1.Short
title; table of contents
(a)This Act may be cited as the National Infrastructure Bank Act of
2007
.
(b)The table of contents of this Act is as follows:
Sec. 1. Short title; table of
contents.
Sec. 2. Findings.
Sec. 3. Definitions.
Sec. 4. Authorization of
appropriations.
TITLE I—National Infrastructure Bank
Sec. 101. Establishment of Bank.
Sec. 102. Management of Bank.
Sec. 103. Staff and personnel matters.
TITLE II—Powers and duties of the Bank
Sec. 201. Powers of the Bank Board.
Sec. 202. Qualified infrastructure project ratings.
Sec. 203. Development of financing package.
Sec. 204. Coupon notes for holders of infrastructure
bonds.
Sec. 205. Exemption from local taxation.
TITLE III—Studies and reports
Sec. 301. Report; database.
Sec. 302. Study and report on infrastructure financing
mechanisms.
Sec. 303. GAO
report.
2.Congress finds that—
(1)according to the
American Society of Civil Engineers, the current condition of the
infrastructure of the United States earns a grade point average of D and
jeopardizes the prosperity and quality of life of the citizens of the United
States;
(2)according to the
Federal Transit Administration—
(A)approximately
$15,800,000,000 must be expended each year for a period of not less than 20
years to maintain the operational capacity of the transit systems of the United
States; and
(B)approximately
$21,800,000,000 must be expended each year for a period of not less than 20
years to improve the operational capacity of the transit systems of the United
States to meet the growing demands of passengers in a safe and adequate
manner;
(3)according to the
Millennial Housing Commission, there remains a critical shortage of affordable
public housing for extreme low-income individuals;
(4)there are over
1,200,000 units of public housing nationwide, with an accumulated capital needs
backlog of approximately $18,000,000,000, with an additional $2,000,000,000
accruing each year;
(5)according to the
Federal Highway Administration—
(A)33 percent of all
urban and rural roads in the United States are in poor, mediocre, or fair
condition;
(B)approximately
$131,700,000,000 must be expended each year for a period of not less than 20
years to improve the conditions of those urban and rural roads;
(C)27.1 percent of
all bridges in the United States are—
(i)structurally
deficient; or
(ii)functionally
obsolete; and
(D)approximately
$9,400,000,000 must be expended each year for a period of not less than 20
years to eliminate the deficiencies of those bridges;
(6)according to the
Environmental Protection Agency—
(A)$151,000,000,000
must be expended during the next 20 years to make necessary repairs,
replacements, and upgrades to the approximately 55,000 community drinking water
systems of the United States; and
(B)approximately
$390,000,000,000 must be expended during the next 20 years to eliminate the
deficiencies of the wastewater systems of the United States;
(7)the
infrastructure financing mechanisms of the United States do not
adequately—
(A)address
infrastructure projects of regional or national significance;
(B)encourage an
appropriate pooling of Federal, State, local, and private resources; or
(C)provide
transparency to ensure the optimal return on public resources;
(8)there are no
Federal financing notes, credits, or bonds which allow investors to fund only
infrastructure projects;
(9)there is a need
to involve pension funds and other private investors who want to invest in
infrastructure, but to whom tax credits have no value; and
(10)there are no
federally guaranteed investment notes of greater than 30 years in duration,
whereas many federally funded assets are of durations much longer than 30
years.
3.In this Act, the following definitions shall
apply:
(1)The
term Bank means the National Infrastructure Bank
established under section 101.
(2)The
term Board means the board of directors of the Bank, established
under section 102.
(3)Chairperson;
vice chairpersonThe terms Chairperson
and
Vice Chairperson
mean the Chairperson and Vice Chairperson of
the Board, respectively.
(4)
(A)The term financing mechanism means a method
used by the Bank to pledge the full faith and credit of the United States to
provide money, credit, or other capital to a qualified infrastructure
project.
(B)The
term financing mechanism includes—
(i)a
direct subsidy;
(ii)a
general purpose infrastructure bond; and
(iii)a
project-based infrastructure bond.
(5)The term financing package means 1 or more
financing mechanisms used by the Bank to meet the Federal commitment for a
qualified infrastructure project.
(6)General purpose
infrastructure bondThe term general purpose infrastructure
bond means a bond issued as part of an issue in accordance with this
Act, if—
(A)the net spendable
proceeds from the sale of the issue may be used for expenditures incurred after
the date of issuance with respect to any qualified infrastructure project or
purpose, subject to the rules of the Bank;
(B)the bond is
issued by the Bank, is in registered form, and meets the requirements of this
Act and otherwise applicable law;
(C)the term of each
bond which is part of the issue is greater than 30 years; and
(D)the payment of
principal with respect to the bond is the obligation of the Bank.
(7)
(A)The term infrastructure project means the
building, improvement, or increase in capacity of a basic installation,
facility, asset, or stock that is associated with—
(i)a mass transit
system that meets the criteria in subparagraph (B);
(ii)a public housing
property that is eligible to receive funding under section 24 of the United
States Housing Act of 1937 (42 U.S.C. 1437v) and that meets the criteria in
subparagraph (B);
(iii)a road or
bridge that meets the criteria in subparagraph (B); or
(iv)a drinking water
system or a wastewater system that meets the criteria in subparagraph
(B).
(B)A
project described in any of clauses (i) through (iv) of subparagraph (A) meets
the criteria of this subparagraph if it serves any one or more of the
objectives identified in paragraphs (1) through (9) of section 101(c) of the
Housing and Community Development Act of 1974 (42 U.S.C. 5301(c)).
(8)Project-based
infrastructure bondThe term project-based infrastructure
bond means any bond issued as part of an issue, if—
(A)the net spendable
proceeds from the sale of the issue are to be used for expenditures incurred
after the date of issuance only with respect to the qualified infrastructure
project for which the bond is issued;
(B)the bond is
issued by the Bank, meets the requirements of section 149(a) of title 26,
United States Code, for registration, and otherwise meets the requirements of
this Act and other applicable law;
(C)the term of each
bond which is part of the issue is equal to the useful life of the qualified
infrastructure project funded through use of the bond; and
(D)the payment of
principal with respect to the bond is the obligation of the Bank.
(9)The term public housing agency means an
agency described in section 3(b)(6) of the United States Housing Act of 1937
(42 U.S.C. 1437a(b)(6)).
(10)The term public sponsor
includes a State
or local government, an Indian tribe (as defined in section 4 of the Indian
Self-Determination and Education Assistance Act (25 U.S.C. 450b), a public
transit agency, public housing agency, a public infrastructure agency, or a
consortium of those entities, including a public entity that has partnered with
a private nonprofit or for-profit entity.
(11)Qualified
infrastructure projectThe term qualified infrastructure
project means an infrastructure project designated by the Board as a
qualified infrastructure project in accordance with section 202.
4.Authorization of
appropriationsUntil such time
as the Bank has received funds from the issuance of bonds sufficient to carry
out this Act and the administration of the Bank, there are authorized to be
appropriated to the Bank, such sums as may be necessary for such purposes, to
remain available until expended.
<enum>I</enum><header>National
Infrastructure Bank</header>
<section id="idCC3715B57DFB4801A9289F96CB93CCF1"><enum>101.</enum><header>Establishment
of Bank</header><text display-inline="no-display-inline">There is established
the <quote>National Infrastructure Bank</quote>, which shall be an independent
establishment of the Federal Government, as defined in section 104 of title 5,
United States Code.</text>
</section><section id="id4CB201577F17432E8468E1581C1062F5"><enum>102.</enum><header>Management of
Bank</header>
<subsection id="ID93CBAA00E4F94E45A737363BFA4BD7DD"><enum>(a)</enum><header>Board of
directors</header>
<paragraph id="IDBB529D5B14634AACA8BF47266641F189"><enum>(1)</enum><header>In
general</header><text>The management of the Bank shall be vested in a Board of
Directors consisting of 5 members, appointed by the President, by and with the
advice and consent of the Senate, from among individuals who are citizens of
the United States.</text>
</paragraph><paragraph id="id43B7250015124EEC8C3880408317816A"><enum>(2)</enum><header>Member
expertise</header><text>Not fewer than 1 member of the Board shall have
demonstrated expertise in—</text>
<subparagraph id="id8F53F4E3CDFA46659C58F84B18ABA6DC"><enum>(A)</enum><text>transit
infrastructure;</text>
</subparagraph><subparagraph id="idD576AAD79DEE45DA82D3961346CE447C"><enum>(B)</enum><text>public housing
infrastructure;</text>
</subparagraph><subparagraph id="id0DF23F6EAAB545B589410D8255464B66"><enum>(C)</enum><text>road and bridge
infrastructure;</text>
</subparagraph><subparagraph id="id372E33168EBA431380C11B7934CF4CAA"><enum>(D)</enum><text>water
infrastructure; or</text>
</subparagraph><subparagraph id="id7734669E04414E6F9818048F1FF53F72"><enum>(E)</enum><text>public
finance.</text>
</subparagraph></paragraph><paragraph id="ID5514D0CF70F74181A3E09ECCD049088C"><enum>(3)</enum><header>Political
affiliation</header><text>Section 2(a)(2) of the Federal Deposit Insurance Act
(12 U.S.C. 1812(a)(2) shall apply to members of the Board of Directors of the
Bank in the same manner as it applies to the Board of Directors of the Federal
Deposit Insurance Corporation.</text>
</paragraph><paragraph id="id390620234BDA476CA3A3A008D17F08A5"><enum>(4)</enum><header>Meetings</header><text>The
Board shall meet not later than 90 days after the date on which all directors
of the Board are first appointed, and otherwise at the call of the
Chairperson.</text>
</paragraph><paragraph id="id5DF5B816B2F44FAE80428CBA398AECB1"><enum>(5)</enum><header>Date of
appointments</header><text>The initial nominations to the Board shall be made
not later than 60 days after the date of enactment of this Act.</text>
</paragraph></subsection><subsection id="ID7239F03C646649C8B19E3AC6B9B5646B"><enum>(b)</enum><header>Chairperson and
vice chairperson</header><text>The Chairperson and Vice Chairperson of the
Board shall be appointed and shall serve in the same manner as is provided for
members of the Federal Deposit Insurance Corporation under section 2(b) of the
Federal Deposit Insurance Act (12 U.S.C. 1812(b)).</text>
</subsection><subsection id="ID8B2598679E834928902FA6C42B4E2F58"><enum>(c)</enum><header>Terms</header>
<paragraph id="ID6877AA35155D43CEAA66C3C920F4F2A2"><enum>(1)</enum><header>Appointed
members</header><text>Except as provided in paragraph (2), each member of the
Board shall be appointed for a term of 6 years.</text>
</paragraph><paragraph id="id3A049110AA3443128A77ADA1801FD21A"><enum>(2)</enum><header>Initial
staggered terms</header><text>Of the initial members of the Board—</text>
<subparagraph id="id60AC3ACDD2C243689686C3B3C4B4E34C"><enum>(A)</enum><text>the Chairperson
and Vice Chairperson shall be appointed for a term of 6 years;</text>
</subparagraph><subparagraph id="id2B545BD54CC045E0979BF599D8758A34"><enum>(B)</enum><text>1 member shall be
appointed for a term of 5 years;</text>
</subparagraph><subparagraph id="id0078105EE788405AB79F01A4EAA5FA00"><enum>(C)</enum><text>1 member shall be
appointed for a term of 4 years; and</text>
</subparagraph><subparagraph id="id83C47545A8EA4926A2EB53C2AE391FA9"><enum>(D)</enum><text>1 member shall be
appointed for a term of 3 years.</text>
</subparagraph></paragraph><paragraph id="ID92BAC56568CA413A84C73CCC0988F43F"><enum>(3)</enum><header>Interim
appointments</header><text>Any member of the Board appointed to fill a vacancy
occurring before the expiration of the term for which the predecessor of such
member was appointed shall be appointed only for the remainder of such
term.</text>
</paragraph><paragraph id="IDBC001947391D41D4BDE1F9204BD529C8"><enum>(4)</enum><header>Continuation of
service</header><text>The Chairperson, Vice Chairperson, and each other member
of the Board may continue to serve after the expiration of the term of office
to which such member was appointed, until a successor has been
appointed.</text>
</paragraph></subsection><subsection id="IDE2FF6F34843D471D8BD3B7AE12399BA8"><enum>(d)</enum><header>Vacancy</header><text>Any
vacancy on the Board shall be filled in the manner in which the original
appointment was made.</text>
</subsection><subsection id="IDB104C490EEFB4A65B0C277F1825F0C01"><enum>(e)</enum><header>Ineligibility
for other offices</header>
<paragraph id="ID55DA0779AAF74C4F87ED655AA8AEAA49"><enum>(1)</enum><header>Restriction
during service</header><text>No member of the Board may, during service on the
Board—</text>
<subparagraph id="IDE0A1E3AFC253433BBD7FEC9C60F72BFC"><enum>(A)</enum><text>be an officer or
director of, or otherwise be employed by, any entity engaged in or otherwise
associated with an infrastructure project assisted or considered under this
Act;</text>
</subparagraph><subparagraph id="ID8E1FF4E34F0942B58A25F1334FDC95DD"><enum>(B)</enum><text>hold stock in any
such entity; or</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="idC941E5572EC84ADB82BEC4DECA2454D8"><enum>(C)</enum><text>hold any other
elected or appointed public office.</text>
</subparagraph></paragraph><paragraph id="ID72CE3964108B42689DF20E831D288C64"><enum>(2)</enum><header>Post service
restriction</header>
<subparagraph id="ID28B1D2D45297404AAE9D45357621103D"><enum>(A)</enum><header>In
general</header><text>No member of the Board may hold any office, position, or
employment in any entity engaged in or otherwise associated with an
infrastructure project assisted under this Act during the 2-year period
beginning on the date on which such member ceases to serve on the Board.</text>
</subparagraph><subparagraph id="IDCEF16AE9B01F45C2A6EA7B3B8FADEBAF"><enum>(B)</enum><header>Exception for
members who serve full term</header><text>The limitation contained in
subparagraph (A) does not apply to any member who has ceased to serve on the
Board after serving the full term for which such member was appointed.</text>
</subparagraph></paragraph><paragraph id="IDA20AAF9AC11145BB820316035F17AD82"><enum>(3)</enum><header>Certification</header><text>Upon
taking office, each member of the Board shall certify under oath that such
member has complied with this subsection, and such certification shall be filed
with the secretary of the Board.</text>
</paragraph></subsection></section><section id="id26AD7E4EEE604901887B1BDD3E7F4F17"><enum>103.</enum><header>Staff and
personnel matters</header>
<subsection id="IDE0F4CB3012E4442EBCCA7C3B0E2CB797"><enum>(a)</enum><header>Executive
director</header>
<paragraph id="id33D83FB1F58C4D44824FB3CADFEA6F75"><enum>(1)</enum><header>In
general</header><text>The Chairperson may appoint and terminate, and fix the
compensation of, an executive director of the Bank, in accordance with title 5,
United States Code.</text>
</paragraph><paragraph id="IDE702DC947A0449AA8F55F169AFCADE1C"><enum>(2)</enum><header>Confirmation of
executive director</header><text>The employment of an executive director shall
be subject to confirmation by the Board.</text>
</paragraph><paragraph id="id907507A663A44EA984544C8E62C112FA"><enum>(3)</enum><header>Qualifications
of executive director</header><text>An individual appointed as the executive
director under paragraph (1) shall have demonstrated expertise in—</text>
<subparagraph id="id4B3A589EC6584E9D98AAC1042E824490"><enum>(A)</enum><text>transit
infrastructure;</text>
</subparagraph><subparagraph id="id5C89DD4038D042D6AA7C28ACC1BCDCEB"><enum>(B)</enum><text>public housing
infrastructure;</text>
</subparagraph><subparagraph id="id0A24EE8557D14225BBA7CB8961C54469"><enum>(C)</enum><text>road and bridge
infrastructure;</text>
</subparagraph><subparagraph id="idD043952185A344DABD57C8FE7288339F"><enum>(D)</enum><text>water
infrastructure; or</text>
</subparagraph><subparagraph id="id40D57B6CFCA540D281CB1ADC33DBCA38"><enum>(E)</enum><text>public
finance.</text>
</subparagraph></paragraph></subsection><subsection id="id100D2B8ACDF7473EB6E682857A4616FB"><enum>(b)</enum><header>Other
personnel</header><text>The Board may appoint and terminate, and fix the
compensation of, in accordance with title 5, United States Code, such personnel
as are necessary to enable the Bank to perform the duties of the Bank.</text>
</subsection><subsection id="ID5E46BDE4566A42EB82523C89E701671B"><enum>(c)</enum><header>Inspector
general</header>
<paragraph id="idC934D393172E4DF699FFB7A20D9F8544"><enum>(1)</enum><header>In
General</header><text>Section 11 of the Inspector General Act of 1978 (5 U.S.C.
App.) is amended—</text>
<subparagraph id="id96D674BE66F4482D8B86E682E7AB534A"><enum>(A)</enum><text display-inline="yes-display-inline">in paragraph (1), by inserting <quote>the
Chairperson of the National Infrastructure Bank;</quote> after <quote>the
Chairperson of the Federal Deposit Insurance Corporation;</quote>; and</text>
</subparagraph><subparagraph id="id1E6E4BA9A1C3483CA83E3B7D9C22C5BD"><enum>(B)</enum><text>in paragraph (2),
by inserting <quote>the National Infrastructure Bank;</quote> after <quote>the
Federal Deposit Insurance Corporation;</quote>.</text>
</subparagraph></paragraph><paragraph id="id05D1B8D635D143A7BF5AE3AEF0989FA7"><enum>(2)</enum><header>Executive
Schedule Level IV</header><text>Section 5315 of title 5, United States Code, is
amended by inserting after the item relating to the Inspector General of the
Federal Deposit Insurance Corporation, the following:</text>
<list level="paragraph">
<list-item><quote>Inspector General, National Infrastructure
Bank.</quote>.</list-item></list>
</paragraph></subsection><subsection id="id81F1E7BD583B4D39B0A8D2FBD24D6FAA"><enum>(d)</enum><header>Support from
other agencies</header><text>The head of any other Federal agency may detail
employees to the Bank for purposes of carrying out the duties of the
Bank.</text>
</subsection><subsection id="idA338FE553F964811B28A50F02D05980C"><enum>(e)</enum><header>Compensation of
Board members</header>
<paragraph id="idE3D54BC9D5E9482D920ECE7F972B5236"><enum>(1)</enum><header>Chairperson</header><text>Section
5314 of title 5, United States Code, is amended by inserting after the item
relating to the Chairman of the Board of Directors of the Federal Deposit
Insurance Corporation, the following:</text>
<list level="paragraph">
<list-item><quote>Chairperson, Board of Directors, National
Infrastructure Bank.</quote>.</list-item></list>
</paragraph><paragraph id="id8E315AB8EDB144DBA89E896C33E3F150"><enum>(2)</enum><header>Other
members</header><text>Section 5315 of title 5, United States Code, is amended
by inserting after the item relating to the Inspector General of the Federal
Deposit Insurance Corporation, the following:</text>
<list level="paragraph">
<list-item><quote>Member, Board of Directors of the National
Infrastructure Bank.</quote>.</list-item></list>
</paragraph></subsection></section><enum>II</enum><header>Powers and
duties of the Bank</header>
<section commented="no" display-inline="no-display-inline" id="idFD6EE928678F4BDE8577B0468EEC8240"><enum>201.</enum><header>Powers of the
Bank Board</header>
<subsection changed="added" commented="no" id="ID5BBDC448155A4FEF831558401F470B86"><enum>(a)</enum><header>Hearings</header><text>The
Board may, in carrying out this Act—</text>
<paragraph commented="no" id="IDC2331865C6314531A9A20DE16B175BAB"><enum>(1)</enum><text>hold such
hearings, meet and act at such times and places, take such testimony, receive
such evidence, and administer such oaths, as the Board considers advisable;
and</text>
</paragraph><paragraph commented="no" id="ID42FA11C119604607AC6CA1FF6FE9CBBD"><enum>(2)</enum><text>require, by
subpoena or otherwise, the attendance and testimony of such witnesses and the
production of such books, records, correspondence, memoranda, papers,
documents, tapes, and materials, as the Board considers advisable.</text>
</paragraph></subsection><subsection changed="added" commented="no" id="ID5EE107ED9CC144289DB4DEF553D26565"><enum>(b)</enum><header>Issuance and
enforcement of subpoenas</header>
<paragraph commented="no" id="IDC7BEB5D656B14BBFA3C2AA0A690B4714"><enum>(1)</enum><header>Issuance</header><text>A
subpoena issued under subsection (a) shall—</text>
<subparagraph commented="no" id="IDCDE876E7BE1341119FA4F5E5B4C14B55"><enum>(A)</enum><text>bear the
signature of the Chairperson and a majority of the members of the Board;
and</text>
</subparagraph><subparagraph commented="no" id="IDBE943CA5154B4B38B6B9CB227489DB0D"><enum>(B)</enum><text>be served by any
person or class of persons designated by the Chairperson for that
purpose.</text>
</subparagraph></paragraph><paragraph commented="no" id="IDB3C6EC9EB8C34E68ABE48A5A374DC811"><enum>(2)</enum><header>Enforcement</header><text>In
the case of contumacy or failure to obey a subpoena issued under subsection
(a)(2), the United States district court for the district in which the
subpoenaed person resides, is served, or may be found may issue an order
requiring the person to appear at any designated place to testify or to produce
documentary or other evidence.</text>
</paragraph><paragraph commented="no" id="ID00C4388C61BF4DFD8059110207DC0E0B"><enum>(3)</enum><header>Noncompliance</header><text>Any
failure to obey the order of the court may be punished by the court as a
contempt of court.</text>
</paragraph></subsection><subsection changed="added" commented="no" id="IDE2F350D860BA4013BB8B5C5DAB139721"><enum>(c)</enum><header>Witness
allowances and fees</header>
<paragraph commented="no" id="ID7CF93AF65FB74A64BADE6F9F7D8C8D4B"><enum>(1)</enum><header>In
general</header><text>Section 1821 of title 28, United States Code, shall apply
to a witness requested or subpoenaed to appear at a hearing of the
Board.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="IDAD560DE72AD04387B3CFA1035605E3F0"><enum>(2)</enum><header>Expenses</header><text>The
per diem and mileage allowances for a witness shall be paid from funds
available to pay the expenses of the Board.</text>
</paragraph></subsection><subsection id="ID9F2DFF4FD67B4848850FB6A9D5163A41"><enum>(d)</enum><header>Information
from Federal agencies</header><text>The Board may, upon request, secure
directly from a Federal agency, such information as the Board considers
necessary to carry out this Act, and the head of such agency shall promptly
respond to any such request for the provision of information.</text>
</subsection><subsection id="id0BDAF772EC1D4F658FB529DD56424C62"><enum>(e)</enum><header>Incorporation
of Federal transit processes for Board statements</header><text>Section 5334(l)
of title 49, United States Code, as added by section 3032 of the Federal Public
Transportation Act of 2005 (Public Law 109–59, 119 Stat. 1627), shall apply to
statements of the Board in the same manner and to the same extent as that
section applies to statements of the Administrator of the Federal Transit
Administration.</text>
</subsection></section><section id="id564F68FB79694AAE87DB14DB8CC50DC9"><enum>202.</enum><header>Qualified
infrastructure project ratings</header>
<subsection id="id69238FC48168445A843888FCE5E7D404"><enum>(a)</enum><header>In
general</header><text>The Bank shall, upon application and otherwise in
accordance with this section, designate infrastructure projects as qualified
projects for purposes of assistance under this Act.</text>
</subsection><subsection id="id023DEBF1EEF64AE299FF2725BE97C903"><enum>(b)</enum><header>Applicants</header><text>The
Bank shall accept applications for the designation of qualified infrastructure
projects under this section from among public sponsors, for any infrastructure
project having—</text>
<paragraph commented="no" id="id1B1A723412144900AC378EB6667A3BE0"><enum>(1)</enum><text>a potential
Federal commitment of an amount that is not less than $75,000,000;</text>
</paragraph><paragraph commented="no" id="idBE160D367EE7481799A9A4C733226E14"><enum>(2)</enum><text>a public sponsor;
and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id595BBCFC80DB4840B0F8EA484FA11E31"><enum>(3)</enum><text>regional or
national significance.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="id4A9763876CE34192BB99F2990C7D4D4B"><enum>(c)</enum><header>Guidelines for
developing projects</header><text>The Secretary shall establish guidelines to
assist grant recipients under this title to develop applications for funding
under this section. The guidelines shall include the objectives listed in
paragraphs (2) and (3) of section 105(e) of the Housing and Community
Development Act of 1974 (42 U.S.C. 5305(e)).</text>
</subsection><subsection id="IDdbb0c9fbd7e7410db107beea20563484"><enum>(d)</enum><header>Ratings</header><text>In
making a determination as to a designation of a qualified infrastructure
project, the Board shall evaluate and rate each applicant based on the factors
appropriate for that type of infrastructure project, which shall
include—</text>
<paragraph id="ID881ae5a32c64460d8236bf88568266f5"><enum>(1)</enum><text>for any transit
project—</text>
<subparagraph id="ID95bc41c19f434ba7996c7a8602f090a2"><enum>(A)</enum><text>regional or
national significance;</text>
</subparagraph><subparagraph id="ID17e07abad10b45afa33cb17784488dd2"><enum>(B)</enum><text>promotion of
economic growth;</text>
</subparagraph><subparagraph id="ID0cd0467a2699436f9ece424248f0c66d"><enum>(C)</enum><text>reduction in
traffic congestion;</text>
</subparagraph><subparagraph id="ID96e4b6522af34bce8a3415e9fa5282c5"><enum>(D)</enum><text>environmental
benefits, including reduction in pollution from reduced use of automobiles from
direct trip reduction and indirect trip reduction through land use and density
changes;</text>
</subparagraph><subparagraph id="IDe5a7ef1b425c4818a6d2f862ff18e15c"><enum>(E)</enum><text>urban land use
policies, including those that promote smart growth; and</text>
</subparagraph><subparagraph id="ID6ba9b7d68d4147f1b48ba7e7f799155f"><enum>(F)</enum><text>mobility
improvements;</text>
</subparagraph></paragraph><paragraph id="ID3d64c85792c24596bbfaa251c2e3654a"><enum>(2)</enum><text>for any public
housing project—</text>
<subparagraph id="ID1a4a593c24da47af965893847bc76742"><enum>(A)</enum><text>regional or
national significance;</text>
</subparagraph><subparagraph id="ID874dd4c60bae4c00a48a8f18d68f9fdd"><enum>(B)</enum><text>promotion of
economic growth;</text>
</subparagraph><subparagraph id="IDc950128685ba47c484594ed25e84337f"><enum>(C)</enum><text>improvement of
the physical shape and layout of public housing;</text>
</subparagraph><subparagraph id="ID8855a0a30f9e4573aa68caef5cf2e672"><enum>(D)</enum><text>environmental
improvement;</text>
</subparagraph><subparagraph id="ID4709f0f4f2414e1eb7ce208d5298becf"><enum>(E)</enum><text>urban land use
policies, including those that promote smart growth;</text>
</subparagraph><subparagraph id="ID6a01bdec187641848b8fd19f8ae4bb48"><enum>(F)</enum><text>reduction of
poverty concentration;</text>
</subparagraph><subparagraph id="ID3414e562ed8e4db28593a899a4daf261"><enum>(G)</enum><text>mobility
improvements for residents; and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="ID23dd7a57e3e8477a84d7affaf8534fa0"><enum>(H)</enum><text>establishment of
positive incentives for resident self-sufficiency and comprehensive services
that empower residents;</text>
</subparagraph></paragraph><paragraph id="IDb0ca8e759bf7430398ec466fddeaac85"><enum>(3)</enum><text>for any highway,
bridge, or road project—</text>
<subparagraph id="IDa85b7d612e024cb8beda468e64f74780"><enum>(A)</enum><text>regional or
national significance;</text>
</subparagraph><subparagraph id="ID9cbcf44dc08142e3b1b4690fe3ed6332"><enum>(B)</enum><text>promotion of
economic growth;</text>
</subparagraph><subparagraph id="ID16622e2106a94e778ed67bfe826d67e4"><enum>(C)</enum><text>reduction in
traffic congestion;</text>
</subparagraph><subparagraph id="ID6922dbf620d6412e930a092443a57192"><enum>(D)</enum><text>environmental
improvement;</text>
</subparagraph><subparagraph id="ID2aa40e19f99748f3b1c9a7f4f37de2e9"><enum>(E)</enum><text>urban land use
policies, including those that promote smart growth; and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="IDa6bb102c7a7e4fe59504392ac227acac"><enum>(F)</enum><text>mobility
improvements; and</text>
</subparagraph></paragraph><paragraph commented="no" id="ID474f975362274d719ab12c189933c2b5"><enum>(4)</enum><text>for any water
project—</text>
<subparagraph commented="no" id="ID9412ff889b2f493080acc13edbd1c9ef"><enum>(A)</enum><text>regional or
national significance;</text>
</subparagraph><subparagraph commented="no" id="IDf45b80b885c34d5488f974558c23b129"><enum>(B)</enum><text>promotion of
economic growth;</text>
</subparagraph><subparagraph commented="no" id="ID0de0b6de61ec4a5680ba5db3d1c730f8"><enum>(C)</enum><text>health benefits
from the associated projects, including health care cost reduction due to
removal of pollutants; and</text>
</subparagraph><subparagraph commented="no" id="IDcf32008271914298ab832eb0edf72449"><enum>(D)</enum><text>environmental
benefits.</text>
</subparagraph></paragraph></subsection><subsection id="IDb9ea760fcbe14df1892412c3b05d5c3b"><enum>(e)</enum><header>Determination
among projects of different infrastructure types</header><text>The Bank shall
establish, by rule, comprehensive criteria for allocating qualified status
among different types of infrastructure projects for purposes of this
Act—</text>
<paragraph id="id64548070BF604ABEA1204EAAA8D95E26"><enum>(1)</enum><text>including—</text>
<subparagraph id="ID6597fff9d9f940aea5400d709c4d89b9"><enum>(A)</enum><text>a full view of
the project benefits, as compared to project costs;</text>
</subparagraph><subparagraph id="IDd0acfaa3b0b0411090e36929c5a15cdc"><enum>(B)</enum><text>a preference for
projects that have national or substantial regional impact;</text>
</subparagraph><subparagraph id="idA819EEE6B6B047F393F49ECA7FD236EE"><enum>(C)</enum><text>a preference for
projects which leverage private financing, including public-private
partnerships, for either the explicit cost of the project or for enhancements
which increase the benefits of the project;</text>
</subparagraph><subparagraph id="ID4ee18edad6f54cc897c91a0aae102b69"><enum>(D)</enum><text>an understanding
of the importance of balanced investment in various types of infrastructure, as
emphasized in the current allocation of Federal resources between modes;
and</text>
</subparagraph><subparagraph id="ID06a8302a8db2403ca6c31a8b103c8aea"><enum>(E)</enum><text>an understanding
of the importance of diverse investment in infrastructure in all regions of the
country; and</text>
</subparagraph></paragraph><paragraph id="ID56acae36cc49438295934ece83da0004"><enum>(2)</enum><text>that do not
eliminate any project based on size, but rather allow for selection of the
projects that are most meritorious.</text>
</paragraph></subsection><subsection commented="no" id="ID22990e01dc5b4394a2f5b9a43857fb28"><enum>(f)</enum><header>Process and
personnel for creating ratings process</header>
<paragraph commented="no" id="id2B082808958E4CA693B15311BA31A242"><enum>(1)</enum><header>In
general</header><text>The ratings processes described in this section shall be
subject to Federal notice and rulemaking procedures.</text>
</paragraph><paragraph commented="no" id="id5851E7F10FA84E09B4BF807DC041AE08"><enum>(2)</enum><header>Participation
by other agency personnel</header><text>The ratings, and development of the
ratings process, shall be conducted by personnel on detail to the Bank from the
Department of Transportation, the Department of Housing and Urban Development,
the United States Army Corps of Engineers, and other relevant departments and
agencies from among individuals who are familiar with and experienced in the
selection criteria for competitive projects. The Bank shall reimburse those
departments and agencies for the staff which are on detail to the Bank.</text>
</paragraph></subsection><subsection id="ID05a638e6d0cb43aeac6c23bb9b93414b"><enum>(g)</enum><header>Compliance with
other applicable law</header><text>Projects receiving financial assistance from
the Bank under this section shall comply with applicable provisions of Federal
law and regulations, including—</text>
<paragraph id="IDb2b2863b865749b088617cebbbd3eae1"><enum>(1)</enum><text>for transit,
requirements that would apply to a project receiving funding under section 5307
of title 49, United States Code;</text>
</paragraph><paragraph id="ID6960034c323c47f1a210be5957f99a1f"><enum>(2)</enum><text>for public
housing, requirements that would apply to a project receiving funding from a
grant under section 24 of the United States Housing Act of 1937 (42 U.S.C.
1437v);</text>
</paragraph><paragraph id="IDaaae903cb1e344aa9d5d2bca368b588f"><enum>(3)</enum><text>for roads and
bridges, requirements that would apply to a project that receives funds
apportioned under section 104(b)(3) of title 23, United States Code; and</text>
</paragraph><paragraph id="id3089C8BE153640AE82879942DC6FB1B9"><enum>(4)</enum><text>for water,
requirements that would apply to a project that receives funds through a grant
or loan under—</text>
<subparagraph id="id7289E6F653BA407A80FC005DAA1C1578"><enum>(A)</enum><text>section 103 of
the Housing and Community Development Act of 1974 (42 U.S.C. 5303);</text>
</subparagraph><subparagraph id="id47BF7019E5364717A05891694B571B1D"><enum>(B)</enum><text>section 1452 of
the Public Health Service Act (42 U.S.C. 300j–12); or</text>
</subparagraph><subparagraph id="id87A70B591EBB4191B27F4E94267A15AA"><enum>(C)</enum><text>section 601 of
the Federal Water Pollution Control Act (33 U.S.C. 1381), as that section
applied before the beginning of fiscal year 1995.</text>
</subparagraph></paragraph></subsection><subsection id="idDA344DCC809D4D0CA19AB4B2C3C6B623"><enum>(h)</enum><header>Authority to
determine funding</header><text>Notwithstanding any other provision of law, the
Bank shall determine the appropriate Federal share of funds for each project
described in subsection (g) for purposes of this Act.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="idF0EF55C3984645978280C998F8BAF554"><enum>203.</enum><header>Development of
financing package</header>
<subsection commented="no" display-inline="no-display-inline" id="id445EF66D6A0347DABA4C03C9E8BE6BF6"><enum>(a)</enum><header>In
general</header><text>Not later than 60 days after the date on which the Board
determines appropriate financing packages for qualified infrastructure projects
under section 202, the Board shall notify the Committee on Banking, Housing,
and Urban Affairs of the Senate.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="id7573DB3FABAB436695C7FAED5B8B9133"><enum>(b)</enum><header>Financing
packages</header><text>The Board is authorized—</text>
<paragraph id="idEC8722ED59D24DBBACB5456250DD6AE3"><enum>(1)</enum><text>to act as a
centralized entity to provide financing for qualified infrastructure
projects;</text>
</paragraph><paragraph id="ID55AFB0AB5E00424FBADA947147AA98FA"><enum>(2)</enum><text>to issue general
purpose infrastructure bonds, and to provide direct subsidies to qualified
infrastructure projects from amounts made available from the issuance of such
bonds;</text>
</paragraph><paragraph id="id6A2F5E594D5F49FA86CBA8B292C45DB0"><enum>(3)</enum><text>to issue
project-based infrastructure bonds for the financing of specific qualified
infrastructure projects;</text>
</paragraph><paragraph id="idEE3E996C3553479AB03ED5B5A4AF8900"><enum>(4)</enum><text>to provide loan
guarantees to State or local governments issuing debt to finance qualified
infrastructure projects, under rules prescribed by the Board, in a manner
similar to that described in chapter 6 of title 23, United States Code;</text>
</paragraph><paragraph id="idC2AC0612B42A455BA913E19030B37495"><enum>(5)</enum><text>to issue loans,
at varying interest rates, including very low interest rates, to qualified
project sponsors for qualified projects;</text>
</paragraph><paragraph id="id20D7935E98F5445EAB3E0F7199552C99"><enum>(6)</enum><text>to leverage
resources and stimulate public and private investment in infrastructure;
and</text>
</paragraph><paragraph id="ID2714AEA0EC274ACDBEB8F1AD7CA6F82F"><enum>(7)</enum><text>to encourage
States to create additional opportunities for the financing of infrastructure
projects.</text>
</paragraph></subsection><subsection id="ID33C42865919E471C805585BD43A46EBA"><enum>(c)</enum><header>General purpose
and infrastructure bonds</header><text display-inline="yes-display-inline">General purpose and project-based
infrastructure bonds issued by the Bank under this Act shall be subject to such
terms and limitations as may be established by rules of the Bank, in
consultation with the Secretary of the Treasury.</text>
</subsection><subsection id="id59FC979296F04307B2975F16FB99C3C3"><enum>(d)</enum><header>Bond obligation
limit</header><text display-inline="yes-display-inline">The aggregate
outstanding amount of all bonds authorized to be issued under this Act may not
exceed $60,000,000,000.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="idDD31D23E175D474EB9B59E277B6FB954"><enum>(e)</enum><header>Full faith and
credit</header><text display-inline="yes-display-inline">Any obligation issued
by the Bank under this Act shall be an obligation supported by the full faith
and credit of the United States.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="id403F601FADA34216906DE8022EFA150A"><enum>(f)</enum><header>Limitation on
funds from bond issuance</header><text display-inline="yes-display-inline">Not
more than 1 percent of funds resulting from the issuance of bonds under this
Act may be used to fund the operations of the Bank.</text>
</subsection></section><section commented="no" id="idBC6A08E5AEA7428AABA491E62DCE56C1"><enum>204.</enum><header>Coupon notes
for holders of Infrastructure bonds</header>
<subsection commented="no" id="id1036BA37D54E475DBAFC3CE2D18C0B62"><enum>(a)</enum><header>Issuance of
coupon notes</header><text display-inline="yes-display-inline">Under
regulations prescribed by the Bank, in consultation with the Secretary of the
Treasury, there may be a separation (including at issuance) of the ownership of
an infrastructure bond and the entitlement to the interest with respect to such
bond (in this section referred to as a <quote>coupon note</quote>). In case of
any such separation, such interest shall be allowed to the person who on the
payment date holds the instrument evidencing the entitlement to the interest,
and not to the holder of the bond.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="idFE4420F7B45B4FF09F92D4AD7CC5AF8A"><enum>(b)</enum><header>Redemption of
coupon notes</header><text>A coupon note may be used by the owner thereof for
the purpose of making any payment to the Federal Government, and shall be
accepted for such purpose by the Secretary of the Treasury, subject to rules
issued by the Bank, in consultation with the Secretary of the Treasury.</text>
</subsection></section><section commented="no" id="id6163C33A34124B3A9C8BB6291615C9E7"><enum>205.</enum><header>Exemption from
local taxation</header><text display-inline="no-display-inline">Bonds and other
obligations issued by the Bank, and the interest on or credits with respect to
its bonds or other obligations, shall not be subject to taxation by any State,
county, municipality, or local taxing authority.</text>
</section><enum>III</enum><header>Studies and
reports</header>
<section commented="no" display-inline="no-display-inline" id="id19BB14F127DC4E61B2F6650C81C9C469"><enum>301.</enum><header>Report;
database</header>
<subsection commented="no" display-inline="no-display-inline" id="id1FBD51C68E1147C68A1C6B5D8BD52119"><enum>(a)</enum><header>Report</header><text>Not
later than 1 year after the date of enactment of this Act, and annually
thereafter, the Board shall submit to the Committee on Banking, Housing, and
Urban Affairs of the Senate a report describing the activities of the Board,
for the fiscal year covered by the report, relating to—</text>
<paragraph commented="no" display-inline="no-display-inline" id="idD44C45D8D89C430481D536DB4097C3CF"><enum>(1)</enum><text>the evaluations
of qualified infrastructure projects under section 202; and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id03AD1DE7FF9342A994A32C9362F4E1F0"><enum>(2)</enum><text>the financing
packages of qualified infrastructure projects under section 203.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="idEE106ADA5F404D03B110E32162B891E9"><enum>(b)</enum><header>Database</header><text>The
Bank shall develop, maintain, and update a publicly-accessible database that
contains—</text>
<paragraph commented="no" display-inline="no-display-inline" id="idA49282066368458391A093242C77CABE"><enum>(1)</enum><text>a description of
each qualified infrastructure project that receives funding from the Bank under
this Act—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="idFE177B21F78A4CA6AEBAF31E4F725D5A"><enum>(A)</enum><text>by project mode
or modes;</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id21A119E646254CFF81B6D88AA1D9AC4B"><enum>(B)</enum><text>by project
location;</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id71FA9F90A8B4463090CCEDC341179BEC"><enum>(C)</enum><text>by project
sponsor or sponsors; and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id8B8041C990CE459B81D146EBB67B0C2F"><enum>(D)</enum><text>by project total
cost;</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="idB1F29A20C23A47438E934EBDA6489ACD"><enum>(2)</enum><text>the amount of
funding that each qualified infrastructure project receives from the Bank under
this Act; and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="idD03C3906276B4FE0963F02CD3525CBFB"><enum>(3)</enum><text>the form of
financing that each qualified infrastructure project receives from the Bank
under section 203.</text>
</paragraph></subsection></section><section commented="no" display-inline="no-display-inline" id="id297DFE7AEF4747A4A02F6C1377FE9CC4"><enum>302.</enum><header>Study and
report on infrastructure financing mechanisms</header>
<subsection commented="no" display-inline="no-display-inline" id="id5ADEFAA6E12F4D76BEA3949AA5F632D1"><enum>(a)</enum><header>In
general</header><text>Not later than 2 years after the date of enactment of
this Act, and every 3 years thereafter, the Board shall conduct a study
evaluating the effectiveness of each Federal financing mechanism that is used
to support an infrastructure system of the United States.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="id0E6994D1664E43A99DBC5306C52BCE0F"><enum>(b)</enum><header>Requirements</header><text>A
study conducted under subsection (a) shall—</text>
<paragraph commented="no" display-inline="no-display-inline" id="idB780A2711CF2476C9394644690D15B8B"><enum>(1)</enum><text>evaluate the
economic efficacy and transparency of each financing mechanism used by—</text>
<subparagraph id="IDbb0330d727d34b5281d40f51e122fd07"><enum>(A)</enum><text>the Bank to fund
qualified infrastructure projects; and</text>
</subparagraph><subparagraph id="ID08bd2bc1271144beb8481b5a207c77d1"><enum>(B)</enum><text>each agency and
department of the Federal Government to support infrastructure systems,
including—</text>
<clause commented="no" display-inline="no-display-inline" id="id3A033B976F604F4FACE3E896A13D04C3"><enum>(i)</enum><text>infrastructure
formula funding;</text>
</clause><clause commented="no" display-inline="no-display-inline" id="id9BE0E3852D0C490A80D38D996D3F10A7"><enum>(ii)</enum><text>user fees;
and</text>
</clause><clause commented="no" display-inline="no-display-inline" id="idA4DEC68C16644079A5CF1354A9191AC1"><enum>(iii)</enum><text>modal taxes;
and</text>
</clause></subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="idC66615F1690A4E448E04B45548BC2D5B"><enum>(2)</enum><text>contain
recommendations for improving each funding mechanism evaluated under
subparagraphs (A) and (B) of paragraph (1) to increase the economic efficacy
and transparency of the Bank, and each agency and department of the Federal
Government, to finance infrastructure projects in the United States.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="idAD10FFD991D340FD80FC551F7B1BA666"><enum>(c)</enum><header>Report</header><text>Not
later than 30 days after the date on which the Board completes the study
conducted under subsection (a), the Board shall submit to the Committee on
Banking, Housing, and Urban Affairs of the Senate, a report containing each
evaluation and recommendation contained in the study.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="idD108F43E6B954DC382DA102CE203915F"><enum>303.</enum><header>GAO
report</header><text display-inline="no-display-inline">Not later than 5 years
after the date of enactment of this Act, the Comptroller General of the United
States shall submit to the Committee on Banking, Housing, and Urban Affairs of
the Senate, a report evaluating the activities of the Bank for the fiscal years
covered by the report, including—</text>
<paragraph id="ID238b450de0c74fed98a0cc8882c55e69"><enum>(1)</enum><text>the evaluations
of qualified infrastructure projects under section 202; and</text>
</paragraph><paragraph id="IDa372e013af9f4747bd950f68a9f4c60b"><enum>(2)</enum><text>the financing
packages of qualified infrastructure projects under section 203.</text>
</paragraph></section>