Bill > HR6359

This bill amends the transportation infrastructure finance and innovation program (TIFIA) to require the Department of Transportation (DOT) to ensure that the design and construction of a project carried out under the program must have appropriate payment and performance security, regardless of whether the obligor (the party responsible for the project) is a state, local government, agency, public authority, or private party. The DOT can accept existing payment and performance security requirements applicable to the obligor if it determines that the federal interest is adequately protected. If no such determination is made or there are no existing requirements, the security under section 3131(b) of title 40 (which requires a payment bond and a performance bond) shall be required. This provision applies to contracts entered into on or after the date of enactment of the bill.