Action
Interim final rule with request for comments.
Summary
The Transportation Equity Act for the 21st Century (TEA 21) adds a new section 322 to title 23 of the United States Code. Section 322 provides a total of $55 million for Fiscal Years 1999 through 2001 for transportation systems employing magnetic levitation (``Maglev''). Section 322 requires FRA to establish project selection criteria, to solicit applications for funding, to select one or more projects to receive financial assistance for preconstruction planning activities and, after completion of such activities, to select one of the projects to receive financial assistance for final design, engineering, and construction activities. Section 322 authorizes--but does not appropriate--additional Federal funds of $950 million for final design and construction of the most promising project. Section 322 provides that the portion of the project not covered by the funds provided under section 322 may be covered by any non-Federal funding sources-- including private (debt and/or equity), State, local, regional, and other public or public/private entities--as well as by Federally- provided Surface Transportation Program, and Congestion Mitigation and Air Quality Improvement Program funds, and from other forms of financial assistance under TEA 21, such as loans and loan guarantees. This Interim Final Rule creates a new part to title 49 of the Code of Federal Regulations which establishes the regulations governing financial assistance under section 322, including the project selection criteria, and solicits applications for Maglev planning grants.