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), Pub. L. 105-178, 112 Stat. 107, created the Transportation Infrastructure Finance and Innovation Act of 1998 (TIFIA). The TIFIA, as amended by section 9007, Pub. L. 105-206, 112 Stat. 685, 849 and codified at 23 U.S.C. 181-189, 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 rule (49 CFR Part 80) provides specific guidance on the program requirements. Additionally, the DOT will make available a TIFIA program guide for more general information. Funding for this program is limited, and projects obtaining assistance will be evaluated and selected by the DOT on a competitive basis. Following selections, individual credit agreements will be developed through negotiations between the project sponsors and the DOT. The DOT has available $70,640,000 in budget authority in fiscal year 1999 to cover the subsidy costs of up to $1.6 billion in Federal credit assistance.