§22406. Authorization of appropriations.¹

(a) Authorization.-

(1) In general.-There is authorized to be appropriated for credit assistance under this chapter, which shall be provided at the discretion of the Secretary, $50,000,000 for each of fiscal years 2022 through 2026.

(2) Refund of premium.-There is authorized to be appropriated to the Secretary $70,000,000 to repay the credit risk premium in accordance with section 22402(f)(5).

(3) Availability.-Amounts appropriated pursuant to this subsection shall remain available until expended.

(b) Use of Funds.-

(1) In general.-Credit assistance provided under subsection (a) may not exceed $20,000,000 for any loan or loan guarantee.

(2) Administrative costs.-Not less than 3 percent of the amounts appropriated pursuant to subsection (a) in each fiscal year shall be made available to the Secretary for use in place of charges collected under section 22403(l)(1) for passenger railroads and freight railroads other than Class I carriers.

(3) Short line set-aside.-Not less than 50 percent of the amounts appropriated pursuant to subsection (a)(1) for each fiscal year shall be set aside for freight railroads other than Class I carriers.

(Added Pub. L. 117–58, div. B, title I, §21301(h), Nov. 15, 2021, 135 Stat. 690 .)

¹ So in original. The period probably should not appear.