1. Short title
This Act may be cited as the “Railroad Rehabilitation and Improvement Financing Equity Act”.
Railroad Rehabilitation and Improvement Financing Equity Act
A BILL
To require the Secretary of Transportation to repay the credit risk premiums paid with respect to certain railroad infrastructure loans after the obligations attached to such loans have been satisfied.
2. Credit risk premiums
Refund— Section 502(f) of the Railroad Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 822(f)) is amended by adding at the end the following:
“(5) Refund of premiums—The Secretary shall repay the credit risk premium of each loan, with interest accrued thereon, not later than 60 days after the date on which all obligations attached to each such loan have been satisfied. For each loan for which obligations have already been satisfied, as of the date of enactment of the Railroad Rehabilitation and Improvement Financing Equity Act, the Secretary shall repay the credit risk premium of each such loan, with interest accrued thereon, not later than 60 days after the date of the enactment of such Act.”
Authorization of appropriations— There are authorized to be appropriated such sums as may be necessary to pay the cost of any direct loan modification (as defined in section 502 of the Federal Credit Reform Act of 1990) to carry out section 502(f)(5) of the Railroad Revitalization and Regulatory Reform Act of 1976, as added by subsection (a).