(a) RequirementThe Secretary shall establish a uniform system to service the Federal credit instruments provided under the CIFIA program.
(b) FeesIf funding sufficient to cover the costs of services of expert firms retained pursuant to subsection (d) and all or a portion of the costs to the Federal Government of servicing the Federal credit instruments is not provided in an appropriations Act for a fiscal year, the Secretary, during that fiscal year, may collect fees on or after the date of the financial close of a Federal credit instrument provided under the CIFIA program at a level that is sufficient to cover those costs.
(c) Servicer(1) In generalThe Secretary may appoint a financial entity to assist the Secretary in servicing the Federal credit instruments.
(2) DutiesA servicer appointed under paragraph (1) shall act as the agent for the Secretary.
(3) FeeA servicer appointed under paragraph (1) shall receive a servicing fee, subject to approval by the Secretary.
(d) Assistance from expert firmsThe Secretary may retain the services of expert firms, including counsel, in the field of municipal and project finance to assist in the underwriting and servicing of Federal credit instruments.
(e) Expedited processingThe Secretary shall implement procedures and measures to economize the time and cost involved in obtaining approval and the issuance of credit assistance under the CIFIA program.
(Pub. L. 109–58, title IX, § 999E, as added Pub. L. 117–58, div. D, title III, § 40304(a), Nov. 15, 2021, 135 Stat. 999.)
Editorial Notes
Prior ProvisionsA prior section 16375, Pub. L. 109–58, title IX, § 999E, Aug. 8, 2005, 119 Stat. 923, related to limitations on eligibility for awards, prior to repeal by Pub. L. 113–67, div. A, title III, § 301(a), Dec. 26, 2013, 127 Stat. 1181.
Statutory Notes and Related Subsidiaries
Wage Rate RequirementsFor provisions relating to rates of wages to be paid to laborers and mechanics on projects for construction, alteration, or repair work funded under div. D or an amendment by div. D of Pub. L. 117–58, including authority of Secretary of Labor, see section 18851 of this title.