Summary
Highway Funding Restoration Act - Amends the Transportation Equity Act for the 21st Century to require that obligations for Federal-aid highway and highway safety construction programs for FY 2003: (1) meet a specified minimum level (approximately $28 billion); and (2) be distributed in accordance with that Act.
(Sec. 3) Requires the Revenue Aligned Budget Authority (RABA) adjustment for FY 2003 to the obligation ceiling in that Act (the purpose of which is to adjust the guaranteed amount of highway funding available to reflect the most recent estimates of Highway Trust Fund revenues) shall be deemed to be zero.
(Sec. 4) Provides that the RABA adjustments to the highway budget category and the guaranteed highway funding level for FY 2003 shall be deemed to be zero. Makes this section immediately applicable to all discretionary sequestration reports that are produced by the Office of Management and Budget for FY 2003.
(Sec. 5) Expresses the sense of Congress that the RABA should be amended to more accurately align highway spending with highway revenues while maintaining predictability and stability in highway funding levels.
(Sec. 6) Makes specified highway projects and activities designated in the report of the House of Representatives for H.R. 2299 (the Department of Transportation and Related Agencies Appropriations Act, 2002) eligible for FY 2002 funds made available for the project's or activity's respective program.
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