; or (IV) public safety agencies. (13) Project obligation The term project obligation means any note, bond, debenture, or other debt obligation issued by an obligor in connection with the financing of a project, other than a Federal credit instrument. (14) Public authority The term public authority means a Federal, State, county, town, or township, Indian tribe, municipal or other local government or instrumentality with authority to finance, build, operate, or maintain infrastructure for the provision of broadband service. (15) Rating agency The term rating agency means a credit rating agency registered with the Securities and Exchange Commission as a nationally recognized statistical rating organization (as defined in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) )). (16) Secured loan The term secured loan means a direct loan or other debt obligation issued by an obligor and funded by the Assistant Secretary in connection with the financing of a project under section 4. (17) Small project The term small project means a project having eligible project costs that are reasonably anticipated not to equal or exceed $20,000,000. (18) State The term State has the meaning given such term in section 3 of the Communications Act of 1934 ( 47 U.S.C. 153 ). (19) Subsidy amount The term subsidy amount means the amount of budget authority sufficient to cover the estimated long-term cost to the Federal Government of a Federal credit instrument— (A) calculated on a net present value basis; and (B) excluding administrative costs and any incidental effects on governmental receipts or outlays in accordance with the Federal Credit Reform Act of 1990 ( 2 U.S.C. 661 et seq.). (20) Substantial completion The term substantial completion means, with respect to a project receiving credit assistance under the BIFIA program— (A) the commencement of the provision of broadband service using the infrastructure being financed