Page:United States Statutes at Large Volume 119.djvu/1258

 119 STAT. 1240

PUBLIC LAW 109–59—AUG. 10, 2005

(4) in paragraph (10) (as redesignated by paragraph (2) of this subsection) by striking ‘‘bond’’ and inserting ‘‘credit’’. (b) DETERMINATION OF ELIGIBILITY.—Section 182(a) of such title is amended— (1) by striking paragraphs (1) and (2) and inserting the following: ‘‘(1) INCLUSION IN TRANSPORTATION PLANS AND PROGRAMS.— The project shall satisfy the applicable planning and programming requirements of sections 134 and 135 at such time as an agreement to make available a Federal credit instrument is entered into under this subchapter. ‘‘(2) APPLICATION.—A State, local government, public authority, public-private partnership, or any other legal entity undertaking the project and authorized by the Secretary, shall submit a project application to the Secretary.’’; (2) in paragraph (3)(A)(i) by striking ‘‘$100,000,000’’ and inserting ‘‘$50,000,000’’; (3) in paragraph (3)(A)(ii) by striking ‘‘50’’ and inserting 1⁄3’’; ‘‘33 (4) in paragraph (3)(B) by striking ‘‘$30,000,000’’ and inserting ‘‘$15,000,000’’; and (5) in paragraph (4)— (A) by striking ‘‘Project financing’’ and inserting ‘‘The Federal credit instrument’’; and (B) by inserting before the period at the end ‘‘that also secure the project obligations’’. (c) PROJECT SELECTION.—Section 182(b) of such title is amended— (1) in paragraph (1) by striking ‘‘criteria’’ the second place it appears and inserting ‘‘requirements’’; and (2) in paragraph (2)(B) by inserting ‘‘, which may be the Federal credit instrument,’’ after ‘‘obligations’’. (d) SECURED LOANS.— (1) AGREEMENTS.—Section 183(a)(1) of such title is amended— (A) in subparagraph (A) by inserting ‘‘of any project selected under section 602’’ after ‘‘costs’’; (B) by striking the semicolon at the end of subparagraph (B) and all that follows through ‘‘under section 182.’’ and inserting ‘‘of any project selected under section 602; or’’; and (C) by adding at the end the following: ‘‘(C) to refinance long-term project obligations or Federal credit instruments if such refinancing provides additional funding capacity for the completion, enhancement, or expansion of any project that— ‘‘(i) is selected under section 602; or ‘‘(ii) otherwise meets the requirements of section 602.’’. (2) INVESTMENT-GRADE RATING REQUIREMENT.—Section 183(a)(4) of such title is amended— (A) by striking ‘‘The funding’’ and inserting ‘‘The execution’’; and (B) by striking the first comma and all that follows through ‘‘1 rating agency’’. (3) TERMS AND LIMITATIONS.—Section 183(b) of such title is amended—

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