(a) Requirement.—The Secretary shall establish a uniform system to service the Federal credit instruments made available under the TIFIA program.
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Terms Used In 23 USC 605
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(b) Fees.—The Secretary may collect and spend fees, contingent on authority being provided in appropriations Acts, at a level that is sufficient to cover—
(1) the costs of services of expert firms retained pursuant to subsection (d); and
(2) all or a portion of the costs to the Federal Government of servicing the Federal credit instruments.
(c) Servicer.—
(1) In general.—The Secretary may appoint a financial entity to assist the Secretary in servicing the Federal credit instruments.
(2) Duties.—A servicer appointed under paragraph (1) shall act as the agent for the Secretary.
(3) Fee.—A servicer appointed under paragraph (1) shall receive a servicing fee, subject to approval by the Secretary.
(d) Assistance From Expert Firms.—The Secretary may retain the services of expert firms, including counsel, in the field of municipal and project finance to assist in the underwriting and servicing of Federal credit instruments.
(e) Expedited Processing.—The Secretary shall implement procedures and measures to economize the time and cost involved in obtaining approval and the issuance of credit assistance under the TIFIA program.
(f) Assistance to Small Projects.—
(1) Reservation of funds.—Of the funds made available to carry out the TIFIA program for each fiscal year, and after the set aside under section 608(a)(6), not less than $2,000,000 shall be made available for the Secretary to use in lieu of fees collected under subsection (b) for projects under the TIFIA program having eligible project costs that are reasonably anticipated not to equal or exceed $75,000,000.
(2) Release of funds.—Any funds not used under paragraph (1) in a fiscal year shall be made available on October 1 of the following fiscal year to provide credit assistance to any project under the TIFIA program.
