Credit Assistance for Surface Transportation Projects; Expedited Process for Execution of TIFIA Loans, 54198-54200 [E8-21783]

Download as PDF 54198 Federal Register / Vol. 73, No. 182 / Thursday, September 18, 2008 / Notices D. Categories of Records and Individuals Covered by the Matching Program SSA will provide BPD with a finder file containing SSNs extracted from the Medicare database. BPD will match the SSNs in the finder file with the SSNs in its Savings Securities registration systems. This file will be formatted as stated in the attached Appendix. These records are included under the systems of records Treasury/BPD.002, United States Savings-Type Securities, and Treasury/BPD.008, Retail Treasury Securities Access Application, last published on July 23, 2008 at 73 FR 42906 and 42918, respectively. SSA will then match the BPD data with the new Medicare Part D and Part D Subsidy File system of records, SSA/ORSIS 60–0321, published at 69 FR 248 (December 28, 2004). As required by the Privacy Act, the Medicare Part D and Part D Subsidy File system of records was published in the Federal Register (Vol. 69, No. 248, pp. 77816–77822 [04–28302]) on Tuesday, December 28, 2004. The number of records matched each year is determined in part by the number of people who file for subsidy for Part D. (In July 2007, there were 1,921,207 records matched.) BPD will perform the automated matching with its computer systems and provide the response file to SSA as soon as possible. This agreement covers the following matches: (1) Screening for Potential Recipients An ongoing monthly match of less than 200,000 potential applicants and those recipients who notify SSA of a change. dwashington3 on PRODPC61 with NOTICES (2) Screening To Confirm Eligibility Ongoing yearly matches of approximately two million recipients each year for confirming eligibility of individuals receiving Medicare Part D subsidy. SSA will substitute the yearly match file for the ongoing monthly match files and will not be a separate submission. E. Inclusive Dates of the Matching Program The matching program will become effective no sooner than 40 days after notice of the matching program is sent to Congress and OMB, or 30 days after publication of this notice in the Federal Register, whichever date is later. The matching program will continue for 18 months from the effective date and may be extended for an additional 12 months thereafter, if certain conditions are met. [FR Doc. E8–21817 Filed 9–17–08; 8:45 am] BILLING CODE 4191–02–P VerDate Aug<31>2005 15:26 Sep 17, 2008 Jkt 214001 DEPARTMENT OF TRANSPORTATION Office of the Secretary Notice of Applications for Certificates of Public Convenience and Necessity and Foreign Air Carrier Permits Filed Under Subpart B (formerly Subpart Q) During the Week Ending September 5, 2008 The following Applications for Certificates of Public Convenience and Necessity and Foreign Air Carrier Permits were filed under Subpart B (formerly Subpart Q) of the Department of Transportation’s Procedural Regulations (See 14 CFR 301.201 et seq.). The due date for Answers, Conforming Applications, or Motions to Modify Scope are set forth below for each application. Following the Answer period DOT may process the application by expedited procedures. Such procedures may consist of the adoption of a show-cause order, a tentative order, or in appropriate cases a final order without further proceedings. Docket Number: DOT–OST–2008– 0274. Date Filed: September 5, 2008. Due Date for Answers, Conforming Applications, or Motion to Modify Scope: September 26, 2008. Description: Joint Application of TradeWinds Airlines, Inc. (‘‘TW’’) and Sky Lease I, Inc. (’’Sky Lease’’) requesting the Department transfer TW’s certificates of public convenience and necessity (and certain other exemption authority) to Sky Lease. Docket Number: DOT–OST–2008– 0277. Date Filed: September 4, 2008. Due Date for Answers, Conforming Applications, or Motion to Modify Scope: September 25, 2008. Description: Application of TUIfly Nordic A.B. (‘‘TUIfly’’) requesting an exemption and an amended foreign air carrier permit authorizing TUIfly to conduct operations to and from the United States to the full extent authorized by the United StatesEuropean Union Air Transport Agreement (‘‘U.S.-E.U. Agreement’’), including authority to engage in: (i) Charter foreign air transportation of persons, property and mail from any point(s) behind any Member State(s) of the European Community via any point(s) in any Member State(s) and intermediate points to any point(s) in the United States and beyond; (ii) charter foreign air transportation of persons, property and mail between any point(s) in the United States and any points(s) in any member of the European Common Aviation Area; (iii) PO 00000 Frm 00065 Fmt 4703 Sfmt 4703 charter foreign cargo air transportation between any point(s) in the United States and any other point(s); (iv) other charter pursuant to the prior approval requirements; and (v) transportation authorized by any additional route or other right(s) made available to European Community carrier in the future. Renee V. Wright, Program Manager, Docket Operations, Federal Register Liaison. [FR Doc. E8–21815 Filed 9–17–08; 8:45 am] BILLING CODE 4910–9X–P DEPARTMENT OF TRANSPORTATION Office of the Secretary Aviation Proceedings, Agreements Filed the Week Ending September 5, 2008 The following Agreements were filed with the Department of Transportation under the Sections 412 and 414 of the Federal Aviation Act, as amended (49 U.S.C. 1383 and 1384) and procedures governing proceedings to enforce these provisions. Answers may be filed within 21 days after the filing of the application. Docket Number: DOT–OST–2008– 0276. Date Filed: September 4, 2008. Parties: Members of the International Air Transport Association. Subject: PTC COMP Mail Vote 575 Amending Composite Resolutions (Memo 1477). Intended effective date: 1 April 2009. Renee V. Wright, Program Manager, Docket Operations, Federal Register Liaison. [FR Doc. E8–21818 Filed 9–17–08; 8:45 am] BILLING CODE 4910–9X–P DEPARTMENT OF TRANSPORTATION Federal Highway Administration [Docket No. FHWA–2008–0128] Credit Assistance for Surface Transportation Projects; Expedited Process for Execution of TIFIA Loans Federal Highway Administration (FHWA), (DOT). ACTION: Announcement of template term sheet and template loan agreement for an expedited TIFIA loan process; notice and request for comments. AGENCIES: SUMMARY: In order to more efficiently facilitate innovative financing transactions, the DOT intends to develop an expedited process for E:\FR\FM\18SEN1.SGM 18SEN1 dwashington3 on PRODPC61 with NOTICES Federal Register / Vol. 73, No. 182 / Thursday, September 18, 2008 / Notices execution of TIFIA loans for certain eligible highway projects developed pursuant to concession agreements with senior bank and/or bond debt facilities. To the extent applicants choose to take advantage of the expedited process, utilizing standardized documents and terms, as well as meet standard closing conditions, the DOT will commit to execute a final loan agreement within 45 days of the applicant’s agreement to all of the terms and conditions contained in a template term sheet and a template loan agreement, drafts of which are published for comment on the docket for this notice and at the TIFIA Web site listed below. In addition, the DOT seeks comment regarding which term sheet and loan terms would need to be amended to provide an expedited process and which terms need to be amended for eligible transit projects developed pursuant to concession agreements. DATES: Comments must be received on or before October 20, 2008. ADDRESSES: The template term sheet and template loan agreement for the expedited TIFIA loan process which are the subject of this notice can be viewed electronically at the docket established for this rulemaking at https:// www.regulations.gov or on the TIFIA Web site at https://tifia.fhwa.dot.gov. Hard copies of the documents will also be available for viewing at the DOT address listed below. Mail or hand deliver comments to the U.S. Department of Transportation, Dockets Management Facility, Room W12–140, 1200 New Jersey Avenue, SE., Washington, DC 20590, or submit comments electronically at https:// www.regulations.gov, or fax comments to (202) 493–2251. Alternatively, comments may be submitted via the Federal eRulemaking Portal at https:// www.regulations.gov (follow the on-line instructions for submitting comments). All comments should include the docket number that appears in the heading of this document. All comments received will be available for examination and copying at the above address from 9 a.m. to 5 p.m., e.t., Monday through Friday, except Federal holidays. Those desiring notification of receipt of comments must include a selfaddressed, stamped postcard or you may print the acknowledgment page that appears after submitting comments electronically. All comments received into any docket may be searched in electronic format by the name of the individual submitting the comment (or signing the comment, if submitted on behalf of an association, business, labor union, etc.). Persons making comments VerDate Aug<31>2005 15:26 Sep 17, 2008 Jkt 214001 may review DOT’s complete Privacy Act Statement in the Federal Register published on April 11, 2000 (Volume 65, Number 70, Pages 19477–78), or you may view the statement at https:// dms.dot.gov. Mr. Mark Sullivan, TIFIA Joint Program Office (202) 366–5785, Mr. Marcus J. Lemon, Chief Counsel (202) 366–0740, or Mr. Steven Rochlis, Office of the Chief Counsel (202) 366–1395, Federal Highway Administration; 1200 New Jersey Avenue, SE., Washington, DC 20590. Office hours for the FHWA are from 7:45 a.m. to 4:15 p.m., e.t., Monday through Friday, except Federal holidays. SUPPLEMENTARY INFORMATION: FOR FURTHER INFORMATION CONTACT: Electronic Access and Filing You may submit or retrieve comments online through the Federal eRulemaking portal at: www.regulations.gov. The Web site is available 24 hours each day, 365 days each year. Electronic submission and retrieval help and guidelines are available under the help section of the Web site. An electronic copy of this document may also be downloaded from Office of the Federal Register’s home page at: https://www.archives.gov/federal_register and the Government Printing Office’s Web page at: https://www.gpoaccess.gov. Background TIFIA was enacted in 1998 as part of the Transportation Equity Act for the 21st Century (TEA–21) (Pub. L. 105– 178, June 1998). TIFIA established a Federal credit program which provides Federal credit assistance to major surface transportation projects of regional or national significance. In 1999, the DOT promulgated a rule implementing TIFIA (64 FR 29742, June 2, 1999), and amended the rule in 2000 (65 FR 44936, July 19, 2000). Subsequently, in 2005, Congress enacted the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users (SAFETEA–LU) (Pub. L. 109–59, Aug. 10, 2005), which made a number of amendments to TIFIA. In enacting the original TIFIA legislation, Congress found that ‘‘a welldeveloped system of transportation infrastructure is critical’’ to the nation’s economy, and it sought to ‘‘attract new investment capital’’ to transportation infrastructure projects. Congress further found that TIFIA could complement existing funding resources by filling ‘‘market gaps,’’ thereby leveraging substantial private co-investment. To date, the DOT has provided almost $4.8 billion in TIFIA credit assistance to 15 projects representing almost $18.6 PO 00000 Frm 00066 Fmt 4703 Sfmt 4703 54199 billion of infrastructure investment. Four TIFIA loans, including the three most recent TIFIA loans, have been executed with private companies for eligible highway projects developed pursuant to concession agreements with a public entity. In addition, TIFIA has recently experienced a sharp growth in demand for credit assistance, in large part because it has received several applications for highway projects developed pursuant to concession agreements as a result of State implementation of public-private partnership initiatives. The pipeline of expected TIFIA applications, which demonstrates that this demand is not likely to subside in the foreseeable future, is also dominated by these types of projects. In response to recurring concerns over the length of time associated with executing and closing loans for these types of projects, the DOT intends to offer certain borrowers the option of an expedited loan process or ‘‘fast track,’’ which would require such borrowers to accept certain standard loan terms set forth in template loan documents. Expedited Loan Process and Template Loan Documents The statutory and regulatory requirements applicable to the TIFIA program will not be modified, amended, or supplemented for purposes of the expedited loan process. If an applicant wishes to take advantage of the expedited loan process, the applicant would be required to agree to the standard terms and conditions contained in a template term sheet (subject to negotiation of certain project specific terms, which must be separately negotiated for each transaction). The DOT would then commit to execute a loan agreement substantially similar to the template loan agreement, which is maintained on the TIFIA Web site, within 45 days of the applicant’s signature accepting the term sheet. The expedited loan process will be subject to the DOT Credit Council and Secretary approving the loan. An applicant’s decision to seek an expedited process will not affect the Department’s decision to approve or disapprove credit assistance. Applicants are strongly encouraged to make use of this innovative process. For purposes of the expedited process, the DOT has developed a template term sheet for applicants requesting secured loans for eligible highway projects being developed pursuant to a concession agreement with senior bank and/or bond debt facilities. The template term sheet contains the key business terms to E:\FR\FM\18SEN1.SGM 18SEN1 dwashington3 on PRODPC61 with NOTICES 54200 Federal Register / Vol. 73, No. 182 / Thursday, September 18, 2008 / Notices which the DOT would require the borrower to agree and certain project specific terms that must be separately negotiated for each transaction. The DOT expects that these terms may be modified periodically to reflect changes in TIFIA policies and practices. The DOT seeks public comment regarding the terms contained in the template term sheet. The template term sheet can be viewed at the docket established for this notice or at the TIFIA Web site at https://tifia.fhwa.dot.gov. The DOT has also developed a template loan agreement. In order to receive the DOT’s commitment to an expedited process, an applicant must agree that the standard template loan agreement is acceptable in form and substance, subject only to modifications required to conform the agreement to the terms and conditions of the agreed upon term sheet. The DOT expects that these terms may be modified periodically to reflect changes in TIFIA policies and practices. The DOT seeks public comment regarding the terms contained in the template loan agreement. The template loan agreement can be viewed at the docket established for this notice or at the TIFIA Web site at https://tifia.fhwa.dot.gov. The DOT is aware that some of the terms in the template term sheet and template loan agreement may be unsuitable for transactions involving eligible transit projects. The DOT seeks public comment regarding which terms would need to be amended for transactions involving eligible transit projects developed pursuant to a concession agreement with senior bank and/or bond debt facilities. Should an applicant seek terms that deviate from those in the template term sheet or the template loan agreement, the DOT may still commit to an expedited process, but only after the revised terms have been agreed to by the DOT. Items that require the TIFIA JPO’s due diligence review (e.g., traffic and revenue studies, senior loan documents, inter-creditor agreements, rating letters, etc.) do not need to be in final form for DOT to commit to the expedited process; however, DOT’s commitment will be subject to receipt and due diligence analysis of final versions similar in every material respect to the draft versions reviewed by the JPO prior to the commitment. Projects that require material deviations from the terms in the template term sheet or the template loan agreement, as determined by the DOT in its sole discretion, would not be eligible for the expedited process. In these circumstances, the DOT will maintain the same approach to loan negotiations VerDate Aug<31>2005 15:26 Sep 17, 2008 Jkt 214001 that has always characterized the TIFIA program. Notice is hereby given that the FHWA and other Federal agencies have taken final agency Authority: 23 U.S.C 315 and 23 U.S.C. actions by issuing licenses, permits and 601–609; 49 CFR 1.48(b)(6), 49 CFR Part 80. approvals for the proposed construction Issued on: September 12, 2008. of new U.S. 301 in the State of Delaware Thomas J. Madison, Jr., that is described below. The actions by Federal Highway Administrator. the Federal agencies on the project, and [FR Doc. E8–21783 Filed 9–17–08; 8:45 am] the laws under which such actions were BILLING CODE 4910–22–P taken, are described in the Final Environmental Impact Statement (FEIS) for the project approved on November DEPARTMENT OF TRANSPORTATION 30, 2007 and issued on December 14, 2007 (FR Vol. 72, No. 240, p. 71138) and Federal Highway Administration in the FHWA Record of Decision (ROD) Notice of Final Federal Agency Actions issued on April 30, 2008, and in other project records. The FEIS, ROD, and on Proposed Highway in Delaware other records for the project are available by contacting the FHWA or the AGENCY: Federal Highway Delaware Department of Transportation Administration (FHWA), DOT. at the addresses provided above. In ACTION: Notice of Limitation on Claims addition, the FEIS and ROD can be for Judicial Review of Actions by FHWA viewed and downloaded electronically and Other Federal Agencies. from the project Web site, https:// www.deldot.gov/information/projects/ SUMMARY: This notice announces actions us301/, or viewed at public libraries and taken by the FHWA and other Federal other public venues in the relevant agencies that are final within the project area. meaning of 23 U.S.C. 139(l)(1). The This notice applies to all Federal actions relate to: a proposed highway agency decisions on the listed project as project, the U.S. 301: MD/DE Line to of the issuance date of this notice and SR1, South of the C&D Canal, New all laws under which such actions were Castle County, Delaware, including the taken. The laws under which Federal new 13 mile long U.S. 301 mainline on agency decisions were made on the new alignment between the Delaware/ Maryland state line and State Route (SR) project include, but are not limited to: 1. General: National Environmental 1, and the new 3.5 mile long Spur Road, Policy Act (NEPA) [42 U.S.C. 4321– on new alignment from proposed U.S. 4351]; Federal-Aid Highway Act [23 301 in the vicinity of Armstrong Corner Road to the Summit Bridge, south of the U.S.C. 109]. 2. Wetlands and Water Resources: Chesapeake and Delaware (C&D) Canal, Clean Water Act [33 U.S.C. 1251–1377] State of Delaware. Those actions grant approvals for both parts of the proposed (Section 404, Section 401, Section 319); TEA–21 Wetlands Mitigation [23 U.S.C. project. 103(b)(6)(m), 133(b)(11)]; Coastal Zone DATES: By this notice, the FHWA is Management Act [16 U.S.C. 1451–1465]. advising the public of final agency 3. Air: Clean Air Act [42 U.S.C. 7401– actions subject to 23 U.S.C. 139(l)(1). A 7671(q) and applicable regulations claim seeking judicial review of the promulgated under 40 CFR 93. Federal agency actions on the highway 4. Wildlife: Endangered Species Act project will be barred unless the claim [16 U.S.C. 1531–1544 and Section is filed on or before March 17, 2009. If 1536]; Bald Eagle Protection Act [16 the Federal law that authorizes judicial U.S.C. 668–668d]; Migratory Bird Treaty review of a claim provides a time period Act [16 U.S.C. 703–712]. of less than 180 days for filing such a 5. Historic and Cultural Resources: claim, then that shorter time period still Section 106 of the National Historic applies. Preservation Act of 1966, as amended [16 U.S.C. 470(f) et seq.]; Archaeological FOR FURTHER INFORMATION CONTACT: Daniel Montag, Project Manager, Federal Resources Protection Act of 1977 [16 U.S.C. 470(aa)–(ii)]; Archaeological and Highway Administration, 300 South New Street, Suite 2101,Dover DE 19904; Historic Preservation Act [16 U.S.C. 469–469(c)]; Native American Grave weekdays 8 a.m. to 4 p.m.; telephone Protection and Repatriation Act 302–734–1719; e-mail: (NAGPRA) [25 U.S.C. 3001–3013]. Daniel.Montag@fhwa.dot.gov. Mark 6. Land: Farmland Protection Policy Tudor, Project Director, Delaware Act (FPPA) [7 U.S.C. 4201–4209]; Department of Transportation, 800 Bay Road, Dover DE 19903; weekdays 8 a.m. Section 4(f) of the Department of Transportation Act of 1966 [49 U.S.C. to 4 p.m.; telephone 302–760–2275; 303]. e-mail: Mark.Tudor@state.de.us. PO 00000 Frm 00067 Fmt 4703 Sfmt 4703 SUPPLEMENTARY INFORMATION: E:\FR\FM\18SEN1.SGM 18SEN1

Agencies

[Federal Register Volume 73, Number 182 (Thursday, September 18, 2008)]
[Notices]
[Pages 54198-54200]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-21783]


-----------------------------------------------------------------------

DEPARTMENT OF TRANSPORTATION

Federal Highway Administration

[Docket No. FHWA-2008-0128]


Credit Assistance for Surface Transportation Projects; Expedited 
Process for Execution of TIFIA Loans

AGENCIES: Federal Highway Administration (FHWA), (DOT).

ACTION: Announcement of template term sheet and template loan agreement 
for an expedited TIFIA loan process; notice and request for comments.

-----------------------------------------------------------------------

SUMMARY: In order to more efficiently facilitate innovative financing 
transactions, the DOT intends to develop an expedited process for

[[Page 54199]]

execution of TIFIA loans for certain eligible highway projects 
developed pursuant to concession agreements with senior bank and/or 
bond debt facilities. To the extent applicants choose to take advantage 
of the expedited process, utilizing standardized documents and terms, 
as well as meet standard closing conditions, the DOT will commit to 
execute a final loan agreement within 45 days of the applicant's 
agreement to all of the terms and conditions contained in a template 
term sheet and a template loan agreement, drafts of which are published 
for comment on the docket for this notice and at the TIFIA Web site 
listed below. In addition, the DOT seeks comment regarding which term 
sheet and loan terms would need to be amended to provide an expedited 
process and which terms need to be amended for eligible transit 
projects developed pursuant to concession agreements.

DATES: Comments must be received on or before October 20, 2008.

ADDRESSES: The template term sheet and template loan agreement for the 
expedited TIFIA loan process which are the subject of this notice can 
be viewed electronically at the docket established for this rulemaking 
at https://www.regulations.gov or on the TIFIA Web site at https://
tifia.fhwa.dot.gov. Hard copies of the documents will also be available 
for viewing at the DOT address listed below.
    Mail or hand deliver comments to the U.S. Department of 
Transportation, Dockets Management Facility, Room W12-140, 1200 New 
Jersey Avenue, SE., Washington, DC 20590, or submit comments 
electronically at https://www.regulations.gov, or fax comments to (202) 
493-2251. Alternatively, comments may be submitted via the Federal 
eRulemaking Portal at https://www.regulations.gov (follow the on-line 
instructions for submitting comments). All comments should include the 
docket number that appears in the heading of this document. All 
comments received will be available for examination and copying at the 
above address from 9 a.m. to 5 p.m., e.t., Monday through Friday, 
except Federal holidays. Those desiring notification of receipt of 
comments must include a self-addressed, stamped postcard or you may 
print the acknowledgment page that appears after submitting comments 
electronically. All comments received into any docket may be searched 
in electronic format by the name of the individual submitting the 
comment (or signing the comment, if submitted on behalf of an 
association, business, labor union, etc.). Persons making comments may 
review DOT's complete Privacy Act Statement in the Federal Register 
published on April 11, 2000 (Volume 65, Number 70, Pages 19477-78), or 
you may view the statement at https://dms.dot.gov.

FOR FURTHER INFORMATION CONTACT: Mr. Mark Sullivan, TIFIA Joint Program 
Office (202) 366-5785, Mr. Marcus J. Lemon, Chief Counsel (202) 366-
0740, or Mr. Steven Rochlis, Office of the Chief Counsel (202) 366-
1395, Federal Highway Administration; 1200 New Jersey Avenue, SE., 
Washington, DC 20590. Office hours for the FHWA are from 7:45 a.m. to 
4:15 p.m., e.t., Monday through Friday, except Federal holidays.

SUPPLEMENTARY INFORMATION:

Electronic Access and Filing

    You may submit or retrieve comments online through the Federal 
eRulemaking portal at: www.regulations.gov. The Web site is available 
24 hours each day, 365 days each year. Electronic submission and 
retrieval help and guidelines are available under the help section of 
the Web site.
    An electronic copy of this document may also be downloaded from 
Office of the Federal Register's home page at: https://www.archives.gov/
federal_register and the Government Printing Office's Web page at: 
https://www.gpoaccess.gov.

Background

    TIFIA was enacted in 1998 as part of the Transportation Equity Act 
for the 21st Century (TEA-21) (Pub. L. 105-178, June 1998). TIFIA 
established a Federal credit program which provides Federal credit 
assistance to major surface transportation projects of regional or 
national significance. In 1999, the DOT promulgated a rule implementing 
TIFIA (64 FR 29742, June 2, 1999), and amended the rule in 2000 (65 FR 
44936, July 19, 2000). Subsequently, in 2005, Congress enacted the 
Safe, Accountable, Flexible, Efficient Transportation Equity Act: A 
Legacy for Users (SAFETEA-LU) (Pub. L. 109-59, Aug. 10, 2005), which 
made a number of amendments to TIFIA.
    In enacting the original TIFIA legislation, Congress found that ``a 
well-developed system of transportation infrastructure is critical'' to 
the nation's economy, and it sought to ``attract new investment 
capital'' to transportation infrastructure projects. Congress further 
found that TIFIA could complement existing funding resources by filling 
``market gaps,'' thereby leveraging substantial private co-investment.
    To date, the DOT has provided almost $4.8 billion in TIFIA credit 
assistance to 15 projects representing almost $18.6 billion of 
infrastructure investment. Four TIFIA loans, including the three most 
recent TIFIA loans, have been executed with private companies for 
eligible highway projects developed pursuant to concession agreements 
with a public entity. In addition, TIFIA has recently experienced a 
sharp growth in demand for credit assistance, in large part because it 
has received several applications for highway projects developed 
pursuant to concession agreements as a result of State implementation 
of public-private partnership initiatives. The pipeline of expected 
TIFIA applications, which demonstrates that this demand is not likely 
to subside in the foreseeable future, is also dominated by these types 
of projects. In response to recurring concerns over the length of time 
associated with executing and closing loans for these types of 
projects, the DOT intends to offer certain borrowers the option of an 
expedited loan process or ``fast track,'' which would require such 
borrowers to accept certain standard loan terms set forth in template 
loan documents.

Expedited Loan Process and Template Loan Documents

    The statutory and regulatory requirements applicable to the TIFIA 
program will not be modified, amended, or supplemented for purposes of 
the expedited loan process. If an applicant wishes to take advantage of 
the expedited loan process, the applicant would be required to agree to 
the standard terms and conditions contained in a template term sheet 
(subject to negotiation of certain project specific terms, which must 
be separately negotiated for each transaction). The DOT would then 
commit to execute a loan agreement substantially similar to the 
template loan agreement, which is maintained on the TIFIA Web site, 
within 45 days of the applicant's signature accepting the term sheet. 
The expedited loan process will be subject to the DOT Credit Council 
and Secretary approving the loan. An applicant's decision to seek an 
expedited process will not affect the Department's decision to approve 
or disapprove credit assistance. Applicants are strongly encouraged to 
make use of this innovative process.
    For purposes of the expedited process, the DOT has developed a 
template term sheet for applicants requesting secured loans for 
eligible highway projects being developed pursuant to a concession 
agreement with senior bank and/or bond debt facilities. The template 
term sheet contains the key business terms to

[[Page 54200]]

which the DOT would require the borrower to agree and certain project 
specific terms that must be separately negotiated for each transaction. 
The DOT expects that these terms may be modified periodically to 
reflect changes in TIFIA policies and practices. The DOT seeks public 
comment regarding the terms contained in the template term sheet. The 
template term sheet can be viewed at the docket established for this 
notice or at the TIFIA Web site at https://tifia.fhwa.dot.gov.
    The DOT has also developed a template loan agreement. In order to 
receive the DOT's commitment to an expedited process, an applicant must 
agree that the standard template loan agreement is acceptable in form 
and substance, subject only to modifications required to conform the 
agreement to the terms and conditions of the agreed upon term sheet. 
The DOT expects that these terms may be modified periodically to 
reflect changes in TIFIA policies and practices. The DOT seeks public 
comment regarding the terms contained in the template loan agreement. 
The template loan agreement can be viewed at the docket established for 
this notice or at the TIFIA Web site at https://tifia.fhwa.dot.gov.
    The DOT is aware that some of the terms in the template term sheet 
and template loan agreement may be unsuitable for transactions 
involving eligible transit projects. The DOT seeks public comment 
regarding which terms would need to be amended for transactions 
involving eligible transit projects developed pursuant to a concession 
agreement with senior bank and/or bond debt facilities.
    Should an applicant seek terms that deviate from those in the 
template term sheet or the template loan agreement, the DOT may still 
commit to an expedited process, but only after the revised terms have 
been agreed to by the DOT. Items that require the TIFIA JPO's due 
diligence review (e.g., traffic and revenue studies, senior loan 
documents, inter-creditor agreements, rating letters, etc.) do not need 
to be in final form for DOT to commit to the expedited process; 
however, DOT's commitment will be subject to receipt and due diligence 
analysis of final versions similar in every material respect to the 
draft versions reviewed by the JPO prior to the commitment.
    Projects that require material deviations from the terms in the 
template term sheet or the template loan agreement, as determined by 
the DOT in its sole discretion, would not be eligible for the expedited 
process. In these circumstances, the DOT will maintain the same 
approach to loan negotiations that has always characterized the TIFIA 
program.

    Authority: 23 U.S.C 315 and 23 U.S.C. 601-609; 49 CFR 
1.48(b)(6), 49 CFR Part 80.

    Issued on: September 12, 2008.
Thomas J. Madison, Jr.,
Federal Highway Administrator.
[FR Doc. E8-21783 Filed 9-17-08; 8:45 am]
BILLING CODE 4910-22-P
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