Facing the imminent bankruptcy of the federal Highway Trust Fund (the “HTF”) and the specter of delays and reductions in payments from the HTF to the States, the US Congress last week passed the Highway and Transportation Funding Act of 2014, which extended federal surface transportation programs and funding through May 2015. We summarize below the key elements of the Act.

Last Thursday evening, July 31st, following a seesaw exchange of bills between the House of Representatives and the Senate over the course of last week, US Congressional approval was achieved on a bill that reauthorizes, on a temporary basis, funding of the federal Highway Trust Fund (the “HTF”), as well as disbursements from the HTF to various programs that benefit the States.