Page:United States Statutes at Large Volume 105 Part 3.djvu/206

 105 STAT. 2090 PUBLIC LAW 102-240—DEC. 18, 1991 the following new sentence: "The remainder of the net project cost of a planned extension to a fixed guideway system may include the cost of rolling stock previously purchased if the applicant demonstrates to the satisfaction of the Secretary that— "(1) such purchase was made solely with non-Federal funds; and "(2) such purchase was made for use on the extension.". 49 USC app. (h) FISCAL CAPACITY CONSIDERATIONS.— Section 4 is amended— ^^"^- (1) by striking subsections (b), (c), (d), (e), (f), and (g) and redesignating subsections (h) and (i) as subsections (b) and (c), respectively; and (2) by adding at the end the following new subsection: "(d) FISCAL CAPACITY CONSIDERATIONS. —If the Secretary gives priority consideration to the funding of projects which include more than the non-Federal share required by subsection (a), the Secretary shall give equal consideration to differences in the fiscal capacity of State and local governments.". SEC. 3007. CAPITAL GRANTS; TECHNICAL AMENDMENT TO PROVIDE FOR EARLY SYSTEMS WORK CONTRACTS AND FULL FUNDING GRANT AGREEMENTS. 49 USC app. Section 3(a)(4) is amended— ^^^2. (1) by inserting "(A)" after "(4)"; (2) in the fifth sentence by inserting "not less than" after "complete"; (3) by adding after the sixth sentence the following: "(B) The Secretary is authorized to enter into a full funding grant agreement with an applicant, which agreement shall— "(i) establish the terms and conditions of Federal financial participation in a project under this section; "(ii) establish the maximum amounts of Federal financial assistance for such project; "(iii) cover the period of time to completion of the project, including any period that may extend beyond the period of any authorization; and "(iv) facilitate timely and efficient management of such project in accordance with Federal law. "(C) An agreement under subparagraph (B) shall obligate an amount of available budget authority specified in law and may include a commitment, contingent upon the future availability of budget authority, to obligate an additional amount or additional amounts from future available budget authority specified in law. The agreement shall specify that the contingent commitment does not constitute an obligation of the United States. The future availability of budget authority referred to in the first sentence of this subparagraph shall be amounts to be specified in law in advance for commitments entered into under subparagraph (B). Any interest and other financing costs of efficiently carrying out the project or a portion thereof within a reasonable period of time shall be considered as a cost of carrying out the project under a full funding grant agreement; except that eligible costs shall not be greater than the costs of the most favorable financing terms reasonably available for the project at the time of borrowing. The applicant shall certify, in a form satisfactory to the Secretary, that the applicant has shown due diligence in seeking the most favorable financing terms. The total of amounts stipulated in a full funding grant agreement for a fixed

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