Page:United States Statutes at Large Volume 112 Part 1.djvu/270

 112 STAT. 244 PUBLIC LAW 105-178—JUNE 9, 1998 of an intelligent transportation system, eligible project costs shall be reasonably anticipated to equal or exceed $30,000,000. "(4) DEDICATED REVENUE SOURCES.— Project financing shall be repayable, in whole or in part, from tolls, user fees, or other dedicated revenue sources. "(5) PUBLIC SPONSORSHIP OF PRIVATE ENTITIES.— In the case of a project that is undertaken by an entity that is not a State or local government or an agency or instrumentality of a State or local government, the project that the entity is undertaking shall be publicly sponsored as provided in paragraphs (1) and (2), " (b) SELECTION AMONG ELIGIBLE PROJECTS. — " (1) ESTABLISHMENT.— The Secretary shall establish criteria for selecting among projects that meet the eligibility criteria specified in subsection (a). " (2) SELECTION CRITERIA.— "(A) IN GENERAL. — The selection criteria shall include the following: "(i) The extent to which the project is nationally or regionally significant, in terms of generating economic benefits, supporting international commerce, or otherwise enhancing the national transportation system, "(ii) The creditworthiness of the project, including a determination by the Secretary that any financing for the project has appropriate security features, such as a rate covenant, to ensure repa3anent. "(iii) The extent to which assistance under this subchapter would foster innovative public-private partnerships and attract private debt or equity investment. "(iv) The likelihood that assistance under this subchapter would enable the project to proceed at an earlier date than the project would otherwise be able to proceed. "(v) The extent to which the project uses new technologies, including intelligent transportation systems, that enhance the efficiency of the project. "(vi) The amount of budget authority required to fund the Federal credit instrument made available under this subchapter, "(vii) The extent to which the project helps maintain or protect the environment. "(viii) The extent to which assistance under this chapter would reduce the contribution of Federal grant assistance to the project, "(B) PRELIMINARY RATING OPINION LETTER. —For purposes of subparagraph (A)(ii), the Secretary shall require each project applicant to provide a preliminary rating opinion letter from at least 1 rating agency indicating that the project's senior obligations have the potential to achieve an investment-grade rating. "(c) FEDERAL REQUIREMENTS.—In addition to the requirements of this title for highway projects, chapter 53 of title 49 for transit projects, and section 5333(a) of title 49 for rail projects, the following provisions of law shall apply to funds made available under this subchapter and projects assisted with the funds:

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