((a)) ** .—** A State must file an application with the Secretary of Transportation for financial assistance for a project described under not later than January 1 of the fiscal year for which amounts have been appropriated. However, for a fiscal year for which the authorization of appropriations for assistance under this chapter has not been enacted by the first day of the fiscal year, the State must file the application not later than 90 days after the date of enactment of a law authorizing the appropriations for that fiscal year. The Secretary shall prescribe the form of the application.

((b)) ** .—** In considering an application under this subsection, the Secretary shall consider the following:

((1)) the percentage of rail lines that rail carriers have identified to the Surface Transportation Board for abandonment or potential abandonment in the State.

((2)) the likelihood of future abandonments in the State.

((3)) the ratio of benefits to costs for a proposed project calculated using the methodology established under .

((4)) the likelihood that the rail line will continue operating with assistance.

((5)) the impact of rail bankruptcies, rail restructuring, and rail mergers on the State.