112 STAT. 354 PUBLIC LAW 105-178-JUNE 9, 1998 "(iii) any debt obligation that exists or is proposed by the recipient for the proposed project or other mass transportation purpose; and "(iv) the extent to which the project has a local financial commitment that exceeds the required non- Federal share of the cost of the project. "(5) REGULATIONS. —Not later than 120 days after the date of enactment of the Federal Transit Act of 1998, the Secretary shall issue regulations on the manner in which the Secretary will evaluate and rate the projects based on the results of alternatives analysis, project justification, and the degree of local financial commitment, as required under this subsection. "(6) PROJECT EVALUATION AND RATING. —A proposed project may advance from alternatives analysis to preliminary engineering, and may advance from preliminary engineering to final design and construction, only if the Secretary finds that the project meets the requirements of this section and there is a reasonable likelihood that the project will continue to meet such requirements. In making such findings, the Secretary shall evaluate and rate the project as 'highly recommended', 'recommended', or not 'recommended', based on the results of alternatives analysis, the project justification criteria, and the degree of local financial commitment, as required under this subsection. In rating the projects, the Secretary shall provide, in addition to the overall project rating, individual ratings for each criteria established under the regulations issued under paragraph (5). "(7) FULL FUNDING GRANT AGREEMENT. —^A project financed under this subsection shall be carried out through a full funding grant agreement. The Secretary shall enter into a full funding grant agreement based on the evaluations and ratings required under this subsection. The Secretary shall not enter into a fiili funding grant agreement for a project unless that project is authorized for final design and construction. "(8) LIMITATIONS ON APPLICABILITY.— "(A) PROJECTS WITH A SECTION 5309 FEDERAL SHARE OF LESS THAN $25,000,000.— A project for a new fixed guideway system or extension of an existing fixed guideway system is not subject to the requirements of this subsection, and the simultaneous evaluation of similar projects in at least 2 corridors in a metropolitan area may not be limited, if the assistance provided under this section with respect to the project is less than $25,000,000. " (B) PROJECTS IN NONATTAINMENT AREAS. — The simultaneous evaluation of projects in at least 2 corridors in a metropolitan area may not be limited and the Secretary shall make decisions under this subsection with expedited procedures that will promote carrying out an approved State Implementation Plan in a timely way if a project is— "(i) located in a nonattainment area; "(ii) a transportation control measure (as defined by the Clean Air Act (42 U.S.C. 7401 et seq.)); and "(iii) required to carry out the State Implementation Plan. "(C) PROJECTS FINANCED WITH HIGHWAY FUNDS. —This subsection does not apply to a part of a project financed
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