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

This bill allows a state or local authority (e.g., a transit authority) to use public transportation grants to make a partial advance payment for bus rolling stock (e.g., transit buses). 

Specifically, a public transportation grant recipient may use grant funds to make an advance payment of not more than 20% of the total purchase order value of a bus rolling stock vehicle without requiring the vehicle manufacturer to provide a performance bond (or similar financial arrangement). In order to make an advance payment, the recipient must meet certain requirements. For example, the recipient must have a signed purchase order and an executed contract with a vehicle manufacturer that includes advance payment provisions.