Page:United States Statutes at Large Volume 119.djvu/1940

 119 STAT. 1922

PUBLIC LAW 109–59—AUG. 10, 2005

option rail freight shippers that own or operate a plant or other facility that is served by no more than a single railroad.’’. (c) PRIORITY PROJECTS.—Section 502(c) of the Railroad Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 822(c)) is amended— (1) by striking ‘‘or’’ after the semicolon in paragraph (5); (2) by striking ‘‘areas.’’ in paragraph (6) and inserting ‘‘areas;’’; and (3) by adding at the end the following: ‘‘(7) enhance service and capacity in the national rail system; or ‘‘(8) would materially alleviate rail capacity problems which degrade the provision of service to shippers and would fulfill a need in the national transportation system.’’. (d) EXTENT OF AUTHORITY.—Section 502(d) of the Railroad Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 822(d)) is amended— (1) by striking ‘‘$3,500,000,000’’ and inserting ‘‘$35,000,000,000’’; (2) by striking ‘‘$1,000,000,000’’ and inserting ‘‘$7,000,000,000’’; and (3) by adding at the end the following ‘‘The Secretary shall not establish any limit on the proportion of the unused amount authorized under this subsection that may be used for 1 loan or loan guarantee.’’. (e) COHORTS OF LOANS.—Section 502(f) of the Railroad Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 822(f)) is amended— (1) by striking ‘‘and’’ after the semicolon in subparagraph (D) of paragraph (2); (2) by redesignating subparagraph (E) of paragraph (2) as subparagraph (F); (3) by adding after subparagraph (D) of paragraph (2) the following: ‘‘(E) the size and characteristics of the cohort of which the loan or loan guarantee is a member; and’’; and (4) by adding at the end of paragraph (4) the following: ‘‘A cohort may include loans and loan guarantees. The Secretary shall not establish any limit on the proportion of a cohort that may be used for 1 loan or loan guarantee.’’. (f) CONDITIONS OF ASSISTANCE.— (1) ASSURANCES.—Section 502(h) of the Railroad Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 822(h)) is amended— (A) by inserting ‘‘(1)’’ before ‘‘The Secretary’’; (B) by redesignating paragraphs (1), (2), and (3) as subparagraphs (A), (B), and (C); and (C) by adding at the end the following: ‘‘(2) The Secretary shall not require an applicant for a direct loan or loan guarantee under this section to provide collateral. Any collateral provided or thereafter enhanced shall be valued as a going concern after giving effect to the present value of improvements contemplated by the completion and operation of the project. The Secretary shall not require that an applicant for a direct loan or loan guarantee under this section have previously sought the financial assistance requested from another source.

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