of principal or interest on a direct loan under this section shall be scheduled—
+
+(A) to commence not later than 5 years after the end of the period of availability specified in subsection (b)(6); and
+
+(B) to conclude, with full repayment of principal and interest, by the date that is 25 years after the end of the period of availability specified in subsection (b)(6).
+
+(Added Pub. L. 105–178, title I, § 1503(a), June 9, 1998, 112 Stat. 247, § 184; renumbered § 604 and amended Pub. L. 109–59, title I, §§ 1601(e), 1602(b)(4), (d), Aug. 10, 2005, 119 Stat. 1241, 1247; Pub. L. 112–141, div. A, title II, § 2002, July 6, 2012, 126 Stat. 617.)
+
+## Notes
+
+Editorial Notes
+
+Amendments2012—Pub. L. 112–141 amended section generally. Prior to amendment, section related to lines of credit. 2005—Pub. L. 109–59, § 1602(d), renumbered section 184 of this title as this section. Subsec. (a)(1). Pub. L. 109–59, § 1602(b)(4)(A), substituted “602” for “182”. Subsec. (a)(3). Pub. L. 109–59, § 1602(b)(4)(B), substituted “602(b)(2)(B)” for “182(b)(2)(B)”. Subsec. (b)(2). Pub. L. 109–59, § 1601(e)(1)(A), added par. (2) and struck out heading and text of former par. (2). Text read as follows: “(A) Total amount.—The total amount of the line of credit shall not exceed 33 percent of the reasonably anticipated eligible project costs. “(B) 1-year draws.—The amount drawn in any 1 year shall not exceed 20 percent of the total amount of the line of credit.” Subsec. (b)(3). Pub. L. 109–59, § 1601(e)(1)(B), substituted “but not including reasonably required financing reserves” for “, any debt service reserve fund, and any other available reserve”. Subsec. (b)(4). Pub. L. 109–59, § 1601(e)(1)(C), struck out “marketable” before “United States Treasury securities” and substituted “date of execution of the line of credit agreement” for “date on which the line of credit is obligated”. Subsec. (b)(5)(A)(i). Pub. L. 109–59, § 1601(e)(1)(D), inserted “that also secure the senior project obligations” after “sources”. Subsec. (b)(6). Pub. L. 109–59, § 1601(e)(1)(E), substituted “The full amount of the line of credit, to the extent not drawn upon,” for “The line of credit”. Subsec. (b)(10). Pub. L. 109–59, § 1602(b)(4)(C), substituted “603” for “183”. Subsec. (c)(2). Pub. L. 109–59, § 1601(e)(2)(A), struck out “scheduled” before “repayments”, inserted “be scheduled to” after “shall”, and substituted “to conclude, with full repayment of principal and interest,” for “be fully repaid, with interest,”. Subsec. (c)(3). Pub. L. 109–59, § 1601(e)(2)(B), struck out heading and text of par. (3). Text read as follows: “The sources of funds for scheduled loan repayments under this section shall include tolls, user fees, or other dedicated revenue sources.”
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 2012 AmendmentAmendment by Pub. L. 112–141 effective Oct. 1, 2012, see section 3(a) of Pub. L. 112–141, set out as an Effective and Termination Dates of 2012 Amendment note under section 101 of this title.

legal/us/code/title-23/chapter-6/section-605.md

@@ -0,0 +1,69 @@
+---
+type: "LegalText"
+title: "23 U.S.C. § 605"
+description: "Program administration"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 23
+title_name: "HIGHWAYS"
+chapter_number: "6"
+chapter_name: "INFRASTRUCTURE FINANCE"
+section: "605"
+citation: "23 U.S.C. § 605"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc23@119-100.zip"
+source_identifier: "/us/usc/t23/s605"
+source_file: "data/legal/raw/us/code/title-23/usc23.xml"
+source_hash: "fc6a1e74796b103b952cfeede1a684999d9fe51aeacf4e9134b00ecd826feea1"
+raw_snapshot_hash: "e416780887af9b032b058a30d5deabd208499e53ab0f2ba19007646ef6293cbe"
+text_hash: "c04f7243c74278c1e4493a7bd830fbcbd40c7a0e2b1e6dbde5c78ae000335e2e"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 23 U.S.C. § 605 - Program administration
+
+## Text
+
+(a) Requirement.— The Secretary shall establish a uniform system to service the Federal credit instruments made available under the TIFIA program.
+
+(b) Fees.— The Secretary may collect and spend fees, contingent on authority being provided in appropriations Acts, at a level that is sufficient to cover—
+
+(1) the costs of services of expert firms retained pursuant to subsection (d); and
+
+(2) all or a portion of the costs to the Federal Government of servicing the Federal credit instruments.
+
+(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 TIFIA program.
+
+(f) Assistance to Small Projects.— (1) Reservation of funds.— Of the funds made available to carry out the TIFIA program for each fiscal year, and after the set aside under section 608(a)(6), not less than $2,000,000 shall be made available for the Secretary to use in lieu of fees collected under subsection (b) for projects under the TIFIA program having eligible project costs that are reasonably anticipated not to equal or exceed $75,000,000.
+
+(2) Release of funds.— Any funds not used under paragraph (1) in a fiscal year shall be made available on October 1 of the following fiscal year to provide credit assistance to any project under the TIFIA program.
+
+(Added Pub. L. 105–178, title I, § 1503(a), June 9, 1998, 112 Stat. 249, § 185; renumbered § 605 and amended Pub. L. 109–59, title I, §§ 1601(f), 1602(b)(5), (d), Aug. 10, 2005, 119 Stat. 1241, 1247; Pub. L. 112–141, div. A, title II, § 2002, July 6, 2012, 126 Stat. 619; Pub. L. 114–94, div. A, title II, § 2001(d), Dec. 4, 2015, 129 Stat. 1443; Pub. L. 117–58, div. A, title II, § 12001(i)(2), Nov. 15, 2021, 135 Stat. 621.)
+
+## Notes
+
+Editorial Notes
+
+Amendments2021—Subsec. (f)(1). Pub. L. 117–58 substituted “section 608(a)(6)” for “section 608(a)(5)”. 2015—Subsecs. (a), (e). Pub. L. 114–94, § 2001(d)(1), substituted “the TIFIA program” for “this chapter”. Subsec. (f). Pub. L. 114–94, § 2001(d)(2), added subsec. (f). 2012—Pub. L. 112–141 amended section generally. Prior to amendment, section related to program administration, consisting of subsecs. (a) to (d). 2005—Pub. L. 109–59, § 1602(d), renumbered section 185 of this title as this section. Pub. L. 109–59, § 1601(f), amended section catchline and text generally, substituting provisions relating to establishment by the Secretary of a uniform system to service the Federal credit instruments made available under this subchapter for provisions authorizing a State to identify a local servicer to assist the Secretary in servicing the Federal credit instrument made available under this subchapter. Subsec. (a). Pub. L. 109–59, § 1602(b)(5), substituted “this chapter” for “this subchapter”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 2021 AmendmentAmendment by Pub. L. 117–58 effective Oct. 1, 2021, see section 10003 of Pub. L. 117–58, set out as a note under section 101 of this title.
+
+Effective Date of 2015 AmendmentAmendment by Pub. L. 114–94 effective Oct. 1, 2015, see section 1003 of Pub. L. 114–94, set out as a note under section 5313 of Title 5, Government Organization and Employees.
+
+Effective Date of 2012 AmendmentAmendment by Pub. L. 112–141 effective Oct. 1, 2012, see section 3(a) of Pub. L. 112–141, set out as an Effective and Termination Dates of 2012 Amendment note under section 101 of this title.

legal/us/code/title-23/chapter-6/section-606.md

@@ -0,0 +1,53 @@
+---
+type: "LegalText"
+title: "23 U.S.C. § 606"
+description: "State and local permits"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 23
+title_name: "HIGHWAYS"
+chapter_number: "6"
+chapter_name: "INFRASTRUCTURE FINANCE"
+section: "606"
+citation: "23 U.S.C. § 606"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc23@119-100.zip"
+source_identifier: "/us/usc/t23/s606"
+source_file: "data/legal/raw/us/code/title-23/usc23.xml"
+source_hash: "f43eb07413f9ba4e0a6095e48366dbf547e8f96b8008769b964aa12489e30d0f"
+raw_snapshot_hash: "e416780887af9b032b058a30d5deabd208499e53ab0f2ba19007646ef6293cbe"
+text_hash: "6e75a83e804db5e2c04668588d22f50797f9964657a55a04f35726e163acc1ce"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 23 U.S.C. § 606 - State and local permits
+
+## Text
+
+The provision of credit assistance under the TIFIA program with respect to a project shall not—
+
+(1) relieve any recipient of the assistance of any obligation to obtain any required State or local permit or approval with respect to the project;
+
+(2) limit the right of any unit of State or local government to approve or regulate any rate of return on private equity invested in the project; or
+
+(3) otherwise supersede any State or local law (including any regulation) applicable to the construction or operation of the project.
+
+(Added Pub. L. 105–178, title I, § 1503(a), June 9, 1998, 112 Stat. 249, § 186; renumbered § 606 and amended Pub. L. 109–59, title I, § 1602(b)(5), (d), Aug. 10, 2005, 119 Stat. 1247; Pub. L. 112–141, div. A, title II, § 2002, July 6, 2012, 126 Stat. 620; Pub. L. 114–94, div. A, title II, § 2001(e), Dec. 4, 2015, 129 Stat. 1444.)
+
+## Notes
+
+Editorial Notes
+
+Amendments2015—Pub. L. 114–94 substituted “the TIFIA program” for “this chapter” in introductory provisions. 2012—Pub. L. 112–141 amended section generally. Prior to amendment, section read as follows: “The provision of financial assistance under this chapter with respect to a project shall not— “(1) relieve any recipient of the assistance of any obligation to obtain any required State or local permit or approval with respect to the project; “(2) limit the right of any unit of State or local government to approve or regulate any rate of return on private equity invested in the project; or “(3) otherwise supersede any State or local law (including any regulation) applicable to the construction or operation of the project.” 2005—Pub. L. 109–59, § 1602(d), renumbered section 186 of this title as this section. Pub. L. 109–59, § 1602(b)(5), substituted “this chapter” for “this subchapter” in introductory provisions.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 2015 AmendmentAmendment by Pub. L. 114–94 effective Oct. 1, 2015, see section 1003 of Pub. L. 114–94, set out as a note under section 5313 of Title 5, Government Organization and Employees.
+
+Effective Date of 2012 AmendmentAmendment by Pub. L. 112–141 effective Oct. 1, 2012, see section 3(a) of Pub. L. 112–141, set out as an Effective and Termination Dates of 2012 Amendment note under section 101 of this title.

legal/us/code/title-23/chapter-6/section-607.md

@@ -0,0 +1,47 @@
+---
+type: "LegalText"
+title: "23 U.S.C. § 607"
+description: "Regulations"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 23
+title_name: "HIGHWAYS"
+chapter_number: "6"
+chapter_name: "INFRASTRUCTURE FINANCE"
+section: "607"
+citation: "23 U.S.C. § 607"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc23@119-100.zip"
+source_identifier: "/us/usc/t23/s607"
+source_file: "data/legal/raw/us/code/title-23/usc23.xml"
+source_hash: "f42141ab9d54f028d0fb6afbc9dd7007b6ff6eff171e8052d4c7f1ea9f773918"
+raw_snapshot_hash: "e416780887af9b032b058a30d5deabd208499e53ab0f2ba19007646ef6293cbe"
+text_hash: "04ec8b73c6b3e416436fe0fc611beb22725b824aef1e989ec722f7c979e787ec"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 23 U.S.C. § 607 - Regulations
+
+## Text
+
+The Secretary may promulgate such regulations as the Secretary determines to be appropriate to carry out the TIFIA program.
+
+(Added Pub. L. 105–178, title I, § 1503(a), June 9, 1998, 112 Stat. 249, § 187; renumbered § 607 and amended Pub. L. 109–59, title I, § 1602(b)(5), (d), Aug. 10, 2005, 119 Stat. 1247; Pub. L. 112–141, div. A, title II, § 2002, July 6, 2012, 126 Stat. 620; Pub. L. 114–94, div. A, title II, § 2001(f), Dec. 4, 2015, 129 Stat. 1444.)
+
+## Notes
+
+Editorial Notes
+
+Amendments2015—Pub. L. 114–94 substituted “the TIFIA program” for “this chapter”. 2012—Pub. L. 112–141 amended section generally. Prior to amendment, section read as follows: “The Secretary may issue such regulations as the Secretary determines appropriate to carry out this chapter.” 2005—Pub. L. 109–59, § 1602(d), renumbered section 187 of this title as this section. Pub. L. 109–59, § 1602(b)(5), substituted “this chapter” for “this subchapter”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 2015 AmendmentAmendment by Pub. L. 114–94 effective Oct. 1, 2015, see section 1003 of Pub. L. 114–94, set out as a note under section 5313 of Title 5, Government Organization and Employees.
+
+Effective Date of 2012 AmendmentAmendment by Pub. L. 112–141 effective Oct. 1, 2012, see section 3(a) of Pub. L. 112–141, set out as an Effective and Termination Dates of 2012 Amendment note under section 101 of this title.

legal/us/code/title-23/chapter-6/section-609.md

@@ -0,0 +1,91 @@
+---
+type: "LegalText"
+title: "23 U.S.C. § 609"
+description: "Reports to Congress"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 23
+title_name: "HIGHWAYS"
+chapter_number: "6"
+chapter_name: "INFRASTRUCTURE FINANCE"
+section: "609"
+citation: "23 U.S.C. § 609"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc23@119-100.zip"
+source_identifier: "/us/usc/t23/s609"
+source_file: "data/legal/raw/us/code/title-23/usc23.xml"
+source_hash: "4f0d5c15316ba299cedaeb1bbe93f33c9ec5a3f9e01a7ee9fad05f28cfa30e1e"
+raw_snapshot_hash: "e416780887af9b032b058a30d5deabd208499e53ab0f2ba19007646ef6293cbe"
+text_hash: "9699fc9b12fbf9b6fc92d5267e87c2ffea4f04e646ec2b459abffe1a296cd495"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 23 U.S.C. § 609 - Reports to Congress
+
+## Text
+
+(a) In General.— On June 1, 2012, and every 2 years thereafter, the Secretary shall submit to Congress a report summarizing the financial performance of the projects that are receiving, or have received, assistance under the TIFIA program, including a recommendation as to whether the objectives of the TIFIA program are best served by—
+
+(1) continuing the program under the authority of the Secretary;
+
+(2) establishing a Federal corporation or federally sponsored enterprise to administer the program; or
+
+(3) phasing out the program and relying on the capital markets to fund the types of infrastructure investments assisted by the TIFIA program without Federal participation.
+
+(b) Application Process Report.— (1) In general.— Not later than December 1, 2012, and annually thereafter, the Secretary shall submit to the Committee on Transportation and Infrastructure of the House of Representatives and the Committee on Environment and Public Works of the Senate a report that includes a list of all of the letters of interest and applications received from project sponsors for assistance under the TIFIA program during the preceding fiscal year.
+
+(2) Inclusions.— (A) In general.— Each report under paragraph (1) shall include, at a minimum, a description of, with respect to each letter of interest and application included in the report—
+
+(i) the date on which the letter of interest or application was received;
+
+(ii) the date on which a notification was provided to the project sponsor regarding whether the application was complete or incomplete;
+
+(iii) the date on which a revised and completed application was submitted (if applicable);
+
+(iv) the date on which a notification was provided to the project sponsor regarding whether the project was approved or disapproved; and
+
+(v) if the project was not approved, the reason for the disapproval.
+
+(B) Correspondence.— Each report under paragraph (1) shall include copies of any correspondence provided to the project sponsor in accordance with section 602(d).
+
+(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.
+
+(Added Pub. L. 105–178, title I, § 1503(a), June 9, 1998, 112 Stat. 250, § 189; renumbered § 609 and amended Pub. L. 109–59, title I, §§ 1601(h), 1602(d), Aug. 10, 2005, 119 Stat. 1242, 1247; Pub. L. 112–141, div. A, title II, § 2002, July 6, 2012, 126 Stat. 621; Pub. L. 114–94, div. A, title II, § 2001(h), Dec. 4, 2015, 129 Stat. 1444; Pub. L. 117–58, div. A, title II, § 12001(j), Nov. 15, 2021, 135 Stat. 621.)
+
+## Notes
+
+Editorial Notes
+
+Amendments2021—Subsec. (c). Pub. L. 117–58 added subsec. (c). 2015—Pub. L. 114–94 substituted “the TIFIA program” for “this chapter (other than section 610)” wherever appearing. 2012—Pub. L. 112–141 amended section generally. Prior to amendment, section read as follows: “On June 1, 2006, and every 2 years thereafter, the Secretary shall submit to Congress a report summarizing the financial performance of the projects that are receiving, or have received, assistance under this chapter (other than section 610), including a recommendation as to whether the objectives of this chapter (other than section 610) are best served— “(1) by continuing the program under the authority of the Secretary; “(2) by establishing a Government corporation or Government-sponsored enterprise to administer the program; or “(3) by phasing out the program and relying on the capital markets to fund the types of infrastructure investments assisted by this chapter (other than section 610) without Federal participation.” 2005—Pub. L. 109–59, § 1602(d), renumbered section 189 of this title as this section. Pub. L. 109–59, § 1601(h), substituted “Reports” for “Report” in section catchline, “On June 1, 2006, and every 2 years thereafter,” for “Not later than 4 years after the date of enactment of this subchapter,” in introductory provisions, and “chapter (other than section 610)” for “subchapter” wherever appearing.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 2021 AmendmentAmendment by Pub. L. 117–58 effective Oct. 1, 2021, see section 10003 of Pub. L. 117–58, set out as a note under section 101 of this title.
+
+Effective Date of 2015 AmendmentAmendment by Pub. L. 114–94 effective Oct. 1, 2015, see section 1003 of Pub. L. 114–94, set out as a note under section 5313 of Title 5, Government Organization and Employees.
+
+Effective Date of 2012 AmendmentAmendment by Pub. L. 112–141 effective Oct. 1, 2012, see section 3(a) of Pub. L. 112–141, set out as an Effective and Termination Dates of 2012 Amendment note under section 101 of this title.

legal/us/code/title-23/chapter-6/section-610.md

@@ -0,0 +1,173 @@
+---
+type: "LegalText"
+title: "23 U.S.C. § 610"
+description: "State infrastructure bank program"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 23
+title_name: "HIGHWAYS"
+chapter_number: "6"
+chapter_name: "INFRASTRUCTURE FINANCE"
+section: "610"
+citation: "23 U.S.C. § 610"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc23@119-100.zip"
+source_identifier: "/us/usc/t23/s610"
+source_file: "data/legal/raw/us/code/title-23/usc23.xml"
+source_hash: "939885d92df024222220d543035a0f0c33a3d1b86975b3b5d3246df6344260cf"
+raw_snapshot_hash: "e416780887af9b032b058a30d5deabd208499e53ab0f2ba19007646ef6293cbe"
+text_hash: "3c093520868826a31cfe8c0485ba78e964e64c8d3f22433173eb34158175acdc"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 23 U.S.C. § 610 - State infrastructure bank program
+
+## Text
+
+(a) Definitions.— In this section, the following definitions apply:
+
+(1) Capital project.— The term “capital project” has the meaning such term has under section 5302 of title 49.
+
+(2) Other forms of credit assistance.— The term “other forms of credit assistance” includes any use of funds in an infrastructure bank—
+
+(A) to provide credit enhancements;
+
+(B) to serve as a capital reserve for bond or debt instrument financing;
+
+(C) to subsidize interest rates;
+
+(D) to insure or guarantee letters of credit and credit instruments against credit risk of loss;
+
+(E) to finance purchase and lease agreements with respect to transit projects;
+
+(F) to provide bond or debt financing instrument security; and
+
+(G) to provide other forms of debt financing and methods of leveraging funds that are approved by the Secretary and that relate to the project with respect to which such assistance is being provided.
+
+(3) State.— The term “State” has the meaning such term has under section 401.
+
+(4) Capitalization.— The term “capitalization” means the process used for depositing funds as initial capital into a State infrastructure bank to establish the infrastructure bank.
+
+(5) Cooperative agreement.— The term “cooperative agreement” means written consent between a State and the Secretary which sets forth the manner in which the infrastructure bank established by the State in accordance with this section will be administered.
+
+(6) Loan.— The term “loan” means any form of direct financial assistance from a State infrastructure bank that is required to be repaid over a period of time and that is provided to a project sponsor for all or part of the costs of the project.
+
+(7) Guarantee.— The term “guarantee” means a contract entered into by a State infrastructure bank in which the bank agrees to take responsibility for all or a portion of a project sponsor’s financial obligations for a project under specified conditions.
+
+(8) Initial assistance.— The term “initial assistance” means the first round of funds that are loaned or used for credit enhancement by a State infrastructure bank for projects eligible for assistance under this section.
+
+(9) Leverage.— The term “leverage” means a financial structure used to increase funds in a State infrastructure bank through the issuance of debt instruments.
+
+(10) Leveraged.— The term “leveraged”, as used with respect to a State infrastructure bank, means that the bank has total potential liabilities that exceed the capital of the bank.
+
+(11) Rural infrastructure project.— The term “rural infrastructure project” has the meaning given the term in section 601.
+
+(12) Rural projects fund.— The term “rural projects fund” has the meaning given the term in section 601.
+
+(b) Cooperative Agreements.— Subject to the provisions of this section, the Secretary may enter into cooperative agreements with States for the establishment of State infrastructure banks for making loans and providing other forms of credit assistance to public and private entities carrying out or proposing to carry out projects eligible for assistance under this section.
+
+(c) Interstate Compacts.— (1) In general.— Congress grants consent to two or more of the States, entering into a cooperative agreement under subsection (a) with the Secretary for the establishment by such States of a multistate infrastructure bank in accordance with this section, to enter into an interstate compact establishing such bank in accordance with this section.
+
+(2) Reservation of rights.— The right to alter, amend, or repeal interstate compacts entered into under this subsection is expressly reserved.
+
+(d) Funding.— (1) Highway account.— Subject to subsection (j), the Secretary may permit a State entering into a cooperative agreement under this section to establish a State infrastructure bank to deposit into the highway account of the bank not to exceed—
+
+(A) 10 percent of the funds apportioned to the State for each of fiscal years 2022 through 2026 under each of paragraphs (1), (2), and (5) of section 104(b); and
+
+(B) 10 percent of the funds allocated to the State for each of such fiscal years.
+
+(2) Transit account.— Subject to subsection (j), the Secretary may permit a State entering into a cooperative agreement under this section to establish a State infrastructure bank, and any other recipient of Federal assistance under section 5307, 5309, or 5311 of title 49, to deposit into the transit account of the bank not to exceed 10 percent of the funds made available to the State or other recipient in each of fiscal years 2022 through 2026 for capital projects under each of such sections.
+
+(3) Rail account.— Subject to subsection (j), the Secretary may permit a State entering into a cooperative agreement under this section to establish a State infrastructure bank, and any other recipient of Federal assistance under subtitle V of title 49, to deposit into the rail account of the bank funds made available to the State or other recipient in each of fiscal years 2022 through 2026 for capital projects under such subtitle.
+
+(4) Rural projects fund.— Subject to subsection (j), the Secretary may permit a State entering into a cooperative agreement under this section to establish a State infrastructure bank to deposit into the rural projects fund of the bank the proceeds of a secured loan made to the bank in accordance with sections 602 and 603.
+
+(5) Capital grants.— (A) Highway account.— Federal funds deposited into a highway account of a State infrastructure bank under paragraph (1) shall constitute for purposes of this section a capitalization grant for the highway account of the bank.
+
+(B) Transit account.— Federal funds deposited into a transit account of a State infrastructure bank under paragraph (2) shall constitute for purposes of this section a capitalization grant for the transit account of the bank.
+
+(C) Rail account.— Federal funds deposited into a rail account of a State infrastructure bank under paragraph 3 shall constitute for purposes of this section a capitalization grant for the rail account of the bank.
+
+(6) Special rule for urbanized areas of over 200,000.— Funds in a State infrastructure bank that are attributed to urbanized areas of a State with urbanized populations of over 200,000 under section 133(d)(1)(A)(i) may be used to provide assistance with respect to a project only if the metropolitan planning organization designated for such area concurs, in writing, with the provision of such assistance.
+
+(7) Discontinuance of funding.— If the Secretary determines that a State is not implementing the State’s infrastructure bank in accordance with a cooperative agreement entered into under subsection (b), the Secretary may prohibit the State from contributing additional Federal funds to the bank.
+
+(e) Forms of Assistance From State Infrastructure Banks.— (1) In general.— A State infrastructure bank established under this section may—
+
+(A) with funds deposited into the highway account, transit account, or rail account of the bank, make loans or provide other forms of credit assistance to a public or private entity to carry out a project eligible for assistance under this section; and
+
+(B) with funds deposited into the rural projects fund, make loans to a public or private entity to carry out a rural infrastructure project.
+
+(2) Subordination of loan.— The amount of a loan or other form of credit assistance provided for a project described in paragraph (1) may be subordinated to any other debt financing for the project.
+
+(3) Maximum amount of assistance.— A State infrastructure bank established under this section may—
+
+(A) with funds deposited into the highway account, transit account, or rail account of the bank, make loans or provide other forms of credit assistance to a public or private entity in an amount up to 100 percent of the cost of carrying out a project eligible for assistance under this section; and
+
+(B) with funds deposited into the rural projects fund, make loans to a public or private entity in an amount not to exceed 80 percent of the cost of carrying out a rural infrastructure project.
+
+(4) Initial assistance.— Initial assistance provided with respect to a project from Federal funds deposited into a State infrastructure bank under this section may not be made in the form of a grant.
+
+(f) Eligible Projects.— Subject to subsection (e), funds in an infrastructure bank established under this section may be used only to provide assistance for projects eligible for assistance under this title and capital projects defined in section 5302 of title 49, and any other projects relating to surface transportation that the Secretary determines to be appropriate.
+
+(g) Infrastructure Bank Requirements.— In order to establish an infrastructure bank under this section, the State establishing the bank shall—
+
+(1) deposit in cash, at a minimum, into the highway account, the transit account, and the rail account of the bank from non-Federal sources an amount equal to 25 percent of the amount of each capitalization grant made to the State and deposited into such account; except that, if the deposit is into the highway account of the bank and the State has a non-Federal share under section 120(b) that is less than 25 percent, the percentage to be deposited from non-Federal sources shall be the lower percentage of such grant;
+
+(2) ensure that the bank maintains on a continuing basis an investment grade rating on its debt, or has a sufficient level of bond or debt financing instrument insurance, to maintain the viability of the bank;
+
+(3) ensure that investment income derived from funds deposited to an account of the bank are—
+
+(A) credited to the account;
+
+(B) available for use in providing loans and other forms of credit assistance to projects eligible for assistance from the account; and
+
+(C) invested in United States Treasury securities, bank deposits, or such other financing instruments as the Secretary may approve to earn interest to enhance the leveraging of projects assisted by the bank;
+
+(4) ensure that any loan from the bank will bear interest at or below market interest rates, as determined by the State, to make the project that is the subject of the loan feasible, except that any loan funded from the rural projects fund of the bank shall bear interest at or below the interest rate charged for the TIFIA loan provided to the bank under section 603;
+
+(5) ensure that repayment of any loan from the bank will commence not later than 5 years after the project has been completed or, in the case of a highway project, the facility has opened to traffic, whichever is later;
+
+(6) ensure that the term for repaying any loan will not exceed 30 years after the date of the first payment on the loan; and
+
+(7) require the bank to make an annual report to the Secretary on its status no later than September 30 of each year and such other reports as the Secretary may require under guidelines issued to carry out this section.
+
+(h) Applicability of Federal Law.— (1) In general.— The requirements of this title and title 49 that would otherwise apply to funds made available under this title or such title and projects assisted with those funds shall apply to—
+
+(A) funds made available under this title or such title and contributed to an infrastructure bank established under this section, including the non-Federal contribution required under subsection (g); and
+
+(B) projects assisted by the bank through the use of the funds,
+
+except to the extent that the Secretary determines that any requirement of such title (other than sections 113 and 114 of this title and section 5333 of title 49) is not consistent with the objectives of this section.
+
+(2) Repayments.— The requirements of this title and title 49 shall apply to repayments from non-Federal sources to an infrastructure bank from projects assisted by the bank. Such a repayment shall be considered to be Federal funds.
+
+(i) United States not Obligated.— The deposit of Federal funds into an infrastructure bank established under this section shall not be construed as a commitment, guarantee, or obligation on the part of the United States to any third party, nor shall any third party have any right against the United States for payment solely by virtue of the contribution. Any security or debt-financing instrument issued by the infrastructure bank shall expressly state that the security or instrument does not constitute a commitment, guarantee, or obligation of the United States.
+
+(j) Management of Federal Funds.— Sections 3335 and 6503 of title 31 shall not apply to funds deposited into an infrastructure bank under this section.
+
+(k) Program Administration.— For each of fiscal years 2022 through 2026, a State may expend not to exceed 2 percent of the Federal funds contributed to an infrastructure bank established by the State under this section to pay the reasonable costs of administering the bank.
+
+(Added Pub. L. 109–59, title I, § 1602(a), Aug. 10, 2005, 119 Stat. 1243, § 190; renumbered § 610, Pub. L. 109–59, title I, § 1602(d), Aug. 10, 2005, 119 Stat. 1247, as amended Pub. L. 110–244, title I, § 101(f), June 6, 2008, 122 Stat. 1574; Pub. L. 112–141, div. A, title I, § 1519(c)(11), formerly § 1519(c)(12), July 6, 2012, 126 Stat. 577, renumbered § 1519(c)(11), Pub. L. 114–94, div. A, title I, § 1446(d)(5)(B), Dec. 4, 2015, 129 Stat. 1438; Pub. L. 114–94, div. A, title II, § 2001(i), Dec. 4, 2015, 129 Stat. 1444; Pub. L. 117–58, div. A, title II, § 12001(k), Nov. 15, 2021, 135 Stat. 621.)
+
+## Notes
+
+Editorial Notes
+
+Amendments2021—Subsec. (d)(1)(A), (2), (3). Pub. L. 117–58, § 12001(k)(1), substituted “fiscal years 2022 through 2026” for “fiscal years 2016 through 2020”. Subsec. (k). Pub. L. 117–58, § 12001(k)(2), substituted “fiscal years 2022 through 2026” for “fiscal years 2016 through 2020”. 2015—Subsec. (a)(11), (12). Pub. L. 114–94, § 2001(i)(1), added pars. (11) and (12). Subsec. (d)(1)(A). Pub. L. 114–94, § 2001(i)(2)(A), substituted “each of fiscal years 2016 through 2020 under each of paragraphs (1), (2), and (5) of section 104(b); and” for “fiscal years 2005 through 2009 under each of sections 104(b)(1), 104(b)(3), 104(b)(4), and 144; and”. Subsec. (d)(1)(B). Pub. L. 114–94, § 1446(d)(5)(B), amended Pub. L. 112–141, div. A, title I, § 1519(c). See 2012 Amendment note below. Subsec. (d)(2), (3). Pub. L. 114–94, § 2001(i)(2)(B), (C), substituted “fiscal years 2016 through 2020” for “fiscal years 2005 through 2009”. Subsec. (d)(4) to (7). Pub. L. 114–94, § 2001(i)(2)(D)–(F), added par. (4), redesignated former pars. (4) to (6) as (5) to (7), respectively, and substituted “section 133(d)(1)(A)(i)” for “section 133(d)(3)” in par. (6). Subsec. (e). Pub. L. 114–94, § 2001(i)(3), added subsec. (e) and struck out former subsec. (e) which related to forms of assistance from infrastructure banks. Subsec. (g)(1). Pub. L. 114–94, § 2001(i)(4)(A), substituted “the highway account, the transit account, and the rail account” for “each account”. Subsec. (g)(4). Pub. L. 114–94, § 2001(i)(4)(B), inserted “, except that any loan funded from the rural projects fund of the bank shall bear interest at or below the interest rate charged for the TIFIA loan provided to the bank under section 603” after “feasible”. Subsec. (k). Pub. L. 114–94, § 2001(i)(5), substituted “fiscal years 2016 through 2020” for “fiscal years 2005 through 2009”. 2012—Subsec. (d)(1)(B). Pub. L. 112–141, § 1519(c)(11), formerly § 1519(c)(12), as renumbered by Pub. L. 114–94, § 1446(d)(5)(B), struck out “under section 105” before period at end. 2008—Pub. L. 110–244 amended Pub. L. 109–59, § 1602(d). See 2005 Amendment note below. 2005—Pub. L. 109–59, as amended by Pub. L. 110–244, renumbered section 190 of this title as this section.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 2021 AmendmentAmendment by Pub. L. 117–58 effective Oct. 1, 2021, see section 10003 of Pub. L. 117–58, set out as a note under section 101 of this title.
+
+Effective Date of 2015 AmendmentExcept as otherwise provided, amendment by Pub. L. 114–94 effective Oct. 1, 2015, see section 1003 of Pub. L. 114–94, set out as a note under section 5313 of Title 5, Government Organization and Employees. Pub. L. 114–94, div. A, title I, § 1446(d), Dec. 4, 2015, 129 Stat. 1438, provided that the amendment made by section 1446(d)(5)(B) is effective as of July 6, 2012, and as if included in Pub. L. 112–141 as enacted.
+
+Effective Date of 2012 AmendmentAmendment by Pub. L. 112–141 effective Oct. 1, 2012, see section 3(a) of Pub. L. 112–141, set out as an Effective and Termination Dates of 2012 Amendment note under section 101 of this title.
+
+Effective Date of 2008 AmendmentAmendment by Pub. L. 110–244 effective as of the date of enactment of Pub. L. 109–59 (Aug. 10, 2005) and to be treated as included in Pub. L. 109–59 as of that date, and provisions of Pub. L. 109–59, as in effect on the day before June 6, 2008, that are amended by Pub. L. 110–244 to be treated as not enacted, see section 121(b) of Pub. L. 110–244, set out as a note under section 101 of this title.

legal/us/code/title-23/chapter-6/section-611.md

@@ -0,0 +1,161 @@
+---
+type: "LegalText"
+title: "23 U.S.C. § 611"
+description: "Asset concessions and innovative finance assistance"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 23
+title_name: "HIGHWAYS"
+chapter_number: "6"
+chapter_name: "INFRASTRUCTURE FINANCE"
+section: "611"
+citation: "23 U.S.C. § 611"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc23@119-100.zip"
+source_identifier: "/us/usc/t23/s611"
+source_file: "data/legal/raw/us/code/title-23/usc23.xml"
+source_hash: "78ccb213b95befb77aeb9555a1d8fd784107b0cf8b9dd624109af2231eabde45"
+raw_snapshot_hash: "e416780887af9b032b058a30d5deabd208499e53ab0f2ba19007646ef6293cbe"
+text_hash: "a1dcb87a6df0a0f4b1018a3e676162c5172fdf802a2355df5e053dfbd59fd59e"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 23 U.S.C. § 611 - Asset concessions and innovative finance assistance
+
+## Text
+
+(a) Definitions.— In this section:
+
+(1) Approved infrastructure asset.— The term “approved infrastructure asset” means—
+
+(A) a project (as defined in section 601(a)); and
+
+(B) a group of projects (as defined in section 601(a)) considered together in a single asset concession or long-term lease to a concessionaire by 1 or more eligible entities.
+
+(2) Asset concession.— The term “asset concession” means a contract between an eligible entity and a concessionaire—
+
+(A) under which—
+
+(i) the eligible entity agrees to enter into a concession agreement or long-term lease with the concessionaire relating to an approved infrastructure asset owned, controlled, or maintained by the eligible entity;
+
+(ii) as consideration for the agreement or lease described in clause (i), the concessionaire agrees—
+
+(I) to provide to the eligible entity 1 or more asset concession payments; and
+
+(II) to maintain or exceed the condition, performance, and service level of the approved infrastructure asset, as compared to that condition, performance, and service level on the date of execution of the agreement or lease; and
+
+(iii) the eligible entity and the concessionaire agree that the costs for a fiscal year of the agreement or lease, and any project carried out under the agreement or lease, shall not be shifted to any taxpayer the annual household income of whom is less than $400,000 per year, including through taxes, user fees, tolls, or any other measure, for use of an approved infrastructure asset; and
+
+(B) the terms of which do not include any noncompete or exclusivity restriction (or any other, similar restriction) on the approval of another project.
+
+(3) Asset concession payment.— The term “asset concession payment” means a payment that—
+
+(A) is made by a concessionaire to an eligible entity for fair market value that is determined as part of the asset concession; and
+
+(B) may be—
+
+(i) a payment made at the financial close of an asset concession; or
+
+(ii) a series of payments scheduled to be made for—
+
+(I) a fixed period; or
+
+(II) the term of an asset concession.
+
+(4) Concessionaire.— The term “concessionaire” means a private individual or a private or publicly chartered corporation or entity that enters into an asset concession with an eligible entity.
+
+(5) Eligible entity.— (A) In general.— The term “eligible entity” means an entity described in subparagraph (B) that—
+
+(i) owns, controls, or maintains an approved infrastructure asset; and
+
+(ii) has the legal authority to enter into a contract to transfer ownership, maintenance, operations, revenues, or other benefits and responsibilities for an approved infrastructure asset.
+
+(B) Entities described.— An entity referred to in subparagraph (A) is any of the following:
+
+(i) A State.
+
+(ii) A Tribal government.
+
+(iii) A unit of local government.
+
+(iv) An agency or instrumentality of a State, Tribal government, or unit of local government.
+
+(v) A special purpose district or public authority.
+
+(b) Establishment.— The Secretary shall establish a program to facilitate access to expert services for, and to provide grants to, eligible entities to enhance the technical capacity of eligible entities to facilitate and evaluate public-private partnerships in which the private sector partner could assume a greater role in project planning, development, financing, construction, maintenance, and operation, including by assisting eligible entities in entering into asset concessions.
+
+(c) Applications.— To be eligible to receive a grant under this section, an eligible entity shall submit to the Secretary an application at such time, in such manner, and containing such information as the Secretary may require.
+
+(d) Eligible Activities.— (1) Technical assistance grants.— An eligible entity may use amounts made available from a grant under this section for technical assistance to build the organizational capacity of the eligible entity to develop, review, or enter into an asset concession, including for—
+
+(A) identifying appropriate assets or projects for asset concessions;
+
+(B) soliciting and negotiating asset concessions, including hiring staff in public agencies;
+
+(C) conducting a value-for-money analysis, or a comparable analysis, to evaluate the comparative benefits of asset concessions and public debt or other procurement methods;
+
+(D) evaluating options for the structure and use of asset concession payments;
+
+(E) evaluating and publicly presenting the risks and benefits of all contract provisions for the purpose of transparency and accountability;
+
+(F) identifying best practices to protect the public interest and priorities;
+
+(G) identifying best practices for managing transportation demand and mobility along a corridor, including through provisions of the asset concession, to facilitate transportation demand management strategies along the corridor that is subject to the asset concession; and
+
+(H) integrating and coordinating pricing, data, and fare collection with other regional operators that exist or may be developed.
+
+(2) Expert services.— An eligible entity seeking to leverage public and private funding in connection with the development of an early-stage approved infrastructure asset, including in the development of alternative approaches to project delivery or procurement, may use amounts made available from a grant under this section to retain the services of an expert firm to provide to the eligible entity direct project level assistance, which services may include—
+
+(A) project planning, feasibility studies, revenue forecasting, economic assessments and cost-benefit analyses, public benefit studies, value-for-money analyses, business case development, lifecycle cost analyses, risk assessment, financing and funding options analyses, procurement alternatives analyses, statutory and regulatory framework analyses and other pre-procurement and pre-construction activities;
+
+(B) financial and legal planning (including the identification of statutory authorization, funding, and financing options);
+
+(C) early assessment of permitting, environmental review, and regulatory processes and costs; and
+
+(D) assistance with entering into an asset concession.
+
+(e) Distribution.— (1) Maximum amount.— (A) Technical assistance grants.— The maximum amount of a technical assistance grant under subsection (d)(1) shall be $2,000,000.
+
+(B) Expert services.— The maximum amount of the value of expert services retained by an eligible entity under subsection (d)(2) shall be $2,000,000.
+
+(2) Cost sharing.— (A) In general.— Except as provided in subparagraph (B), the Federal share of the cost of an activity carried out under this section may be up to 100 percent.
+
+(B) Certain projects.— If the amount of the grant provided to an eligible entity under this section is more than $1,000,000, the Federal share of the cost of an activity carried out using grant amounts in excess of $1,000,000 shall be 50 percent.
+
+(3) Statewide maximum.— The aggregate amount made available under this section to eligible entities within a State shall not exceed, on a cumulative basis for all eligible entities within the State during any 3-year period, $4,000,000.
+
+(f) Requirements.— (1) In general.— The Secretary shall ensure that, as a condition of receiving a grant under this section, for any asset concession for which the grant provides direct assistance—
+
+(A) the asset concession shall not prohibit, discourage, or make it more difficult for an eligible entity to construct new infrastructure, to provide or expand transportation services, or to manage associated infrastructure in publicly beneficial ways, along a transportation corridor or in the proximity of a transportation facility that was a part of the asset concession;
+
+(B) the eligible entity shall have adopted binding rules to publish all major business terms of the proposed asset concession not later than the date that is 30 days before entering into the asset concession, to enable public review, including a certification of public interest based on the results of an assessment under subparagraph (D);
+
+(C) the asset concession shall not result in displacement, job loss, or wage reduction for the existing workforce of the eligible entity or other public entities;
+
+(D) the eligible entity or the concessionaire shall carry out a value-for-money analysis, or similar assessment, to compare the aggregate costs and benefits to the eligible entity of the asset concession against alternative options to determine whether the asset concession generates additional public benefits and serves the public interest;
+
+(E) the full amount of any asset concession payment received by the eligible entity under the asset concession, less any amount paid for transaction costs relating to the asset concession, shall be used to pay infrastructure costs of the eligible entity; and
+
+(F) the terms of the asset concession shall not result in any increase in costs under the asset concession being shifted to taxpayers the annual household income of whom is less than $400,000 per year, including through taxes, user fees, tolls, or any other measure, for use of an approved infrastructure asset.
+
+(2) Audit.— Not later than 3 years after the date on which an eligible entity enters into an asset concession as a result of a grant under this section—
+
+(A) the eligible entity shall hire an independent auditor to evaluate the performance of the concessionaire based on the requirements described in paragraph (1); and
+
+(B) the independent auditor shall submit to the eligible entity, and make publicly available, a report describing the results of the audit under subparagraph (A).
+
+(3) Treatment.— Unless otherwise provided under paragraph (1), the Secretary shall not, as a condition of receiving a grant under this section, prohibit or otherwise prevent an eligible entity from entering into, or receiving any asset concession payment under, an asset concession for an approved infrastructure asset owned, controlled, or maintained by the eligible entity.
+
+(4) Applicability of federal laws.— Nothing in this section exempts a concessionaire or an eligible entity from a compliance obligation with respect to any applicable Federal or State law that would otherwise apply to the concessionaire, the eligible entity, or an approved infrastructure asset.
+
+(g) Funding.— (1) In general.— On October 1, 2021, and on each October 1 thereafter through October 1, 2025, out of any funds in the Treasury not otherwise appropriated, the Secretary of the Treasury shall transfer to the Secretary to carry out this section $20,000,000, to remain available until expended.
+
+(2) Receipt and acceptance.— The Secretary shall be entitled to receive, shall accept, and shall use to carry out this section the funds transferred under paragraph (1), without further appropriation.
+
+(Added Pub. L. 117–58, div. G, title X, § 71001(a)(1), Nov. 15, 2021, 135 Stat. 1316.)