To include a payment and performance security requirement for certain infrastructure financing.

SA 2354. Mr. VAN HOLLEN (for himself, Mr. Rounds, Ms. Ernst, and Mr.
Kelly) proposed an amendment 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; as follows:

At the end of title II of division A, add the following:

SEC. 12___. FEDERAL REQUIREMENTS FOR TIFIA ELIGIBILITY AND
PROJECT SELECTION.

(a) In General.--Section 602(c) of title 23, United States
Code, is amended by adding at the end the following:
``(3) Payment and performance security.--
``(A) In general.--The Secretary shall ensure that the
design and construction of a project carried out with
assistance under the TIFIA program shall have appropriate
payment and performance security, regardless of whether the
obligor is a State, local government, agency or
instrumentality of a State or local government, public
authority, or private party.
``(B) Written determination.--If payment and performance
security is required to be furnished by applicable State or
local statute or regulation, the Secretary may accept such
payment and performance security requirements applicable to
the obligor if the Federal interest with respect to Federal
funds and other project risk related to design and
construction is adequately protected.
``(C) No determination or applicable requirements.--If
there are no payment and performance security requirements
applicable to the obligor, the security under section 3131(b)
of title 40 or an equivalent State or local requirement, as
determined by the Secretary, shall be required.''.
(b) Applicability.--The amendments made by this section
shall apply with respect to any agreement for credit
assistance entered into on or after the date of enactment of
this Act.
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