23 USC 601 - Generally applicable provisions

(a) Definitions.— 
In this chapter, the following definitions apply:
(1) Eligible project costs.— 
The term eligible project costs means amounts substantially all of which are paid by, or for the account of, an obligor in connection with a project, including the cost of
(A) development phase activities, including planning, feasibility analysis, revenue forecasting, environmental review, permitting, preliminary engineering and design work, and other preconstruction activities;
(B) construction, reconstruction, rehabilitation, replacement, and acquisition of real property (including land related to the project and improvements to land), environmental mitigation, construction contingencies, and acquisition of equipment; and

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(C) capitalized interest necessary to meet market requirements, reasonably required reserve funds, capital issuance expenses, and other carrying costs during construction.
(2) Federal credit instrument.— 
The term Federal credit instrument means a secured loan, loan guarantee, or line of credit authorized to be made available under this chapter with respect to a project.
(3) Investment-grade rating.— 
The term investment-grade rating means a rating of BBB minus, Baa3, or higher assigned by a rating agency to project obligations.
(4) Lender.— 
The term lender means any non-Federal qualified institutional buyer (as defined in section 230.144A(a) of title 17, Code of Federal Regulations (or any successor regulation), known as Rule 144A(a) of the Securities and Exchange Commission and issued under the Securities Act of 1933 (15 U.S.C. 77a et seq.)), including
(A) a qualified retirement plan (as defined in section 4974(c) of the Internal Revenue Code of 1986) that is a qualified institutional buyer; and
(B) a governmental plan (as defined in section 414(d) of the Internal Revenue Code of 1986) that is a qualified institutional buyer.
(5) Line of credit.— 
The term line of credit means an agreement entered into by the Secretary with an obligor under section 604 to provide a direct loan at a future date upon the occurrence of certain events.
(6) Loan guarantee.— 
The term loan guarantee means any guarantee or other pledge by the Secretary to pay all or part of the principal of and interest on a loan or other debt obligation issued by an obligor and funded by a lender.
(7) Obligor.— 
The term obligor means a party primarily liable for payment of the principal of or interest on a Federal credit instrument, which party may be a corporation, partnership, joint venture, trust, or governmental entity, agency, or instrumentality.
(8) Project.— 
The term project means

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(A) any surface transportation project eligible for Federal assistance under this title or chapter 53 of title 49;
(B) a project for an international bridge or tunnel for which an international entity authorized under Federal or State law is responsible;
(C) a project for intercity passenger bus or rail facilities and vehicles, including facilities and vehicles owned by the National Railroad Passenger Corporation and components of magnetic levitation transportation systems; and
(D) a project that
(i) is a project
(I) for a public freight rail facility or a private facility providing public benefit for highway users;
(II) for an intermodal freight transfer facility;
(III) for a means of access to a facility described in subclause (I) or (II);
(IV) for a service improvement for a facility described in subclause (I) or (II) (including a capital investment for an intelligent transportation system); or
(V) that comprises a series of projects described in subclauses (I) through (IV) with the common objective of improving the flow of goods;
(ii) may involve the combining of private and public sector funds, including investment of public funds in private sector facility improvements; and
(iii) if located within the boundaries of a port terminal, includes only such surface transportation infrastructure modifications as are necessary to facilitate direct intermodal interchange, transfer, and access into and out of the port.
(9) Project obligation.— 
The term project obligation means any note, bond, debenture, or other debt obligation issued by an obligor in connection with the financing of a project, other than a Federal credit instrument.
(10) Rating agency.— 
The term rating agency means a credit rating agency registered with the Securities and Exchange Commission as a nationally recognized statistical rating organization, as that term is defined in section 3(a) of the Securities Exchange Act of 1934.
(11) Secured loan.— 
The term secured loan means a direct loan or other debt obligation issued by an obligor and funded by the Secretary in connection with the financing of a project under section 603.
(12) State.— 
The term State has the meaning given the term in section 101.
(13) Subsidy amount.— 
The term subsidy amount means the amount of budget authority sufficient to cover the estimated long-term cost to the Federal Government of a Federal credit instrument, calculated on a net present value basis, excluding administrative costs and any incidental effects on governmental receipts or outlays in accordance with the provisions of the Federal Credit Reform Act of 1990 (2 U.S.C. 661 et seq.).
(14) Substantial completion.— 
The term substantial completion means the opening of a project to vehicular or passenger traffic.
(b) Treatment of Chapter.— 
For purposes of this title, this chapter shall be treated as being part of chapter 1.