Qualified highway or surface transfer freight facility bond is a tax-exempt private activity bond issue. Ninety five percent or more of the net proceeds of a qualified highway or surface transfer freight facility bond is used to provide qualified highway or surface freight transfer facilities.
Qualified highway or surface freight transfer facilities is:
a) any surface transportation project that receives federal assistance under title 23, United States Code;
b) any project for an international bridge or tunnel for which an international entity authorized under Federal or state law is responsible and that receives Federal assistance under title 23, United States Code; or
c) any facility for the transfer of freight from truck to rail or rail to truck (including any temporary storage facilities directly related to such transfers) that receives Federal assistance under either title 23 or title 49, United States Code.