S.Amdt. 2173

SA 2173. Mr. PADILLA (for himself and Mr. Cornyn) submitted an
amendment intended to be proposed to amendment SA 2137 proposed by Mr.
Schumer (for Ms. Sinema (for herself, Mr. Portman, Mr. Manchin, Mr.
Cassidy, Mrs. Shaheen, Ms. Collins, Mr. Tester, Ms. Murkowski, Mr.
Warner, and Mr. Romney)) to the bill H.R. 3684, to authorize funds for
Federal-aid highways, highway safety programs, and transit programs,
and for other purposes; which was ordered to lie on the table; as
follows:

On page 493, strike lines 8 through 22 and insert the
following:
(b) Eligibility.--Section 602(a) of title 23, United States
Code, is amended--
(1) by striking paragraph (1) and inserting the following:
``(1) Letter of interest.--
``(A) In general.--A project shall be eligible to receive
credit assistance under the TIFIA program if--
``(i) the entity proposing to carry out the project submits
a letter of interest prior to submission of a formal
application for the project; and
``(ii) the project meets the criteria described in this
subsection.
``(B) Certain projects.--In the case of a project that
outlines a proposed financial plan to repay the loan
primarily with State or local tax revenue, the review of the
letter of interest shall be limited to a legal compliance
check to ensure the project meets the criteria described in
this subsection, except to the extent that the Secretary
determines that the complexity of the project requires
further review.''; and
(2) in paragraph (2)--
(A) in subparagraph (A)(iv)--
(i) by striking ``a rating'' and inserting ``an investment-
grade rating''; and
(ii) by striking ``$75,000,000'' and inserting
``$150,000,000''; and
(B) in subparagraph (B)--
(i) by striking ``the senior debt'' and inserting ``senior
debt''; and
(ii) by striking ``credit instrument is for an amount less
than $75,000,000'' and inserting ``total amount of other
senior debt and the Federal credit instrument is less than
$150,000,000''.
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