23 U.S.C. § 611 Asset Concessions and Innovative Finance Assistance

• Library: United States Statutes
• Edition: 2023 Edition
• Currency: Current through P.L. 118-19 (published on www.congress.gov on 10/06/2023)

(a) DEFINITIONS.-In this section:

(1) APPROVED INFRASTRUCTURE ASSET.-The term "approved infrastructure asset" means-

(A) a project (as defined in section 601(a)); and

(B) a group of projects (as defined in section 601(a)) considered together in a single asset concession or long-term lease to a concessionaire by 1 or more eligible entities.

(2) ASSET CONCESSION.-The term "asset concession" means a contract between an eligible entity and a concessionaire-

(A) under which-

(i) the eligible entity agrees to enter into a concession agreement or long-term lease with the concessionaire relating to an approved infrastructure asset owned, controlled, or maintained by the eligible entity;

(ii) as consideration for the agreement or lease described in clause (i), the concessionaire agrees-

(I) to provide to the eligible entity 1 or more asset concession payments; and

(II) to maintain or exceed the condition, performance, and service level of the approved infrastructure asset, as compared to that condition, performance, and service level on the date of execution of the agreement or lease; and

(iii) the eligible entity and the concessionaire agree that the costs for a fiscal year of the agreement or lease, and any project carried out under the agreement or lease, shall not be shifted to any taxpayer the annual household income of whom is less than $400,000 per year, including through taxes, user fees, tolls, or any other measure, for use of an approved infrastructure asset; and

(B) the terms of which do not include any noncompete or exclusivity restriction (or any other, similar restriction) on the approval of another project.

(3) ASSET CONCESSION PAYMENT.-The term "asset concession payment" means a payment that-

(A) is made by a concessionaire to an eligible entity for fair market value that is determined as part of the asset concession; and

(B) may be-

(i) a payment made at the financial close of an asset concession; or

(ii) a series of payments scheduled to be made for-

(I) a fixed period; or

(II) the term of an asset concession.

(4) CONCESSIONAIRE.-The term "concessionaire" means a private individual or a private or publicly chartered corporation or entity that enters into an asset concession with an eligible entity.

(5) ELIGIBLE ENTITY.-

(A) IN GENERAL.-The term "eligible entity" means an entity described in subparagraph (B) that-

(i) owns, controls, or maintains an approved infrastructure asset; and

(ii) has the legal authority to enter into a contract to transfer ownership, maintenance, operations, revenues, or other benefits and responsibilities for an approved infrastructure asset.