Page:United States Statutes at Large Volume 108 Part 2.djvu/87

 PUBLIC LAW 103-272—JULY 5, 1994 108 STAT. 803 (i) the proposed project plan provides for the availability of contingency amounts the Secretary of Transportation determines to be reasonable to cover unanticipated cost overruns; (ii) each proposed local source of capital and operating financing is stable, reliable, and available within the proposed project timetable; and (iii) local resources are available to operate the overall Proposed mass transportation system (including essential feeder us and other services necessary to achieve the projected ridership levels) without requiring a reduction in existing mass transportation services to operate the proposed project. (D) In assessing the stability, reliability, and availability of proposed sources of local financing, the Secretary of Transportation shall consider— (i) existing grant commitments; (ii) the degree to which financing sources are dedicated to the purposes proposed; and (iii) any debt obligation that exists or is proposed by the recipient for the proposed project or other mass transportation purpose. (5) A proposed project may advance from alternatives analysis to preliminary engineering only if the Secretary of Transportation finds that the project meets the requirements of this section and there is a reasonable chance that the project will continue to meet the requirements at the end of preliminary engineering. (6)(A) A new fixed guideway system or extension of an existing fixed guideway system is not subject to the requirements of this subsection, and the simultaneous evaluation of similar projects in at least 2 corridors in a metropolitan area may not be limited, if— (i) the project is located in an extreme or severe nonattainment area and is a transportation control measure (as defined by the Clean Air Act (42 U.S.C. 7401 et seq.)) required to carry out an approved State Implementation Plan; or (ii) assistance provided under this section is less than $25,000,000 or one-third of the total cost of the project or an appropriate program of projects as decided by the Secretary of Trsmsportation. (B) The simultaneous evaluation of projects in at least 2 corridors in a metropolitan area may not be limited and the Secretary of Transportation shall make decisions under this subsection with expedited procedures that will promote carrying out an approved State Implementation Plan in a timely way if a project is— (i) located in a nonattainment area that is not an extreme or severe nonattainment area; (ii) a transportation control measure (as defined by the Clean Air Act (42 U.S.C. 7401 et seq.)); and (iii) required to carry out the State Implementation Plan. (C) This subsection does not apply to a part of a project (including a commuter rail transportation project on an existing right of way) financed completely with amounts for highways made available under part A of title I of the Intermodal Surface Transportation Efficiency Act of 1991 (Public Law 102-240,105 Stat. 1915). (7) A project financed under this subsection shall be carried out through a full financing grant agreement. (f) REQUIRED PAYMENTS AND ELIGIBLE COSTS OF PROJECTS THAT ENHANCE URBAN ECONOMIC DEVELOPMENT OR INCORPORATE PRI-

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