I 111th CONGRESS 1st Session H. R. 852 IN THE HOUSE OF REPRESENTATIVES February 4, 2009 Ms. Loretta Sanchez of California (for herself, Mr. Hill, Mr. Shuler, Mr. Ellsworth, Mr. Costa, and Mr. Barrow) introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To authorize the Secretary of the Treasury to issue Re-Build America Bonds to finance essential infrastructure projects.

1.

Short title

This Act may be cited as the Re-Build America Bond Act of 2009.

2.

Re-Build America Bonds

Section 3105 of title 31, United States Code, is amended by adding at the end the following new subsection: (f)

Re-Build America Bonds

(1)

In General

The Secretary shall issue bonds under this section, to be known as Re-Build America Bonds. (2)

Form

The bonds authorized by paragraph (1) shall be in such a form and denominations, and shall be subject to such terms and conditions of issue, conversion, redemption, maturation, payment, and rate of interest as the Secretary may prescribe. (3)

Marketing

The Secretary shall carry out a program to encourage sales of Re-Build America Bonds, including activities to facilitate the purchase of such bonds. .

3.

Re-Build America Trust Fund

(a)

Creation of trust fund

There is established in the Treasury of the United States a trust fund to be known as the Re-Build America Trust Fund, consisting of such amounts as may be appropriated, credited, or transferred to such Trust fund as provided in this section or other provision of law. (b)

Transfers to trust fund

There are hereby appropriated to the Re-Build America Trust Fund amounts equivalent to all revenues derived from the sale and issuance of Re-Build America Bonds issued under section 3102(f) of title 31, United States Code. (c)

Expenditures

(1)

In general

Amounts in the Re-Build America Trust Fund shall be available, as provided in appropriation Acts, only for purposes of making expenditures for rail, transit, water, highway, bridge, or road infrastructure projects of any governmental unit. (2)

Exception

Such amounts shall not be available for the cost of operations or maintenance of projects described in paragraph (1).