49 U.S.C. § 22406 — Authorization of appropriations.1
submitted 5 years ago by Pub. L. 117-58 to r/title-49-TRANSPORTATION · 186 words · no verdicts yet
Congress authorizes $50,000,000 per year from 2022 through 2026 for rail credit assistance. It also authorizes $70,000,000 to repay certain credit risk premiums, and this money stays available until spent. No loan or guarantee can exceed $20,000,000, with funds reserved for administrative costs and short line railroads.
(a) Authorization.
(1) In general. Congress authorizes the Secretary* to spend $50,000,000 in each fiscal year from 2022 through 2026 on credit assistance under this chapter. The Secretary decides how to use this money.
(2) Refund of premium. Congress also authorizes $70,000,000 for the Secretary to repay credit risk premiums, as required under section 22402(f)(5).
(3) Availability. Money appropriated under this section stays available until it is all spent — it does not expire at the end of a fiscal year.
(b) Use of Funds.
(1) In general. No single loan or loan guarantee* can get more than $20,000,000 of this credit assistance.
(2) Administrative costs. At least 3 percent of the money appropriated each fiscal year must go toward covering costs that would otherwise be charged under section 22403(l)(1), specifically for passenger railroads and for freight railroads that are not Class I carriers.
(3) Short line set-aside. At least 50 percent of the money appropriated each fiscal year under subsection (a)(1) must be set aside for freight railroads other than Class I carriers.
There is authorized to be appropriated for credit assistance under this chapter, which shall be provided at the discretion of the Secretary*, $50,000,000 for each of fiscal years 2022 through 2026.
There is authorized to be appropriated to the Secretary $70,000,000 to repay the credit risk premium in accordance with section 22402(f)(5).
Amounts appropriated pursuant to this subsection shall remain available until expended.
Credit assistance provided under subsection (a) may not exceed $20,000,000 for any loan or loan guarantee*.
Not less than 3 percent of the amounts appropriated pursuant to subsection (a) in each fiscal year shall be made available to the Secretary for use in place of charges collected under section 22403(l)(1) for passenger railroads and freight railroads other than Class I carriers.
Not less than 50 percent of the amounts appropriated pursuant to subsection (a)(1) for each fiscal year shall be set aside for freight railroads other than Class I carriers.
Source credit: (Added Pub. L. 117–58, div. B, title I, § 21301(h), Nov. 15, 2021, 135 Stat. 690.)
- 2021Enacted · Pub. L. 117-58 · 135 Stat. 690
A history note hasn’t been published yet. The record shows enactment by Pub. L. 117-58 on 2021-11-15.
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