S.Amdt. 1641

1. 1

   Change 1: Rewrites page 598, lines 11–15

   ReplacesPrinted page

   Removes page 598, lines 11–15 of the printed bill. See that page

   Inserted: (3) Application.--

   Inserted: (A) In general.--A State, local government, public authority, public-private partnership, or any other legal entity undertaking the project and authorized by the Secretary, shall submit a project application acceptable to the Secretary.

   Inserted: (B) Public-private partnerships.--A State, local government, or public authority may submit a project application to the Secretary under which a private party to a public-private partnership for a project--

   Inserted: (i) would be the sole obligor; and

   Inserted: (ii) is to be identified at a later date through the completion of a procurement and selection of the private party.

   Original wording

   On page 598, strike lines 11 through 15 and insert the following:

2. 2

   Change 2: Inserts new text on page 599, between lines 23 and 24

   InsertsPrinted page

   Inserted: (7) Project readiness.--An applicant under this section shall demonstrate that the contracting process for construction of the project will commence not later than the date that is 90 days after the date on which the application is approved.

   Original wording

   On page 599, between lines 23 and 24, insert the following:

3. 3

   Change 3: Rewrites page 601, line 9

   ReplacesPrinted page

   Removes page 601, line 9 of the printed bill. See that page

   Inserted: (c) Approval of Applications and Funding.--

   Inserted: (1) In general.--The Secretary shall--

   Inserted: (A) approve applications for projects that meet the criteria under subsection (a) in the order in which the Secretary receives the applications; and

   Inserted: (B) commit, or conditionally commit, budget authority for projects, out of amounts made available to carry out this chapter for a fiscal year, in the order in which the Secretary approves the applications for the projects.

   Inserted: (2) Insufficient funds.--If the Secretary approves an application submitted for a project in a fiscal year, but is unable to provide financial assistance for the project in that fiscal year as a result of prior commitments or conditional commitments of budget authority under this chapter, the Secretary shall provide the project sponsor with the option of--

   Inserted: (A) receiving the financial assistance as soon as sufficient budget authority is made available to carry out this chapter in a subsequent fiscal year; or

   Inserted: (B) paying the subsidy amount from other available sources, including from funds apportioned under chapter 1 of this title or chapter 53 of title 49.

   Inserted: (d) Application and Credit Processing Procedures.--

   Inserted: (1) Establishment.--The Secretary shall establish procedures for--

   Inserted: (A) processing applications requesting financial assistance for projects that are received under this chapter;

   Inserted: (B) approving, conditionally approving, or disapproving an application received under this chapter based on whether the projects will meet the criteria under subsection (a); and

   Inserted: (C) processing term sheets, credit review and approval, credit commitments, and final agreements for credit assistance.

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   Inserted: (2) Application processing procedures.--The procedures established under paragraph (1)--

   Inserted: (A) shall not restrict the time period during which applications may be filed;

   Inserted: (B) shall ensure that--

   Inserted: (i) the Secretary shall be required to provide written notice to an applicant, not later than the date that is 15 days after the date of receipt of the application, informing the applicant of whether the application is complete;

   Inserted: (ii) if the application is complete, the Secretary shall be required to provide written notice to the applicant, not later than 60 days after the date on which the written notice under clause (i) is issued, informing the applicant of whether the Secretary has approved, conditionally approved, or disapproved the application;

   Inserted: (iii) if the application is not complete, the Secretary shall be required to provide written notice to the applicant, together with the written notice issued for the application under clause (i), informing the applicant of the information and materials needed to complete the application; and

   Inserted: (iv) if the Secretary does not provide written notice to an applicant under clause (i) in the 15-day period specified in that clause--

   Inserted: (I) the application shall be considered to be complete;

   Inserted: (II) the Secretary shall be required to provide written notice to the applicant, not later than the date that is 60 days after the last day of the 15-day period, informing the applicant of whether the Secretary has approved or disapproved the application; and

   Inserted: (III) the Secretary shall be required to provide written notice to the applicant, not later than the date that is 60 days after the last day of the 15-day period, informing the applicant of whether the Secretary has approved, conditionally approved, or disapproved the application;

   Inserted: (C) shall not use eligibility criteria that are supplemental to those criteria that are established by this chapter;

   Inserted: (D) shall require approval of an application if the project meets the eligibility criteria under subsection (a); and

   Inserted: (E) shall require that any written notice of disapproval of an application shall--

   Inserted: (i) identify the eligibility criteria that are not satisfied; and

   Inserted: (ii) contain an explanation of the deficiencies that resulted in failure to meet the criteria.

   Inserted: (3) Special procedures for creditworthiness.--The Secretary shall conditionally approve an application based on the pro forma plan of finance of the applicant and gather and analyze after the conditional approval any further information necessary to determine the creditworthiness of the applicant, if the Secretary determines that--

   Inserted: (A)(i) the project described in an application is potentially creditworthy; but

   Inserted: (ii) the Secretary lacks complete information to determine that the project is creditworthy; and

   Inserted: (B) the project meets the other criteria for eligibility for financial assistance under this chapter.

   Inserted: (4) Special procedures for later-identified obligor.--For applications that are approved or conditionally approved, the Secretary shall establish and follow procedures--

   Inserted: (A) during the period between approval or conditional approval and selection of the private party as the obligor, requiring--

   Inserted: (i) constructive engagement with the applicant and the potential obligors;

   Inserted: (ii) diligent processing and approval of the term sheet;

   Inserted: (iii) the conduct of due diligence;

   Inserted: (iv) the review and setting of terms for credit assistance;

   Inserted: (v) the preparation and approval of a conditional credit commitment; and

   Inserted: (vi) any other activity necessary to advance the credit assistance to the maximum extent practicable; and

   Inserted: (B) not later than 90 days after the date on which the applicant identifies the private party that will be the obligor, requiring--

   Inserted: (i) the completion of the creditworthiness determination;

   Inserted: (ii) the assistance of the private party in satisfying credit conditions; and

   Inserted: (iii) the execution of final agreements for the credit assistance.

   Inserted: (5) Application approval.--Approval or conditional approval of an application for a project under subsection (a) qualifies the project for execution of a term sheet establishing a conditional commitment of credit assistance.

   Inserted: (e) Federal Requirements.--

   Original wording

   On page 601, strike line 9 and insert the following:

Read automatically from the Congressional Record. Check the original before relying on it.

As printed