42 USC 16375 – Program administration
(a) Requirement
The Secretary shall establish a uniform system to service the Federal credit instruments provided under the CIFIA program.
(b) Fees
Terms Used In 42 USC 16375
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
If 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 general
The Secretary may appoint a financial entity to assist the Secretary in servicing the Federal credit instruments.
(2) Duties
A servicer appointed under paragraph (1) shall act as the agent for the Secretary.
(3) Fee
A servicer appointed under paragraph (1) shall receive a servicing fee, subject to approval by the Secretary.
(d) Assistance from expert firms
The 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 processing
The 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.