Action
Notice of availability of funds inviting applications for credit assistance for major surface transportation projects.
Summary
The Transportation Equity Act for the 21st Century (TEA-21) created the Transportation Infrastructure Finance and Innovation Act of 1998 (TIFIA). The TIFIA authorizes the Department of Transportation (DOT) to provide credit assistance in the form of secured (direct) loans, lines of credit, and loan guarantees to public and private sponsors of eligible surface transportation projects. The TIFIA regulations (49 CFR part 80, as published in the Federal Register, Vol. 64, No. 105, on Wednesday, June 2, 1999) provide specific guidance on the program requirements. Although the DOT is currently contemplating revisions to the regulations, the Final Rule as published in the Federal Register on June 2, 1999 remains applicable to this notice. Funding for this program is limited, and projects requesting assistance will be evaluated and selected by the DOT on a competitive basis. Following selections, term sheets will be issued and credit agreements will be developed through negotiations between the project sponsors and the DOT. The DOT expects that approximately $81 million in net budget authority will be available in fiscal year 2000 to fund the subsidy costs of up to approximately $1.673 billion in Federal credit assistance.