summary
Introduced
02/21/2020
02/21/2020
In Committee
02/24/2020
02/24/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To amend the Railroad Revitalization and Regulatory Reform Act of 1976 to provide for the Secretary to pay certain credit risk premiums for loan or loan guarantees, and for other purposes. This bill revises and expands the Railroad Rehabilitation and Improvement Financing program of the Department of Transportation (DOT). Specifically, the bill authorizes DOT to pay certain credit risk premiums for loans or loan guarantees; requires DOT to set aside at least $100 million for passenger rail projects in a given fiscal year; directs DOT to provide loans and loan guarantees to private entities with controlling ownership in one or more freight railroads other than Class I carriers; expands eligibility under the loan program to include reimbursement of planning, permitting, and design expenses related to acquiring, improving, or rehabilitating intermodal or rail equipment or facilities; sets forth collateral and appraisal standards under the program; and allows loan repayment terms to be extended up to 50 years after the date of substantial completion of a project, or the estimated useful life of the rail equipment or facilities to be acquired, rehabilitated, improved, developed, or established.
AI Summary
This bill revises and expands the Railroad Rehabilitation and Improvement Financing (RRIF) program of the Department of Transportation (DOT). The key provisions are:
1. Authorizes DOT to pay certain credit risk premiums for RRIF loans or loan guarantees, and sets aside at least $100 million per fiscal year for passenger rail projects.
2. Expands eligibility for RRIF loans to include private entities with controlling ownership in freight railroads other than Class I carriers.
3. Broadens the permitted uses of RRIF loans to include reimbursing planning, permitting, and design expenses related to acquiring, improving, or rehabilitating intermodal or rail equipment and facilities.
4. Establishes collateral and appraisal standards for RRIF loans, allowing a range of tangible and intangible assets to be used as collateral.
5. Increases the maximum repayment term for RRIF loans from 35 to 50 years, or the estimated useful life of the rail equipment/facilities.
6. Allows RRIF loan funds to be used as the non-Federal share of funding for projects receiving other federal infrastructure program assistance.
Committee Categories
Transportation and Infrastructure
Sponsors (3)
Last Action
Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials. (on 02/24/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/5947/all-info | 02/22/2020 |
| BillText | https://www.congress.gov/116/bills/hr5947/BILLS-116hr5947ih.pdf | 02/25/2020 |
| Bill | https://www.congress.gov/116/bills/hr5947/BILLS-116hr5947ih.pdf.pdf | 02/25/2020 |
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