Program administration

The Secretary shall establish a uniform system to service the Federal credit instruments provided under the CIFIA program. 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. The Secretary may appoint a financial entity to assist the Secretary in servicing the Federal credit instruments. A servicer appointed under paragraph (1) shall act as the agent for the Secretary. A servicer appointed under paragraph (1) shall receive a servicing fee, subject to approval by the Secretary. 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. 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.