Page:United States Statutes at Large Volume 105 Part 3.djvu/207

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PUBLIC LAW 102-240—DEC. 18, 1991 105 STAT. 2091 guideway project shall be sufficient to complete not less than an operable segment, "(D) The Secretary is authorized to enter into an early systems work agreement with an applicant if a record of decision pursuant to the National Environmental Policy Act of 1969 (42 U.S.C. 4321 et seq.) has been issued on the project and the Secretary determines that there is reason to believe— "(i) a full funding grant agreement will be entered into for the project; and "(ii) the terms of the early systems work agreement will promote ultimate completion of the project more rapidly and at less cost. The early systems work agreement shall obligate an amount of available budget authority specified in law and shall provide for reimbursement of preliminary costs of project implementation, including land acquisition, timely procurement of system elements for which specifications are determined, and other activities that the Secretary determines to be appropriate to facilitate efficient, longterm project management. An early systems work agreement shall cover such period of time as the Secretary deems appropriate, which period may extend beyond the period of current authorization. The interest and other financing costs of carrying out the early systems work agreement efficiently and within a reasonable period of time shall be considered as a cost of carrying out the agreement; except that eligible costs shall not be greater than the costs of the most favorable financing terms reasonably available for the project at the time of borrowing. The applicant shall certify, in a form satisfactory to the Secretary, that the applicant has shown due diligence in seeking the most favorable financing terms. If an applicant fails to implement the project for reasons within the applicant's control, the applicant shall repay all Federal payments made under the early systems work agreement plus such reasonable interest and penalty charges as the Secretary may establish in the agreement."; (4) by inserting "(E)" before "The total estimated" and aligning subparagraph (E) with subparagraph (D); (5) in the sentence that begins "The total estimated"— (A) by inserting ", and contingent commitments to incur obligations," after "Federal obligations"; (B) by inserting ", early systems work agreements, and full funding grant agreements," after "all outstanding letters of intent,"; and (C) by inserting "or 50 percent of the uncommitted cash balance remaining in the Mass Transit Account of the Highway Trust Fund, including amounts received from taxes and interest earned in excess of amounts that have been previously obligated, whichever is greater" after "section 3 of this Act"; and (6) in the sentence that begins "The total amount covered", by inserting "and contingent commitments included in early systems work agreements and full funding grant agreements" after "by new letters issued,". SEC. 3008. FIXED GUIDEWAY MODERNIZATION. Section 3 is amended by striking subsection (h) and inserting the 49 USC app. following new subsection: 1602. "(h) FIXED GUIDEWAY MODERNIZATION APPORTIONMENTS.— The Secretary shall apportion the sums made available for fixed guide-