Page:United States Statutes at Large Volume 105 Part 3.djvu/210

 105 STAT. 2094 PUBLIC LAW 102-240—DEC. 18, 1991 tion, and degree of local financial commitment for the purposes of paragraph (1). "(B) PROJECT JUSTIFICATION.—Project justification criteria shall be adjusted to reflect differences in local land costs, construction costs, and operating costs. "(C) FINANCIAL COMMITMENT. —The degree of local financial commitment shall be considered acceptable only if— "(i) the proposed project plan provides for the availability of contingency funds that the Secretary determines to be reasonable to cover unanticipated cost overruns; "(ii) each proposed local source of capital and operating funding is stable, reliable, and available within the proposed project timetable; and "(iii) local resources are available to operate the overall proposed transit system (including essential feeder bus and other services necessary to achieve the projected ridership levels) without requiring a reduction in existing transit services in order to operate the proposed project. "(D) STABILITY ASSESSMENT. —In assessing the stability, reliability, and availability of proposed sources of local funding, the Secretary shall consider— "(i) existing grant commitments; "(ii) the degree to which funding sources are dedicated to the purposes proposed; and "(iii) any debt obligations which exist or are proposed by the recipient for the proposed project or other transit purposes. "(4) PROJECT ADVANCEMENT.— No project shall be advanced from alternatives analysis to preliminary engineering unless the Secretary finds that the proposed project meets the requirements of this section and there is a reasonable chance that the project will continue to meet these requirements at the conclusion of preliminary engineering. " (5) EXCEPTIONS. — "(A) IN GENERAL. — A new fixed guideway system or extension shall not be subject to the requirements of this subsection and the simultaneous evaluation of such projects in more than one corridor in a metropolitan area shall not be limited if (i) the project is located within an extreme or severe nonattainment area and is a transportation control measure, as defined by the Clean Air Act, that is required to carry out an approved State Implementation Plan, or (ii) assistance provided under this section accounts for less than $25,000,000 or less than Va of the total cost of the project or an appropriate program of projects as determined by the Secretary. "(B) EXPEDITED PROCEDURES.— In the case of a project that is (i) located within a nonattainment area that is not an extreme or severe nonattainment area, (ii) a transportation control measure, as defined in the Clean Air Act, and (iii) required to carry out an approved State Implementation Plan, the simultaneous evaluation of projects in more than one corridor in a metropolitan area shall not be limited and the Secretary shall make determinations under this subsec-

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