Page:United States Statutes at Large Volume 112 Part 1.djvu/269

 -^-'- • • PUBLIC LAW 105-178—JUNE 9, 1998 112 STAT. 243 "(D) a project for publicly owned intermodal surface freight transfer facilities, other than seaports and airports, if the facilities are located on or adjacent to National Highway System routes or connections to the National Highway System. "(10) PROJECT OBLIGATION.—The term 'project obligation' means any note, bond, debenture, or other debt obligation issued by an obligor in connection with the financing of a project, other than a Federal credit instrument. "(11) RATING AGENCY.— The term 'rating agency* means a bond rating agency identified by the Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization. "(12) SECURED LOAN. —The term 'secured loan' means a direct loan or other debt obligation issued by an obligor and funded by the Secretary in connection with the financing of a project under section 183. "(13) STATE. — The term 'State' has the meaning given the term in section 101. "(14) SUBSIDY AMOUNT.— The term 'subsidy amount' means the amount of budget authority sufficient to cover the estimated long-term cost to the Federal Government of a Federal credit instrument, calculated on a net present value basis, excluding administrative costs and any incidental effects on governmental receipts or outlays in accordance with the provisions of the Federal Credit Reform Act of 1990 (2 U.S.C. 661 et seq.). "(15) SUBSTANTIAL COMPLETION.—The term 'substantial completion' means the opening of a project to vehicular or passenger traffic. "(a) ELIGIBILITY.— To be eligible to receive financial assistance under this subchapter, a project shall meet the following criteria: " (1) INCLUSION IN TRANSPORTATION PLANS AND PROGRAMS. — The project— "(A) shall be included in the State transportation plan required under section 135; and "(B) at such time as an agreement to make available a Federal credit instrument is entered into under this subchapter, shall be included in the approved State transportation improvement program required under section 134. "(2) APPLICATION.— ^A State, a local servicer identified under section 185(a), or the entity undertaking the project shall submit a project application to the Secretary. " (3) ELIGIBLE PROJECT COSTS.— "(A) IN GENERAL. —Except as provided in subparagraph (B), to be eligible for assistance under this subchapter, a project shall have eligible project costs that are reasonably anticipated to equator exceed the lesser of— "(i) $100,000,000; or "(ii) 50 percent of the amount of Federal highway assistance funds apportioned for the most recently completed fiscal year to the State in which the project is located. " (B) INTELLIGENT TRANSPORTATION SYSTEM PROJECTS. — In the case of a project principally involving the installation
 * § 182. Determination of eligibility and project selection

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