New Starts Enhancement and Local Investment Promotion Act of 2003

[AI summary unavailable — showing source text] New Starts Enhancement and Local Investment Promotion Act of 2003 - Amends Federal transportation law with respect to grants or loans for new starts of a capital project for a new fixed guideway system or extension of an existing system. Requires the Secretary of Transportation to waive the prior approval requirement for a State or local governmental authority's undertaking a project in advance of Federal funding, if the authority agrees to provide 60 percent or more of the net cost of the project from non-Federal funds. Allows the authority, as a consequence, to carry out any pre-construction part of the project without regard to whether the Secretary has approved in advance the plans and specifications for that part. Declares that the application process for a new starts project approved for a full funding grant agreement shall serve jointly as an application for a secured loan, line of credit, and loan guarantee. States that the proceeds of a line of credit, for projects with an approved full funding grant agreement and a non-Federal revenue share of at least 60 percent of the project cost, shall be available for ten years after the date of substantial completion of the project …