Amends Federal law relating to construction by States in advance of apportionment to authorize the Secretary of Transportation to pay the Federal share of a State's highway construction project costs when a State: (1) has obligated all highway substitute, urban, secondary, or bridge funds apportioned or allocated to it, or has used or demonstrates that it will use the obligation authority allocated to it; and (2) proceeds to construct a highway substitute, urban, secondary, or bridge project without the aid of Federal funds; or (3) proceeds to construct any project on the Federal-aid primary system, including the Interstate System, without the aid of Federal funds.
Provides that the Federal share of a State's construction costs on the Interstate System shall include the interest earned and payable on bonds issued by the State to the extent that the bond proceeds have been expended in the construction of such projects on the System.
Prohibits the Secretary from approving applications for the Federal share of construction costs if the amount of approved applications in the category of funds involved exceeds certain apportionments for the applicant State.
Introduced in Senate
Read twice and referred to the Committee on Environment and Public Works.
Committee on Environment and Public Works. Ordered to be reported without amendment favorably.
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