DOT 49 CFR PART 260-2010 REGULATIONS GOVERNING LOANS AND LOAN GUARANTEES UNDER THE RAILROAD REHABILITATION AND IMPROVEMENT FINANCING PROGRAM.pdf

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1、960 49 CFR Ch. II (10110 Edition) Pt. 260 contained in the (pre-application or applica-tion) relating to lllllll; that he has knowledge of the matters set forth therein and that all statements made and matters set forth therein are true and correct to the best of his knowledge, information and be-li

2、ef. 43 FR 21890, May 22, 1978 PART 260REGULATIONS GOV-ERNING LOANS AND LOAN GUARANTEES UNDER THE RAIL-ROAD REHABILITATION AND IM-PROVEMENT FINANCING PRO-GRAM Subpart AOverview Sec. 260.1 Program authority. 260.3 Definitions. 260.5 Eligible purposes. 260.7 Priority consideration. 260.9 Loan terms. 26

3、0.11 Investigation charge. 260.13 Credit reform. 260.15 Credit risk premium. Subpart BFRA Policies and Procedures for Evaluating Applications for Finan-cial Assistance 260.17 Credit risk premium analysis. 260.19 Preapplication meeting. Subpart CApplications for Financial Assistance 260.21 Eligibilit

4、y. 260.23 Form and content of application gen-erally. 260.25 Additional information for Appli-cants not having a credit rating. 260.27 Additional information for loan guar-antees. 260.29 Third party consultants. 260.31 Execution and filing of the applica-tion. 260.33 Information requests. 260.35 Env

5、ironmental assessment. Subpart DStandards for Maintenance of Facilities Involved in the Project 260.37 Applicability. 260.39 Maintenance standards. 260.41 Inspection and reporting. 260.43 Impact on other laws. Subpart EProcedures To Be Followed in the Event of Default 260.45 Events of default for gu

6、aranteed loans. 260.47 Events of default for direct loans. 260.49 Avoiding defaults. Subpart FLoan GuaranteesLenders 260.51 Conditions of guarantee. 260.53 Lenders functions and responsibil-ities. 260.55 Lenders loan servicing. AUTHORITY: 45 U.S.C. 821, 822, 823; 49 CFR 1.49. SOURCE: 65 FR 41841, Ju

7、ly 6, 2000, unless otherwise noted. Subpart AOverview 260.1 Program authority. Section 502 of the Railroad Revital-ization and Regulatory Reform Act of 1976, as amended, 45 U.S.C. 821 et seq., authorizes the Secretary of Transpor-tation to provide direct loans and loan guarantees to State and local

8、govern-ments, government sponsored authori-ties and corporations, railroads, and joint ventures that include at least one railroad. The Secretarys authority has been delegated to the Administrator of the Federal Railroad Administration, an agency of the Department of Trans-portation. 260.3 Definitio

9、ns. As used in this part (a) Act means the Railroad Revital-ization and Regulatory Reform Act of 1976, as amended, 45 U.S.C. 821 et seq. (b) Administrator means the Federal Railroad Administrator, or his or her representative. (c) Applicant means any State or local government, government spon-sored

10、authority or corporation, rail-road, or group of two or more entities, at least one of which is a railroad, par-ticipating in a joint venture, that sub-mits an application to the Adminis-trator for a direct loan or the guar-antee of an existing obligation under which it is an obligor or for a commit

11、-ment to guarantee a new obligation. (d) Borrower means an Applicant that has been approved for, and has re-ceived, financial assistance under this part. (e) Credit risk premium means that portion of the total subsidy cost to the Government of a direct loan or loan guarantee that is not covered by F

12、ed-eral appropriations and which must be paid by Applicant or its non-Federal VerDate Mar2010 09:47 Dec 14, 2010 Jkt 220215 PO 00000 Frm 00970 Fmt 8010 Sfmt 8010 Y:SGML220215.XXX 220215jdjones on DSK8KYBLC1PROD with CFRProvided by IHSNot for ResaleNo reproduction or networking permitted without lice

13、nse from IHS-,-,-961 Federal Railroad Administration, DOT 260.7 infrastructure partner before that di-rect loan can be disbursed or loan guar-antee can be issued. (f) Direct loan means a disbursement of funds by the Government to a non- federal borrower under a contract that requires the repayment o

14、f such funds. (g) FRA means the Federal Railroad Administration. (h) Financial assistance means a direct loan, or a guarantee of a new loan issued under this part. (i) Holder means the current owner of an obligation or the entity retained by the owner to service and collect an ob-ligation which is g

15、uaranteed under the provisions of this part. (j) Including means including but not limited to. (k) Infrastructure partner means any non-Federal source of the Credit Risk Premium which must be paid to the Administrator in lieu of, or in com-bination with, an appropriation in con-nection with financia

16、l assistance pro-vided under this part. (l) Intermodal means of or relating to the connection between rail service and other modes of transportation, includ-ing all parts of facilities at which such connection is made. (m) Lender means the non-Federal en-tity making a loan to an Applicant for which

17、a loan guarantee under this part is sought. (n) Loan guarantee means any guar-antee, insurance, or other pledge with respect to the payment of all or a part of the principal or interest on any debt obligation of a non-Federal borrower to a non-Federal Lender, but does not in-clude the insurance of d

18、eposits, shares, or other withdrawable accounts in fi-nancial institutions. (o) Obligation means a bond, note, conditional sale agreement, equipment trust certificate, security agreement, or other obligation. (p) Obligor means the debtor under an obligation, including the original obli-gor and any s

19、uccessor or assignee of such obligor. (q) Project means the purpose for which financial assistance is requested. (r) Railroad means a rail carrier sub-ject to part A of subtitle IV of title 49, United States Code. (s) Subsidy cost of a direct loan means the net present value, at the time when the di

20、rect loan is disbursed, of the fol-lowing estimated cash flows: (1) Loan disbursements; (2) Repayments of principal; and (3) Payments of interest and other payments by or to the Government over the life of the loan after adjusting for estimated defaults, prepayments, fees, penalties, and other recov

21、eries; including the effects of changes in loan terms resulting from the exercise by the borrower of an option included in the loan contract. (t) Subsidy cost of a loan guarantee means the net present value, at the time when the guaranteed loan is dis-bursed, of the following estimated cash flows: (

22、1) Payments by the Government to cover defaults, delinquencies, interest subsidies, or other payments; and (2) The payments to the Government including origination and other fees, penalties and recoveries. 260.5 Eligible purposes. (a) Financial assistance under this part is available solely to: (1)

23、Acquire, improve, or rehabilitate intermodal or rail freight or passenger equipment or facilities, including track, components of track, bridges, yards, buildings, and shops; (2) Refinance outstanding debt in-curred for purposes described in para-graph (a)(1) of this section; or (3) Develop or estab

24、lish new inter-modal or railroad facilities. (b) Financial assistance under this part cannot be used for railroad oper-ating expenses. 260.7 Priority consideration. When evaluating applications, the Administrator will give priority con-sideration (but not necessarily in the following order) to proje

25、cts that: (a) Enhance public safety; (b) Enhance the environment; (c) Promote economic development; (d) Enable United States companies to be more competitive in inter-national markets; (e) Are endorsed by the plans pre-pared under section 135 of title 23, United States Code, by the State or States i

26、n which they are located; or VerDate Mar2010 09:47 Dec 14, 2010 Jkt 220215 PO 00000 Frm 00971 Fmt 8010 Sfmt 8010 Y:SGML220215.XXX 220215jdjones on DSK8KYBLC1PROD with CFRProvided by IHSNot for ResaleNo reproduction or networking permitted without license from IHS-,-,-962 49 CFR Ch. II (10110 Edition

27、) 260.9 (f) Preserve or enhance rail or inter-modal service to small communities or rural areas. 260.9 Loan terms. The maximum repayment period for direct loans and guaranteed loans under this part is 25 years from the date of execution. The interest rate on direct loans will be equal to the rate on

28、 Treasury securities of a similar term. In general, the financial assistance pro-vided will be required to be repaid prior to the end of the useful life of the project it is used to fund. 260.11 Investigation charge. (a) Applicants for financial assist-ance under this part may be required to pay an

29、investigation charge of up to one-half of one percent of the principal amount of the direct loan or portion of the loan to be guaranteed. (b) When an investigation charge is assessed, one-half of the investigation charge shall be paid by Applicant at the time a formal application is sub-mitted to FR

30、A. (c) Within 60 days after the date of filing of the application, Applicant shall pay to the Administrator the bal-ance of the investigation charge. 260.13 Credit reform. The Federal Credit Reform Act of 1990, 2 U.S.C. 661, requires Federal agencies to set aside the subsidy cost of new credit assis

31、tance provided in the form of direct loans or loan guarantees. The subsidy cost will be the estimated long term cost to the Government of the loan or loan guarantee. The sub-sidy cost associated with each direct loan or loan guarantee, which the Ad-ministrator must set aside, may be funded by Federa

32、l appropriations, di-rect payment of a Credit Risk Pre-mium by the Applicant or a non-Fed-eral infrastructure partner on behalf of the Applicant, or any combination thereof. 260.15 Credit risk premium. (a) Where available Federal appro-priations are inadequate to cover the subsidy cost, a non-Federa

33、l infrastruc-ture partner may pay to the Adminis-trator a Credit Risk Premium adequate to cover that portion of the subsidy cost not covered by Federal appropria-tions. Where there is no Federal appro-priation, the Credit Risk Premium must cover the entire subsidy cost. (b) The amount of the Credit

34、Risk Premium required for each direct loan or loan guarantee, if any, shall be es-tablished by the Administrator. The Credit Risk Premium shall be deter-mined based on the credit risk and an-ticipated recovery in the event of de-fault, including the recovery of collat-eral. (c) The Credit Risk Premi

35、um must be paid before the disbursement of a di-rect or guaranteed loan. Where the bor-rower draws down the direct or guaran-teed loan in several increments, the borrower may pay a portion of the total Credit Risk Premium for each in-crement equal to the proportion of that increment to the total amo

36、unt of the direct or guaranteed loan. (d) Each direct loan and loan guar-antee made by the Administrator will be included in one cohort of direct loans or one cohort of loan guarantees, respectively, made during that same fiscal year, or longer period, as may be determined by the Administrator. When

37、 all obligations in a cohort have been satisfied or liquidated, the amount of Credit Risk Premiums, paid by applicants or infrastructure part-ners, remaining in the cohort, after de-ductions made to mitigate losses from any loan or loan guarantee in the co-hort, together with interest accrued thereo

38、n, will be repaid on a pro rata basis to each original payor of a Credit Risk Premium for any obligation which was fully satisfied. If the Admin-istrators estimate of the default risk cost of each loan is accurate, the ag-gregate of Credit Risk Premiums asso-ciated with each cohort of loans will ful

39、ly offset all losses in the cohort and none will remain to be returned to the payees. Subpart BFRA Policies and Pro-cedures for Evaluating Appli-cations for Financial Assist-ance 260.17 Credit risk premium analysis. (a) When Federal appropriations are not available to cover the total subsidy cost, t

40、he Administrator will determine VerDate Mar2010 09:47 Dec 14, 2010 Jkt 220215 PO 00000 Frm 00972 Fmt 8010 Sfmt 8010 Y:SGML220215.XXX 220215jdjones on DSK8KYBLC1PROD with CFRProvided by IHSNot for ResaleNo reproduction or networking permitted without license from IHS-,-,-963 Federal Railroad Administ

41、ration, DOT 260.21 the Credit Risk Premium necessary for each direct loan or loan guarantee by estimating the credit risk and the po-tential recovery in the event of a de-fault of each project evaluating the factors described in paragraphs (b) and (c) of this section. (b) Establishing the credit ris

42、k. (1) Where an Applicant has received a recent credit rating from one or more nationally recognized rating agencies, that rating will be used to estimate the credit risk. (2) Where an Applicant has not re-ceived a credit rating from a credit rat-ing agency, the Administrator will de-termine the cre

43、dit risk based on an evaluation of the following factors: (i) Business risk, based on Appli-cants: (A) Industry outlook; (B) Market position; (C) Management and financial poli-cies; (D) Capital expenditures; and (E) Operating efficiency. (ii) Financial risk, based on Appli-cant?s past and projected:

44、 (A) Profitability; (B) Liquidity; (C) Financial strength; (D) Size; and (E) Level of capital expenditures; and (iii) Project risk, based on the pro-posed projects: (A) Potential for improving revenues, profitability and cash flow from oper-ations; and (B) Reliance on third parties for suc-cess. (c)

45、 The potential recovery in the event of a default will be based on: (1) The nature of the Applicants as-sets; and (2) Liquidation value of the collateral offered, including the terms and condi-tions of the lien securing the collat-eral. 260.19 Preapplication meeting. Potential Applicants may request

46、 a meeting with the FRA Associate Ad-ministrator for Railroad Development to discuss the nature of the project being considered. Applicants must be prepared to provide at least the fol-lowing information: (a) Applicants name, address, and contact person; (b) Name of the proposed infrastruc-ture part

47、ner(s), if any, including the identification of potential amounts of funding from each; (c) Amount of the direct loan or loan guarantee request, and a description of the technical aspects of the project in-cluding a map of the existing railroad lines with the location of the project indicated; (d) B

48、rief description and estimate of the economic impact, including future demand for service, improvements that can be achieved, the projects relation to the priorities listed in 260.7, along with any feasibility, market or other studies that may have been done as at-tachments; (e) Amount of Applicants

49、 equity and a description of collateral offered, with estimated values, including the basis of such, to be offered as security for the loan; (f) If applicable, the names and ad-dresses of the Applicants parent, affili-ates, and subsidiary corporations, if any, and a description of the ownership relationship and the level of guarantee, if any, to be offered; (g) For existing companies, a current balance sheet and an income statement not more than 90