Page:United States Statutes at Large Volume 112 Part 1.djvu/497

 PUBLIC LAW 105-178-JUNE 9, 1998 112 STAT. 471 "(c) PRIVATE OWNER CONTRIBUTIONS. —Grants made under this section for projects on privately owned rail line structures shall include contributions by the owner of the rail line structures, based on the benefit to those structures, as determined by the Secretary. "(d) STUDY. —The Secretary shall conduct a study of the pilot projects carried out with grant assistance under this section to determine the public interest benefits associated with the light density railroad networks in the States and their contribution to a multimodal transportation system. Not later than March 31, 2003, the Secretary shall report to Congress any recommendations the Secretary considers appropriate regarding the eligibility of light density rail networks for Federal infrastructure financing. "(e) AUTHORIZATION OF APPROPRIATIONS.— There are authorized to be appropriated to the Secretary to carry out this section $17,500,000 for each of the fiscal years 1998, 1999, 2000, 2001, 2002, and 2003. Such funds shall remain available until expended.". (b) TABLE OF CHAPTERS. — The table of chapters of subtitle V of title 49, United States Code, is amended by inserting after the item relating to chapter 221 the following new item: "223. LIGHT DENSITY RAIL LINE PILOT PROJECTS 22301". SEC. 7203. RAILROAD REHABILITATION AND IMPROVEMENT FINANC- ING. (a) AMENDMENTS. —Title V of the Railroad Revitalization and Regulatory Reform Act of 1976 is amended— (1) by striking sections 501 through 504 and inserting 45 USC 821-824. the following new sections: ' *SEC. 501. DEFINITIONS. 45 USC 82L "For purposes of this title: (I)(A) The term 'cost' means the estimated long-term cost to the (jovernment of a direct loan or loan guarantee or modification thereof, calculated on a net present value basis, excluding administrative costs and any incidental effects on governmentel receipts or outlays. "(B) The cost of a direct loan shall be the net present value, at the time when the direct loan is disbursed, of the following estimated cash flows: "(i) Loan disbursements, "(ii) Repayments of principal. "(iii) Payments of interest and other payments by or to the (lovernment over the life of the loan after adjusting for estimated defaults, prepayments, fees, penalties, and other recoveries. Calculation of the cost of a direct loan shall include the effects of changes in loan terms resulting from the exercise by the borrower of an option included in the loan contract. "(C) The cost of a loan guarantee shall be the net present VEdue, at the time when the guaranteed loan is disDursed, of the following estimated cash flows: "(i) Pajnnents by the Government to cover defaults and delinquencies, interest subsidies, or other payments, "(ii) Payments to the Government, including origination and other fees, penalties, and recoveries. Calculation of the cost of a loan guarantee shall include the effects of changes in loan terms resulting from the exercise by the guaranteed lender of an option included in the loan

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