Page:United States Statutes at Large Volume 101 Part 1.djvu/256

 101 STAT. 226

PUBLIC LAW 100-17—APR. 2, 1987

by the recipient to the extent that the proceeds of such bonds have actually been expended in carrying out such project or portion. "(B) LIMITATION ON AMOUNT.—In no event shall the a.' I amount of interest considered as a cost of carrying out a project or portion under subparagraph (A) be greater than the excess of— "(i) the amount which would be the estimated cost of ?' • ' carrying out the project or portion if the project or portion were to be carried out at the time the project or portion is converted to a regularly funded project, over "(ii) the actual cost of carrying out such project or portion (not including such interest). "(C) CHANGES IN CONSTRUCTION COST INDICES.—The Secretary shall consider changes in construction cost indices in n.^i^ ° ^ determining the amount under subparagraph (B)(i)-". SEC. 307. SECTION 4(h)(1) REPORTS. 49 USC app. 1603.

Section 4(h)(1) of the Urban Mass Transportation Act of 1964 is amended to read as follows: "(h) QUARTERLY REPORTS.—(1) Not later than 30 days after the last day of each calendar quarter, the Secretary shall transmit to the Committee on Public Works and Transportation and the Committee on Appropriations of the House of Representatives and to the Committee on Banking, Housing, and Urban Affairs and the Committee on Appropriations of the Senate a report on— "(A) obligations, commitments, and reservations by State, designated recipient, and applicant, made under authority of this Act during that quarter; "(B) the balance as of the last day of that quarter of the unobligated, uncommitted, and unreserved apportionments made under this Act; "(C) the balance of unobligated, uncommitted, and unreserved sums available for expenditure at the discretion of the Sec.; retary under this Act as of the close of that quarter; "(D) a listing of letters of intent issued during that quarter; "(E) a status report on all letters of intent outstanding as of the close of that quarter; and "(F) a status report on the execution of grant contracts and the establishment of a letter of credit or other reimbursement uq; authority for sums already obligated for each State, designated recipient, and applicant.". SEC. 308. LEASED PROPERTY.

Grants. 49 USC app. 1607a.

Regulations. Federal Register, publication.

Section 9(j) of the Urban Mass Transportation Act of 1964 is amended by inserting after the first sentence the following: "Grants for construction projects under this section shall also be available to finance the leasing of facilities and equipment for use in mass transportation service, subject to regulations limiting such grants to leasing arrangements which are more cost effective than acquisition or construction. The Secretary shall publish regulations under the preceding sentence in proposed form in the Federal Register for public comment not later than 60 days after the date of enactment of this sentence, and shall promulgate such regulations in final form not later than 240 days after such date of enactment.".

�