Page:United States Statutes at Large Volume 112 Part 1.djvu/275

 PUBLIC LAW 105-178-^JUNE 9, 1998 112 STAT. 249 "(c) REPAYMENT.— "(1) TERMS AND CONDITIONS.— The Secretary shall establish repayment terms and conditions for each direct loan under this section based on the projected cash flow from project revenues and other repayment sources. "(2) TIMING.— All scheduled repayments of principal or interest on a direct loan under this section shall commence not later than 5 years after the end of the period of availability specified in subsection (b)(6) and be fully repaid, with interest, by the date that is 25 years after the end of the period of availability specified in subsection (b)(6). "(3) SOURCES OF REPAYMENT FUNDS.— The sources of funds for scheduled loan repayments under this section shall include tolls, user fees, or other dedicated revenue sources. "(a) REQUIREMENT.— The State in which a project that receives financial assistance under this subchapter is located may identify a local servicer to assist the Secretary in servicing the Federal credit instrument made available under this subchapter. "(b) AGENCY; FEES. — If a State identifies a local servicer under subsection (a), the local servicer— "(1) shall act as the agent for the Secretary; and "(2) may receive a servicing fee, subject to approval by the Secretary. "(c) LIABILITY.—^A local servicer identified under subsection (a) shall not be liable for the obligations of the obligor to the Secretary or any lender. "(d) ASSISTANCE FROM EXPERT FIRMS. —The Secretary may retain the services of expert firms in the field of municipal and project finance to assist in the underwriting and servicing of Federal credit instruments. "The provision of financial assistance under this subchapter with respect to a project shall not— "(1) relieve any recipient of the assistance of any obligation to obtain any required State or local permit or approval with respect to the project; "(2) limit the right of any unit of State or local government to approve or regulate any rate of return on private equity invested in the project; or ' "(3) otherwise supersede any State or local law (including any regulation) applicable to the construction or operation of the project. "The Secretary may issue such regulations as the Secretary determines appropriate to carry out this subchapter. "§ 188. Funding "(a) FUNDING.— "(1) IN GENERAL. —There are authorized to be appropriated from the Highway Trust Fund (other than the Mass Transit Account) to carry out this subchapter— " (A) $80,000,000 for fiscal year 1999; "(B) $90,000,000 for fiscal year 2000;
 * § 185. Project servicing
 * ^§ 186. State and local permits
 * ^ 187. Regulations

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