A Bill To Authorize Funds For Federal-Aid Highways, Highway Safety Programs, And Transit Programs, And For Other Purposes - 114th Congress 1st Session Page 218

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218
1
‘‘(ii) located on a facility owned by a
2
local government; or
3
‘‘(iii) for which the Secretary deter-
4
mines that a local government is substan-
5
tially involved in the development of the
6
project.’’.
7
(d) L
R
I
C
-
IMITATION ON
EFINANCING OF
NTERIM
ON
8
F
.—Section 603(a)(2) of title 23,
STRUCTION
INANCING
9
United States Code, is amended to read as follows:
10
‘‘(2) L
IMITATION ON REFINANCING OF INTERIM
11
.—A loan under para-
CONSTRUCTION FINANCING
12
graph (1) shall not refinance interim construction fi-
13
nancing under paragraph (1)(B)—
14
‘‘(A) if the maturity of such interim con-
15
struction financing is later than 1 year after
16
the substantial completion of the project; and
17
‘‘(B) later than 1 year after the date of
18
substantial completion of the project.’’.
19
(e) F
.—Section 608(a) of title 23, United
UNDING
20
States Code, is amended—
21
(1) in paragraph (4)(A), by striking ‘‘Beginning
22
in fiscal year 2014, on April 1 of each fiscal year’’
23
and inserting ‘‘Beginning in fiscal year 2016, on Au-
24
gust 1 of each fiscal year’’; and
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