Fixed guideway capital investment grants

Section 5309 of title 49, United States Code, is amended by adding at the end the following: (s) Business uninterrupted monetary program fund (1) Establishment To be eligible for a grant under this section, a project sponsor or shall establish a fund to be known as a business uninterrupted monetary program fund (in this subsection referred to as a BUMP Fund). (2) Fund requirements Amounts contributed to a BUMP Fund under this subsection— (A) may count toward the non-Federal share of the cost of a project under such section; and (B) shall be provided to covered entities that are negatively impacted by an interruption caused by a project carried out with amounts made available under such grant. (3) Contributions to the Fund (A) In general The Secretary shall require that the project sponsor contribute an amount into a BUMP Fund that meets the following requirements: (i) The amount required to be set aside shall not impact the total project cost or the total non-Federal match requirement of the project. (ii) Such amount shall reflect the funds necessary to fully carry out the requirement described in paragraph (2)(B). (iii) Such amount may not constitute an amount of the non-Federal cost share that would impede the project sponsor from carrying out the project. (iv) Apply to projects with total cost equal or greater than $100 million. (v) Such amount shall be determined by the local sponsor, so long as such amount— (I) does not exceed 10 percent of the total non-Federal share; and (II) reflects the estimated damages caused by the interruption. (B) Waiver The Secretary may waive or alter the percentage of the contribution amount required under subparagraph (A)— (i) if the Secretary determines that the project sponsor has an equivalent program established that is applicable to the project; (ii) the Secretary determines that there is no interruption that could occur with respect to a project; (iii) the amount of Federal funding for the total cost of the project is less than 10 percent of such cost; or (iv) for any other reason the Secretary determines appropriate. (4) Eligibility for receipt of funds The applicant, as part of the portion of the application for a grant under this section that relates to the financial commitment of the applicant, shall provide information to the Secretary on how the project sponsor shall determine which covered entities are eligible to receive assistance from a BUMP Fund, including the following: (A) Which covered entities are eligible to receive funding under the BUMP Fund. (B) The terms for eligibility for amounts in a BUMP Fund. (C) The process by which the local sponsor or project partner shall— (i) determine the impact on covered entities; (ii) distribute the funds to covered entities; and (iii) verify the information provided by covered entities. (D) The total funding available per covered entity. (E) The outreach plan for informing covered entities. (F) Any other information the applicant determines is necessary. (5) Eligible expenses (A) In general Eligible expenses provided to a covered entity from a BUMP Fund may include, at the discretion of the project sponsor, the following: (i) Utilities. (ii) Insurance. (iii) Rent or mortgage. (iv) Payroll. (v) Loss of income. (vi) Any other expense the sponsor determines is consistent with the requirements of this section. (B) Invalidation of payment by Secretary The Secretary may disqualify an eligible expense submitted by a project sponsor at the time such recipient submits its financial commitment if the Secretary determines such an expense is not consistent with the requirements of this section. (6) Combined BUMP Fund For a project sponsor that has more than 2 projects running concurrently, the project sponsor may maintain one BUMP Fund to cover all such projects. (7) Retention of funds Funds set aside for the BUMP Fund shall remain available for a period of 1 year after the completion of the project for which the BUMP Fund was established unless the project sponsor certifies to the Secretary that the funds are no longer needed. (8) Unused funds Any amounts deposited in a BUMP Fund that are not dispensed during the project may be available to the recipient for the following uses: (A) Operating expenses for the project for which the BUMP Fund was established. (B) Project enhancements or construction cost overruns for the project. (C) Other projects eligible under this title, except that the amounts may not count toward non-Federal matching funds of any other project. (D) In any case in which the recipient does not manage the project, amounts may be returned to the grant recipient. (E) For any other purpose approved by the Secretary. (9) Derivation of funds for deposit into BUMP Fund The funds dedicated to a BUMP Fund may be derived from— (A) non-Federal funds, unless deposit of such non-Federal funds is prohibited by the terms of an agreement between the funding source and the project sponsor; or (B) Federal funds, if approved by the Secretary. (10) Definitions In this subsection: (A) Business uninterrupted monetary program fund; BUMP Fund The term business uninterrupted monetary program fund or BUMP Fund means a fund for the purpose of providing financial assistance to covered entities directly and negatively impacted by a transportation project funded by a grant under this section to reimburse such a covered entity for expenses incurred during an interruption caused by such project. (B) Covered entity The term covered entity means a private business or nonprofit organization, as defined by the project sponsor. (C) Interruption The term ‘interruption’ means an activity carried out as part of a project for which a grant is provided under this section that disrupts the activities of a covered entity and causes measurable negative impacts to the financial well-being of such entity. (D) Project sponsor The term project sponsor means the sponsor of a project, or affiliated project partner, for which a grant is provided under this section..