r/title-23-HIGHWAYS wiki — defined terms
The statute’s own glossary: every term Title 23 defines, in section order.
“master credit agreement” applies in that section
The term “master credit agreement” means a conditional agreement to extend credit assistance for a program of related projects secured by a common security pledge covered under section 602(b)(2)(A) or for a single project covered under section 602(b)(2)(B) that does not provide for a current obligation of Federal funds, and that would— (A) make contingent commitments of 1 or more secured loans or other Federal credit instruments at future dates, subject to— (i) the availability of future funds being made available to carry out the TIFIA program; and (ii) the satisfaction of all of the conditions for the provision of credit assistance under the TIFIA program, including section 603(b)(1); (B) …
“obligor” applies in that section
The term “obligor” means a party that— (A) is primarily liable for payment of the principal of or interest on a Federal credit instrument; and (B) may be a corporation, partnership, joint venture, trust, or governmental entity, agency, or instrumentality. (12) Project .—
“project” applies in that section
The term “project” means— (A) any surface transportation project eligible for Federal assistance under this title or chapter 53 of title 49; (B) a project for an international bridge or tunnel for which an international entity authorized under Federal or State law is responsible; (C) a project for intercity passenger bus or rail facilities and vehicles, including facilities and vehicles owned by the National Railroad Passenger Corporation and components of magnetic levitation transportation systems; (D) a project that— (i) is a project— (I) for a public freight rail facility or a private facility providing public benefit for highway users by way of direct freight interchange between highway …
“project obligation” applies in that section
The term “project obligation” means any note, bond, debenture, or other debt obligation issued by an obligor in connection with the financing of a project, other than a Federal credit instrument. (14) Rating agency .—
“rating agency” applies in that section
The term “rating agency” means a credit rating agency registered with the Securities and Exchange Commission as a nationally recognized statistical rating organization (as that term is defined in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) )). (15) Rural infrastructure project .—
“rural infrastructure project” applies in that section
The term “rural infrastructure project” means a surface transportation infrastructure project located in an area that is outside of an urbanized area with a population greater than 150,000 individuals, as determined by the Bureau of the Census. (16) Rural projects fund .—
“rural projects fund” applies in that section
The term “rural projects fund” means a fund— (A) established by a State infrastructure bank in accordance with section 610(d)(4); (B) capitalized with the proceeds of a secured loan made to the bank in accordance with sections 602 and 603; and (C) for the purpose of making loans to sponsors of rural infrastructure projects in accordance with section 610. (17) Secured loan .—
“secured loan” applies in that section
The term “secured loan” means a direct loan or other debt obligation issued by an obligor and funded by the Secretary in connection with the financing of a project under section 603. (18) State .—
“State” applies in that section
The term “State” has the meaning given the term in section 101. (19) State infrastructure bank .—
“State infrastructure bank” applies in that section
The term “State infrastructure bank” means an infrastructure bank established under section 610. (20) Subsidy amount .—
“subsidy amount” applies in that section
The term “subsidy amount” means the amount of budget authority sufficient to cover the estimated long-term cost to the Federal Government of a Federal credit instrument— (A) calculated on a net present value basis; and (B) excluding administrative costs and any incidental effects on governmental receipts or outlays in accordance with the Federal Credit Reform Act of 1990 ( 2 U.S.C. 661 et seq.). (21) Substantial completion .—
“substantial completion” applies in that section
The term “substantial completion” means— (A) the opening of a project to vehicular or passenger traffic; or (B) a comparable event, as determined by the Secretary and specified in the credit agreement. (22) TIFIA program .—
“TIFIA program” applies in that section
The term “TIFIA program” means the transportation infrastructure finance and innovation program of the Department established under sections 602 through 609. (b) Treatment of Chapter .— For purposes of this title, this chapter shall be treated as being part of chapter 1.
“capital project” applies in that section
The term “capital project” has the meaning such term has under section 5302 of title 49 . (2) Other forms of credit assistance .—
“capitalization” applies in that section
The term “capitalization” means the process used for depositing funds as initial capital into a State infrastructure bank to establish the infrastructure bank. (5) Cooperative agreement .—
“cooperative agreement” applies in that section
The term “cooperative agreement” means written consent between a State and the Secretary which sets forth the manner in which the infrastructure bank established by the State in accordance with this section will be administered. (6) Loan .—
“guarantee” applies in that section
The term “guarantee” means a contract entered into by a State infrastructure bank in which the bank agrees to take responsibility for all or a portion of a project sponsor’s financial obligations for a project under specified conditions. (8) Initial assistance .—
“initial assistance” applies in that section
The term “initial assistance” means the first round of funds that are loaned or used for credit enhancement by a State infrastructure bank for projects eligible for assistance under this section. (9) Leverage .—
“leverage” applies in that section
The term “leverage” means a financial structure used to increase funds in a State infrastructure bank through the issuance of debt instruments. (10) Leveraged .— The term “leveraged”, as used with respect to a State infrastructure bank, means that the bank has total potential liabilities that exceed the capital of the bank. (11) Rural infrastructure project .—
“loan” applies in that section
The term “loan” means any form of direct financial assistance from a State infrastructure bank that is required to be repaid over a period of time and that is provided to a project sponsor for all or part of the costs of the project. (7) Guarantee .—
“other forms of credit assistance” applies in that section
The term “other forms of credit assistance” includes any use of funds in an infrastructure bank— (A) to provide credit enhancements; (B) to serve as a capital reserve for bond or debt instrument financing; (C) to subsidize interest rates; (D) to insure or guarantee letters of credit and credit instruments against credit risk of loss; (E) to finance purchase and lease agreements with respect to transit projects; (F) to provide bond or debt financing instrument security; and (G) to provide other forms of debt financing and methods of leveraging funds that are approved by the Secretary and that relate to the project with respect to which such assistance is being provided. (3) State .—
“rural infrastructure project” applies in that section
The term “rural infrastructure project” has the meaning given the term in section 601. (12) Rural projects fund .—
“rural projects fund” applies in that section
The term “rural projects fund” has the meaning given the term in section 601. (b) Cooperative Agreements .— Subject to the provisions of this section, the Secretary may enter into cooperative agreements with States for the establishment of State infrastructure banks for making loans and providing other forms of credit assistance to public and private entities carrying out or proposing to carry out projects eligible for assistance under this section.
“State” applies in that section
The term “State” has the meaning such term has under section 401. (4) Capitalization .—
“approved infrastructure asset” applies in that section
The term “approved infrastructure asset” means— (A) a project (as defined in section 601(a)); and (B) a group of projects (as defined in section 601(a)) considered together in a single asset concession or long-term lease to a concessionaire by 1 or more eligible entities. (2) Asset concession .—
“asset concession” applies in that section
The term “asset concession” means a contract between an eligible entity and a concessionaire— (A) under which— (i) the eligible entity agrees to enter into a concession agreement or long-term lease with the concessionaire relating to an approved infrastructure asset owned, controlled, or maintained by the eligible entity; (ii) as consideration for the agreement or lease described in clause (i), the concessionaire agrees— (I) to provide to the eligible entity 1 or more asset concession payments; and (II) to maintain or exceed the condition, performance, and service level of the approved infrastructure asset, as compared to that condition, performance, and service level on the date of …
“asset concession payment” applies in that section
The term “asset concession payment” means a payment that— (A) is made by a concessionaire to an eligible entity for fair market value that is determined as part of the asset concession; and (B) may be— (i) a payment made at the financial close of an asset concession; or (ii) a series of payments scheduled to be made for— (I) a fixed period; or (II) the term of an asset concession. (4) Concessionaire .—
“concessionaire” applies in that section
The term “concessionaire” means a private individual or a private or publicly chartered corporation or entity that enters into an asset concession with an eligible entity. (5) Eligible entity.— (A) In general .—
“eligible entity” applies in that section
The term “eligible entity” means an entity described in subparagraph (B) that— (i) owns, controls, or maintains an approved infrastructure asset; and (ii) has the legal authority to enter into a contract to transfer ownership, maintenance, operations, revenues, or other benefits and responsibilities for an approved infrastructure asset. (B) Entities described .— An entity referred to in subparagraph (A) is any of the following: (i) A State. (ii) A Tribal government. (iii) A unit of local government. (iv) An agency or instrumentality of a State, Tribal government, or unit of local government. (v) A special purpose district or public authority.