113 S1716 IS: Building and Renewing Infrastructure for Development and Growth in Employment Act
U.S. Senate
2013-11-14
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
1.Short
title; table of contents(a)This Act may be cited as the Building and Renewing Infrastructure for Development and
Growth in Employment Act
or the BRIDGE Act
.(b)The table of contents for this Act is as follows:Sec. 1. Short title; table of contents.Sec. 2. Findings and purpose.Sec. 3. Definitions.TITLE I—Infrastructure Financing AuthoritySec. 101. Establishment and general authority of IFA.Sec. 102. Voting members of the Board of Directors.Sec. 103. Chief executive officer of IFA.Sec. 104. Powers and duties of the Board of Directors.Sec. 105. Senior management.Sec. 106. Office of Technical and Rural Assistance.Sec. 107. Special Inspector General for IFA.Sec. 108. Other personnel.Sec. 109. Compliance.TITLE II—Terms and limitations on direct loans and loan guaranteesSec. 201. Eligibility criteria for assistance from IFA and terms and limitations of loans.Sec. 202. Loan terms and repayment.Sec. 203. Compliance and enforcement.Sec. 204. Audits; reports to the President and Congress.Sec. 205. Effect on other laws.TITLE III—Funding of IFASec. 301. Fees.Sec. 302. Self-sufficiency of IFA.Sec. 303. Funding.Sec. 304. Contract authority.Sec. 305. Limitation on authority.TITLE IV—Budgetary effectsSec. 401. Budgetary effects.2.(a)Congress finds that—(1)infrastructure
has always been a vital element of the economic strength of the United States
and a key indicator of the international leadership of the United
States;(2)the Erie Canal,
the Hoover Dam, the railroads, and the interstate highway system are all
testaments to the ingenuity of the United States and have helped propel and
maintain the United States as the largest economy in the world;(3)according to the
World Economic Forum’s Global Competitiveness Report, the United States fell to
fifth place in 2011, and dropped to seventh place overall in 2012, however, in
the Quality of overall infrastructure category of the same
report, the United States ranked 25th in the world;(4)according to the
World Bank’s 2012 Logistic Performance Index, the capacity of countries to
efficiently move goods and connect manufacturers and consumers with
international markets is improving around the world, and the United States now
ranks ninth in the world in logistics-related infrastructure behind countries
from both Europe and Asia;(5)according to a
January 2009 report from the University of Massachusetts/Alliance for American
Manufacturing entitled Employment, Productivity and Growth,
infrastructure investment is a highly effective engine of job
creation
such that $1,000,000,000 in new investment in infrastructure
results in 18,000 total long-term jobs;(6)according to the
American Society of Civil Engineers, the current condition of the
infrastructure in the United States earns a grade point average of D+, and an
estimated $1,600,000,000,000 of additional investment is needed over the next 7
years to bring the infrastructure of the United States up to adequate
condition;(7)according to the
National Surface Transportation Policy and Revenue Study Commission,
$225,000,000,000 is needed annually from all sources for the next 50 years to
upgrade the United States surface transportation system to a state of good
repair and create a more advanced system;(8)the current
infrastructure financing mechanisms of the United States, both on the Federal
and State level, will fail to meet current and foreseeable demands and will
create large funding gaps;(9)published reports
state that there may not be enough demand for municipal bonds to maintain the
same level of borrowing at the same rates, resulting in significantly decreased
infrastructure investment at the State and local level;(10)current funding
mechanisms are not readily scalable and do not—(A)serve large
in-State or cross-jurisdictional infrastructure projects, projects of regional
or national significance, or projects that cross sector silos;(B)sufficiently
catalyze private sector investment; or(C)ensure the
optimal return on public resources;(11)although grant
programs of the Federal Government must continue to play a central role in
financing the infrastructure needs of the United States, current and
foreseeable demands on existing Federal, State, and local funding for
infrastructure expansion clearly exceed the resources to support those programs
by margins wide enough to prompt serious concerns about the ability of the
United States to sustain long-term economic development, productivity, and
international competitiveness;(12)the capital
markets, including pension funds, private equity funds, mutual funds, sovereign
wealth funds, and other investors, have a growing interest in infrastructure
investment and represent hundreds of billions of dollars of potential
investment; and(13)the
establishment of a federally owned, independent, professionally managed
institution that could provide credit support to qualified infrastructure
projects of regional and national significance, making transparent merit-based
investment decisions based on the commercial viability of infrastructure
projects, would catalyze the participation of significant private investment
capital.(b)The
purpose of this Act is to facilitate investment in, and the long-term financing
of, economically viable eligible infrastructure projects of regional or national
significance that are in the public interest in a manner that complements
existing Federal, State, local, and private funding sources for these projects
and introduces a merit-based system for financing those projects, in order to
mobilize significant private sector investment, create long-term jobs, and ensure United
States competitiveness through a self-sustaining institution that limits the
need for ongoing Federal funding.3.In this Act:(1)The term blind trust means a trust in which
the beneficiary has no knowledge of the specific holdings and no rights over
how those holdings are managed by the fiduciary of the trust prior to the
dissolution of the trust.(2)The term Board of Directors means the
Board of Directors of IFA.(3)The
term Chairperson means the Chairperson of the Board of Directors
of IFA.(4)The term chief executive officer means the
chief executive officer of IFA, appointed under section 103.(5)The
term cost has the meaning given the term in section 502 of the
Federal Credit Reform Act of 1990 (2 U.S.C. 661a).(6)The term direct loan has the meaning given
the term in section 502 of the Federal Credit Reform Act of 1990 (2 U.S.C.
661a).(7)The term eligible entity means—(A)an
individual;(B)a
corporation;(C)a partnership,
including a public-private partnership;(D)a joint
venture;(E)a trust;(F)a State or any
other governmental entity, including a political subdivision or any other
instrumentality of a State; or(G)a revolving
fund.(8)Eligible infrastructure
project(A)The term eligible infrastructure project
means the construction, consolidation, alteration, or repair of the following
sectors:(i)Intercity passenger or freight rail lines.(ii)Intercity passenger rail facilities or equipment.(iii)Intercity freight rail facilities or equipment.(iv)Intercity passenger bus facilities or equipment.(v)Public transportation facilities or equipment.(vi)Highway facilities, including bridges and tunnels.(vii)Airports.(viii)Air traffic control systems.(ix)Port or marine terminal facilities, including approaches to marine terminal facilities or inland port facilities.(x)Port or marine equipment, including fixed equipment to serve approaches to marine terminals or inland ports.(xi)Transmission or distribution pipelines.(xii)Inland waterways.(xiii)Intermodal facilities or equipment related to 2 or more of the sectors described in clauses (i) through (xii).(xiv)Water treatment and solid waste disposal facilities, including drinking water facilities.(xv)Storm water management systems.(xvi)Dams and levees.(xvii)Facilities or equipment for energy transmission, distribution or storage.(B)Authority of the Board of Directors to modify sectorsThe Board of Directors may make modifications, at the discretion of the Board, to any of the sectors described in subparagraph (A) by a vote of not fewer than 5 of the voting members of the Board of Directors.(9)The
term IFA means the Infrastructure Financing Authority
established by this Act.(10)The term investment-grade rating means a
rating of BBB minus, Baa3, or higher assigned to an eligible infrastructure project by a
ratings agency.(11)The term loan guarantee has the meaning
given the term in section 502 of the Federal Credit Reform Act of 1990 (2
U.S.C. 661a).(12)Public-private
partnershipThe term public-private partnership
means any eligible entity—(A)(i)that is undertaking the
development of all or part of an eligible infrastructure project that will have a
measurable public benefit, pursuant to requirements established in 1 or more
contracts between the entity and a State or an instrumentality of a State;
or(ii)the activities of which, with
respect to such an eligible infrastructure project, are subject to regulation by a State
or any instrumentality of a State;(B)that owns,
leases, or operates or will own, lease, or operate, the project in whole or in
part; and(C)the participants
in which include not fewer than 1 nongovernmental entity with significant
investment and some control over the project or entity sponsoring the project vehicle.(13)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))).(14)Rural
infrastructure projectThe term rural infrastructure
project—(A)has the same meaning given the term in section 601(15) of title 23, United States Code; and(B)includes any eligible infrastructure project located in an area described in such section 601(15).(15)The
term Secretary means the Secretary of the Treasury or the designee
of the Secretary of the Treasury.(16)The term senior management means the
chief financial officer, chief risk officer, chief compliance officer, general
counsel, chief lending officer, and chief operations officer of IFA, and such
other officers as the Board of Directors may, by majority vote, add to senior
management.(17)The
term State means—(A)each of the
several States of the United States; and(B)the District of
Columbia.<enum>I</enum><header>Infrastructure Financing Authority</header><section id="ID50d5d672ed89409cad0acb7bb2a9ca8e"><enum>101.</enum><header>Establishment
and general authority of IFA</header><subsection id="IDcc351bfff66547079e491dee1560cd02"><enum>(a)</enum><header>Establishment
of IFA</header><text>The Infrastructure Financing Authority is
established as a wholly owned Government corporation.</text></subsection><subsection id="id17F1F8A8F05E40279720002A5A8FE41F"><enum>(b)</enum><header>General
authority of IFA</header><text>IFA shall—</text><paragraph id="id0075097B684A438892113AFBE343C1A2"><enum>(1)</enum><text>provide direct
loans and loan guarantees to facilitate eligible infrastructure projects that are
economically viable, in the public interest, and of regional or national
significance; and</text></paragraph><paragraph id="id826FCF2348D544E0A3DD5B08F7E69302"><enum>(2)</enum><text>carry out any
other activities and duties authorized under this Act.</text></paragraph></subsection><subsection id="IDabfa7203a4bd4d648959aeaf33512c09"><enum>(c)</enum><header>Incorporation</header><paragraph id="idB44C4792638B4293A65BC298EB00B5D5"><enum>(1)</enum><header>In
general</header><text>The Board of Directors first appointed shall be deemed
the incorporator of IFA, and the incorporation shall be held to have been
effected from the date of the first meeting of the Board of Directors.</text></paragraph><paragraph id="id6D10BEF51C2C44F9AE99DBF41CDEDCA3"><enum>(2)</enum><header>Corporate
office</header><text>IFA shall—</text><subparagraph id="id66E0D4F69FAE4C3DB95C5511C7C272A4"><enum>(A)</enum><text display-inline="yes-display-inline">maintain an office in Washington, DC;
and</text></subparagraph><subparagraph id="id6E5E770E33734E419B28FF98C3B297F9"><enum>(B)</enum><text display-inline="yes-display-inline">for purposes of venue in civil actions, be
considered to be a resident of Washington, DC.</text></subparagraph></paragraph></subsection><subsection id="ID39cb842f08974bcea5d19fb132e8d470"><enum>(d)</enum><header>Responsibility
of the Secretary</header><text>The Secretary shall take such action as may be
necessary to assist in implementing IFA and in carrying out the purpose of
this Act.</text></subsection><subsection commented="no" id="ID86ecf9fcdf8c4a4ca05a4ca187f84e2e"><enum>(e)</enum><header>Rule of
Construction</header><text><external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/31/91">Chapter 91</external-xref> of title 31, United States Code, does not
apply to IFA, unless otherwise specifically provided in this Act.</text></subsection></section><section id="IDbbc8e511b9d64371af1475b0ddb7c852"><enum>102.</enum><header>Voting members
of the Board of Directors</header><subsection id="IDbecb4b94c31646a8afc19013270c88bb"><enum>(a)</enum><header>Voting
Membership of the board of directors</header><paragraph id="ID8c5ac698f7e94dc0b0e13b022640224c"><enum>(1)</enum><header>In
general</header><text>IFA shall have a Board of Directors consisting of 7
voting members appointed by the President, by and with the advice and consent
of the Senate, not more than 4 of whom shall be from the same political
party.</text></paragraph><paragraph id="id07879D952DE2433CB4C6C68A6191E3AE"><enum>(2)</enum><header>Chairperson</header><text>One
of the voting members of the Board of Directors shall be designated by the
President, by and with the advice and consent of the Senate, to serve as
Chairperson of the Board of Directors.</text></paragraph><paragraph commented="no" id="id7A31714C657B4C1EBBCBE57413736967"><enum>(3)</enum><header>Congressional
recommendations</header><text>Not later than 30 days after the date of
enactment of this Act, the majority leader of the Senate, the minority leader
of the Senate, the Speaker of the House of Representatives, and the minority
leader of the House of Representatives shall each submit a recommendation to
the President for appointment of a member of the Board of Directors, after
consultation with the appropriate committees of Congress.</text></paragraph><paragraph commented="no" id="idB32690BC709F45ACBBEE5A1D5A4E5FE0"><enum>(4)</enum><header>Special
consideration of rural interests and geographic diversity</header><text>In
making an appointment under this subsection, the President shall give
consideration to the geographic areas of the United States in which the members
of the Board of Directors live and work, particularly to ensure that the
infrastructure priorities and concerns of each region of the country, including
rural areas and small communities, are represented on the Board of Directors.</text></paragraph></subsection><subsection commented="no" id="IDd20d62ce496049d1800b7a08ac5abfc1"><enum>(b)</enum><header>Voting
rights</header><text>Each voting member of the Board of Directors shall have an
equal vote in all decisions of the Board of Directors.</text></subsection><subsection commented="no" id="ID21cb6fac0b2e42f7b37ca865e009efbc"><enum>(c)</enum><header>Qualifications
of voting members</header><text>Each voting member of the Board of Directors
shall—</text><paragraph commented="no" id="ID2ce2c31bce4944769a2d7827a7245b2f"><enum>(1)</enum><text>be a citizen of
the United States; and</text></paragraph><paragraph commented="no" id="ID46c07b31987e47a9a2d26879a619329a"><enum>(2)</enum><text>have significant
demonstrated expertise in—</text><subparagraph commented="no" id="idE2694A67B2024273AF5BFE71A4321B94"><enum>(A)</enum><text>the management
and administration of a financial institution relevant to the operation of
IFA; or</text></subparagraph><subparagraph commented="no" id="id40EFB64A44994485988C948B0B5ACCF8"><enum>(B)</enum><text>the financing,
development, or operation of infrastructure projects, including in the
evaluation and selection of eligible infrastructure projects based on the
purposes, goals, and objectives of this Act.</text></subparagraph></paragraph></subsection><subsection id="ID3cba52f050f74d47a17c4947a4bc6b42"><enum>(d)</enum><header>Terms</header><paragraph id="IDffccd7b7529f425da6f3eb5f1dc0cf9b"><enum>(1)</enum><header>In
general</header><text>Except as otherwise provided in this Act, each voting
member of the Board of Directors shall be appointed for a term of 5
years.</text></paragraph><paragraph id="ID4921b6971eb843d5a6c0e0ca0ed05922"><enum>(2)</enum><header>Initial
staggered terms</header><text>Of the voting members first appointed to the
Board of Directors—</text><subparagraph id="id1A21C45896954D58844359BB44D2DEFB"><enum>(A)</enum><text>the initial
Chairperson and 3 of the other voting member shall each be appointed for a term
of 5 years; and</text></subparagraph><subparagraph id="idD3143AE136174626A74E131BDE31252A"><enum>(B)</enum><text>the remaining 3
voting members shall each be appointed for a term of 2 years.</text></subparagraph></paragraph><paragraph commented="no" id="ID5c0369bc9b044abdbfaf3e30e61e484b"><enum>(3)</enum><header>Date of initial
nominations</header><text>The initial nominations for the appointment of all
voting members of the Board of Directors shall be made not later than 60 days
after the date of enactment of this Act.</text></paragraph><paragraph commented="no" id="IDbb9aacf39b6b41adb534d75eba91f992"><enum>(4)</enum><header>Beginning of
term</header><text>The term of each of the initial voting members appointed
under this section shall commence immediately upon the date of appointment,
except that, for purposes of calculating the term limits specified in this
subsection, the initial terms shall each be construed as beginning on January
22 of the year following the date of the initial appointment.</text></paragraph><paragraph id="IDf5f44d6b0473428fa00e63e331dac72d"><enum>(5)</enum><header>Vacancies</header><subparagraph id="idCF2C399A27CF4A6BBA094CF298794114"><enum>(A)</enum><header>In
general</header><text>A vacancy in the position of a voting member of the Board
of Directors shall be filled by the President, by and with the advice and
consent of the Senate.</text></subparagraph><subparagraph id="id41F64260246347D78D111300252F845A"><enum>(B)</enum><header>Term</header><text>A
member appointed to fill a vacancy on the Board of Directors occurring before
the expiration of the term for which the predecessor was appointed shall be
appointed only for the remainder of that term.</text></subparagraph></paragraph></subsection><subsection commented="no" id="IDc5edf5f849624c3ab5996bed8c666582"><enum>(e)</enum><header>Meetings</header><paragraph commented="no" id="IDa7f8495d192949b49a2b7d543357f3bf"><enum>(1)</enum><header>Open to the
public; notice</header><text>Except as provided in paragraph (3), all meetings
of the Board of Directors shall be—</text><subparagraph commented="no" id="id4A5B4A49D055434E952360748A96B99D"><enum>(A)</enum><text>open to the
public; and</text></subparagraph><subparagraph commented="no" id="idEF963D7FBDAD41C1A2E2AF8318429B82"><enum>(B)</enum><text>preceded by
reasonable public notice.</text></subparagraph></paragraph><paragraph commented="no" id="IDb221c32f032241f28b08e5b89bceb586"><enum>(2)</enum><header>Frequency</header><text>The
Board of Directors shall meet—</text><subparagraph commented="no" id="id6953F5768E1642E7B89B12D70BD8ED2F"><enum>(A)</enum><text>not later than 60
days after the date on which all members of the Board of Directors are first
appointed;</text></subparagraph><subparagraph commented="no" id="id23AB746E542B4409815C5144C0C6C401"><enum>(B)</enum><text>at least
quarterly after the date described in subparagraph (A); and</text></subparagraph><subparagraph commented="no" id="id49A9E9A4A4D2494FA748FB9A36536460"><enum>(C)</enum><text>at the call of
the Chairperson or 3 voting members of the Board of Directors.</text></subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="IDc8b62041a7444edd86339d55d386fa9e"><enum>(3)</enum><header>Exception for
closed meetings</header><subparagraph commented="no" display-inline="no-display-inline" id="id6DF2618D48DA43A6BA9B2672FC57A5FC"><enum>(A)</enum><header>In
general</header><text>The voting members of the Board of Directors may, by
majority vote, close a meeting to the public if, during the meeting to be
closed, there is likely to be disclosed proprietary or sensitive information
regarding an eligible infrastructure project under consideration for assistance under
this Act.</text></subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="idD463E456DD104D10A61D3448E448C9D9"><enum>(B)</enum><header>Availability of
minutes</header><text>The Board of Directors shall prepare minutes of any
meeting that is closed to the public, which minutes shall be made available as
soon as practicable, but not later than 1 year after the date of the closed
meeting, with any necessary redactions to protect any proprietary or sensitive
information.</text></subparagraph></paragraph><paragraph commented="no" id="ID981a60cff1ba4a35a4b7dea334e0fd9b"><enum>(4)</enum><header>Quorum</header><text>For
purposes of meetings of the Board of Directors, 5 voting members of the Board
of Directors shall constitute a quorum.</text></paragraph></subsection><subsection id="id0C57EF77879048B598FA3AEB553396B5"><enum>(f)</enum><header>Compensation of
members</header><text>Each voting member of the Board of Directors shall be
compensated at a rate equal to the daily equivalent of the annual rate of basic
pay prescribed for level III of the Executive Schedule under section 5314 of
title 5, United States Code, for each day (including travel time) during which
the member is engaged in the performance of the duties of the Board of
Directors.</text></subsection><subsection id="IDd103cc5f9dbc442398adec7e354adf2c"><enum>(g)</enum><header>Conflicts of
interest</header><text>A voting member of the Board of Directors may not
participate in any review or decision affecting an eligible infrastructure project under
consideration for assistance under this Act, if the member has or is affiliated
with an entity who has a financial interest in that project.</text></subsection></section><section id="ID74fe7403b9714e00954f5866021cc537"><enum>103.</enum><header>Chief
executive officer of IFA</header><subsection commented="no" id="IDd12c3b7df5c74c31a483066c0fa52303"><enum>(a)</enum><header>In
general</header><text>The chief executive officer of IFA shall—</text><paragraph commented="no" id="id0B18BA1A5D654AF0AB8D4851066703FF"><enum>(1)</enum><text>be a nonvoting
member of the Board of Directors;</text></paragraph><paragraph commented="no" id="idF6EDC1CD5ACB41FD84EAF85A154389CC"><enum>(2)</enum><text>be responsible
for all activities of IFA; and</text></paragraph><paragraph commented="no" id="id5D21776EEFBA460AAA990BEE310E753F"><enum>(3)</enum><text>support the Board
of Directors in accordance with this Act and as the Board of Directors
determines to be necessary.</text></paragraph></subsection><subsection id="idDC549E66FD0C4F248FBE7D790D7AC568"><enum>(b)</enum><header>Appointment and
tenure of the chief executive officer</header><paragraph id="idD348BF79A6754A65BF116BA8AC2F2BF1"><enum>(1)</enum><header>In
general</header><text>The President shall appoint the chief executive officer,
by and with the advice and consent of the Senate.</text></paragraph><paragraph id="id4C41D6BF783148EF8B1F7C7D2B61ACDA"><enum>(2)</enum><header>Term</header><text>The
chief executive officer shall be appointed for a term of 6 years.</text></paragraph><paragraph id="id9141C737C67F43F3A5F68EFBE928E53E"><enum>(3)</enum><header>Vacancies</header><subparagraph id="id6C89A4F82ED84D84A9AFD3CD6D24550B"><enum>(A)</enum><header>In
general</header><text>Any vacancy in the office of the chief executive officer
shall be filled by the President, by and with the advice and consent of the
Senate.</text></subparagraph><subparagraph id="id03850781FBBD4BBC9A01465E3D95D629"><enum>(B)</enum><header>Term</header><text>The
person appointed to fill a vacancy in the chief executive officer position that
occurs before the expiration of the term for which the predecessor was
appointed shall be appointed only for the remainder of that term.</text></subparagraph></paragraph></subsection><subsection id="IDefd16aeeea30464ba2cac152352f5279"><enum>(c)</enum><header>Qualifications</header><text>The
chief executive officer—</text><paragraph id="id086E1656A33E4639A7D882B0ABC3547B"><enum>(1)</enum><text>shall have
significant expertise in management and administration of a financial
institution, or significant expertise in the financing and development of
infrastructure projects; and</text></paragraph><paragraph id="id4D8C3FD801FA41C6B8B8DC2BC6108D3F"><enum>(2)</enum><text>may not—</text><subparagraph id="ID7cc9a35846554c739148cbb04e04d9ae"><enum>(A)</enum><text>hold any other
public office;</text></subparagraph><subparagraph commented="no" id="ID4a29d91bed4240b482dbc49c5c07552f"><enum>(B)</enum><text>have any
financial interest in an eligible infrastructure project then being considered by the
Board of Directors, unless that interest is placed in a blind trust; or</text></subparagraph><subparagraph commented="no" id="ID4d94e5620fef47b8b374ad41f113ae7d"><enum>(C)</enum><text>have any
financial interest in an investment institution or its affiliates or any other
entity seeking or likely to seek financial assistance for any eligible infrastructure project from IFA, unless any such interest is placed in a blind trust for the
tenure of the service of the chief executive officer plus 2 additional
years.</text></subparagraph></paragraph></subsection><subsection commented="no" id="ID1ea36d1286064bff80fcb9de13dabf7f"><enum>(d)</enum><header>Responsibilities</header><text>The
chief executive officer shall have such executive functions, powers, and duties
as may be prescribed by this Act, the bylaws of IFA, or the Board of
Directors, including—</text><paragraph commented="no" id="ID09718b01069541a69fb82d3225f1cf98"><enum>(1)</enum><text>responsibility
for the development and implementation of the strategy of IFA,
including—</text><subparagraph commented="no" id="ID06c7b6811aff4900a8432d8d47fcd8a4"><enum>(A)</enum><text>the development
and submission to the Board of Directors of the annual business plans and
budget;</text></subparagraph><subparagraph commented="no" id="ID374cf72f39fc4c3b96cc149aa5c5b427"><enum>(B)</enum><text>the development
and submission to the Board of Directors of a long-term strategic plan;
and</text></subparagraph><subparagraph commented="no" id="ID52c4511cfa124915b930fc8f2a9969f1"><enum>(C)</enum><text>the development,
revision, and submission to the Board of Directors of internal policies;
and</text></subparagraph></paragraph><paragraph commented="no" id="ID9b2806b89e4b4c0cb2a7c21779da82e4"><enum>(2)</enum><text>responsibility
for the management and oversight of the daily activities, decisions,
operations, and personnel of IFA.</text></paragraph></subsection><subsection id="ID69a4b9bca4e54c9d978f5f40c8a3cb2b"><enum>(e)</enum><header>Compensation</header><paragraph id="ID8fb23d2dc117457ab11645bf0033d8f4"><enum>(1)</enum><header>In
general</header><text>Any compensation assessment or recommendation by the
chief executive officer under this section shall be without regard to the
provisions of chapter 51 or subchapter III of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/5/53">chapter 53</external-xref> of title 5, United
States Code.</text></paragraph><paragraph id="ID54a9d44cbf0f4c7284091121f361820e"><enum>(2)</enum><header>Considerations</header><text>The
compensation assessment or recommendation required under this subsection shall
take into account merit principles, where applicable, as well as the education,
experience, level of responsibility, geographic differences, and retention and
recruitment needs in determining compensation of personnel.</text></paragraph></subsection></section><section commented="no" id="ID8c8d24cfba1d4fd4a8f86e85e0849c7d"><enum>104.</enum><header>Powers and
duties of the Board of Directors</header><text display-inline="no-display-inline">The Board of Directors shall—</text><paragraph commented="no" id="IDc0f3f370ae23493b944bd1d40bd6d67c"><enum>(1)</enum><text>as soon as
practicable after the date on which all members are appointed, approve or
disapprove senior management appointed by the chief executive officer;</text></paragraph><paragraph commented="no" id="ID182c8097afc24699a5530ad3ae21eb03"><enum>(2)</enum><text>not later than
180 days after the date on which all members are appointed—</text><subparagraph commented="no" id="ID33544cf669524f389f79e8ef80e7897f"><enum>(A)</enum><text>develop and
approve the bylaws of IFA, including bylaws for the regulation of the affairs
and conduct of the business of IFA, consistent with the purpose, goals,
objectives, and policies set forth in this Act;</text></subparagraph><subparagraph commented="no" id="ID8a38bf4760264daea545dbbf7bf37ba1"><enum>(B)</enum><text>establish
subcommittees, including an audit committee that is composed solely of members
of the Board of Directors, other than the chief executive officer;</text></subparagraph><subparagraph commented="no" id="ID227065b3150d492c8d1dcd0593487355"><enum>(C)</enum><text>develop and
approve, in consultation with senior management, a conflict-of-interest policy
for the Board of Directors and for senior management;</text></subparagraph><subparagraph commented="no" id="ID7140f3a255684ea9aa6f8656ec42f2bf"><enum>(D)</enum><text>approve or
disapprove internal policies that the chief executive officer shall submit to
the Board of Directors, including—</text><clause commented="no" id="IDf08272517d8c42b8938fcddf79e321dc"><enum>(i)</enum><text>policies
regarding the loan application and approval process, including application
procedures and project approval processes;</text></clause><clause commented="no" id="ID8d455f80297147a69060801a4bce0a64"><enum>(ii)</enum><text>operational
guidelines; and</text></clause></subparagraph><subparagraph commented="no" id="IDac843893697340ee8c960506f1652626"><enum>(E)</enum><text>approve or
disapprove a 1-year business plan and budget for IFA;</text></subparagraph></paragraph><paragraph commented="no" id="ID88ea9c98100447d4941d01f37b5729d6"><enum>(3)</enum><text>ensure that IFA
is at all times operated in a manner that is consistent with this Act,
by—</text><subparagraph commented="no" id="IDeee7522a02f84037969e73d5ea3a9b58"><enum>(A)</enum><text>monitoring and
assessing the effectiveness of IFA in achieving its strategic goals;</text></subparagraph><subparagraph commented="no" id="ID35f12fde3df74775becc7452bcd75c11"><enum>(B)</enum><text>reviewing and
approving internal policies, annual business plans, annual budgets, and
long-term strategies submitted by the chief executive officer;</text></subparagraph><subparagraph commented="no" id="ID1378bc96603b41bc94bda351179f8e45"><enum>(C)</enum><text>reviewing and
approving annual reports submitted by the chief executive officer;</text></subparagraph><subparagraph commented="no" id="ID5e76c26bf8c2470ebe40fabbf9dfb019"><enum>(D)</enum><text>engaging 1 or
more external auditors, as set forth in this Act; and</text></subparagraph><subparagraph commented="no" id="ID849d151e8a3b4a5094d04c233d57c422"><enum>(E)</enum><text>reviewing and
approving all changes to the organization of senior management;</text></subparagraph></paragraph><paragraph commented="no" id="ID9591d1c850984b6cbff316da45de3c31"><enum>(4)</enum><text>appoint and fix,
by a vote of not less than 5 of the 7 voting members of the Board of Directors,
and without regard to the provisions of chapter 51 or subchapter III of chapter
53 of title 5, United Sates Code, the compensation and adjustments to
compensation of all IFA personnel, provided that in appointing and fixing any
compensation or adjustments to compensation under this paragraph, the Board
shall—</text><subparagraph commented="no" id="ID182685b443004f329b6ecfc633456e34"><enum>(A)</enum><text>consult with, and
seek to maintain comparability with, other comparable Federal personnel, as the
Board of Directors may determine to be appropriate;</text></subparagraph><subparagraph commented="no" id="ID99702c428c124450ba827f703046bf3f"><enum>(B)</enum><text>consult with the
Office of Personnel Management; and</text></subparagraph><subparagraph commented="no" id="IDc9d1f793ef4a4f1e8231051a0b830893"><enum>(C)</enum><text>carry out those
duties consistent with merit principles, where applicable, as well as the
education, experience, level of responsibility, geographic differences,
comparability to private sector positions, and retention and recruitment needs
in determining compensation of personnel;</text></subparagraph></paragraph><paragraph commented="no" id="ID5b359311270346a9992205e1fa1ab273"><enum>(5)</enum><text>serve as the
primary liaison for IFA in interactions with Congress, the Secretary of
Transportation and other Executive Branch officials, and State and local
governments, and to represent the interests of IFA in those interactions and
others;</text></paragraph><paragraph commented="no" id="IDd6474358287640ec9d02be8f11108e71"><enum>(6)</enum><text>approve by a vote
of not less than 5 of the 7 voting members of the Board of Directors any
changes to the bylaws or internal policies of IFA;</text></paragraph><paragraph commented="no" id="ID7afb117e9a074f3a8a64345bd8f7d2e8"><enum>(7)</enum><text>have the
authority and responsibility—</text><subparagraph commented="no" id="ID572ee6d30972422c98157d4b2a0a5101"><enum>(A)</enum><text>to oversee
entering into and carrying out such contracts, leases, cooperative agreements,
or other transactions as are necessary to carry out this Act;</text></subparagraph><subparagraph commented="no" id="ID5eb51812f9044164abbc783b0627564b"><enum>(B)</enum><text>to approve of the
acquisition, lease, pledge, exchange, and disposal of real and personal
property by IFA and otherwise approve the exercise by IFA of all of the usual
incidents of ownership of property, to the extent that the exercise of those
powers is appropriate to and consistent with the purposes of IFA;</text></subparagraph><subparagraph commented="no" id="IDbc43e39465a341648372c7c7bb365da8"><enum>(C)</enum><text>to determine the
character of, and the necessity for, the obligations and expenditures of IFA,
and the manner in which the obligations and expenditures will be incurred,
allowed, and paid, subject to this Act and other Federal law specifically
applicable to wholly owned Federal corporations;</text></subparagraph><subparagraph commented="no" id="ID4fed525f6df6499ab531f277bc651bb9"><enum>(D)</enum><text>to execute, in
accordance with applicable bylaws and regulations, appropriate
instruments;</text></subparagraph><subparagraph commented="no" id="ID8138e2e15ed74e5eb7e1fb1e6d4cc25b"><enum>(E)</enum><text>to approve other
forms of credit enhancement that IFA may provide to eligible projects, as long
as the forms of credit enhancements are consistent with the purposes of this
Act and terms set forth in title II;</text></subparagraph><subparagraph commented="no" id="ID5dc27baf65d842adbfeca77bcdb62436"><enum>(F)</enum><text>to exercise all
other lawful powers which are necessary or appropriate to carry out, and are
consistent with, the purposes of IFA;</text></subparagraph><subparagraph commented="no" id="IDa868fe7c5ef44672bb5a973393715c06"><enum>(G)</enum><text>to sue or be sued
in the corporate capacity of IFA in any court of competent
jurisdiction;</text></subparagraph><subparagraph commented="no" id="ID801a7ed9d92840c99f706ead39556898"><enum>(H)</enum><text>to indemnify the
members of the Board of Directors and officers of IFA for any liabilities
arising out of the actions of the members and officers in that capacity, in
accordance with, and subject to the limitations contained in this Act;</text></subparagraph><subparagraph commented="no" id="ID85bdf7cbd91748cea26e886c5526ba01"><enum>(I)</enum><text>to review all
financial assistance packages to all eligible infrastructure projects, as
submitted by the chief executive officer and to approve, postpone, or deny the
same by majority vote;</text></subparagraph><subparagraph commented="no" id="IDf839fe94ca204286af2830e9d87fb8a3"><enum>(J)</enum><text>to review all
restructuring proposals submitted by the chief executive officer, including
assignation, pledging, or disposal of the interest of IFA in a project,
including payment or income from any interest owned or held by IFA, and to
approve, postpone, or deny the same by majority vote;</text></subparagraph><subparagraph commented="no" id="IDd8a782515b6642da91f3af31df154c3a"><enum>(K)</enum><text>to enter into
binding commitments, as specified in approved financial assistance
packages;</text></subparagraph><subparagraph commented="no" id="idCBE987C20093493490A33D2168BD946B"><enum>(L)</enum><text>to determine
whether—</text><clause commented="no" id="id96136E0699AE4E82B1C15C1F24845C1B"><enum>(i)</enum><text>to obtain a lien
on the assets of an eligible entity that receives assistance under this Act;
and</text></clause><clause commented="no" id="id379B797A370C4F2D9B8F2095BF36C161"><enum>(ii)</enum><text>to subordinate a
lien under clause (i) to any other lien securing project obligations;
and</text></clause></subparagraph><subparagraph commented="no" id="id877D15FBD658460A9982195B453C1CD8"><enum>(M)</enum><text>to ensure a
measurable public benefit in the selection of eligible infrastructure projects
and to provide for reasonable public input in the selection of such
projects;</text></subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="idB702B39639394BBEA9721B97B8725DF7"><enum>(8)</enum><text>delegate to the
chief executive officer those duties that the Board of Directors determines to
be appropriate, to better carry out the powers and purposes of the Board of
Directors under this section; and</text></paragraph><paragraph commented="no" id="ID7f004cd051bc422ebfa776e3a619abf3"><enum>(9)</enum><text>to approve a
maximum aggregate amount of principal exposure of IFA at any given
time.</text></paragraph></section><section id="ID660375e487304d2c90141d86c9c3f262"><enum>105.</enum><header>Senior
management</header><subsection id="IDd153aa1672c441c88a9fefaca6ac5bff"><enum>(a)</enum><header>In
general</header><text>Senior management shall support the chief executive
officer in the discharge of the responsibilities of the chief executive
officer.</text></subsection><subsection id="IDae11ad14ac23470e9aeb1a45d2adf97d"><enum>(b)</enum><header>Appointment of
senior management</header><text>The chief executive officer shall appoint such
senior managers as are necessary to carry out the purposes of IFA, as approved
by a majority vote of the voting members of the Board of Directors, including a
chief compliance officer, general counsel, chief operating officer, chief
lending officer, and other positions as determined to be appropriate by the
chief executive officer and Board of Directors.</text></subsection><subsection id="IDd8d0b4e4145743d9bfd672debd8afbda"><enum>(c)</enum><header>Term</header><text>Each
member of senior management shall serve at the pleasure of the chief executive
officer and the Board of Directors.</text></subsection><subsection id="ID16648947738641a781299c18e58ea474"><enum>(d)</enum><header>Removal of
senior management</header><text>Any member of senior management may be
removed—</text><paragraph id="id64CDFF48D4334C9FA48830E11B32862E"><enum>(1)</enum><text>by a majority of
the voting members of the Board of Directors at the request of the chief
executive officer; or</text></paragraph><paragraph id="id98FE04F13B524B948D136722B6942F0E"><enum>(2)</enum><text>by a vote of not
fewer than 5 voting members of the Board of Directors.</text></paragraph></subsection><subsection id="IDea371349fcdd49e28d2044ff71140386"><enum>(e)</enum><header>Senior
management</header><paragraph id="idB98C4936D6914C49B08D4D258C55C472"><enum>(1)</enum><header>In
general</header><text>Each member of senior management shall report directly to
the chief executive officer, other than the chief risk officer, who shall
report directly to the Board of Directors.</text></paragraph><paragraph id="ID443ca83a95e141fab9ed98ca6cb322ce"><enum>(2)</enum><header>Chief risk
officer</header><text>The chief risk officer shall be responsible for all
functions of IFA relating to—</text><subparagraph id="ID7146f0383b7047baaf1da8734dfbcb3c"><enum>(A)</enum><text>the creation of
financial, credit, and operational risk management guidelines and
policies;</text></subparagraph><subparagraph id="ID3f7b610311424ffc9e0b1d4ace3e9583"><enum>(B)</enum><text>the establishment
of guidelines to ensure diversification of lending activities by region,
infrastructure project type, and project size;</text></subparagraph><subparagraph id="IDe571cc39bac34b119c8bd7399fb73dd9"><enum>(C)</enum><text>the creation of
conforming standards for infrastructure finance agreements;</text></subparagraph><subparagraph id="IDab3185f7a700477aaa0c57f689ea129e"><enum>(D)</enum><text>the monitoring of
the financial, credit, and operational exposure of IFA; and</text></subparagraph><subparagraph id="IDae7ecbb245494edfa248e4ded1e43f9d"><enum>(E)</enum><text>risk management
and mitigation actions, including by reporting those actions, or
recommendations of actions to be taken, directly to the Board of
Directors.</text></subparagraph></paragraph></subsection><subsection id="ID1968f7b178af4798849de05ab59a98a6"><enum>(f)</enum><header>Conflicts of
interest</header><text>No individual appointed to senior management may—</text><paragraph id="ID1a65a948aa344f108da42c85b9e24675"><enum>(1)</enum><text>hold any other
public office;</text></paragraph><paragraph id="ID0f390d1487fb41958178b4629837f653"><enum>(2)</enum><text>have any
financial interest in an eligible infrastructure project then being considered by the
Board of Directors, unless that interest is placed in a blind trust; or</text></paragraph><paragraph id="IDa5e63109937c4fdda1922f8ff8935ee4"><enum>(3)</enum><text>have any
financial interest in an investment institution or its affiliates, IFA or its
affiliates, or other entity then seeking or likely to seek financial assistance
for any eligible infrastructure project from IFA, unless any such interest is placed in
a blind trust during the term of service of that individual in a senior
management position, and for a period of 2 years thereafter.</text></paragraph></subsection></section><section id="ID0852781c6c4d494282b58f00f03c0ed5"><enum>106.</enum><header>Office of
Technical and Rural Assistance</header><subsection id="idFE3ADDD6343D419DB80C2F128622AEE8"><enum>(a)</enum><header>In
general</header><text>The chief executive officer shall create and manage
within IFA an office, to be known as the <term>Office of Technical and Rural
Assistance</term>.</text></subsection><subsection id="idFCB4A006CCB7401292C7776E1E0235CF"><enum>(b)</enum><header>Duties</header><text>The
Office of Technical and Rural Assistance shall—</text><paragraph id="idCA2CFDF0D0F64C15A1B4A9385825B4DD"><enum>(1)</enum><text>in consultation
with the Secretary, the Secretary of Transportation, and the heads of other relevant Federal
agencies, as determined by the chief executive officer, provide technical
assistance to State and local governments and parties in public-private
partnerships in the development and financing of eligible infrastructure projects,
including rural infrastructure projects;</text></paragraph><paragraph id="id9DF66E52D7004110A41045FC461003AF"><enum>(2)</enum><text>assist the
entities described in paragraph (1) with coordinating loan and loan guarantee
programs available through Federal agencies, including the Department of
Transportation and other Federal agencies as appropriate; and</text></paragraph><paragraph id="idB02CDB01705346FB88DD12218F908B5D"><enum>(3)</enum><text>work with the
entities described in paragraph (1) to identify and develop a pipeline of
projects suitable for financing through innovative project financing and
performance based project delivery, including those projects with the potential
for financing through IFA.</text></paragraph></subsection></section><section id="id0976A9F510AA4E66BC28F58236312CB9"><enum>107.</enum><header>Special
Inspector General for IFA</header><subsection commented="no" id="H578BE0CCCD3848E6B45EEBE1C2B1F26"><enum>(a)</enum><header>In
general</header><paragraph commented="no" id="idCED4742A7265428F820829EBD2B1F9FE"><enum>(1)</enum><header>Initial
period</header><text>For the 5-year period beginning on the date of enactment
of this Act, the Inspector General of the Department of Treasury shall
serve as the Special Inspector General for IFA in addition to the existing
duties of the Inspector General of the Department of Treasury.</text></paragraph><paragraph commented="no" id="id70EB182C1BB44B6C940D79D2C40BA2FD"><enum>(2)</enum><header>Office of the
Special Inspector General</header><text>Effective beginning on the day that is
5 years after the date of enactment of this Act, there is established the
Office of the Special Inspector General for IFA.</text></paragraph></subsection><subsection commented="no" id="HD3305879941144D88EAD33ADD00EBCF"><enum>(b)</enum><header>Appointment of
Inspector General; removal</header><paragraph commented="no" id="id8294C8F7CA4E4B58822E2508714D5E7B"><enum>(1)</enum><header>Head of
Office</header><text>The head of the Office of the Special Inspector General
for IFA shall be the Special Inspector General for IFA (referred to in this
Act as the <term>Special Inspector General</term>), who shall be appointed by
the President, by and with the advice and consent of the Senate.</text></paragraph><paragraph commented="no" id="H7230D8451B4243D68FF472BDB8A7E400"><enum>(2)</enum><header>Basis of
appointment</header><text>The appointment of the Special Inspector General
shall be made on the basis of integrity and demonstrated ability in accounting,
auditing, financial analysis, law, management analysis, public administration,
or investigations.</text></paragraph><paragraph commented="no" id="H9F7ACCDB6DE2448AB97E4DE994E4E8BA"><enum>(3)</enum><header>Timing of
nomination</header><text>The nomination of an individual as Special Inspector
General shall be made as soon as practicable after the date of enactment of
this Act.</text></paragraph><paragraph commented="no" id="H8C780CF4449043C2B01D9C8BE4741D24"><enum>(4)</enum><header>Removal</header><text>The
Special Inspector General shall be removable from office in accordance with the
provisions of <external-xref legal-doc="usc-act" parsable-cite="usc-act/Inspector General Act of 1978 /3">section 3(b)</external-xref> of the Inspector General Act of 1978 (5 U.S.C.
App.).</text></paragraph><paragraph commented="no" id="H5F27D102395E4914BDF25516CE00C000"><enum>(5)</enum><header>Rule of
construction</header><text>For purposes of <external-xref legal-doc="usc" parsable-cite="usc/5/7324">section 7324</external-xref> of title 5, United
States Code, the Special Inspector General shall not be considered an employee
who determines policies to be pursued by the United States in the nationwide
administration of Federal law.</text></paragraph><paragraph commented="no" id="HAC7BD94252D14D638132C900105BF4E8"><enum>(6)</enum><header>Rate of
pay</header><text>The annual rate of basic pay of the Special Inspector General
shall be the annual rate of basic pay for an Inspector General under section
3(e) of the Inspector General Act of 1978 (5 U.S.C. App.).</text></paragraph></subsection><subsection commented="no" id="H923A1DF0B1824C17B8F3BDC2D9FE00F8"><enum>(c)</enum><header>Duties</header><text>The
Special Inspector General shall—</text><paragraph commented="no" id="id995C5D3A6E8645FC87BD2D6BD77B4382"><enum>(1)</enum><text>conduct,
supervise, and coordinate audits and investigations of the business activities
of IFA;</text></paragraph><paragraph commented="no" id="HF42AEA5712BA45758C8F28DA4B414645"><enum>(2)</enum><text>establish,
maintain, and oversee such systems, procedures, and controls as the Special
Inspector General considers appropriate to discharge the duty under paragraph
(1); and</text></paragraph><paragraph commented="no" id="H924356BA4EAA4D8300BDFC53E0089CC"><enum>(3)</enum><text>carry out any other
duties and responsibilities of inspectors general under the Inspector General
Act of 1978 (5 U.S.C. App.).</text></paragraph></subsection><subsection commented="no" id="HA8364229500E4B42AA30820049FD28DF"><enum>(d)</enum><header>Powers and
authorities</header><paragraph commented="no" id="idC3B57CD73AE848C691206B5A2789A664"><enum>(1)</enum><header>In
general</header><text>In carrying out the duties specified in subsection (c),
the Special Inspector General shall have the authorities provided in section 6
of the Inspector General Act of 1978 (5 U.S.C. App.).</text></paragraph><paragraph commented="no" id="H8E79A77AA0594C2BB751D34B62467BC8"><enum>(2)</enum><header>Additional
authority</header><text>The Special Inspector General shall carry out the
duties specified in subsection (c)(1) in accordance with section 4(b)(1) of the
Inspector General Act of 1978 (5 U.S.C. App.).</text></paragraph></subsection><subsection commented="no" id="HED9ADBB9E53F4A9A9B517CDB67C0F58D"><enum>(e)</enum><header>Personnel,
facilities, and other resources</header><paragraph commented="no" id="idEAED040799DE449CB09298D7ACFA1C30"><enum>(1)</enum><header>Additional
officers</header><subparagraph commented="no" id="id6328B957F7A145CB862DED3E2E7BBB34"><enum>(A)</enum><header>In
general</header><text>The Special Inspector General may select, appoint, and
employ such officers and employees as may be necessary for carrying out the
duties of the Special Inspector General, subject to the provisions of title 5,
United States Code, governing appointments in the competitive service, and the
provisions of chapter 51 and subchapter III of chapter 53 of such title,
relating to classification and General Schedule pay rates.</text></subparagraph><subparagraph id="ID43713d9f7791468986cb964be787a6fe"><enum>(B)</enum><header>Employment and
compensation</header><text>The Special Inspector General may exercise the
authorities of subsections (b) through (i) of <external-xref legal-doc="usc" parsable-cite="usc/5/3161">section 3161</external-xref> of title 5, United
States Code (without regard to subsection (a) of that section).</text></subparagraph></paragraph><paragraph commented="no" id="HCA501CC29769408B8D756D80FBA674A1"><enum>(2)</enum><header>Retention of
services</header><text>The Special Inspector General may obtain services as
authorized by <external-xref legal-doc="usc" parsable-cite="usc/5/3109">section 3109</external-xref> of title 5, United States Code, at daily rates not
to exceed the equivalent rate prescribed for grade GS–15 of the General
Schedule by section 5332 of such title.</text></paragraph><paragraph commented="no" id="HDB3724B5A57647C69FEFE1BDF7D2CC2"><enum>(3)</enum><header>Ability to
contract for audits, studies, and other services</header><text>The Special
Inspector General may enter into contracts and other arrangements for audits,
studies, analyses, and other services with public agencies and with private
persons, and make such payments as may be necessary to carry out the duties of
the Special Inspector General.</text></paragraph><paragraph commented="no" id="H0BE2C09E16E2480E979C76308C11CE5"><enum>(4)</enum><header>Request for
information</header><subparagraph commented="no" id="id4C21C01572E348F181E264E84948C976"><enum>(A)</enum><header>In
general</header><text>Upon request of the Special Inspector General for
information or assistance from any department, agency, or other entity of the
Federal Government, the head of that entity shall, insofar as is practicable
and not in contravention of any existing law, furnish the information or
assistance to the Special Inspector General or an authorized designee.</text></subparagraph><subparagraph commented="no" id="H161455A031F34E93B326AAAD63052126"><enum>(B)</enum><header>Refusal to
comply</header><text>If information or assistance requested by the Special
Inspector General is, in the judgment of the Special Inspector General,
unreasonably refused or not provided, the Special Inspector General shall
report the circumstances to the Secretary, without delay.</text></subparagraph></paragraph></subsection><subsection commented="no" id="H35E59D78082044B58CBE587EB22B2C94"><enum>(f)</enum><header>Reports</header><paragraph commented="no" id="id2E4B59C8B06142CFA06901CBEC178DBA"><enum>(1)</enum><header>Annual
report</header><text>Not later than 1 year after the date on which the Special
Inspector General is confirmed, and every calendar year thereafter, the Special
Inspector General shall submit to the President and appropriate committees of
Congress a report summarizing the activities of the Special Inspector General
during the previous 1-year period ending on the date of that report.</text></paragraph><paragraph commented="no" id="HFEAB2EB15B7D4B868C07184068B3FFA0"><enum>(2)</enum><header>Public
disclosures</header><text>Nothing in this subsection authorizes the public
disclosure of information that is—</text><subparagraph commented="no" id="HD75BD94703704A3B9E869D8D00C31256"><enum>(A)</enum><text>specifically
prohibited from disclosure by any other provision of law;</text></subparagraph><subparagraph commented="no" id="H61F08782B12F460C94A341FE986B6911"><enum>(B)</enum><text>specifically
required by Executive order to be protected from disclosure in the interest of
national defense or national security or in the conduct of foreign affairs;
or</text></subparagraph><subparagraph commented="no" id="H8AFFF7AF42E249939600023EA176B4B"><enum>(C)</enum><text>a part of an
ongoing criminal investigation.</text></subparagraph></paragraph></subsection></section><section id="ID7126a72a0fb747aeb5d8525522eb6894"><enum>108.</enum><header>Other
personnel</header><subsection id="idC6CAB71BEB5E4BAC9A33C3DFE2EE2173"><enum>(a)</enum><header>Appointment,
removal, and definition of duties</header><text display-inline="yes-display-inline">Except as otherwise provided in the bylaws
of IFA, the chief executive officer, in consultation with the Board of
Directors, shall appoint, remove, and define the duties of such qualified
personnel as are necessary to carry out the powers, duties, and purpose of
IFA, other than senior management, who shall be appointed in accordance with
section 105.</text></subsection><subsection id="id149E93751D6F4D18B215E58DE83E304E"><enum>(b)</enum><header>Coordination in
identifying qualifications and expertise</header><text>In appointing qualified
personnel pursuant to subsection (a), the chief executive officer shall
coordinate with, and seek assistance from, the Secretary of Transportation in
identifying the appropriate qualifications and expertise in infrastructure
project finance.</text></subsection></section><section commented="no" id="ID7b9965e7edfb40689236ade2d50bdcd0"><enum>109.</enum><header>Compliance</header><text display-inline="no-display-inline">The provision of assistance by IFA pursuant
to this Act does not supersede any provision of State law or regulation
otherwise applicable to an eligible infrastructure project.</text></section><enum>II</enum><header>Terms and
limitations on direct loans and loan guarantees</header><section id="IDe1ac7ee17cc64808829835ac9f4eb957"><enum>201.</enum><header>Eligibility
criteria for assistance from IFA and terms and limitations of loans</header><subsection id="ID6874014ac06148ce839b0c92a6be5dfb"><enum>(a)</enum><header>Public benefit
required</header><paragraph id="idB679CD1AEEEC4BCAA0402E1C86499AE5"><enum>(1)</enum><header>In
general</header><text>Any project the use or purpose of which is private and
for which no public benefit is created, as determined by the Board of Directors, shall not be eligible for financial
assistance from IFA under this Act.</text></paragraph><paragraph id="idE9E7BB72A5744329936EF29AE61F326B"><enum>(2)</enum><header>Criteria</header><text>Financial
assistance under this Act shall only be made available if the applicant for
assistance has demonstrated to the satisfaction of the Board of Directors
that—</text><subparagraph id="id7D0D3C271E564749A1F5D0BCB1E0410D"><enum>(A)</enum><text>the
eligible infrastructure project for which assistance is being sought—</text><clause id="id4BF14832BF2C45EFB72489A0639531E6"><enum>(i)</enum><text>is
not for the refinancing of an existing infrastructure project; and</text></clause><clause id="idEEE7122CA23D4532849F57608C8F3AF0"><enum>(ii)</enum><text>meets—</text><subclause id="IDbd7c668a3a1f455c82dcdf1c49b8e499"><enum>(I)</enum><text>any pertinent
requirements set forth in this Act;</text></subclause><subclause id="ID0b1fb19a79a34a458732b7e14862638e"><enum>(II)</enum><text>any criteria
established by the Board of Directors or chief executive officer in accordance
with this Act; and</text></subclause><subclause commented="no" display-inline="no-display-inline" id="id4C9B7E03CFC54904AD6033A01C0BAAD8"><enum>(III)</enum><text>the definition
of an eligible infrastructure project; and</text></subclause></clause></subparagraph><subparagraph id="id95B60F1F5B6D49A88A3B608DD3CAE16C"><enum>(B)</enum><text>for projects involving public-private partnerships, the project has received contributed capital or commitments for contributed capital equal to not less than 10 percent of the total cost of the eligible infrastructure project for which assistance is being sought, where such contributed capital includes 1 or more of the following—</text><clause id="idFA8A22131F674CA7ADAED0EF8E410F96"><enum>(i)</enum><text>equity;</text></clause><clause id="id7DDFEB9266D94FDA94DFCDECC7CE2B08"><enum>(ii)</enum><text>deeply subordinate loans or other credit and debt instruments, which shall be junior to any IFA assistance provided for the project;</text></clause><clause id="id292EF8F9FF504FFAB7A8D5BCD3A1CA37"><enum>(iii)</enum><text>appropriated funds or grants from governmental sources other than the Federal Government; or</text></clause><clause id="id77862630FAFF4A4E861BA9A2FDB463A6"><enum>(iv)</enum><text>irrevocable private contributions of funds, grants, property (including rights-of way), and other assets that directly reduce or offset project costs.</text></clause></subparagraph></paragraph></subsection><subsection id="IDab33a4838baf45cd8bc2a2de00722ef7"><enum>(b)</enum><header>Considerations</header><text>The
criteria established by the Board of Directors pursuant to this Act shall
provide adequate consideration of—</text><paragraph id="IDa43977d2e5f14e5c8715d5ae7845640a"><enum>(1)</enum><text>the economic,
financial, technical, environmental, and public benefits and costs of each
eligible infrastructure project under consideration for financial assistance under this
Act, prioritizing eligible infrastructure projects that—</text><subparagraph id="IDe5923c53c06b4409893ab8b17be48d41"><enum>(A)</enum><text>demonstrate a
clear and measurable public benefit;</text></subparagraph><subparagraph id="ID33a0616e2269499b99d67a8de20c9cde"><enum>(B)</enum><text>offer value for
money to taxpayers;</text></subparagraph><subparagraph id="ID312fa925cc3f46dab98f01e4d24657ad"><enum>(C)</enum><text>contribute to
regional or national economic growth;</text></subparagraph><subparagraph id="ID0bc6e8cf846a440b88c5cf1ca4175e00"><enum>(D)</enum><text>lead to long-term job
creation; and</text></subparagraph><subparagraph id="IDa5872d0264a8444a99ebdd31959c7e74"><enum>(E)</enum><text>mitigate
environmental concerns;</text></subparagraph></paragraph><paragraph id="ID5a66239a0d2b4a0ca4baed410c0564db"><enum>(2)</enum><text>the means by
which development of the eligible infrastructure project under consideration is being
financed, including—</text><subparagraph id="IDf5fab6a15bd34564950df7bf4d4b882e"><enum>(A)</enum><text>the terms,
conditions, and structure of the proposed financing;</text></subparagraph><subparagraph id="ID53d6fab5eaca4ab2a8a43642a40c54bd"><enum>(B)</enum><text>the
creditworthiness and standing of the project sponsors, providers of equity, and
cofinanciers;</text></subparagraph><subparagraph id="IDba952456e0fe4a1898fc88796757b679"><enum>(C)</enum><text>the financial
assumptions and projections on which the eligible infrastructure project is based;
and</text></subparagraph><subparagraph id="IDc40acc4a90864de3b2a95dfc0856be91"><enum>(D)</enum><text>whether there is
sufficient State or municipal political support for the successful completion
of the eligible infrastructure project;</text></subparagraph></paragraph><paragraph id="ID8d9fd258cea24d47989e6eb2af3569de"><enum>(3)</enum><text>the likelihood
that the provision of assistance by IFA will cause the development to proceed
more promptly and with lower costs for financing than would be the case without
IFA assistance;</text></paragraph><paragraph id="ID0c272b7553484118ba5f8e0161b4dd74"><enum>(4)</enum><text>the extent to
which the provision of assistance by IFA maximizes the level of private
investment in the eligible infrastructure project or supports a public-private
partnership, while providing a significant public benefit;</text></paragraph><paragraph id="ID495e8f9190c3430280a2e97dc7400893"><enum>(5)</enum><text>the extent to
which the provision of assistance by IFA can mobilize the participation of
other financing partners in the eligible infrastructure project;</text></paragraph><paragraph id="IDed6afcc7cc774c28b0b6114afde57bea"><enum>(6)</enum><text>the technical and
operational viability of the eligible infrastructure project;</text></paragraph><paragraph id="ID76053f6e4a1147c3a174ede40caea245"><enum>(7)</enum><text>the proportion of
financial assistance from IFA;</text></paragraph><paragraph id="idCFB6361057E74F23AD8698245D68E26C"><enum>(8)</enum><text>the geographical
location of the project, prioritizing geographical diversity of projects funded
by IFA;</text></paragraph><paragraph id="ID1783ac8a0be7458a87ff8f3b7b7564e8"><enum>(9)</enum><text>the size of the
project and the impact of the project on the resources of IFA; and</text></paragraph><paragraph id="ID82ca1100c73645819248b4d84156d72c"><enum>(10)</enum><text>the
infrastructure sector of the project, prioritizing projects from more than 1
sector funded by IFA.</text></paragraph></subsection><subsection id="idE3945D179066454F8A04811BF58B83AB"><enum>(c)</enum><header>Application</header><paragraph id="id3BB4054E837F440C97C000EBEF922971"><enum>(1)</enum><header>In
general</header><text>Any eligible entity seeking assistance from IFA under
this Act for an eligible infrastructure project shall submit an application to
IFA at such time, in such manner, and containing such information as the Board
of Directors or the chief executive officer may require.</text></paragraph><paragraph id="id4C705341BDF64A1D8087D8C36F14C287"><enum>(2)</enum><header>Review of
applications</header><subparagraph id="idB4DFB1E9ADC7483AA1D03E71EC3B7F0C"><enum>(A)</enum><header>In
general</header><text>IFA shall review applications for assistance under this
Act on an ongoing basis.</text></subparagraph><subparagraph id="idFB5F4F53723649B7A07134F38D78B722"><enum>(B)</enum><header>Preparation</header><text>The
chief executive officer, in cooperation with the senior management, shall
prepare eligible infrastructure projects for review and approval by the Board
of Directors.</text></subparagraph></paragraph><paragraph id="id1EDBDA8CBE8340669A9496CFBE5C42F9"><enum>(3)</enum><header>Dedicated
revenue sources</header><text>The Federal credit instrument shall be repayable,
in whole or in part, from tolls, user fees, or other dedicated revenue sources
derived from users or beneficiaries that also secure the eligible infrastructure project
obligations.</text></paragraph></subsection><subsection id="id1C39766BCCFF428BBBE6BBB1EEFF2E7F"><enum>(d)</enum><header>Eligible
infrastructure project costs</header><paragraph id="id3FA562A0ACAB4E69959442881D07BE71"><enum>(1)</enum><header>In
general</header><text>Except as provided in paragraph (2), to be eligible for
assistance under this Act, an eligible infrastructure project shall have project costs
that are reasonably anticipated to equal or exceed $50,000,000.</text></paragraph><paragraph id="id2CCB04227969415382A014DD532581DC"><enum>(2)</enum><header>Rural
infrastructure projects</header><text>To be eligible for assistance under this
Act a rural infrastructure project shall have project costs that are reasonably
anticipated to equal or exceed $10,000,000.</text></paragraph></subsection><subsection id="ID45c470b6f09b4c4b9c1dca52ead550a8"><enum>(e)</enum><header>Loan
eligibility and maximum amounts</header><paragraph commented="no" display-inline="no-display-inline" id="idA0F6456C0F7A4389971230ADD7E28729"><enum>(1)</enum><header>In
general</header><text>The amount of a direct loan or loan guarantee under this
Act shall not exceed the lesser of—</text><subparagraph commented="no" display-inline="no-display-inline" id="id6A1ADC14F3D74B2C8B41A8AB102D404A"><enum>(A)</enum><text>49 percent of the
reasonably anticipated eligible infrastructure project costs; and</text></subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id62EE3D2EB2C34B60AA63DEF44FB27F87"><enum>(B)</enum><text>the amount of the
senior project obligations, if the direct loan or loan guarantee does not
receive an investment grade rating.</text></subparagraph></paragraph><paragraph commented="no" id="IDca6f4ba9e3674af6a23b5ee58ceb6f78"><enum>(2)</enum><header>Maximum annual
loan and loan guarantee volume</header><text>The aggregate amount of direct
loans and loan guarantees made by IFA shall not exceed—</text><subparagraph commented="no" id="ID8b8cd286982748fbb55ec5b060120e26"><enum>(A)</enum><text>during the first
2 fiscal years of the operations of IFA, $10,000,000,000 per year;</text></subparagraph><subparagraph commented="no" id="ID889dff61bca844c5a8e72220056f0a8b"><enum>(B)</enum><text>during fiscal
years 3 through 9 of the operations of IFA, $20,000,000,000 per year; and</text></subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="ID83df3b494b1b4fe4ad049deaeda15800"><enum>(C)</enum><text>during any fiscal
year thereafter, $50,000,000,000.</text></subparagraph></paragraph></subsection></section><section id="ID3671dddf8a0f40919a73dfe9c78f9b64"><enum>202.</enum><header>Loan terms and
repayment</header><subsection id="idC0BEDC7622CB4A25A1062393EC63FC94"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">A direct loan or loan
guarantee under this Act with respect to an eligible infrastructure project
shall be on such terms, subject to such conditions, and contain such covenants,
representations, warranties, and requirements (including requirements for
audits) as the chief executive officer determines appropriate.</text></subsection><subsection id="ide9b6a53b9e1c43c9a1768c456c5ceaf0"><enum>(b)</enum><header>Terms</header><text>A
direct loan or loan guarantee under this Act—</text><paragraph id="id197f4a6f6eab44888f3c2c509cb1cfac"><enum>(1)</enum><text>shall—</text><subparagraph id="id4640fe910e434030a135c9070fb388aa"><enum>(A)</enum><text>be payable, in
whole or in part, from tolls, user fees, or other dedicated revenue sources
derived from users or beneficiaries; and</text></subparagraph><subparagraph id="id51d05f65cabb4d0b963c6214a9922819"><enum>(B)</enum><text>include a rate
covenant, coverage requirement, or similar security feature supporting the
project obligations; and</text></subparagraph></paragraph><paragraph id="idb53be4eefaa148019907ee3371b4ba55"><enum>(2)</enum><text>may be secured by
a lien—</text><subparagraph id="id9b0a5bf3b3934270a2c5447f691c3ddc"><enum>(A)</enum><text>on the assets of
the obligor, including revenues described in paragraph (1); and</text></subparagraph><subparagraph id="id4e876f40eeff452ba545db76d0476b70"><enum>(B)</enum><text>which may be
subordinated to any other lien securing project obligations.</text></subparagraph></paragraph></subsection><subsection id="ID69ff1301efdf4319854eabccf30196ca"><enum>(c)</enum><header>Base interest
rate</header><text>The base interest rate on a direct loan under this Act shall
be not less than the yield on Treasury obligations of a similar maturity to the
maturity of the direct loan on the date of execution of the loan
agreement.</text></subsection><subsection commented="no" id="ID799d55a87b7a43349c7ebffd909cee7a"><enum>(d)</enum><header>Risk
assessment</header><text>Before entering into an agreement for assistance under
this Act, the chief executive officer, in consultation with the Director of the
Office of Management and Budget and each rating agency providing a preliminary
rating opinion letter under this section, shall determine an appropriate
Federal credit subsidy amount for each direct loan and loan guarantee, taking
into account that preliminary rating opinion letter, as well as any comparable
market rates available for such a loan or loan guarantee, should any
exist.</text></subsection><subsection commented="no" id="idD64424E0FF10462CA94922948439C16F"><enum>(e)</enum><header>Credit
fee</header><paragraph commented="no" id="idE95C72C8ECFD46D99DC090D882994BAA"><enum>(1)</enum><header>In
general</header><text>With respect to each agreement for assistance under this
Act, the chief executive officer shall charge a credit fee to the recipient of
that assistance to pay for, over time, all or a portion of the Federal credit
subsidy determined under subsection (d), with the remainder paid by the account
established for IFA.</text></paragraph><paragraph commented="no" id="id66BE9626CC794113AE2FD9D083A04676"><enum>(2)</enum><header>Direct
loans</header><text>In the case of a direct loan, the credit fee described in
paragraph (1) shall be in addition to the base interest rate established under
subsection (c).</text></paragraph></subsection><subsection id="ID4e96f6281a8c407a91e193d56eea3a24"><enum>(f)</enum><header>Maturity
date</header><text>The final maturity date of a direct loan or loan guaranteed
by IFA under this Act shall be not later than 35 years after the date of
substantial completion of the eligible infrastructure project, as determined by the
chief executive officer.</text></subsection><subsection id="ID1173e11dd4444fc3a918edeb5e79dfde"><enum>(g)</enum><header>Preliminary
rating opinion letter</header><paragraph id="id71C24B3D3DA647AE917DA34B237F2C23"><enum>(1)</enum><header>In
general</header><text>The chief executive officer shall require each applicant
for assistance under this Act to provide a preliminary rating opinion letter
from at least 1 rating agency, indicating that the senior obligations of the
eligible infrastructure project, which may be the Federal credit instrument, have the
potential to achieve an investment-grade rating.</text></paragraph><paragraph id="ID51a3f56c463d4c8984f9af1040dcd4e1"><enum>(2)</enum><header>Rural
infrastructure projects</header><text>With respect to a rural infrastructure
project, a rating agency opinion letter described in paragraph (1) shall not be
required, except that the loan or loan guarantee shall receive an internal
rating score, using methods similar to the rating agencies generated by IFA,
measuring the proposed direct loan or loan guarantee against comparable direct
loans or loan guarantees of similar credit quality in a similar sector.</text></paragraph></subsection><subsection id="IDa01d7a8577ff4565a31af6ee67ed9abb"><enum>(h)</enum><header>Investment-Grade
rating requirement</header><paragraph id="id603017794F8C4C708F757E2DC38CE049"><enum>(1)</enum><header>Loans and loan
guarantees</header><text>The execution of a direct loan or loan guarantee under
this Act shall be contingent on the senior obligations of the eligible infrastructure project receiving an investment-grade rating.</text></paragraph><paragraph id="id989AB37ECF364B2493B00FBA150B0B6A"><enum>(2)</enum><header>Rating of IFA
overall portfolio</header><text>The average rating of the overall portfolio of
IFA shall be not less than investment grade after 5 years of operation.</text></paragraph></subsection><subsection id="idE2EFABE9B87A4965B5E104D66F8480B1"><enum>(i)</enum><header>Terms and
Repayment of direct loans</header><paragraph id="idEB721E5660C0411EB576969CF2EE2B30"><enum>(1)</enum><header>Schedule</header><text>The
chief executive officer shall establish a repayment schedule for each direct
loan under this Act, based on the projected cash flow from eligible infrastructure project revenues and other repayment sources.</text></paragraph><paragraph id="id0D03D05508F743F08308868C8E645427"><enum>(2)</enum><header>Commencement</header><text>Scheduled
loan repayments of principal or interest on a direct loan under this Act shall
commence not later than 5 years after the date of substantial completion of the
eligible infrastructure project, as determined by the chief executive officer of
IFA.</text></paragraph><paragraph id="id733E8266654F45AEAC852735C0BAB6A5"><enum>(3)</enum><header>Deferred
payments of direct loans</header><subparagraph id="id08DB16ABC69F471F99B10A6AB880D871"><enum>(A)</enum><header>Authorization</header><text>If,
at any time after the date of substantial completion of an eligible infrastructure project assisted under this Act, the eligible infrastructure project is unable to
generate sufficient revenues to pay the scheduled loan repayments of principal
and interest on the direct loan under this Act, the chief executive officer may
allow the obligor to add unpaid principal and interest to the outstanding
balance of the direct loan, if the result would benefit the taxpayer.</text></subparagraph><subparagraph id="id3A62486F677F4AEF8A5A46359F095871"><enum>(B)</enum><header>Interest</header><text>Any
payment deferred under subparagraph (A) shall—</text><clause id="idED3ECD858765497289685359DBEAF1A4"><enum>(i)</enum><text>continue to
accrue interest, in accordance with the terms of the obligation, until fully
repaid; and</text></clause><clause id="id9F59113B848E4B1E9A5E12B51300719C"><enum>(ii)</enum><text>be
scheduled to be amortized over the remaining term of the loan.</text></clause></subparagraph><subparagraph id="id90C7535A355B43698C7032F9ABA2F33F"><enum>(C)</enum><header>Criteria</header><clause id="id53F00424049940F5991244D6473F5D08"><enum>(i)</enum><header>In
general</header><text>Any payment deferral under subparagraph (A) shall be
contingent on the eligible infrastructure project meeting criteria established by the
Board of Directors.</text></clause><clause id="id606A16EDC1AD47BD99FB682A691D6376"><enum>(ii)</enum><header>Repayment
standards</header><text>The criteria established under clause (i) shall include
standards for reasonable assurance of repayment.</text></clause></subparagraph></paragraph><paragraph commented="no" id="id00539C6A64BC4728B4B1F5940124311E"><enum>(4)</enum><header>Prepayment of
direct loans</header><subparagraph commented="no" id="id473A1840296349548B116496065A9002"><enum>(A)</enum><header>Use of excess
revenues</header><text>Any excess revenues that remain after satisfying
scheduled debt service requirements on the eligible infrastructure project obligations
and direct loan and all deposit requirements under the terms of any trust
agreement, bond resolution, or similar agreement securing project obligations
under this Act may be applied annually to prepay the direct loan, without
penalty.</text></subparagraph><subparagraph commented="no" id="id834BE40987EE42498FC9AAD7A2DC99FF"><enum>(B)</enum><header>Use of proceeds
of refinancing</header><text>A direct loan under this Act may be prepaid at any
time, without penalty, from the proceeds of refinancing from non-Federal
funding sources.</text></subparagraph></paragraph></subsection><subsection commented="no" id="id363AF93AA7A54CBE9B51F7FF5D9F0AB7"><enum>(j)</enum><header>Loan
guarantees</header><text>The terms of a loan guaranteed by IFA under this Act
shall be consistent with the terms set forth in this section for a direct loan,
except that the rate on the guaranteed loan and any payment, prepayment, or
refinancing features shall be negotiated between the obligor and the lender (as
defined in <external-xref legal-doc="usc" parsable-cite="usc/23/601">section 601(a)</external-xref> of title 23, United States Code) with the consent of
the chief executive officer.</text></subsection><subsection id="id4801D41977D7499B89BAC3D13506B738"><enum>(k)</enum><header>Compliance with
FCRA</header><paragraph id="idDD35E8F146E84144AF5D800B7DCCA53D"><enum>(1)</enum><header>In
general</header><text>Except as provided in paragraph (2), direct loans and
loan guarantees authorized by this Act shall be subject to the provisions of
the Federal Credit Reform Act of 1990 (<external-xref legal-doc="usc" parsable-cite="usc/2/661">2 U.S.C. 661 et seq.</external-xref>).</text></paragraph><paragraph id="idA062CDDF792E4BD19FC66767230D6383"><enum>(2)</enum><header>Exception</header><text>Section
504(b) of the Federal Credit Reform Act of 1990 (<external-xref legal-doc="usc" parsable-cite="usc/2/661c">2 U.S.C. 661c(b)</external-xref>) shall not
apply to a loan or loan guarantee under this Act.</text></paragraph></subsection><subsection id="id521450F8C2834FB6953655C8178EC381"><enum>(l)</enum><header>Policy of
Congress</header><text>It is the policy of Congress that IFA shall only make a
direct loan or loan guarantee under this Act if IFA determines that IFA is
reasonably expected to recover the full amount of the direct loan or loan
guarantee.</text></subsection></section><section commented="no" id="id2E957577A40B4D7C9069C3E75E8307CB"><enum>203.</enum><header>Compliance and
enforcement</header><subsection commented="no" id="id21FD837D940947DB867DC069CD9A52E8"><enum>(a)</enum><header>Credit
agreement</header><text display-inline="yes-display-inline">Notwithstanding any
other provision of law, each eligible entity that receives assistance under
this Act shall enter into a credit agreement that requires such entity to
comply with all applicable policies and procedures of IFA, in addition to all
other provisions of the loan agreement.</text></subsection><subsection commented="no" display-inline="no-display-inline" id="id916DDA359E6C476CB44743312F19D1EF"><enum>(b)</enum><header>Applicability
of Federal laws</header><text>Each eligible entity that receives assistance
under this Act shall provide written assurance, in such form and manner and
containing such terms as are to be prescribed by IFA, that the eligible
infrastructure project will be performed in compliance with the requirements of
all Federal laws that would otherwise apply to similar projects to which the
United States is a party, or financed in whole or in part from Federal funds or in accordance with guarantees of a Federal agency or financed from funds obtained by pledge of any contract of a Federal agency to make a loan, grant, or annual contribution.</text></subsection><subsection commented="no" display-inline="no-display-inline" id="id0E7B88F7BB71493B8D0093294264E34C"><enum>(c)</enum><header>IFA authority
on noncompliance</header><text>In any case in which an eligible entity that
receives assistance under this Act is materially out of compliance with the
loan agreement, or any applicable policy or procedure of IFA, the Board of
Directors may take action—</text><paragraph commented="no" display-inline="no-display-inline" id="id2B8AE2EB7E5443849EEDDCE29B01FE79"><enum>(1)</enum><text>to cancel unused
loan amounts; or</text></paragraph><paragraph commented="no" display-inline="no-display-inline" id="id28C71DC85E5F4A3297CB6FD50CF3FEBA"><enum>(2)</enum><text>to accelerate the
repayment terms of any outstanding obligation.</text></paragraph></subsection></section><section id="id609A342C129646A8886E15F235C8EB4F"><enum>204.</enum><header>Audits;
reports to the President and Congress</header><subsection id="ID8386d8098a8b44c8a7f03bd1221c1ee4"><enum>(a)</enum><header>Accounting</header><text>The
books of account of IFA shall be—</text><paragraph id="idF77B23F0219C443A97086209F7B09C72"><enum>(1)</enum><text>maintained in
accordance with generally accepted accounting principles; and</text></paragraph><paragraph id="id6B0A978F935A4062BABA1F729029EB2D"><enum>(2)</enum><text>subject to an
annual audit by independent public accountants of nationally recognized
standing appointed by the Board of Directors.</text></paragraph></subsection><subsection commented="no" id="IDa7ae8acf488e4b34a8550abd01d40a9f"><enum>(b)</enum><header>Reports</header><paragraph commented="no" id="ID5a8e7a9304c44321a20359f2f9e87e17"><enum>(1)</enum><header>Board of
Directors</header><text>Not later than 90 days after the last day of each
fiscal year, the Board of Directors shall submit to the President and Congress
a complete and detailed report with respect to the preceding fiscal year,
setting forth—</text><subparagraph commented="no" id="ID11adcfcc61bb4fe8b07d1b4a5b594e94"><enum>(A)</enum><text>a summary of the
operations of IFA for that fiscal year;</text></subparagraph><subparagraph commented="no" id="IDffe21a7de1e34e3d851b0756d3d574cf"><enum>(B)</enum><text>a schedule of the
obligations of IFA and capital securities outstanding at the end of that
fiscal year, with a statement of the amounts issued and redeemed or paid during
that fiscal year;</text></subparagraph><subparagraph commented="no" id="ID53c834814721478ba066baa1a541fc52"><enum>(C)</enum><text>the status of
eligible infrastructure projects receiving funding or other assistance pursuant to this
Act during that fiscal year, including—</text><clause commented="no" id="id8CFCABD2A6A648779442F3E904196A61"><enum>(i)</enum><text>all nonperforming
loans; and</text></clause><clause commented="no" id="idDD74481C321A4B3AB4CBBD8CFED43C4C"><enum>(ii)</enum><text>disclosure of
all entities with a development, ownership, or operational interest in those
eligible infrastructure projects;</text></clause></subparagraph><subparagraph commented="no" id="id2695B005138A458A808AC25DC151EF6B"><enum>(D)</enum><text>a description of
the successes and challenges encountered in lending to rural communities,
including the role of the Office of Technical and Rural Assistance established
under this Act; and</text></subparagraph><subparagraph commented="no" id="idA595A239540F443E86CE32BCEF49B725"><enum>(E)</enum><text>an assessment of
the risks of the portfolio of IFA, which shall be prepared by an independent
source.</text></subparagraph></paragraph><paragraph id="ID1e3ec37b4d6d47189822ec26703af3cf"><enum>(2)</enum><header>GAO evaluation</header><text>Not
later than 5 years after the date of enactment of this Act, the Comptroller
General of the United States shall conduct an evaluation of, and submit to the
Committee on Commerce, Science, and Transportation of the Senate and to the
Committees on Transportation and Infrastructure and Energy and Commerce of the
House of Representatives a report on the activities of IFA for the fiscal
years covered by the report that includes—</text><subparagraph id="idED3FA52260244ACD8F8051FF7187C895"><enum>(A)</enum><text>an assessment of
the impact and benefits of each funded eligible infrastructure project, including a
review of how effectively each eligible infrastructure project accomplished the goals
prioritized by the eligible infrastructure project criteria of IFA; and</text></subparagraph><subparagraph id="id496CB236E26D421EA4B4BB5893BE79DE"><enum>(B)</enum><text>an evaluation of
the effectiveness of, and challenges facing, loan programs at the Department of
Transportation and Department of Energy, and an analysis of the advisability of
consolidating those programs within IFA.</text></subparagraph></paragraph><paragraph id="id2263ADF5712B4F578CBDCE420F92358C"><enum>(3)</enum><header>GAO study and report</header><text>Not later than 10 years after the date of enactment of this Act, the Comptroller General of the United States shall conduct a study and submit to the Committee on Commerce, Science, and Transportation of the Senate and to the Committees on Transportation and Infrastructure and Energy and Commerce of the House of Representatives a report on the status of actions taken to make IFA a self-sustaining entity, including providing recommendations for such legislative or administrative actions as the Comptroller General considers necessary for IFA to achieve self-sustaining status or to promote a greater likelihood of achieving such status.</text></paragraph></subsection><subsection id="IDccd7990f1dc64fe0bdbd711a2646cf02"><enum>(c)</enum><header>Books and
Records</header><paragraph id="ID8d47bb99502946148f119ed55b5bcf3e"><enum>(1)</enum><header>In
general</header><text>IFA shall maintain adequate books and records to support
the financial transactions of IFA, with a description of financial
transactions and eligible infrastructure projects receiving funding, and the amount of
funding for each project maintained on a publically accessible database.</text></paragraph><paragraph commented="no" display-inline="no-display-inline" id="ID350105f057be407d85100aa891f64ea7"><enum>(2)</enum><header>Audits by the
Secretary and GAO</header><text>The books and records of IFA shall at all
times be open to inspection by the Secretary, the Special Inspector General,
and the Comptroller General of the United States.</text></paragraph></subsection></section><section commented="no" display-inline="no-display-inline" id="id6673C0BA773540F49499C10C161FB40A"><enum>205.</enum><header>Effect on
other laws</header><text display-inline="no-display-inline">Nothing in this Act
affects or alters the responsibility of an eligible entity that receives
assistance under this Act to comply with applicable Federal and State laws
(including regulations) relating to an eligible infrastructure project.</text></section><enum>III</enum><header>Funding of
IFA</header><section id="id026E127272B54866954DA2C66611FDCC"><enum>301.</enum><header>Fees</header><text display-inline="no-display-inline">The chief executive officer shall establish
fees with respect to loans and loan guarantees under this Act that—</text><paragraph id="id38711C4963964B238594C131E623B7B2"><enum>(1)</enum><text>are sufficient to
cover all the administrative costs to the Federal Government for the operations
of IFA;</text></paragraph><paragraph id="id700970817695470FA01E8BC4F7BD4613"><enum>(2)</enum><text>may be in the
form of an application or transaction fee, or interest rate adjustment;
and</text></paragraph><paragraph id="id231A2A9F7C734EB1B06EA66523FFF035"><enum>(3)</enum><text>may be based on
the risk premium associated with the loan or loan guarantee, taking into
consideration—</text><subparagraph id="id22F3D47F4D6446BF8BB2FFD4A8B1EE03"><enum>(A)</enum><text>the price of
Treasury obligations of a similar maturity;</text></subparagraph><subparagraph id="id87B4313D1F4D4BF8AE75955DD6A2CA90"><enum>(B)</enum><text>prevailing market
conditions;</text></subparagraph><subparagraph id="id6E811357A7834D7EB4918D124A459666"><enum>(C)</enum><text>the ability of
the eligible infrastructure project to support the loan or loan guarantee; and</text></subparagraph><subparagraph id="id189D38FF5FB34FD48F66C9E49A3FF813"><enum>(D)</enum><text>the total amount
of the loan or loan guarantee.</text></subparagraph></paragraph></section><section commented="no" id="IDd57817d9fb3240f5b9d93e7ea165a2ad"><enum>302.</enum><header>Self-sufficiency
of IFA</header><text display-inline="no-display-inline">The chief executive
officer shall, to the extent practicable, take actions consistent with this Act
to make IFA a self-sustaining entity, with administrative costs and Federal
credit subsidy costs fully funded by fees and risk premiums on loans and loan
guarantees.</text></section><section id="IDfec9a7ae73e242c7adec19650fcd9da8"><enum>303.</enum><header>Funding</header><subsection id="id052E2890F4934685BD39DC932E3557DD"><enum>(a)</enum><header>In
general</header><text>There is authorized to be appropriated to IFA to make
direct loans and loan guarantees under this Act $10,000,000,000, to remain
available until expended, of which not more than $25,000,000 for each of fiscal
years 2014 through 2015, and not more than $50,000,000 for fiscal year 2016 may
be used for administrative costs of IFA.</text></subsection><subsection id="id491C52A4C85E49D0AFE043BA8D1B7CDF"><enum>(b)</enum><header>Interest</header><text>The
amounts made available to IFA under this Act shall be placed in
interest-bearing accounts.</text></subsection><subsection id="id609C2E84732C43569E4B32799A2FD354"><enum>(c)</enum><header>Rural
infrastructure projects</header><text>Of the amounts made available to IFA
under this Act, not less than 5 percent shall be used to offset subsidy costs
associated with rural infrastructure projects.</text></subsection></section><section id="IDb9b42c515b9647de8c2ad2dae4da7b3c"><enum>304.</enum><header>Contract
authority</header><text display-inline="no-display-inline">Notwithstanding any
other provision of law, approval by the Board of Directors of a Federal credit
instrument that uses funds made available under this Act shall impose upon the
United States a contractual obligation to fund the Federal credit
investment.</text></section><section id="id39FB7071BC7F4BFCB8AAD6824EB36187"><enum>305.</enum><header>Limitation on
authority</header><text display-inline="no-display-inline">IFA shall not have
the authority to issue debt in its own name.</text></section><enum>IV</enum><header>Budgetary effects</header><section id="idEBBC7FC88BE940D780DA76B39A8E27E2"><enum>401.</enum><header>Budgetary effects</header><text display-inline="no-display-inline">The budgetary effects
of this Act, for the purpose of complying with the Statutory Pay-As-You-Go Act
of 2010, shall be determined by reference to the latest statement titled
<term>Budgetary Effects of PAYGO Legislation</term> for this Act, submitted
for printing in the Congressional Record by the Chairman of the Senate Budget
Committee, provided that such statement has been submitted prior to the vote on
passage.</text></section>