Section 1 Short title
This Act may be cited as the “Bus Rolling Stock Modernization Act of 2024”.
Bus Rolling Stock Modernization Act of 2024
A BILL
To establish limitations on advanced payments for bus rolling stock, and for other purposes.
Sec. 2 Limitations on advanced payments for bus rolling stock
Section 5323 of title 49, United States Code, is amended by adding at the end the following:
“(w) Limitations on advanced payments for bus rolling stock
“(1) In general—Notwithstanding any provision of this chapter or part 200 of title 2, Code of Federal Regulations, or any successor regulation, a recipient may use assistance made available under this chapter to make an advance payment on a bus rolling stock vehicle without the recipient obtaining pre-approval or requiring a performance bond or other form of security from the transit vehicle manufacturer.
“(2) Limitations—A recipient making an advance payment under paragraph (1)—
“(A) shall have—
“(i) a signed purchase order and executed contract with a transit vehicle manufacturer that includes advance payment provisions;
“(ii) preaward authority; and
“(iii) met the requirements under subsection (m) and section 5318(e) of this title; and
“(B) shall not provide an advanced payment that is more than 20 percent of the total purchase order value.”