[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 3924 Introduced in Senate (IS)]

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118th CONGRESS
  2d Session
                                S. 3924

 To establish limitations on advanced payments for bus rolling stock, 
                        and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 12, 2024

  Ms. Smith (for herself, Mr. Cramer, Mr. Fetterman, and Mrs. Britt) 
introduced the following bill; which was read twice and referred to the 
            Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
 To establish limitations on advanced payments for bus rolling stock, 
                        and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Bus Rolling Stock Modernization Act 
of 2024''.

SEC. 2. LIMITATIONS ON ADVANCED PAYMENTS FOR BUS ROLLING STOCK.

    Section 5323 of title 49, United States Code, is amended by adding 
at the end the following:
    ``(w) Limitations on Advanced Payments for Bus Rolling Stock.--
            ``(1) In general.--Notwithstanding any provision of this 
        chapter or part 200 of title 2, Code of Federal Regulations, or 
        any successor regulation, a recipient may use assistance made 
        available under this chapter to make an advance payment on a 
        bus rolling stock vehicle without the recipient obtaining pre-
        approval or requiring a performance bond or other form of 
        security from the transit vehicle manufacturer.
            ``(2) Limitations.-- A recipient making an advance payment 
        under paragraph (1)--
                    ``(A) shall have--
                            ``(i) a signed purchase order and executed 
                        contract with a transit vehicle manufacturer 
                        that includes advance payment provisions;
                            ``(ii) preaward authority; and
                            ``(iii) met the requirements under 
                        subsection (m) and section 5318(e) of this 
                        title; and
                    ``(B) shall not provide an advanced payment that is 
                more than 20 percent of the total purchase order 
                value.''.
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