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23 U.S.C. § 605

Section 605 · Program administration

Version as of July 6, 2012, with additions and removals from the August 10, 2005 version.

View clean text as of July 6, 2012 →Unified view
As of July 6, 2012
As of August 10, 2005

(a) Requirement.—The Secretary shall establish a uniform system to service the Federal credit instruments made available under this chapter.

(a) Requirement.—The Secretary shall establish a uniform system to service the Federal credit instruments made available under this chapter.

(b) Fees.—

(1) In general.—The Secretary may collect and spend fees, contingent upon authority being provided in appropriations Acts, at a level that is sufficient to cover—
(b) Fees.—The Secretary may collect and spend fees, contingent on authority being provided in appropriations Acts, at a level that is sufficient to cover—
(A) the costs of services of expert firms retained pursuant to subsection (d); and
(1) the costs of services of expert firms retained pursuant to subsection (d); and
(B) all or a portion of the costs to the Federal Government of servicing the Federal credit instruments.
(2) all or a portion of the costs to the Federal Government of servicing the Federal credit instruments.

(c) Servicer.—

(c) Servicer.—

(1) In general.—The Secretary may appoint a financial entity to assist the Secretary in servicing the Federal credit instruments.

(1) In general.—The Secretary may appoint a financial entity to assist the Secretary in servicing the Federal credit instruments.

(2) Duties.—The servicer shall act as the agent for the Secretary.
(2) Duties.—A servicer appointed under paragraph (1) shall act as the agent for the Secretary.
(3) Fee.—The servicer shall receive a servicing fee, subject to approval by 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.

(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 this chapter.

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