1.Short
title; table of contents
(a)This Act may be cited
as the Rebuild America Jobs
Act
.
(b)The table of contents for this Act is as follows:
Sec. 1. Short title; table of
contents.
Sec. 2. Buy American—Use of American iron, steel, and
manufactured goods.
Sec. 3. Wage rate and employment protection
requirements.
TITLE I—Creating Jobs Through Infrastructure
Modernization
Subtitle A—Immediate transportation infrastructure
investments
Sec. 101. Immediate transportation infrastructure
investments.
Subtitle B—Building and upgrading infrastructure for long-term
development
Sec. 121. Short title.
Sec. 122. Findings and purpose.
Sec. 123. Definitions.
Sec. 124. Establishment and general authority of American
Infrastructure Financing Authority.
Sec. 125. Voting members of the board of directors.
Sec. 126. Chief executive officer of AIFA.
Sec. 127. Powers and duties of the board of
directors.
Sec. 128. Senior management.
Sec. 129. Special Inspector General for AIFA.
Sec. 130. Other personnel.
Sec. 131. Compliance.
Sec. 132. Terms and limitations on direct loans and loan
guarantees.
Sec. 133. Loan terms and repayment.
Sec. 134. Compliance and enforcement.
Sec. 135. Audits; reports to the President and
Congress.
Sec. 136. Administrative fees.
Sec. 137. Efficiency of AIFA.
Sec. 138. Funding.
Subtitle C—Extension of exemption from alternative minimum tax
treatment for certain tax-exempt bonds
Sec. 141. Extension of exemption from alternative minimum tax
treatment for certain tax-exempt bonds.
TITLE II—Surtax on Millionaires
Sec. 201. Surtax on millionaires.
2.Buy American—Use
of American iron, steel, and manufactured goods
(a)None of the funds appropriated or otherwise made
available by this Act may be used for a project for the construction,
alteration, maintenance, or repair of a public building or public work unless
all of the iron, steel, and manufactured goods used in the project are produced
in the United States.
(b)Subsection
(a) shall not apply in any case or category of cases in which the head of the
Federal department or agency involved determines that—
(1)applying
subsection (a) would be inconsistent with the public interest;
(2)iron, steel, and
the relevant manufactured goods are not produced in the United States in
sufficient and reasonably available quantities and of a satisfactory quality;
or
(3)inclusion of iron,
steel, and manufactured goods produced in the United States will increase the
cost of the overall project by more than 25 percent.
(c)If
the head of a Federal department or agency determines that it is necessary to
waive the application of subsection (a) based on a finding under subsection
(b), the head of the department or agency shall publish in the Federal Register
a detailed written justification as to why the provision is being
waived.
(d)This
section shall be applied in a manner consistent with United States obligations
under international agreements.
3.Wage rate and
employment protection requirements
(a)All laborers and mechanics employed on projects funded
directly by, or assisted in whole or in part by and through, the Federal
Government or any other entity established pursuant to this Act shall be paid
wages at rates not less than those prevailing on projects of a character
similar in the locality as determined by the Secretary of Labor in accordance
with subchapter IV of chapter 31 of title 40, United States Code.
(b)Authority of
Secretary of LaborWith respect to the labor standards specified
in this section, the Secretary of Labor shall have the authority and functions
set forth in Reorganization Plan Numbered 14 of 1950 (64 Stat. 1267; 5 U.S.C.
App.) and section 3145 of title 40, United States Code.
(c)Employee
protective arrangementsProjects (as defined in section 47102 of
title 49, United States Code) that are funded directly by, or assisted in whole
or in part by and through, the Federal Government or any other entity
established pursuant to this Act shall be subject to the requirements under
section 5333(b) of title 49, United States Code.
<enum>I</enum><header>Creating Jobs
Through Infrastructure Modernization</header>
<subtitle id="idFB5D488192BD4CCBA3CC70AAC9AECD76"><enum>A</enum><header>Immediate
transportation infrastructure investments</header>
<section id="HF28781F3339443B6ADC7FC1D33CB96E9"><enum>101.</enum><header display-inline="yes-display-inline">Immediate transportation infrastructure
investments</header>
<subsection id="HF2F3B61FFB4441738D9D23907A28EA0C"><enum>(a)</enum><header>Grants-In-Aid
for airports</header>
<paragraph id="H5AB74BC51679469EB1231239AB160FB2"><enum>(1)</enum><header>In
general</header><text>There is made available to the Secretary of
Transportation $2,000,000,000 to carry out airport improvement under subchapter
I of chapter 471 and subchapter I of chapter 475 of title 49, United States
Code.</text>
</paragraph><paragraph id="HB03F65CFD63C42A8B8F7D2CEA10938EB"><enum>(2)</enum><header>Federal share;
limitation on obligations</header><text>The Federal share payable of the costs
for which a grant is made under this subsection, shall be 100 percent. The
amount made available under this subsection shall not be subject to any
limitation on obligations for the Grants-In-Aid for Airports program set forth
in any Act or in title 49, United States Code.</text>
</paragraph><paragraph id="HDA948B2D31C243C082DF06330DE21387"><enum>(3)</enum><header>Distribution of
funds</header><text>Amounts provided to the Secretary under this subsection
shall not be subject to apportionment formulas, special apportionment
categories, or minimum percentages under chapter 471 of title 49, United States
Code.</text>
</paragraph><paragraph id="HC335C7F6E4934F23A89B49F48E33BE5B"><enum>(4)</enum><header>Availability</header><text>Amounts
made available under this subsection shall be available for obligation during
the 2-year period beginning on the date of the enactment of this Act. The
Secretary shall obligate not less than 50 percent of the such amounts not later
than 1 year after the date of the enactment of this Act and obligate the
remaining amounts not later than 2 years after such date of enactment.</text>
</paragraph><paragraph id="H12945F4DA52B46FE9FAA86D6227AF138"><enum>(5)</enum><header>Administrative
expenses</header><text>Of the amounts made available under this subsection, 0.3
percent—</text>
<subparagraph id="id25D93854F9574C3896B6E56D048A70FC"><enum>(A)</enum><text>shall be
available to the Secretary for administrative expenses;</text>
</subparagraph><subparagraph id="id25DA9B12270141D09CA1FFF97D4DA018"><enum>(B)</enum><text>shall remain
available for obligation until September 30, 2015; and</text>
</subparagraph><subparagraph id="id56A345AC90DC4FE8A918D1792432DFB0"><enum>(C)</enum><text>may be used in
conjunction with amounts otherwise provided for the administration of the
Grants-In-Aid for Airports program.</text>
</subparagraph></paragraph></subsection><subsection id="H1C143AA77FA9495FA771BF520CAF82A9"><enum>(b)</enum><header>Next generation
air traffic control advancements</header>
<paragraph id="H78BF6781CFE04D599A5F9E983C933A41"><enum>(1)</enum><header>In
general</header><text>There is made available to the Secretary of
Transportation $1,000,000,000 for necessary Federal Aviation Administration
capital, research and operating costs to carry out Next Generation air traffic
control system advancements.</text>
</paragraph><paragraph id="H9AAB33B38D87418194F251B5A9473A3B"><enum>(2)</enum><header>Availability</header><text>The
amounts made available under this subsection shall be available for obligation
during the 2-year period beginning on the date of the enactment of this
Act.</text>
</paragraph></subsection><subsection id="HE3616F45E01144BB96FD874E5E7C7F51"><enum>(c)</enum><header>Highway
infrastructure investment</header>
<paragraph id="H43F14F2C44BF4E9C8D71B849539F45AF"><enum>(1)</enum><header>In
general</header><text>There is made available to the Secretary of
Transportation $27,000,000,000 for—</text>
<subparagraph id="id17799CFC91564D80A8EF3CF7F5F11A4A"><enum>(A)</enum><text>restoration,
repair, construction and other activities eligible under section 133(b) of
title 23, United States Code; and</text>
</subparagraph><subparagraph id="id564A659D27EB412591C9A9A72735D761"><enum>(B)</enum><text>passenger and
freight rail transportation and port infrastructure projects eligible for
assistance under section 601(a)(8) of title 23, United States Code.</text>
</subparagraph></paragraph><paragraph id="HA5483D22DE824EA5AF6E5431536860BF"><enum>(2)</enum><header>Federal share;
limitation on obligations</header><text>The Federal share payable on account of
any project or activity carried out with funds made available under this
subsection shall be, at the option of the recipient, up to 100 percent of the
total cost of such project or activity. The amount made available under this
subsection shall not be subject to any limitation on obligations for
Federal-aid highways and highway safety construction programs set forth in any
Act or in title 23, United States Code.</text>
</paragraph><paragraph id="HD5169C6C1656458188537C2822A69E50"><enum>(3)</enum><header>Availability</header><text>The
amounts made available under this subsection shall be available for obligation
during the 2-year period beginning on the date of the enactment of this Act.
The Secretary shall obligate not less than 50 percent of the such amounts not
later than 1 year after the date of the enactment of this Act and obligate the
remaining amounts not later than 2 years after such date of enactment.</text>
</paragraph><paragraph id="H01EE9B0EAC474C0AAB2FB5AE7170A6D9"><enum>(4)</enum><header>Distribution of
funds</header>
<subparagraph id="id81944297E8C943E9BD1902596F032E30"><enum>(A)</enum><header>Apportionment</header><text>After
making the set-asides required under paragraphs (8), (9), (10), (11), and (13),
and not later than 30 days after the date of the enactment of this Act—</text>
<clause id="id8DE142A0CB28468D8A4500ECC0A5A271"><enum>(i)</enum><text>50
percent of the remaining amounts made available under this subsection shall be
apportioned to States using the formula set forth in section 104(b)(3) of title
23, United States Code; and</text>
</clause><clause id="id250F7685D3884671A3D9000E833FFB2E"><enum>(ii)</enum><text>the remaining
amounts shall be apportioned to States in the same ratio as the obligation
limitation for fiscal year 2010 was distributed among the States in accordance
with the formula specified in section 120(a)(6) of the Department of
Transportation Appropriations Act, 2010 (title I of division A of Public Law
111–117).</text>
</clause></subparagraph><subparagraph id="H9C9167E33FC04BB0A6D5581251B4AF50"><enum>(B)</enum><header>State planning
and oversight expenses</header><text>Of amounts apportioned under subparagraph
(A), a State may use up to 0.5 percent for activities related to projects
funded under this subsection, including activities eligible under sections 134
and 135 of title 23, United States Code, State administration of subgrants, and
State oversight of subrecipients.</text>
</subparagraph></paragraph><paragraph id="HE4D50D5A4BDC4D31909E6523DF517C72"><enum>(5)</enum><header>Redistribution</header>
<subparagraph id="HEE12425E4A81414D8EDA6119E25CAB37"><enum>(A)</enum><header>Initial
allocation</header><text>The Secretary shall, 180 days following the date of
apportionment, withdraw from each State an amount equal to 50 percent of the
funds apportioned under paragraph (4) to that State (excluding funds
suballocated within the State) less the amount of funding obligated (excluding
funds suballocated within the State), and the Secretary shall redistribute such
amounts to other States that have had no funds withdrawn under this
subparagraph in the manner described in section 120(c) of division A of Public
Law 111–117.</text>
</subparagraph><subparagraph id="H5C97D228B2024D4CA3E38D83FD0849AF"><enum>(B)</enum><header>Subsequent
allocation</header><text>One year following the date of apportionment, the
Secretary shall withdraw from each recipient of funds apportioned under
paragraph (4) any unobligated funds, and the Secretary shall redistribute such
amounts to States that have had no funds withdrawn under this paragraph
(excluding funds suballocated within the State) in the manner described in
section 120(c) of division A of Public Law 111–117.</text>
</subparagraph><subparagraph id="H0CFB2A9F57C64C349DAF717AAA143963"><enum>(C)</enum><header>Extension</header><text>At
the request of a State, the Secretary may provide an extension of the 1-year
period only to the extent that the Secretary determines that the State has
encountered extreme conditions that create an unworkable bidding environment or
other extenuating circumstances. Before granting an extension, the Secretary
shall provide a thorough justification for the extension in a written
notification submitted to the <committee-name committee-id="SSEV00">Committee
on Environment and Public Works of the Senate</committee-name> and the
<committee-name committee-id="">Committee on Transportation and Infrastructure
of the House of Representatives</committee-name>.</text>
</subparagraph></paragraph><paragraph id="HE31B3DE7C6B24F64AEBD872D2255531B"><enum>(6)</enum><header>Transportation
enhancements</header><text>Three percent of the amounts apportioned to a State
under paragraph (4) shall be set aside for the purposes described in section
133(d)(2) of title 23, United States Code (without regard to the comparison to
fiscal year 2005).</text>
</paragraph><paragraph id="H45CC6E59A4D44786B7BE5BD2ECA06841"><enum>(7)</enum><header>Suballocation</header><text>Thirty
percent of the amounts apportioned to a State under this subsection shall be
suballocated within the State in the manner and for the purposes described in
the first sentence of sections 133(d)(3)(A), 133(d)(3)(B), and 133(d)(3)(D) of
title 23, United States Code. Such suballocation shall be conducted in every
State. Amounts suballocated within a State to urbanized areas and other areas
shall not be subject to the redistribution of amounts required 180 days after
the date of apportionment of funds provided by paragraph (6)(A).</text>
</paragraph><paragraph id="H2A005297B61749ABAC4B5B0F4095A681"><enum>(8)</enum><header>Puerto rico and
territorial highway programs</header><text>Of the amounts provided under this
subsection, $105,000,000 shall be set aside for the Puerto Rico highway program
authorized under section 165 of title 23, United States Code, and $45,000,000
shall be for the territorial highway program authorized under section 215 of
title 23, United States Code.</text>
</paragraph><paragraph id="HAFD3E139D88A4B32830969754ECDDD9F"><enum>(9)</enum><header>Federal lands
and indian reservations</header><text>Of the amounts provided under this
subsection, $550,000,000 shall be set aside for investments in transportation
at Indian reservations and Federal lands in accordance with the following
requirements:</text>
<subparagraph id="H234EE0CF947A4839955032732033C8B4"><enum>(A)</enum><text>Of the funds set
aside by this paragraph, $310,000,000 shall be for the Indian Reservation Roads
program, $170,000,000 shall be for the Park Roads and Parkways program,
$60,000,000 shall be for the Forest Highway Program, and $10,000,000 shall be
for the Refuge Roads program.</text>
</subparagraph><subparagraph id="H7963FEEAAC0844DFA85C21F2F3F34BEA"><enum>(B)</enum><text>For investments at
Indian reservations and Federal lands, priority shall be given to capital
investments, and to projects and activities that can be completed within 2
years of enactment of this Act.</text>
</subparagraph><subparagraph id="HFDDBBAE4DC844F6183921AEFB8231B2B"><enum>(C)</enum><text>One year following
the enactment of this Act, to ensure the prompt use of the funding provided for
investments at Indian reservations and Federal lands, the Secretary shall have
the authority to redistribute unobligated funds within the respective program
for which the funds were appropriated.</text>
</subparagraph><subparagraph id="HB13A06A3F82341C0B3DA9DC05916D77B"><enum>(D)</enum><text>Up to 4 percent of
the funding provided for Indian Reservation Roads may be used by the Secretary
of the Interior for program management and oversight and project-related
administrative expenses.</text>
</subparagraph><subparagraph id="H3BD2055D25094B5DBF7EF3E96C4C982E"><enum>(E)</enum><text>Section
134(f)(3)(C)(ii)(II) of title 23, United States Code, shall not apply to funds
set aside under this paragraph.</text>
</subparagraph></paragraph><paragraph id="HD2043E9928FA4BB99DBD5DB638AAA2DF"><enum>(10)</enum><header>Job
training</header>
<subparagraph id="idCC0E48F7685F424FBF6226E70DDA2AEE"><enum>(A)</enum><header>In
general</header><text>Of the amounts provided under this subsection,
$50,000,000 shall be set aside for the development and administration of
transportation training programs under section 140(b) title 23, United States
Code.</text>
</subparagraph><subparagraph id="H1379AEFBD2A7464A9D8D2603774D9857"><enum>(B)</enum><header>Competitive
award</header><text>Amounts set aside under this paragraph shall be
competitively awarded and used for the purpose of providing training,
apprenticeship (including Registered Apprenticeship), skill development, and
skill improvement programs, as well as summer transportation institutes and may
be transferred to, or administered in partnership with, the Secretary of Labor
and shall demonstrate to the Secretary of Transportation program outcomes,
including—</text>
<clause id="H0C27DF16D3EA4A03907CEECF56DB3B09"><enum>(i)</enum><text>impact on areas
with transportation workforce shortages;</text>
</clause><clause id="HC51B5A61B7194DDAA721B51DDC5DB888"><enum>(ii)</enum><text>diversity of
training participants;</text>
</clause><clause id="HD38CBCD12A3D4F5D89D480E2528F5793"><enum>(iii)</enum><text>number of
participants obtaining certifications or credentials required for specific
types of employment;</text>
</clause><clause id="H38A5ACB953814A8082BA6DBF59837B19"><enum>(iv)</enum><text>employment
outcome metrics, such as job placement and job retention rates, established in
consultation with the Secretary of Labor and consistent with metrics used by
programs under the Workforce Investment Act;</text>
</clause><clause id="HA8A7C6B387D8461983AAA4D855FC6BA0"><enum>(v)</enum><text>to
the extent practical, evidence that the program did not preclude workers that
participate in training or apprenticeship activities under the program from
being referred to, or hired on, projects funded under this chapter; and</text>
</clause><clause id="HE57765702D954884B14CAFFED55CDFA7"><enum>(vi)</enum><text>identification of
areas of collaboration with the Department of Labor programs, including
co-enrollment.</text>
</clause></subparagraph><subparagraph id="H0819D5B733D94A61B5AA49C12FE454D9"><enum>(C)</enum><header>Certification</header><text>To
be eligible to receive a competitively awarded grant under this subsection, a
State must certify that at least 0.1 percent of the amounts apportioned under
the Surface Transportation Program and Bridge Program will be obligated in the
first fiscal year after the date of the enactment of this Act for job training
activities, in accordance with section 140(b) of title 23, United States
Code.</text>
</subparagraph></paragraph><paragraph id="H3A4D5A182D064C3DA7062DBDE30207A9"><enum>(11)</enum><header>Disadvantaged
business enterprises</header><text>Of the amounts provided under this
subsection, $10,000,000 shall be set aside for training programs and assistance
programs under section 140(c) of title 23, United States Code. Amounts set
aside under this paragraph should be allocated to businesses that have proven
success in adding staff while effectively completing projects.</text>
</paragraph><paragraph id="H5BC45A305D094994AD560B8BC96E3DC4"><enum>(12)</enum><header>Conditions</header><text>Amounts
made available under this subsection—</text>
<subparagraph id="H79D9874E08814698BAEC60F54F12EE1F"><enum>(A)</enum><text>shall be
administered as if apportioned under chapter 1 of title 23, United States Code,
except for—</text>
<clause id="id8DFC8AE525AA4F79BDB158FBEDDABBA6"><enum>(i)</enum><text>amounts made
available for investments in transportation at Indian reservations and Federal
lands and for the territorial highway program, which shall be administered in
accordance with chapter 2 of such title 23; and</text>
</clause><clause id="id7F0ACFF46FA84B1E8BD78D07DC2A11E3"><enum>(ii)</enum><text>amounts made
available for disadvantaged business enterprises bonding assistance, which
shall be administered in accordance with chapter 3 of title 49, United States
Code;</text>
</clause></subparagraph><subparagraph id="HE918C2E4B2E84473973EC8319EA7F487"><enum>(B)</enum><text>may not be
obligated for the purposes authorized under section 115(b) of title 23, United
States Code;</text>
</subparagraph><subparagraph id="HC1EFC28B1D2C48C0A4545C60AF13AC9A"><enum>(C)</enum><text>shall be in
addition to any and all funds provided for fiscal years 2011 and 2012 in any
other Act for <quote>Federal-aid Highways</quote> and shall not affect the
distribution of funds provided for <quote>Federal-aid Highways</quote> in any
other Act; and</text>
</subparagraph><subparagraph id="H6B1362B7ACDE4719B3691771B56316B6"><enum>(D)</enum><text>shall be subject
to the requirements under section 1101(b) of SAFETEA-LU (Public Law
109–59).</text>
</subparagraph></paragraph><paragraph id="HF51B10103A0C451A9D5FF77A6A4A1635"><enum>(13)</enum><header>Oversight</header><text>The
Administrator of the Federal Highway Administration may set aside up to 0.15
percent of the amounts provided under this subsection to fund the oversight by
the Administrator of projects and activities carried out with amounts made
available to the Federal Highway Administration under this Act. Such amounts
shall be available through September 30, 2015.</text>
</paragraph></subsection><subsection id="HCAFC1002E051431DAE4344CF6F9C76CE"><enum>(d)</enum><header>Capital
assistance for high-Speed rail corridors and intercity passenger rail
service</header>
<paragraph id="HF2BFD809617845F0929E63853DED8D30"><enum>(1)</enum><header>In
general</header>
<subparagraph id="id0FFEFC5FD67044A482F9727475017E04"><enum>(A)</enum><header>Grants</header><text>There
is made available to the Secretary of Transportation $4,000,000,000, which
shall be used—</text>
<clause id="id6C1CB800CD6B43738460175943DB93CB"><enum>(i)</enum><text>for
grants for high-speed rail projects authorized under sections 26104 and 26106
of title 49, United States Code</text>
</clause><clause id="id6D0A7C7356A4448C808320DE2433F47B"><enum>(ii)</enum><text>for capital
investment grants to support intercity passenger rail service authorized under
section 24406 of such title 49;</text>
</clause><clause id="id9CA9A2949B9E4E339B39B58F60F0E4CB"><enum>(iii)</enum><text>congestion
grants authorized under section 24105 of such title 49; and</text>
</clause><clause id="id4665E019F6D74E59B28DD2C1A49D2A45"><enum>(iv)</enum><text>to
enter into cooperative agreements for the purposes set forth in clauses (i)
through (iii).</text>
</clause></subparagraph><subparagraph id="idED50C2E67744458AB371E0307F96B5A8"><enum>(B)</enum><header>Oversight</header><text>The
Administrator of the Federal Railroad Administration may retain up to 1 percent
of the amounts made available under subparagraph (A) for award and oversight by
the Administrator of the grants made under this subsection. Such amount shall
remain available for obligation until September 30, 2015.</text>
</subparagraph></paragraph><paragraph id="idA73195E61CCF4E21B42425B549A535D3"><enum>(2)</enum><header>Availability</header><text>The
amounts made available under this subsection shall be available for obligation
during the 2-year period beginning on the date of the enactment of this Act.
The Secretary shall obligate not less than 50 percent of the such amounts not
later than 1 year after the date of the enactment of this Act and obligate the
remaining amounts not later than 2 years after such date of enactment.</text>
</paragraph><paragraph id="H4C45AA9446D04F539C4CCDAA717753FB"><enum>(3)</enum><header>Federal
share</header><text>The Federal share payable of the costs for which a grant or
cooperative agreements is made under this subsection shall be, at the option of
the recipient, up to 100 percent.</text>
</paragraph><paragraph id="H5231101DD4F240FA87A92C7D0623E922"><enum>(4)</enum><header>Interim
guidance</header><text>The Secretary shall issue interim guidance to applicants
covering application procedures and administer the grants provided under this
subsection pursuant to that guidance until final regulations are issued.</text>
</paragraph><paragraph id="H3254527B113B4D8DA819D24C51C9E5F1"><enum>(5)</enum><header>Intercity
passenger rail corridors</header><text>Not less than 85 percent of the amounts
provided under this subsection shall be for cooperative agreements that lead to
the development of entire segments or phases of intercity or high-speed rail
corridors.</text>
</paragraph><paragraph id="H042B350660EA4B82AD65C2D8D0424DF4"><enum>(6)</enum><header>Conditions</header>
<subparagraph id="H0B4BA473688C4AE7A2488AC48828B744"><enum>(A)</enum><text>In addition to the
provisions of title 49, United States Code, that apply to each of the
individual programs funded under this subsection, subsections (a)(2) and (i) of
section 24402(i) of title 49, United States Code, and subsections (a) and (c)
of section 24403 of such title 49, shall also apply to amounts provided under
this subsection.</text>
</subparagraph><subparagraph id="HDED8E9D3925948A998740B3AF80FAC33"><enum>(B)</enum><text>A project need not
be in a State rail plan developed under chapter 227 of title 49, United States
Code, to be eligible for assistance under this subsection.</text>
</subparagraph><subparagraph id="H36ACD965AAAF4E679D5E042BBFB7A85A"><enum>(C)</enum><text>Recipients of
grants under this paragraph shall conduct all procurement transactions using
such grant funds in a manner that provides full and open competition, as
determined by the Secretary, in compliance with existing labor
agreements.</text>
</subparagraph></paragraph></subsection><subsection id="H707AAE61D06042B0BBAD63EC43455ABE"><enum>(e)</enum><header>Capital grants
to the national railroad passenger corporation</header>
<paragraph id="H482519428E9C4FD4A7F2E8723BA71EA6"><enum>(1)</enum><header>In
general</header><text>There is made available $2,000,000,000 to the Secretary
of Transportation to award capital grants to the National Railroad Passenger
Corporation (Amtrak), as authorized by section 101(c) of the Passenger Rail
Investment and Improvement Act of 2008 (Public Law 110–432).</text>
</paragraph><paragraph id="idA105B0C0BA3144E596C1DE8E02668EE0"><enum>(2)</enum><header>Availability</header><text>The
amounts made available under this subsection shall be available for obligation
during the 2-year period beginning on the date of the enactment of this Act.
The Secretary shall obligate not less than 50 percent of the such amounts not
later than 1 year after the date of the enactment of this Act and obligate the
remaining amounts not later than 2 years after such date of enactment.</text>
</paragraph><paragraph id="HDC3F8C7C48CB4854A51CC1D19FD794BC"><enum>(3)</enum><header>Project
priority</header><text>The priority for the use of funds shall be given to
projects for the repair, rehabilitation, or upgrade of railroad assets or
infrastructure, and for capital projects that expand passenger rail capacity
including the rehabilitation of rolling stock.</text>
</paragraph><paragraph id="H6BB67C5A4B0B456080526A07265C5FBE"><enum>(4)</enum><header>Conditions</header>
<subparagraph id="H0C7EE88AFD5441ECAAA7CCBA05278940"><enum>(A)</enum><text>None of the
amounts under this subsection shall be used to subsidize the operating losses
of Amtrak.</text>
</subparagraph><subparagraph id="HBD5D846DEEE9460A850A5A27B095EEAC"><enum>(B)</enum><text>Amounts provided
under this subsection shall be awarded not later than 90 days after the date of
the enactment of this Act.</text>
</subparagraph><subparagraph id="HB35EAE02A0F741E39AD4DDFB3B8861C1"><enum>(C)</enum><text>The Secretary
shall take measures to ensure that projects funded under this subsection shall
be completed not later than 2 years after the date of the enactment of this
Act, and shall serve to supplement and not supplant planned expenditures for
such activities from other Federal, State, local and corporate sources. The
Secretary shall submit written certification to the
<committee-name committee-id="SSAP00">Committee on Appropriations of the
Senate</committee-name> and the <committee-name committee-id="">Committee on
Armed Services of the House of Representatives</committee-name> that the
Secretary is in compliance with this subparagraph.</text>
</subparagraph></paragraph><paragraph id="H4AFB9010835C481D994D80DE1F37F4A8"><enum>(5)</enum><header>Oversight</header><text>The
Administrator of the Federal Railroad Administration may set aside 0.5 percent
of the amounts provided under this subsection to fund the oversight by the
Administrator of projects and activities carried out with funds made available
in this subsection, and such amounts shall be available through September 30,
2015.</text>
</paragraph></subsection><subsection id="H5B55B38AD60E47AE80411DD6AFE97213"><enum>(f)</enum><header>Transit capital
assistance</header>
<paragraph id="HF3E96CBE47CF45D5996B9C48B730814D"><enum>(1)</enum><header>In
general</header><text>There is made available to the Secretary of
Transportation $3,000,000,000 for grants for transit capital assistance grants
as defined by section 5302(a)(1) of title 49, United States Code.
Notwithstanding any provision of chapter 53 of such title 49, a recipient of
funding under this subsection may use up to 10 percent of such funding for the
operating costs of equipment and facilities for use in public transportation or
for other eligible activities.</text>
</paragraph><paragraph id="H8127C6E4D4AA460B8B82AC331A71E653"><enum>(2)</enum><header>Federal share;
limitation on obligations</header><text>The applicable requirements of chapter
53 of title 49, United States Code, shall apply to funding provided under this
subsection, except that the Federal share of the costs for which any grant is
made under this subsection shall be, at the option of the recipient, up to 100
percent. The amount made available under this subsection shall not be subject
to any limitation on obligations for transit programs set forth in any Act or
chapter 53 of title 49, United States Code.</text>
</paragraph><paragraph id="idA2AEE2286A2446A4858AF5CF3DFF74FE"><enum>(3)</enum><header>Availability</header><text>The
amounts made available under this subsection shall be available for obligation
during the 2-year period beginning on the date of the enactment of this Act.
The Secretary shall obligate not less than 50 percent of the such amounts not
later than 1 year after the date of the enactment of this Act and obligate the
remaining amounts not later than 2 years after such date of enactment.</text>
</paragraph><paragraph id="HF1B8D21E853247438F2E26F420D99984"><enum>(4)</enum><header>Distribution of
funds</header><text>The Secretary of Transportation shall—</text>
<subparagraph id="H3694BC9C777548AAA0DAF7CE936120EC"><enum>(A)</enum><text>provide 80 percent
of the funds appropriated under this subsection for grants under section 5307
of title 49, United States Code, and apportion such funds in accordance with
section 5336 of such title;</text>
</subparagraph><subparagraph id="HB2E988605CCF40048AC23880A0D9F178"><enum>(B)</enum><text>provide 10 percent
of the funds appropriated under this subsection in accordance with section 5340
of such title; and</text>
</subparagraph><subparagraph id="HFD6B79ED7F9843289722C87E3D82CBF7"><enum>(C)</enum><text>provide 10 percent
of the funds appropriated under this subsection for grants under section 5311
of title 49, United States Code, and apportion such funds in accordance with
such section.</text>
</subparagraph></paragraph><paragraph id="HD5E775CCE2F54747A57396D7A7A301CD"><enum>(5)</enum><header>Apportionment</header><text>Amounts
apportioned under this subsection shall be apportioned not later than 21 days
after the date of the enactment of this Act.</text>
</paragraph><paragraph id="idC0448DFF918D4EDDB9E4417AEA5E4E94"><enum>(6)</enum><header>Redistribution</header>
<subparagraph id="id8446DB2A6DA34F2887D18CADB63FA608"><enum>(A)</enum><header>Initial
allocation</header><text>The Secretary of Transportation shall, 180 days
following the date of apportionment, withdraw from each urbanized area or State
an amount equal to 50 percent of the amounts apportioned to such urbanized
areas or States less the amount of funding obligated, and the Secretary shall
redistribute such amounts to other urbanized areas or States that have had no
funds withdrawn under this subparagraph utilizing whatever method the
determines to be appropriate to ensure that all funds redistributed under this
subparagraph shall be utilized promptly.</text>
</subparagraph><subparagraph id="id44535D3FE8184532883E67925141D2D4"><enum>(B)</enum><header>Subsequent
allocation</header><text>One year following the date of apportionment, the
Secretary shall withdraw from each urbanized area or State any unobligated
funds, and the Secretary shall redistribute such amounts to other urbanized
areas or States that have had no amounts withdrawn under this paragraph
utilizing whatever method the determines to be appropriate to ensure that all
funds redistributed under this subparagraph shall be utilized promptly.</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id233AD14F49AD4AD5A9B9B8762EEAC69C"><enum>(C)</enum><header>Extension</header><text>At
the request of an urbanized area or State, the Secretary may provide an
extension of the 1-year period only to the extent that the Secretary determines
that the urbanized area or State has encountered an unworkable bidding
environment or other extenuating circumstances. Before granting an extension,
the Secretary shall provide a thorough justification for the extension in a
written notification submitted to the <committee-name committee-id="SSEV00">Committee on Environment and Public Works of the
Senate</committee-name> and the <committee-name committee-id="">Committee on
Transportation and Infrastructure of the House of
Representatives</committee-name>.</text>
</subparagraph></paragraph><paragraph id="H285E53DA98DD4797A4569587D6EA17C8"><enum>(7)</enum><header>Conditions</header>
<subparagraph id="H7E40BF255B034E069BD63A2548576F1E"><enum>(A)</enum><text>Of the amounts
provided for section 5311 of title 49, United States Code, 2.5 percent shall be
made available for subsection (c)(1) of such section.</text>
</subparagraph><subparagraph id="H8D502EF198C440FC9FECF56E87CA104C"><enum>(B)</enum><text>Amounts
appropriated under this subsection shall be subject to the requirements under
section 1101(b) of SAFETEA-LU (Public Law 109–59).</text>
</subparagraph><subparagraph id="HBCA2DE341DC84BFABC41CD581801CDA9"><enum>(C)</enum><text>Amounts
appropriated under this subsection may not be commingled with amounts
appropriated in any prior fiscal year.</text>
</subparagraph></paragraph><paragraph id="H44053E7BA166499A831FFC5D181E786A"><enum>(8)</enum><header>Oversight</header><text>Notwithstanding
any other provision of law—</text>
<subparagraph id="id2FE482B40CD94E3DA716AC3B6E13B8DE"><enum>(A)</enum><text>0.3 percent of
the amounts provided for grants under sections 5307 and 5340 of title 49,
United States Code, and 0.3 percent of the amounts provided for grants under
section 5311 of such title 49, shall be available for administrative expenses
and program management oversight; and</text>
</subparagraph><subparagraph id="id0079F1399BC94784A1E72F3B39CAA113"><enum>(B)</enum><text>amounts set aside
under subparagraph (A) shall be available through September 30, 2015.</text>
</subparagraph></paragraph></subsection><subsection id="HB04727BB3A0C4082BD0A7E6A4D31C309"><enum>(g)</enum><header>State of good
repair</header>
<paragraph id="H17FD17C23B334E14B3749735EE897EFB"><enum>(1)</enum><header>In
general</header><text>There is made available to the Secretary of
Transportation $6,000,000,000 for capital expenditures authorized under
paragraphs (2) and (3) of section 5309(b) of title 49, United States
Code.</text>
</paragraph><paragraph id="H18B422F008AC4085ABD7AD21CE1A5FDF"><enum>(2)</enum><header>Federal
share</header><text>The applicable requirements under chapter 53 of title 49,
United States Code, shall apply to amounts made available under this
subsection, except that the Federal share of the costs for which a grant is
made under this subsection shall be, at the option of the recipient, up to 100
percent.</text>
</paragraph><paragraph id="id665F323C3D4A434AB14281B7A06180D7"><enum>(3)</enum><header>Availability</header><text>The
amounts made available under this subsection shall be available for obligation
during the 2-year period beginning on the date of the enactment of this Act.
The Secretary shall obligate not less than 50 percent of the such amounts not
later than 1 year after the date of the enactment of this Act and obligate the
remaining amounts not later than 2 years after such date of enactment.</text>
</paragraph><paragraph id="H0B62421FCD704ED9AD766A2E6C1222F9"><enum>(4)</enum><header>Distribution of
funds</header>
<subparagraph id="H9968C0F7843A46E4AF0AEEA69BD8501F"><enum>(A)</enum><header>Fixed guideway
systems</header><text>Not later than 30 days after the date of the enactment of
this Act, the Secretary of Transportation shall apportion not less than 75
percent of the amounts made available under this subsection for the
modernization of fixed guideway systems pursuant to the formula set forth in
section 5336(b) title 49, United States Code (other than paragraph
(2)(A)(ii)).</text>
</subparagraph><subparagraph id="H2A41986516E842B4BD7418240F8E1374"><enum>(B)</enum><header>Bus
systems</header><text>Not later than 30 days after the date of the enactment of
this Act, the Secretary of Transportation shall apportion not less than 25
percent of the amounts appropriated under this subsection for the restoration
or replacement of existing public transportation assets related to bus systems
pursuant to the formula set forth in section 5336 (other than subsection
(b)).</text>
</subparagraph></paragraph><paragraph id="id8503BFE8FED0457E91A126B42DF6A755"><enum>(5)</enum><header>Redistribution</header>
<subparagraph id="id7E5616EF59B84D4AAF534393A3DA7E3C"><enum>(A)</enum><header>Initial
allocation</header><text>The Secretary of Transportation shall, 180 days
following the date of apportionment, withdraw from each urbanized area an
amount equal to 50 percent of the amounts apportioned to such urbanized area
less the amount of funding obligated, and the Secretary shall redistribute such
amounts to other urbanized areas that have had no funds withdrawn under this
paragraph utilizing whatever method the determines to be appropriate to ensure
that all funds redistributed under this subparagraph shall be utilized
promptly.</text>
</subparagraph><subparagraph id="idC0EA878808C74CB5BB14DBC8820314F9"><enum>(B)</enum><header>Subsequent
allocation</header><text>One year after the date of apportionment, the
Secretary shall withdraw from each urbanized area any unobligated funds, and
the Secretary shall redistribute such amounts to other urbanized areas that
have had no amounts withdrawn under this paragraph utilizing whatever method
the determines to be appropriate to ensure that all funds redistributed under
this subparagraph shall be utilized promptly.</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="idE74D4A7A969C4DE382187DEF1E3A7240"><enum>(C)</enum><header>Extension</header><text>At
the request of an urbanized area, the Secretary may provide an extension of the
1-year period if the Secretary determines that the urbanized area has
encountered an unworkable bidding environment or other extenuating
circumstances. Before granting an extension, the Secretary shall provide a
thorough justification for the extension in a written notification submitted to
the <committee-name committee-id="SSEV00">Committee on Environment and Public
Works of the Senate</committee-name> and the <committee-name committee-id="">Committee on Transportation and Infrastructure of the House of
Representatives</committee-name>.</text>
</subparagraph></paragraph><paragraph id="HB24C8151CC764D6E9D13B0CAE61D0C2A"><enum>(6)</enum><header>Conditions</header>
<subparagraph id="idC68C3F110DE6485C88F56F80841E1FD3"><enum>(A)</enum><text>Amounts
appropriated under this subsection shall be subject to the requirements under
section 1101(b) of SAFETEA-LU (Public Law 109–59).</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="idF9E932DDFA674336AA8D06613D83808E"><enum>(B)</enum><text>Amounts
appropriated under this subsection may not be commingled with amounts
appropriated in any prior fiscal year.</text>
</subparagraph></paragraph><paragraph id="H252EFDF635224E848D2C9E4BA6BD2D4F"><enum>(7)</enum><header>Oversight</header><text>Notwithstanding
any other provision of law, 0.3 percent of the funds under this subsection
shall be available for administrative expenses and program management oversight
and shall remain available for obligation until September 30, 2015.</text>
</paragraph></subsection><subsection id="HBC9141DA9CB94F8EAF26D4A9E751BF8C"><enum>(h)</enum><header>Transportation
infrastructure grants and financing</header>
<paragraph id="H9EA8B41300A44F89800146D097CBEBFF"><enum>(1)</enum><header>In
general</header><text>There is made available to the Secretary of
Transportation $5,000,000,000 for capital investments in surface transportation
infrastructure. The Secretary shall distribute amounts made available under
this subsection as discretionary grants to be awarded to State and local
governments or transit agencies on a competitive basis for projects that will
have a significant impact on the Nation, a metropolitan area, or a
region.</text>
</paragraph><paragraph id="H212C65E0408844A7BF9A83F4DAAFDC9D"><enum>(2)</enum><header>Federal share;
limitation on obligations</header><text>The Federal share payable of the costs
for which a grant is made under this subsection shall be 100 percent.</text>
</paragraph><paragraph id="idDEBFDFE2F80144B2BB3590E7539CD4A3"><enum>(3)</enum><header>Availability</header><text>The
amounts made available under this subsection shall be available for obligation
during the 2-year period beginning on the date of the enactment of this Act.
The Secretary shall obligate not less than 50 percent of the such amounts not
later than 1 year after the date of the enactment of this Act and obligate the
remaining amounts not later than 2 years after such date of enactment.</text>
</paragraph><paragraph id="H4A0DAEC5809F4C99A2D83C6E86D1BA39"><enum>(4)</enum><header>Project
eligibility</header><text>Projects eligible for funding provided under this
subsection include—</text>
<subparagraph id="H4195BEB8B2144A79B81072397CDC944C"><enum>(A)</enum><text>highway or bridge
projects eligible under title 23, United States Code, including interstate
rehabilitation, improvements to the rural collector road system, the
reconstruction of overpasses and interchanges, bridge replacements, seismic
retrofit projects for bridges, and road realignments;</text>
</subparagraph><subparagraph id="H0C78CF11F0E947BAA21B06A3C2673373"><enum>(B)</enum><text>public
transportation projects eligible under chapter 53 of title 49, United States
Code, including investments in projects participating in the New Starts or
Small Starts programs that will expedite the completion of those projects and
their entry into revenue service;</text>
</subparagraph><subparagraph id="HB1D6CF4BB67F495B868ECB28FE818D9E"><enum>(C)</enum><text>passenger and
freight rail transportation projects; and</text>
</subparagraph><subparagraph id="H78D44515C69A431C8554736AE5A498C1"><enum>(D)</enum><text>port
infrastructure investments, including projects that connect ports to other
modes of transportation and improve the efficiency of freight movement.</text>
</subparagraph></paragraph><paragraph id="H793DAD11282A409A9594F9338580FFB2"><enum>(5)</enum><header>TIFIA
program</header><text>The Secretary may transfer amounts made available under
this subsection to the Federal Highway Administration for the purpose of paying
the subsidy and administrative costs of projects eligible for federal credit
assistance under chapter 6 of title 23, United States Code, if the Secretary
determines that such use would advance the purposes of this subsection.</text>
</paragraph><paragraph id="H535D2022D6AD4664B9906553E333DF94"><enum>(6)</enum><header>Project
priority</header><text>The Secretary shall give priority to projects that are
expected to be completed not later than 3 years after the date of the enactment
of this Act.</text>
</paragraph><paragraph id="H2E32C34227764EE08636A72D91667C77"><enum>(7)</enum><header>Deadline for
issuance of competition criteria</header><text>Not later than 90 days after the
date of the enactment of this Act, the Secretary shall publish criteria on
which to base the competition for any grants awarded under this subsection. The
Secretary shall require applications for funding under this subsection to be
submitted not later than 180 days after the publication of the criteria, and
announce all projects selected to be funded from such amounts not later than 1
year after the date of the enactment of the Act.</text>
</paragraph><paragraph id="H3E1931E4F4E5454097D53DC02D5288F2"><enum>(8)</enum><header>Applicability of
title 40, united states code</header><text>Each project conducted using funds
provided under this subsection shall comply with the requirements under
subchapter IV of chapter 31 of title 40, United States Code.</text>
</paragraph><paragraph id="H71EA939752DC45678B4B2328D802A9B3"><enum>(9)</enum><header>Administrative
expenses</header><text>The Secretary may retain up to 0.5 percent of the
amounts provided under this subsection, and may transfer portions of those
funds to the Administrator of the Federal Highway Administration, the
Administrator of the Federal Transit Administration, the Administrator of the
Federal Railroad Administration, and the Administrator of the Maritime
Administration, to fund the award and oversight of grants made under this
subsection. Amounts retained under this paragraph shall remain available for
obligation until September 30, 2015.</text>
</paragraph></subsection><subsection id="H867D070E91CB4CCB8B661F32F9B04903"><enum>(i)</enum><header>Local
hiring</header>
<paragraph id="H0DDCCBE9779649BC907236D1A7A435EB"><enum>(1)</enum><header>In
general</header><text>With regard to the funding made available under
subsections (a) through (h), the Secretary of Transportation may establish
standards under which a contract for construction may be advertised that
contains requirements for the employment of individuals residing in or adjacent
to any of the areas in which the work is to be performed to perform
construction work required under the contract, if—</text>
<subparagraph id="H4E5DFE6EE41D46B2B146C888C6E8C80B"><enum>(A)</enum><text>all or part of the
construction work performed under the contract occurs in an area designated by
the Secretary as an area of high unemployment, using data reported by the
United States Department of Labor, Bureau of Labor Statistics;</text>
</subparagraph><subparagraph id="H3ABA63C2BCE24EBBB257D5C0DFDB4E07"><enum>(B)</enum><text>the estimated cost
of the project of which the contract is a part is greater than $10,000,000,
except that the estimated cost of the project in the case of construction
funded under subsection (c) shall be greater than $50,000,000; and</text>
</subparagraph><subparagraph id="H0765C479C19F45849886A4A20E626F01"><enum>(C)</enum><text>the recipient may
not require the hiring of individuals who do not have the necessary skills to
perform work in any craft or trade unless the recipient establishes reasonable
provisions to train such individuals to perform any such work under the
contract effectively.</text>
</subparagraph></paragraph><paragraph id="H8C723E7EA0A34E16AD1D11E049905DC0"><enum>(2)</enum><header>Project
standards</header>
<subparagraph id="H5E62EFC8825E426E9B14F772F3FFE82B"><enum>(A)</enum><header>In
general</header><text>Any standards established by the Secretary under this
section shall ensure that any requirements under subsection (c)(1)—</text>
<clause id="H1C0CA0006A9C4CE08012BBE603905F0B"><enum>(i)</enum><text>do
not compromise the quality of the project;</text>
</clause><clause id="H02FF55355669475E9889ACE57534B1D9"><enum>(ii)</enum><text>are
reasonable in scope and application;</text>
</clause><clause id="H15DCEB60883446018C27D8BCE49D1982"><enum>(iii)</enum><text>do
not unreasonably delay the completion of the project; and</text>
</clause><clause id="H0DA0246F6F4047B48B2DD78FEBF202B5"><enum>(iv)</enum><text>do
not unreasonably increase the cost of the project.</text>
</clause></subparagraph><subparagraph commented="no" id="H19D9966D1663433EAD90A65EDF8079CE"><enum>(B)</enum><header>Available
programs</header><text>A portion of the amounts made available under
subsections (a) through (h) may be allocated by the recipients of such funding
for training programs that comply with paragraph (1)(C). The Secretary of Labor
shall make available its qualifying workforce and training development programs
to recipients desiring to establish training programs that comply with
paragraph (1)(C).</text>
</subparagraph></paragraph><paragraph id="H573E2740CA5F4D0AB9D1EC9A8B78AAD9"><enum>(3)</enum><header>Implementing
regulations</header><text>The Secretary shall promulgate final regulations to
implement this subsection.</text>
</paragraph></subsection><subsection id="HCB0C389CD51F4762874BE2C7DFEAF1F1"><enum>(j)</enum><header>Administrative
provisions</header>
<paragraph id="H8C0FE7353D474C70B4A476ACF5B251E1"><enum>(1)</enum><header>Applicability of
title 40</header><text>Each project using amounts provided under this section
shall comply with the requirements under subchapter IV of chapter 31 of title
40, United States Code.</text>
</paragraph><paragraph id="HB65D93FBBDB44E02B492DB638508A0F8"><enum>(2)</enum><header>Buy
american</header><text>Section 1605 of division A of the American Recovery and
Reinvestment Act of 2009 (Public Law 111–5) shall apply to each project
conducted using amounts made available under this section.</text>
</paragraph></subsection></section></subtitle><subtitle id="id6965949AA57247639B4D6CA72CE9F8DD"><enum>B</enum><header>Building and
upgrading infrastructure for long-term development</header>
<section id="HDE72CCC1946945F8AAAC280A47A04132"><enum>121.</enum><header>Short
title</header><text display-inline="no-display-inline">This subtitle may be
cited as the <quote><short-title>Building and Upgrading
Infrastructure for Long-Term Development</short-title></quote>.</text>
</section><section id="id796FC48799904FFFA094EE83C0934537"><enum>122.</enum><header>Findings and
purpose</header>
<paragraph id="H7A99C1B5FA91437F91349CA37C13DAF9"><enum>(1)</enum><header>Findings</header><text>Congress
finds that—</text>
<subparagraph id="HAF8552BE8E844FED8EC1F6439F65297B"><enum>(A)</enum><text>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;</text>
</subparagraph><subparagraph id="H9D75C8AB59614A259C405D729ED9D045"><enum>(B)</enum><text>the Erie Canal,
the Hoover Dam, the railroads, and the interstate highway system are all
testaments to American ingenuity and have helped propel and maintain the United
States as the world’s largest economy;</text>
</subparagraph><subparagraph id="H2075B34525B64A18936D9B6F163A0373"><enum>(C)</enum><text>according to the
World Economic Forum’s Global Competitiveness Report, the United States fell to
second place in 2009, and dropped to fourth place overall in 2010, however, in
the <quote>Quality of overall infrastructure</quote> category of the same
report, the United States ranked 23rd in the world;</text>
</subparagraph><subparagraph id="HDABCCCE82A274708B7503F6D8A2F0900"><enum>(D)</enum><text>according to the
World Bank’s 2010 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 seventh in the world in logistics-related infrastructure behind countries
from both Europe and Asia;</text>
</subparagraph><subparagraph id="H8AB60BE652A84960A3B4D8BE10A99CBF"><enum>(E)</enum><text>according to a
January 2009 report from the University of Massachusetts/Alliance for American
Manufacturing entitled <quote>Employment, Productivity and Growth,</quote>
infrastructure investment is a <quote>highly effective engine of job
creation</quote>;</text>
</subparagraph><subparagraph id="HD74CFCBDAE624B798309FD8C4D6FED2D"><enum>(F)</enum><text>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 $2,200,000,000,000 investment is needed over the next 5 years to
bring American infrastructure up to adequate condition;</text>
</subparagraph><subparagraph id="HE6F561FAEBB5456D95A4CFDA591C4B6F"><enum>(G)</enum><text>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;</text>
</subparagraph><subparagraph id="H285367EC6E0A42B6ADE40EDC6002E82B"><enum>(H)</enum><text>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;</text>
</subparagraph><subparagraph id="H42645E70149C4E2BBAD0971957856872"><enum>(I)</enum><text>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;</text>
</subparagraph><subparagraph id="HF911C89FE45C4DAEA9223BD5B8B84630"><enum>(J)</enum><text>current funding
mechanisms are not readily scalable and do not—</text>
<clause id="HA71C3528ED534037B033FE9FB56EA10D"><enum>(i)</enum><text>serve large
in-State or cross jurisdiction infrastructure projects, projects of regional or
national significance, or projects that cross sector silos;</text>
</clause><clause id="H78366FFCE32F4100968BAFE6D45DCAC9"><enum>(ii)</enum><text>sufficiently
catalyze private sector investment; or</text>
</clause><clause id="HE591577685AE453D924376D9143C03AD"><enum>(iii)</enum><text>ensure the
optimal return on public resources;</text>
</clause></subparagraph><subparagraph id="HAA63F1D4E36A45FC8AE956034F5D0E9F"><enum>(K)</enum><text>although grant
programs of the United States Government must continue to play a central role
in financing the transportation, environment, and energy 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 these programs by margins wide enough to prompt serious
concerns about the United States ability to sustain long-term economic
development, productivity, and international competitiveness;</text>
</subparagraph><subparagraph id="H7B2D2EF1572A4DB8865A7EDC529DA4FE"><enum>(L)</enum><text>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</text>
</subparagraph><subparagraph id="H8F156BF41FE64599B0281B596DB25BFD"><enum>(M)</enum><text>the establishment
of a United States Government-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.</text>
</subparagraph></paragraph><paragraph id="H58CBB9FA5F924B3E8CC311906FF0EDAD"><enum>(2)</enum><header>Purpose</header><text>The
purpose of this subtitle is to facilitate investment in, and long-term
financing of, economically viable infrastructure projects of regional or
national significance in a manner that—</text>
<subparagraph id="idF9061DE50ACB47038264D57F9CFCAEEC"><enum>(A)</enum><text>complements
existing Federal, State, local, and private funding sources for these
projects;</text>
</subparagraph><subparagraph id="id29B7F45FD27347E5BCF013F13ADDE564"><enum>(B)</enum><text>introduces a
merit-based system for financing such projects; and</text>
</subparagraph><subparagraph id="id764AE3BCED3E4C4DB16FFEAB748D0580"><enum>(C)</enum><text>mobilizes
significant private sector investment, creates jobs, and ensures United States
competitiveness through an institution that limits the need for ongoing Federal
funding.</text>
</subparagraph></paragraph></section><section id="H7430DECCCF914B7D998B6E8F57A3D0FA"><enum>123.</enum><header>Definitions</header><text display-inline="no-display-inline">In this subtitle:</text>
<paragraph id="H4C4529FB8B8843AB8F3CD8FD5AE14F82"><enum>(1)</enum><header>AIFA</header><text>The
term <term>AIFA</term> means the American Infrastructure Financing Authority
established under this subtitle.</text>
</paragraph><paragraph id="H67870E387DAD49899160C6D801AE1D5D"><enum>(2)</enum><header>Blind
trust</header><text>The term <term>blind trust</term> 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.</text>
</paragraph><paragraph id="HFFEA6800CB3B4D4CBF512562BFC8038C"><enum>(3)</enum><header>Board of
directors</header><text>The term <term>Board of Directors</term> means Board of
Directors of AIFA.</text>
</paragraph><paragraph id="H6924221621CD4B2CA31D14315762A9C2"><enum>(4)</enum><header>Chairperson</header><text>The
term <term>Chairperson</term> means the Chairperson of the Board of Directors
of AIFA.</text>
</paragraph><paragraph id="H5F40F0F7D2B14AF887F4AEDFC00F8385"><enum>(5)</enum><header>Chief executive
officer</header><text>The term <term>chief executive officer</term> means the
chief executive officer of AIFA, appointed under section 126.</text>
</paragraph><paragraph id="H73B8C5C9E5D74C92B0C4CEB7FA7FE4D6"><enum>(6)</enum><header>Cost; direct
loan</header><text>The terms <term>cost</term> and <term>direct loan</term>
have the meanings given such terms in section 502 of the Federal Credit Reform
Act of 1990 (2 U.S.C. 661a).</text>
</paragraph><paragraph id="HE417587849AF4F57A8D79A9F7B0FE5AA"><enum>(7)</enum><header>Eligible
entity</header><text>The term <term>eligible entity</term> means an individual,
corporation, partnership (including a public-private partnership), joint
venture, trust, State, or other non-Federal governmental entity, including a
political subdivision or any other instrumentality of a State, or a revolving
fund.</text>
</paragraph><paragraph id="HE6EF515731F74C98A87C9D9752295FC6"><enum>(8)</enum><header>Infrastructure
projects</header>
<subparagraph id="HCF8C5B6CAF11450BB209A152EAE5EB8D"><enum>(A)</enum><header>In
general</header><text>The term <term>eligible infrastructure project</term>
means any non-Federal transportation, water, or energy infrastructure project,
or an aggregation of such infrastructure projects, as provided in this
subtitle.</text>
</subparagraph><subparagraph id="H5A548E4D466C462FA8FA4175B212B762"><enum>(B)</enum><header>Transportation
infrastructure project</header><text>The term <term>transportation
infrastructure project</term> means the construction, alteration, or repair,
including the facilitation of intermodal transit, of the following
subsectors:</text>
<clause id="H6CA1CD124B534331AFB786BA97D814B1"><enum>(i)</enum><text>Highway or
road.</text>
</clause><clause id="H11BFBCE2A10344D68674B9146A021E74"><enum>(ii)</enum><text>Bridge.</text>
</clause><clause id="HBA6CF31EF8CF44F881507194259ECE5C"><enum>(iii)</enum><text>Mass
transit.</text>
</clause><clause id="H3245724130674CCC88BA3994D70910BE"><enum>(iv)</enum><text>Inland
waterways.</text>
</clause><clause id="HA5ADBE723EC14BACAEE5617874BF4511"><enum>(v)</enum><text>Commercial
ports.</text>
</clause><clause id="H64C27D3AFA3E418FB7F644E078799FDC"><enum>(vi)</enum><text>Airports.</text>
</clause><clause id="H14C3677B940D4DE7965FB01347A40499"><enum>(vii)</enum><text>Air traffic
control systems.</text>
</clause><clause id="HADE1A2D76F954D22BD8C71175F473859"><enum>(viii)</enum><text>Passenger rail,
including high-speed rail.</text>
</clause><clause id="H81EACF7E632B49EBB93F8A78FFB40AF3"><enum>(ix)</enum><text>Freight rail
systems.</text>
</clause></subparagraph><subparagraph id="H980FD930A9E640C5866FC602DD8118CC"><enum>(C)</enum><header>Water
infrastructure project</header><text>The term <term>water infrastructure
project</term> means the construction, consolidation, alteration, or repair of
the following subsectors:</text>
<clause id="HFB239E30756F45DA868A2CBE017048AF"><enum>(i)</enum><text>Wastewater
treatment facility.</text>
</clause><clause id="H5027D6A2AEE04EB9B62D6237150EBE0B"><enum>(ii)</enum><text>Storm water
management system.</text>
</clause><clause id="HC56309FC9B11478AA9AF24D32FFE2EA2"><enum>(iii)</enum><text>Dam.</text>
</clause><clause id="H04FC5E0E266F4841AE31A49A59763F56"><enum>(iv)</enum><text>Solid waste
disposal facility.</text>
</clause><clause id="H40C4A4BF46D24DF095517BAF25139FCB"><enum>(v)</enum><text>Drinking water
treatment facility.</text>
</clause><clause id="HF6B6A203698946D09EA088BFF1AF2698"><enum>(vi)</enum><text>Levee.</text>
</clause><clause id="HBE15A84D82F5427C861996752658D10B"><enum>(vii)</enum><text>Open space
management system.</text>
</clause></subparagraph><subparagraph id="H21D24B2AA6E348BD8C5364598AD54FF0"><enum>(D)</enum><header>Energy
infrastructure project</header><text>The term <term>energy infrastructure
project</term> means the construction, alteration, or repair of the following
subsectors:</text>
<clause id="HF3B80127253647828C666E7A0750B311"><enum>(i)</enum><text>Pollution reduced
energy generation.</text>
</clause><clause id="H0D875F689F0242E99819FCC71784C58C"><enum>(ii)</enum><text>Transmission and
distribution.</text>
</clause><clause id="H9B72CC4FA7914FFCADD633EF16038B8F"><enum>(iii)</enum><text>Storage.</text>
</clause><clause id="H0F22039BBC874E9580245683CEA46CEB"><enum>(iv)</enum><text>Energy efficiency
enhancements for buildings, including public and commercial buildings.</text>
</clause></subparagraph><subparagraph id="H130563DA5F2C4DF78928637CE339FEEF"><enum>(E)</enum><header>Board authority
to modify subsectors</header><text>The Board of Directors may make
modifications to the subsectors set forth in subparagraphs (B) through (D) by a
vote of not fewer than 5 of the voting members of the Board of
Directors.</text>
</subparagraph></paragraph><paragraph id="HEB1369A5990846D3A11ABE7CCC7945F7"><enum>(9)</enum><header>Investment
prospectus</header>
<subparagraph id="HC61BAC0C6C6444149CAB1BEFF44F2BCC"><enum>(A)</enum><header>In
general</header><text>The term <term>investment prospectus</term> means the
processes and publications described in this subsection that will guide the
priorities and strategic focus for the Bank’s investments. The investment
prospectus shall follow rulemaking procedures under section 553 of title 5,
United States Code.</text>
</subparagraph><subparagraph id="HA0BC0DAAA4ED4BC28B4CEE1F1A694EE5"><enum>(B)</enum><header>Publication</header><text>Not
later than 1 year after the date of the enactment of this Act, the Bank shall
publish a detailed description of its strategy in an Investment Prospectus
that—</text>
<clause id="HDA57D96C2EA547E1BFF2F79B58F9361A"><enum>(i)</enum><text>specifies what the
Bank shall consider significant to the economic competitiveness of the United
States or a region thereof in a manner consistent with the primary
objective;</text>
</clause><clause id="H9DFACF5FB8704A5494014128E82E1628"><enum>(ii)</enum><text>specifies the
priorities and strategic focus of the Bank in forwarding its strategic
objectives and carrying out the Bank strategy;</text>
</clause><clause id="HAC8B956E9B714B8BB25477A1BB08F962"><enum>(iii)</enum><text>specifies the
priorities and strategic focus of the Bank in promoting greater efficiency in
the movement of freight;</text>
</clause><clause id="HCE636F74950C44078CFC138CC7F1D098"><enum>(iv)</enum><text>specifies the
priorities and strategic focus of the Bank in promoting the use of innovation
and best practices in the planning, design, development and delivery of
projects;</text>
</clause><clause id="H7E419D3346E74A878817E0C4B8EA68F2"><enum>(v)</enum><text>describes in
detail the framework and methodology for calculating application qualification
scores and associated ranges as specified in this subchapter, along with the
data to be requested from applicants and the mechanics of calculations to be
applied to that data to determine qualification scores and ranges;</text>
</clause><clause id="HD7A06C1148324F9485341D6066FBE587"><enum>(vi)</enum><text>describes how
selection criteria will be applied by the Chief Executive Officer in
determining the competitiveness of an application and its qualification score
and range relative to other current applications and previously funded
applications; and</text>
</clause><clause id="HA04059277DB4468EBAD60E4005FCC7D8"><enum>(vii)</enum><text>describes how
the qualification score and range methodology and project selection framework
are consistent with maximizing the Bank goals in urban and rural areas.</text>
</clause></subparagraph><subparagraph id="H68D1188DC6AF4E7EADF68A48AB6644C8"><enum>(C)</enum><header>Approval</header><text>The
Investment Prospectus and any subsequent updates to the Investment Prospectus
shall be approved by a majority vote of the Board of Directors prior to
publication.</text>
</subparagraph><subparagraph id="HF1871F63C8444559AFE926F879762EC0"><enum>(D)</enum><header>Updates</header><text>The
Bank shall update the Investment Prospectus on every biennial anniversary of
its original publication.</text>
</subparagraph></paragraph><paragraph id="H17C8D3BB7CA246CA8F9C5813555F76E7"><enum>(10)</enum><header>Investment-grade
rating</header><text>The term <term>investment-grade rating</term> means a
rating of BBB minus, Baa3, or higher assigned to an infrastructure project by a
ratings agency.</text>
</paragraph><paragraph id="HA03FCDE938D64968A47512298D21E809"><enum>(11)</enum><header>Loan
guarantee</header><text>The term <term>loan guarantee</term> has the meaning
given such term in section 502 of the Federal Credit Reform Act of 1990 (2
U.S.C. 661a).</text>
</paragraph><paragraph id="HF984402614324C36882B1E44E4980D64"><enum>(12)</enum><header>Public-private
partnership</header><text>The term <term>public-private partnership</term>
means any eligible entity—</text>
<subparagraph id="H618C1E1CE6A34BAF828A7B5C689A6202"><enum>(A)</enum><clause commented="no" display-inline="yes-display-inline" id="H7081234EDEBB460186A98873C559FC6F"><enum>(i)</enum><text>which is undertaking the
development of all or part of an infrastructure project that will have a public
benefit, pursuant to requirements established in one or more contracts between
the entity and a State or an instrumentality of a State; or</text>
</clause><clause id="H52C038248DCA48888F62C3ACC21DF754" indent="up1"><enum>(ii)</enum><text>the activities of which, with
respect to such an infrastructure project, are subject to regulation by a State
or any instrumentality of a State;</text>
</clause></subparagraph><subparagraph id="H9C64E408477D4C6A8E2E8FF1AADB8749"><enum>(B)</enum><text>which owns,
leases, or operates or will own, lease, or operate, the project in whole or in
part; and</text>
</subparagraph><subparagraph id="HBB1CEB1074D445D8A91303BFE4FE4681"><enum>(C)</enum><text>the participants
in which include not fewer than 1 nongovernmental entity with significant
investment and some control over the project or project vehicle.</text>
</subparagraph></paragraph><paragraph id="HF6B94BB9B7474113832FA0395C7779C1"><enum>(13)</enum><header>Rural
infrastructure project</header><text>The term <term>rural infrastructure
project</term> means an infrastructure project in a rural area (as defined in
section 343(a)(13)(A) of the Consolidated Farm and Rural Development Act (7
U.S.C. 1991(a)(13)(A))).</text>
</paragraph><paragraph id="HFC2B6EC351B540EBB13EDB3E8413EE29"><enum>(14)</enum><header>Secretary</header><text>Unless
the context otherwise requires, the term <term>Secretary</term> means the
Secretary of the Treasury or the designee of the Secretary of the
Treasury.</text>
</paragraph><paragraph id="HD552C4E16E204DECB5FAF61AF192278C"><enum>(15)</enum><header>Senior
management</header><text>The term <term>senior management</term> means—</text>
<subparagraph id="id4B88AF650AC24FD49DE58558283B8246"><enum>(A)</enum><text>the chief
financial officer, chief risk officer, chief compliance officer, general
counsel, chief lending officer, and chief operations officer of AIFA
established under section 128; and</text>
</subparagraph><subparagraph id="idC9B8D1716C3B4077A1D4F6AF4A232087"><enum>(B)</enum><text>such other
officers as the Board of Directors may, by majority vote, add to senior
management.</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="HE76ABDC66F224D4FA1AEAED27797387E"><enum>(16)</enum><header>State</header><text>The
term <term>State</term> includes the District of Columbia, Puerto Rico, Guam,
American Samoa, the Virgin Islands, the Commonwealth of Northern Mariana
Islands, and any other territory of the United States.</text>
</paragraph></section><section id="H2221F4EF979D4978A4CE72A707095939"><enum>124.</enum><header>Establishment
and general authority of American Infrastructure Financing Authority</header>
<subsection id="HAC76C2167EAA4993928FECB9BFC59497"><enum>(a)</enum><header>Establishment of
AIFA</header><text>The American Infrastructure Financing Authority is
established as a wholly owned Government corporation.</text>
</subsection><subsection id="H7EACF395CC9D45B7856B39B6BA154EEF"><enum>(b)</enum><header>General
authority of AIFA</header><text>AIFA shall provide direct loans and loan
guarantees to facilitate infrastructure projects that are both economically
viable and of regional or national significance, and shall have such other
authority, as provided in this subtitle.</text>
</subsection><subsection id="HB99444F75FC340F5BB0FC54D3E49313E"><enum>(c)</enum><header>Incorporation</header>
<paragraph id="HEE7303A9F02146A3A0434B7CF5BE5EBF"><enum>(1)</enum><header>In
general</header><text>The Board of Directors first appointed shall be deemed
the incorporator of AIFA, 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="H6BAE6639A2CB41BDAFD1FB6E65C10D1A"><enum>(2)</enum><header>Corporate
office</header><text>AIFA shall—</text>
<subparagraph id="H17B3D0889BFC4436B0FB7B92CEF14902"><enum>(A)</enum><text>maintain an office
in Washington, DC; and</text>
</subparagraph><subparagraph id="H46FE324E5D85456FA0C8F40D959C69F4"><enum>(B)</enum><text>for purposes of
venue in civil actions, be considered to be a resident of Washington,
DC.</text>
</subparagraph></paragraph></subsection><subsection id="HE5259D384DCE4A6BB9160E5706F2E5CF"><enum>(d)</enum><header>Responsibility
of the secretary</header><text>The Secretary shall take such action as may be
necessary to assist in implementing AIFA, and in carrying out the purpose of
this Act.</text>
</subsection><subsection id="HC5BD3AE89E0A47EDA52894AD5C3C1E9A"><enum>(e)</enum><header>Rule of
construction</header><text>Chapter 91 of title 31, United States Code, does not
apply to AIFA, unless otherwise specifically provided in this subtitle.</text>
</subsection></section><section id="H999C8E771CDA44B6ACB674C25234AA70"><enum>125.</enum><header>Voting members
of the board of directors</header>
<subsection id="H426E854401164DF7957C4B76A67B4966"><enum>(a)</enum><header>Voting
membership of the board of directors</header>
<paragraph id="H4193943E294042279740455E3689072F"><enum>(1)</enum><header>In
general</header><text>AIFA 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="HBFB37645A27E4B739C0C0925F279DD14"><enum>(2)</enum><header>Chairperson</header><text>One
of the voting members of the Board of Directors shall be designated by the
President to serve as Chairperson.</text>
</paragraph><paragraph id="H882AF08EA3F84CB299D1AC205E005522"><enum>(3)</enum><header>Congressional
recommendations</header><text>Not later than 30 days after the date of the
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></subsection><subsection id="HE7ED019102CB41FD8A8646D97BAE22BE"><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 id="HA4A649D9266746CCBC88E4A34ED6800B"><enum>(c)</enum><header>Qualifications
of voting members</header><text>Each voting member of the Board of Directors
shall—</text>
<paragraph id="HA029BBED23FB49CC9A917DF8EC87FBDE"><enum>(1)</enum><text>be a citizen of
the United States; and</text>
</paragraph><paragraph id="HF11F67983F4048588BBED14F10EC04E8"><enum>(2)</enum><text>have significant
demonstrated expertise in—</text>
<subparagraph id="H114786F926A3472DA1A7FC6DC1E2B327"><enum>(A)</enum><text>the management and
administration of a financial institution relevant to the operation of AIFA; or
a public financial agency or authority; or</text>
</subparagraph><subparagraph id="HEC99EA8C4BCC48C5B093746919F738C6"><enum>(B)</enum><text>the financing,
development, or operation of infrastructure projects; or</text>
</subparagraph><subparagraph id="HB67DAC1D5AED4E69BE2856548A66B39F"><enum>(C)</enum><text>analyzing the
economic benefits of infrastructure investment.</text>
</subparagraph></paragraph></subsection><subsection id="H7823C9AE52184BA49E92F27B96A55F40"><enum>(d)</enum><header>Terms</header>
<paragraph id="H7B26983AE0DA459E88C2DDC53123E1DC"><enum>(1)</enum><header>In
general</header><text>Except as otherwise provided in this subtitle, each
voting member of the Board of Directors shall be appointed for a term of 4
years.</text>
</paragraph><paragraph id="H5CD2C946F5C54BB4807F1984D67FDB29"><enum>(2)</enum><header>Initial
staggered terms</header><text>Of the voting members first appointed to the
Board of Directors—</text>
<subparagraph id="H8593791DD967425B9AB08D4160245CC9"><enum>(A)</enum><text>the initial
Chairperson and 3 of the other voting members shall each be appointed for a
term of 4 years; and</text>
</subparagraph><subparagraph id="HC54B91F35760493E9690DC3FFA0FC0D7"><enum>(B)</enum><text>the remaining 3
voting members shall each be appointed for a term of 2 years.</text>
</subparagraph></paragraph><paragraph id="H7B009D04AD2744BAAEDB0305755AAB32"><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 the enactment of this Act.</text>
</paragraph><paragraph id="H8E3472620B7940C49C4A748573E6AE0C"><enum>(4)</enum><header>Beginning of
term</header><text>The term of each of the initial voting members appointed
under this subtitle shall commence immediately upon the date of appointment,
except that, for purposes of calculating the term limits specified in this
section, 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="H5FF0F26F951B43D3B9232686AF457940"><enum>(5)</enum><header>Vacancies</header><text>A
vacancy in the position of a voting member of the Board of Directors shall be
filled by the President, and 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>
</paragraph></subsection><subsection id="HD1626495106D4F09852C0ADA46827265"><enum>(e)</enum><header>Meetings</header>
<paragraph id="H5FFC5FABE1D14613A1FA463427F5641C"><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 id="HAF6B896971354CD49C6AADFF869F2645"><enum>(A)</enum><text>open to the
public; and</text>
</subparagraph><subparagraph id="H464FB020000D4C2589463F9185EEC904"><enum>(B)</enum><text>preceded by
reasonable public notice.</text>
</subparagraph></paragraph><paragraph id="H79D826BD7C5346E5B68E60ECB0E1545B"><enum>(2)</enum><header>Frequency</header><text>The
Board of Directors shall meet not later than 60 days after the date on which
all members of the Board of Directors are first appointed, at least quarterly
thereafter, and otherwise at the call of either the Chairperson or 5 voting
members of the Board of Directors.</text>
</paragraph><paragraph id="H7F86A2FD19F443669761D1F071D2D5C5"><enum>(3)</enum><header>Exception for
closed meetings</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 infrastructure project under consideration for assistance under
this Act. The Board of Directors shall prepare minutes of any meeting that is
closed to the public, and shall make such minutes available as soon as
practicable, not later than 1 year after the date of the closed meeting, with
any necessary redactions to protect any proprietary or sensitive
information.</text>
</paragraph><paragraph id="H6B926B6A28F941A0901FA102B54187E8"><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="HAD6EF43716E846588649560996743A66"><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="H4AD8C33631454DA89CBEE0695FD6C173"><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 infrastructure project under
consideration for assistance under this subtitle, if the member has or is
affiliated with an entity who has a financial interest in such project.</text>
</subsection></section><section id="H9F50DEC7A5404924B87F2BF7F0D61D36"><enum>126.</enum><header>Chief executive
officer of AIFA</header>
<subsection id="H953E595C1C184E8EA32396903DC50A3A"><enum>(a)</enum><header>In
general</header><text>The chief executive officer of AIFA shall be a nonvoting
member of the Board of Directors, who shall be responsible for all activities
of AIFA, and shall support the Board of Directors as set forth in this Act and
as the Board of Directors deems necessary or appropriate.</text>
</subsection><subsection id="HE7F25A19CFDF41A98188D8B74FC61173"><enum>(b)</enum><header>Appointment and
tenure of the chief executive officer</header>
<paragraph id="H7C6AD1BC11C0471CA6847285E3F341CD"><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="HA29AD064AE7A4816991A402AA379A3CF"><enum>(2)</enum><header>Term</header><text>The
chief executive officer shall be appointed for a term of 6 years.</text>
</paragraph><paragraph id="HCC8858E8BAC44FBA9C0F93BED6054DDC"><enum>(3)</enum><header>Vacancies</header><text>Any
vacancy in the office of the chief executive officer shall be filled by the
President, and the person appointed to fill a vacancy in that position
occurring before the expiration of the term for which the predecessor was
appointed shall be appointed only for the remainder of that term.</text>
</paragraph></subsection><subsection id="HDA82C66A530D4044A96A87479ACA5C1B"><enum>(c)</enum><header>Qualifications</header><text>The
chief executive officer—</text>
<paragraph id="H228615BE436B437E8215BB530C38C5EC"><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, or significant expertise in analyzing the economic
benefits of infrastructure investment; and</text>
</paragraph><paragraph id="H29AB54CBFC9848E5ADA5C64AFBC838B2"><enum>(2)</enum><text>may not—</text>
<subparagraph id="HD4F872F5F8C94BF287E60B06B10897EE"><enum>(A)</enum><text>hold any other
public office;</text>
</subparagraph><subparagraph id="HC981415EBC86460FB2DA9C06C9F5B27B"><enum>(B)</enum><text>have any financial
interest in an infrastructure project then being considered by the Board of
Directors, unless that interest is placed in a blind trust; or</text>
</subparagraph><subparagraph id="H611298832E4B47CF84D75F56B662C1FC"><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 infrastructure project
from AIFA, 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 id="H3FF9D1363BF24E3A9A5DEF06F9E57051"><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 AIFA, or the Board of
Directors, including—</text>
<paragraph id="HC7C18BCBEC124DBFB486DBDDDFE572AF"><enum>(1)</enum><text>responsibility for
the development and implementation of the strategy of AIFA, including—</text>
<subparagraph id="H0820E7E2726D41CE85AF8F07060FE6E4"><enum>(A)</enum><text>the development
and submission to the Board of Directors of the investment prospectus, the
annual business plans and budget;</text>
</subparagraph><subparagraph id="HD32ABAC4E4B14CA2A2CB177EFF103A81"><enum>(B)</enum><text>the development
and submission to the Board of Directors of a long-term strategic plan;
and</text>
</subparagraph><subparagraph id="H7B63C88ABAA940CEB61CD6B4DF08B069"><enum>(C)</enum><text>the development,
revision, and submission to the Board of Directors of internal policies;
and</text>
</subparagraph></paragraph><paragraph id="H69026CEBF7F84D1E8AB7FA601B0810CE"><enum>(2)</enum><text>responsibility for
the management and oversight of the daily activities, decisions, operations,
and personnel of AIFA, including—</text>
<subparagraph id="H786C4C83C50B4C6FB93B1DC87BD71EB3"><enum>(A)</enum><text>the appointment of
senior management, subject to approval by the voting members of the Board of
Directors, and the hiring and termination of all other AIFA personnel;</text>
</subparagraph><subparagraph id="H0837A3D875694BD7ACC2F6CD5ADC7BA3"><enum>(B)</enum><text>requesting the
detail, on a reimbursable basis, of personnel from any Federal agency having
specific expertise not available from within AIFA, following which request the
head of the Federal agency may detail, on a reimbursable basis, any personnel
of such agency reasonably requested by the chief executive officer;</text>
</subparagraph><subparagraph id="H1F2222811B6047C1818648BBD016AED0"><enum>(C)</enum><text>assessing and
recommending in the first instance, for ultimate approval or disapproval by the
Board of Directors, compensation and adjustments to compensation of senior
management and other personnel of AIFA as may be necessary for carrying out the
functions of AIFA;</text>
</subparagraph><subparagraph id="H17B9228012CB4991B5B84B8E847637DB"><enum>(D)</enum><text>ensuring, in
conjunction with the general counsel of AIFA, that all activities of AIFA are
carried out in compliance with applicable law;</text>
</subparagraph><subparagraph id="HA1BAFDE4629E4D32B54D3447451F541A"><enum>(E)</enum><text>overseeing the
involvement of AIFA in all projects, including—</text>
<clause id="HF0F5070AA588474D8FD056AA6FDBAA81"><enum>(i)</enum><text>developing
eligible projects for AIFA financial assistance;</text>
</clause><clause id="H02D478FCBD524615B79EFF968603D88B"><enum>(ii)</enum><text>determining the
terms and conditions of all financial assistance packages;</text>
</clause><clause id="HB6327D5E787144CEAD64D6CEF93D1FB3"><enum>(iii)</enum><text>monitoring all
infrastructure projects assisted by AIFA, including responsibility for ensuring
that the proceeds of any loan made, guaranteed, or participated in are used
only for the purposes for which the loan or guarantee was made;</text>
</clause><clause id="HE13C78525E5D4A5A886F92DD0ED5C939"><enum>(iv)</enum><text>preparing and
submitting for approval by the Board of Directors the documents required under
paragraph (1); and</text>
</clause><clause id="H5A7452BCAC6B459AAD4826859646B253"><enum>(v)</enum><text>ensuring the
implementation of decisions of the Board of Directors; and</text>
</clause></subparagraph><subparagraph id="H65511FFCCEFC4EC7AB729CD21987BA53"><enum>(F)</enum><text>such other
activities as may be necessary or appropriate in carrying out this Act.</text>
</subparagraph></paragraph></subsection><subsection id="H5566A38731274CEEA478013B1C34153B"><enum>(e)</enum><header>Compensation</header>
<paragraph id="H44F94004D5E640BBABA01B62ED287C6B"><enum>(1)</enum><header>In
general</header><text>Any compensation assessment or recommendation by the
chief executive officer under this subtitle shall be without regard to the
provisions of chapter 51 or subchapter III of chapter 53 of title 5, United
States Code.</text>
</paragraph><paragraph id="HA5792F0D339E47529C95694754190CE2"><enum>(2)</enum><header>Considerations</header><text>The
compensation assessment or recommendation required under this section 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 id="HA31FBAA4C19F401EA4F1570B9B204E32"><enum>127.</enum><header>Powers and
duties of the board of directors</header><text display-inline="no-display-inline">The Board of Directors shall—</text>
<subsection id="HFE1192239C944342BE90BE4FF5D4D66E"><enum>(a)</enum><text>as soon as is
practicable after the date on which all members are appointed, approve or
disapprove senior management appointed by the chief executive officer;</text>
</subsection><subsection id="H14E0C20BB25F4EC0B14E2C8A5E35FE6F"><enum>(b)</enum><text>not later than 180
days after the date on which all members are appointed—</text>
<paragraph id="H20F72758284E44AC85CE5757F47DA388"><enum>(1)</enum><text>develop and
approve the bylaws of AIFA, including bylaws for the regulation of the affairs
and conduct of the business of AIFA, consistent with the purpose, goals,
objectives, and policies set forth in this subtitle;</text>
</paragraph><paragraph id="H83BEA2A930824AB9890AE8EB01E83DFE"><enum>(2)</enum><text>establish
subcommittees, including an audit committee that is composed solely of members
of the Board of Directors who are independent of the senior management of
AIFA;</text>
</paragraph><paragraph id="HDB085A5EB2134635B247498F129AEB2A"><enum>(3)</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>
</paragraph><paragraph id="HB098E256D3DD466C811B2DA5B6690370"><enum>(4)</enum><text>approve or
disapprove internal policies that the chief executive officer shall submit to
the Board of Directors, including—</text>
<subparagraph id="HE22720D17465432F8287C2ED9CF85C2E"><enum>(A)</enum><text>policies regarding
the loan application and approval process, including—</text>
<clause id="H1DAD676495D04B88B9C4434203A006E5"><enum>(i)</enum><text>disclosure and
application procedures to be followed by entities in the course of nominating
infrastructure projects for assistance under this Act;</text>
</clause><clause id="HA26D5BD8124B40D195B34C597C291CDB"><enum>(ii)</enum><text>guidelines for
the selection and approval of projects;</text>
</clause><clause id="H2F8A7E19DE0B4A7C9554C9E5E09639B4"><enum>(iii)</enum><text>specific
criteria for determining eligibility for project selection, consistent with
title II; and</text>
</clause><clause id="H9764A237B67E438DA9F58E8F203D1A12"><enum>(iv)</enum><text>standardized
terms and conditions, fee schedules, or legal requirements of a contract or
program, so as to carry out this Act; and</text>
</clause></subparagraph><subparagraph id="HE729615C354448D1B3902B7B0E30E9C9"><enum>(B)</enum><text>operational
guidelines; and</text>
</subparagraph></paragraph><paragraph id="H7CFABDBBFD0C42DCB3BC9F9DDF211FAB"><enum>(5)</enum><text>approve or
disapprove a multi-year or 1-year business plan and budget for AIFA;</text>
</paragraph></subsection><subsection id="H545DC30C356F4AF68E2C7C67F9ABB514"><enum>(c)</enum><text>ensure that AIFA
is at all times operated in a manner that is consistent with this subtitle,
by—</text>
<paragraph id="HEDD2AC534C524D2FBB6490D9FFA9513D"><enum>(1)</enum><text>monitoring and
assessing the effectiveness of AIFA in achieving its strategic goals;</text>
</paragraph><paragraph id="H64029D62E9264DE580840C9970782B38"><enum>(2)</enum><text>periodically
reviewing internal policies;</text>
</paragraph><paragraph id="H9BC84AEBA3C4405CAECB6D64482A1109"><enum>(3)</enum><text>reviewing and
approving annual business plans, annual budgets, and long-term strategies
submitted by the chief executive officer;</text>
</paragraph><paragraph id="HC7D56C5966404B02BAF61FD1AC788BD3"><enum>(4)</enum><text>reviewing and
approving annual reports submitted by the chief executive officer;</text>
</paragraph><paragraph id="H6D29EDA6F41C40B482CBC799ECF92ECC"><enum>(5)</enum><text>engaging one or
more external auditors, as set forth in this subtitle; and</text>
</paragraph><paragraph id="HF1EF7661DA524A329E022D1D4F376BD8"><enum>(6)</enum><text>reviewing and
approving all changes to the organization of senior management;</text>
</paragraph></subsection><subsection id="H7E87C25AA6964433ACFCA8066F6E4929"><enum>(d)</enum><text>appoint and fix,
by a vote of 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 States Code, the compensation and adjustments to compensation of all
AIFA personnel, provided that in appointing and fixing any compensation or
adjustments to compensation under this subsection, the Board shall—</text>
<paragraph id="HB8D34D1338594773AE8F3F3C32CDB5BA"><enum>(1)</enum><text>consult with, and
seek to maintain comparability with, other comparable Federal personnel;</text>
</paragraph><paragraph id="HC105EAC4BB5F4EBE9AF06D5EA98625F1"><enum>(2)</enum><text>consult with the
Office of Personnel Management; and</text>
</paragraph><paragraph id="H71D89C6993B446E59555414E95A953C3"><enum>(3)</enum><text>carry out such
duties consistent with 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><subsection id="HA7A81A46E348406AB539B38D3BEB9358"><enum>(e)</enum><text>establish such
other criteria, requirements, or procedures as the Board of Directors may
consider to be appropriate in carrying out this subtitle;</text>
</subsection><subsection id="H58EA6050950B45C190A1857E3ECE6FB3"><enum>(f)</enum><text>serve as the
primary liaison for AIFA in interactions with Congress, the Executive Branch,
and State and local governments, and to represent the interests of AIFA in such
interactions and others;</text>
</subsection><subsection id="H52B5B4430B7F4C59930D0AC5C5AB285C"><enum>(g)</enum><text>approve by a vote
of 5 of the 7 voting members of the Board of Directors any changes to the
bylaws or internal policies of AIFA;</text>
</subsection><subsection id="H31A6AE0666E7404BA308A7039F0C522E"><enum>(h)</enum><text>have the authority
and responsibility—</text>
<paragraph id="HD249734FD9E84701A1EE78E0D94B2005"><enum>(1)</enum><text>to oversee
entering into and carry out such contracts, leases, cooperative agreements, or
other transactions as are necessary to carry out this subtitle with—</text>
<subparagraph id="HBF19952555124814B3BB7DBF591973F7"><enum>(A)</enum><text>any Federal
department or agency;</text>
</subparagraph><subparagraph id="H111CCB236C554D8698B090355607F18A"><enum>(B)</enum><text>any State,
territory, or possession (or any political subdivision thereof, including State
infrastructure banks) of the United States; and</text>
</subparagraph><subparagraph id="HD41C28009DA040E6B0E5C5D43ABE5442"><enum>(C)</enum><text>any individual,
public-private partnership, firm, association, or corporation;</text>
</subparagraph></paragraph><paragraph id="HFBE3BF2EB5F143C0858519B444162D83"><enum>(2)</enum><text>to approve of the
acquisition, lease, pledge, exchange, and disposal of real and personal
property by AIFA and otherwise approve the exercise by AIFA of all of the usual
incidents of ownership of property, to the extent that the exercise of such
powers is appropriate to and consistent with the purposes of AIFA;</text>
</paragraph><paragraph id="H905F9FE4527646A18B85CB04CB219851"><enum>(3)</enum><text>to determine the
character of, and the necessity for, the obligations and expenditures of AIFA,
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>
</paragraph><paragraph id="H58F7089AD72E43A099E54B481446B9F8"><enum>(4)</enum><text>to execute, in
accordance with applicable bylaws and regulations, appropriate
instruments;</text>
</paragraph><paragraph id="H233504106C72477EA9161053672BB341"><enum>(5)</enum><text>to approve other
forms of credit enhancement that AIFA may provide to eligible projects, as long
as the forms of credit enhancements are consistent with the purposes of this
subtitle and terms set forth in this subtitle;</text>
</paragraph><paragraph id="HD7885F0A3C2E471581B29BEA16FF0CDA"><enum>(6)</enum><text>to exercise all
other lawful powers which are necessary or appropriate to carry out, and are
consistent with, the purposes of AIFA;</text>
</paragraph><paragraph id="H710770FC7EB64FA5B81A37E74F26647E"><enum>(7)</enum><text>to sue or be sued
in the corporate capacity of AIFA in any court of competent
jurisdiction;</text>
</paragraph><paragraph id="H60613EAC13914F3387461D4F131BA9CA"><enum>(8)</enum><text>to indemnify the
members of the Board of Directors and officers of AIFA for any liabilities
arising out of the actions of the members and officers in such capacity, in
accordance with, and subject to the limitations contained in this
subtitle;</text>
</paragraph><paragraph id="H154D2044C77A46599A8253D9D6972C18"><enum>(9)</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>
</paragraph><paragraph id="H6516DEB047184AC791D294B9CD608C59"><enum>(10)</enum><text>to review all
restructuring proposals submitted by the chief executive officer, including
assignation, pledging, or disposal of the interest of AIFA in a project,
including payment or income from any interest owned or held by AIFA, and to
approve, postpone, or deny the same by majority vote; and</text>
</paragraph><paragraph id="H62CB25EA5DF242638CA7B08594E5EA1D"><enum>(11)</enum><text>to enter into
binding commitments, as specified in approved financial assistance
packages;</text>
</paragraph></subsection><subsection id="H93628AD34A15487E8D6CB997E435E987"><enum>(i)</enum><text>delegate to the
chief executive officer those duties that the Board of Directors deems
appropriate, to better carry out the powers and purposes of the Board of
Directors under this section; and</text>
</subsection><subsection id="H0F54292A64D94B45A456BA0646447964"><enum>(j)</enum><text display-inline="yes-display-inline">to approve a maximum aggregate amount of
outstanding obligations of AIFA at any given time, taking into consideration
funding, and the size of AIFA’s addressable market for infrastructure
projects.</text>
</subsection></section><section id="H619B851997AB46329FC5F1BFE1938050"><enum>128.</enum><header>Senior
management</header>
<subsection id="H948594EC14634278AE92C50D73BC5E85"><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="HC43D113899E84A7183AE1237B8D0D65B"><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 purpose of AIFA, as approved
by a majority vote of the voting members of the Board of Directors.</text>
</subsection><subsection id="HA75CB00FD97E40B08D03F62C4C4F584D"><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="HDDA489EA52394DE6AFA117D27F17CD11"><enum>(d)</enum><header>Removal of
senior management</header><text>Any member of senior management may be removed,
either by a majority of the voting members of the Board of Directors upon
request by the chief executive officer, or otherwise by vote of not fewer than
5 voting members of the Board of Directors.</text>
</subsection><subsection id="HDFB51324AA50435AA5B60D733517C368"><enum>(e)</enum><header>Senior
management</header>
<paragraph id="H48A2DA87763B4D8EA333C26ABCEC32C9"><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="H6A52AA07CAF448208D07E85E91FB81B9"><enum>(2)</enum><header>Duties and
responsibilities</header>
<subparagraph id="H2ACF94BD611C4575A7AC55C02FE5896A"><enum>(A)</enum><header>Chief financial
officer</header><text>The Chief Financial Officer shall be responsible for all
financial functions of AIFA, provided that, at the discretion of the Board of
Directors, specific functions of the Chief Financial Officer may be delegated
externally.</text>
</subparagraph><subparagraph id="H70FAF9ADCE8A4E4A96F1AC558121AD83"><enum>(B)</enum><header>Chief risk
officer</header><text>The Chief Risk Officer shall be responsible for all
functions of AIFA relating to—</text>
<clause id="H7D43F888125E4CDC90939262171BF008"><enum>(i)</enum><text>the
creation of financial, credit, and operational risk management guidelines and
policies;</text>
</clause><clause id="H0E0B8BE2592649D3BF1105DDF21A3232"><enum>(ii)</enum><text>credit analysis
for infrastructure projects;</text>
</clause><clause id="HCDABEE166DD146FDB2D9F41802487CE0"><enum>(iii)</enum><text>the creation of
conforming standards for infrastructure finance agreements;</text>
</clause><clause id="H46B4E54AEA224152BA24C6E934087ABA"><enum>(iv)</enum><text>the
monitoring of the financial, credit, and operational exposure of AIFA;
and</text>
</clause><clause id="H7E972E50793D4283A174B3E2C4264674"><enum>(v)</enum><text>risk
management and mitigation actions, including by reporting such actions, or
recommendations of such actions to be taken, directly to the Board of
Directors.</text>
</clause></subparagraph><subparagraph id="H1A7486BE25EF46DCA185DB4FA5BA1563"><enum>(C)</enum><header>Chief compliance
officer</header><text>The Chief Compliance Officer shall be responsible for all
functions of AIFA relating to internal audits, accounting safeguards, and the
enforcement of such safeguards and other applicable requirements.</text>
</subparagraph><subparagraph id="H1140EDA7F5174B6F8A068ACDDBC99B8E"><enum>(D)</enum><header>General
counsel</header><text>The General Counsel shall be responsible for all
functions of AIFA relating to legal matters and, in consultation with the chief
executive officer, shall be responsible for ensuring that AIFA complies with
all applicable law.</text>
</subparagraph><subparagraph id="H1D883DCB892547D096972B9EAF86AA0C"><enum>(E)</enum><header>Chief operations
officer</header><text>The Chief Operations Officer shall be responsible for all
operational functions of AIFA, including those relating to the continuing
operations and performance of all infrastructure projects in which AIFA retains
an interest and for all AIFA functions related to human resources.</text>
</subparagraph><subparagraph id="H2411DD006011426BAE584B4B029E871D"><enum>(F)</enum><header>Chief lending
officer</header><text>The Chief Lending Officer shall be responsible
for—</text>
<clause id="H70CD365EF2C84A7094B5F1BBEA9002C3"><enum>(i)</enum><text>all
functions of AIFA relating to the development of project pipeline, financial
structuring of projects, selection of infrastructure projects to be reviewed by
the Board of Directors, preparation of infrastructure projects to be presented
to the Board of Directors, and set aside for rural infrastructure
projects;</text>
</clause><clause id="H3852755B179C4E0EA0F9BCB320296DF7"><enum>(ii)</enum><text>the
creation and management of—</text>
<subclause id="HA66BE8686E78400895FE01FA44CD5E48"><enum>(I)</enum><text>a
Center for Excellence to provide technical assistance to public sector
borrowers in the development and financing of infrastructure projects;
and</text>
</subclause><subclause id="H5B52580846404DDD807F1AA162068D1A"><enum>(II)</enum><text>an Office of
Rural Assistance to provide technical assistance in the development and
financing of rural infrastructure projects; and</text>
</subclause></clause><clause id="HF948BB1D4CC64A1B87D32939F7CEAB10"><enum>(iii)</enum><text>the
establishment of guidelines to ensure diversification of lending activities by
region, infrastructure project type, and project size.</text>
</clause></subparagraph></paragraph></subsection><subsection id="H33D14554A19A41B2A4E44630139A3557"><enum>(f)</enum><header>Changes to
senior management</header><text>The Board of Directors, in consultation with
the chief executive officer, may alter the structure of the senior management
of AIFA at any time to better accomplish the goals, objectives, and purposes of
AIFA, provided that the functions of the Chief Financial Officer set forth in
subsection (e)(2)(A) remain separate from the functions of the Chief Risk
Officer set forth in subsection (e)(2)(B).</text>
</subsection><subsection id="HE966C6435ACC49F5B0EFC4E3EFB5B863"><enum>(g)</enum><header>Conflicts of
interest</header><text>No individual appointed to senior management may—</text>
<paragraph id="HEC0CFA5CAFCC4279B0C23B14EF19A078"><enum>(1)</enum><text>hold any other
public office;</text>
</paragraph><paragraph id="H9E2ECE8BDCEB425585D7F5223524EEA5"><enum>(2)</enum><text>have any financial
interest in an infrastructure project then being considered by the Board of
Directors, unless that interest is placed in a blind trust; or</text>
</paragraph><paragraph id="H162038A568DA428FBC5C7A86C69FEE89"><enum>(3)</enum><text>have any financial
interest in an investment institution or its affiliates, AIFA or its
affiliates, or other entity then seeking or likely to seek financial assistance
for any infrastructure project from AIFA, 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="HE0C97B69A8D249C4817D3F7195FF6203"><enum>129.</enum><header>Special
Inspector General for AIFA</header>
<subsection id="H23FC1CA494484F5D9F70E96B05705548"><enum>(a)</enum><header>In
general</header><text>During the first 5 operating years of AIFA, the Office of
the Inspector General of the Department of the Treasury shall have
responsibility for AIFA.</text>
</subsection><subsection id="H8A4DB35CAE2A475AB50912B77C289846"><enum>(b)</enum><header>Office of the
Special Inspector General</header><text>Effective 5 years after the date of the
commencement of the operations of AIFA, there is established the Office of the
Special Inspector General for AIFA.</text>
</subsection><subsection id="HF812BBEDB8E2464F9AD5769778ABDD75"><enum>(c)</enum><header>Appointment of
Inspector General; removal</header>
<paragraph id="HD43D3B46576F458DB5E7AED54825288B"><enum>(1)</enum><header>Head of
office</header><text>The head of the Office of the Special Inspector General
for AIFA shall be the Special Inspector General for AIFA (referred to in this
section as the <quote>Special Inspector General</quote>), who shall be
appointed by the President, by and with the advice and consent of the
Senate.</text>
</paragraph><paragraph id="H0D0B4B43C9B74517BC157B50657D5552"><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 id="HA255D63ED1F841DCA72F3FB8A770B61A"><enum>(3)</enum><header>Timing of
nomination</header><text>The nomination of an individual as Special Inspector
General shall be made as soon as is practicable after the effective date under
subsection (b).</text>
</paragraph><paragraph id="H4111DEFDC6F645B3A7BB554D9EF3D7C4"><enum>(4)</enum><header>Removal</header><text>The
Special Inspector General shall be removable from office in accordance with the
provisions of section 3(b) of the Inspector General Act of 1978 (5 U.S.C.
App.).</text>
</paragraph><paragraph id="H1128ED52F8E34DFCAA1C726C88CC650C"><enum>(5)</enum><header>Rule of
construction</header><text>For purposes of section 7324 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 id="H076D4042859541DC9D19C380A860B95C"><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 id="HA10B2530121E4384A3C37E2BBD16CC48"><enum>(d)</enum><header>Duties</header>
<paragraph id="H4BA69A15BA5D43868459120391936FEC"><enum>(1)</enum><header>In
general</header><text>The Special Inspector General shall conduct, supervise,
and coordinate audits and investigations of the business activities of
AIFA.</text>
</paragraph><paragraph id="H07B0205EB1ED415CA79B793175E5EF7D"><enum>(2)</enum><header>Other systems,
procedures, and controls</header><text>The Special Inspector General shall
establish, maintain, and oversee such systems, procedures, and controls as the
Special Inspector General considers appropriate to discharge the duty described
in paragraph (1).</text>
</paragraph><paragraph id="H1AC6D5030F764231BFFCCF55F8CF70C2"><enum>(3)</enum><header>Additional
duties</header><text>In addition to the duties specified in paragraphs (1) and
(2), the Inspector General shall have the duties and responsibilities of
inspectors general under the Inspector General Act of 1978.</text>
</paragraph></subsection><subsection id="HA4278A782BE24A709AC5105E4124E04B"><enum>(e)</enum><header>Powers and
authorities</header>
<paragraph id="H863F4F7073FC41E9B5D2FD87AADF8593"><enum>(1)</enum><header>In
general</header><text>In carrying out the duties specified in subsection (d),
the Special Inspector General shall have the authorities provided in section 6
of the Inspector General Act of 1978.</text>
</paragraph><paragraph id="HE45F74656B484DD480A536D08CF8C8AB"><enum>(2)</enum><header>Additional
authority</header><text>The Special Inspector General shall carry out the
duties specified in subsection (d)(1) in accordance with section 4(b)(1) of the
Inspector General Act of 1978.</text>
</paragraph></subsection><subsection id="H780E084DEC424F34A0647487E1FB2315"><enum>(f)</enum><header>Personnel,
facilities, and other resources</header>
<paragraph id="H864215714877486ABE57AC5E8F5E79EF"><enum>(1)</enum><header>Additional
officers</header>
<subparagraph id="H8FF02E4470234141929F51369E0137F8"><enum>(A)</enum><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="HDC6BE0D0080046C1B33177A771426FAC"><enum>(B)</enum><text>The Special
Inspector General may exercise the authorities under subsections (b) through
(i) of section 3161 of title 5, United States Code (without regard to
subsection (a) of that section).</text>
</subparagraph></paragraph><paragraph id="HF05F42201B9E49D788F50899F238EC9C"><enum>(2)</enum><header>Retention of
services</header><text>The Special Inspector General may obtain services as
authorized by section 3109 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 id="H4986F0390E7D49AABE1DF96DAD4F70C0"><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 id="HF941115F5677437F96F9DF4FFA6C78BD"><enum>(4)</enum><header>Request for
information</header>
<subparagraph id="HBDF56592E22C4FB1B74D49CBDA52A03F"><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 such entity shall, insofar as is practicable
and not in contravention of any existing law, furnish such information or
assistance to the Special Inspector General, or an authorized designee.</text>
</subparagraph><subparagraph id="H1B4AECCBE06344D6BF525D7A83EF00D5"><enum>(B)</enum><header>Refusal to
comply</header><text>Whenever 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 of the Treasury, without
delay.</text>
</subparagraph></paragraph></subsection><subsection id="H9E00FBCDC09D4B9FAA1F8EB3446727A6"><enum>(g)</enum><header>Reports</header>
<paragraph id="H754BF661BA914617A98C022A3B5F5FF6"><enum>(1)</enum><header>Annual
report</header><text>Not later than 1 year after the confirmation of the
Special Inspector General, and every calendar year thereafter, the Special
Inspector General shall submit to the President a report summarizing the
activities of the Special Inspector General during the previous 1-year period
ending on the date of such report.</text>
</paragraph><paragraph id="H6ED786FB46784F348FAC87BBF5BCB54A"><enum>(2)</enum><header>Public
disclosures</header><text>Nothing in this section shall be construed to
authorize the public disclosure of information that is—</text>
<subparagraph id="H7F715C93FE6545FDA5913BA8706A3FA8"><enum>(A)</enum><text>specifically
prohibited from disclosure by any other provision of law;</text>
</subparagraph><subparagraph id="H600A6FC8A4E14A6B96DB4EF97E308FAA"><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 id="HB59FF5047BB74562B36ED218BC841C4D"><enum>(C)</enum><text>a part of an
ongoing criminal investigation.</text>
</subparagraph></paragraph></subsection></section><section id="H82AE69E71B4D4EC1B74011B4EEEEB1C8"><enum>130.</enum><header>Other
personnel</header><text display-inline="no-display-inline">Except as otherwise
provided in the bylaws of AIFA, 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 AIFA, other than senior management, who shall be appointed in
accordance with section 249.</text>
</section><section id="HBFE0475C5C194057BD0D2EF2672B4E3E"><enum>131.</enum><header>Compliance</header><text display-inline="no-display-inline">The provision of assistance by the Board of
Directors pursuant to this Act shall not be construed as superseding any
provision of State law or regulation otherwise applicable to an infrastructure
project.</text>
</section><section id="id12C7746EFEED4B23A63D638BB016883E"><enum>132.</enum><header>Terms and
limitations on direct loans and loan guarantees</header>
<subsection id="H4C6E8040BD5644A6BABE1446B36ABF3B"><enum>(a)</enum><header>Eligibility
criteria for assistance from AIFA and terms and limitations of
loans</header><text>Any project whose use or purpose is private and for which
no public benefit is created shall not be eligible for financial assistance
from AIFA under this subtitle. Financial assistance under this subtitle shall
only be made available if the applicant for such assistance has demonstrated to
the satisfaction of the Board of Directors that the infrastructure project for
which such assistance is being sought—</text>
<paragraph id="H017B1EE836E2450A9A62E0C845B85FC1"><enum>(1)</enum><text>is not for the
refinancing of an existing infrastructure project; and</text>
</paragraph><paragraph id="H2A246C7F06BC40E59B0E55B76196F5CF"><enum>(2)</enum><text>meets—</text>
<subparagraph id="H47660B410B3949E6B9B373677F21D15D"><enum>(A)</enum><text>any pertinent
requirements set forth in this subtitle;</text>
</subparagraph><subparagraph id="H1B41B6CE563545D5A8A6A1F59AA31965"><enum>(B)</enum><text>any criteria
established by the Board of Directors or chief executive officer in accordance
with this subtitle; and</text>
</subparagraph><subparagraph id="H7371E171638B468CA8DDBCA0653D2CE2"><enum>(C)</enum><text>the definition of
a transportation infrastructure project, water infrastructure project, or
energy infrastructure project.</text>
</subparagraph></paragraph></subsection><subsection id="HDC94A2A32D324673B198C95D80A8BBF6"><enum>(b)</enum><header>Considerations</header><text>The
criteria established by the Board of Directors pursuant to this subtitle shall
provide adequate consideration of—</text>
<paragraph id="H43C397C1B4D44FB89129DEBDAB5050D2"><enum>(1)</enum><text>the economic,
financial, technical, environmental, and public benefits and costs of each
infrastructure project under consideration for financial assistance under this
subtitle, prioritizing infrastructure projects that—</text>
<subparagraph id="H6DEBEEC54D8D4D94AEC458250681B9EC"><enum>(A)</enum><text>contribute to
regional or national economic growth;</text>
</subparagraph><subparagraph id="H6C8597C7F7104F45A0D21ED1054FCF79"><enum>(B)</enum><text>offer value for
money to taxpayers;</text>
</subparagraph><subparagraph id="HB5B1113CB2B54CB58473F5DCE934972A"><enum>(C)</enum><text>demonstrate a
clear and significant public benefit;</text>
</subparagraph><subparagraph id="HFB31F9E32ABB491188C2DD0B7202036C"><enum>(D)</enum><text>lead to job
creation; and</text>
</subparagraph><subparagraph id="H5081CDB95236492AB45BC3FC591FEBE0"><enum>(E)</enum><text>mitigate
environmental concerns;</text>
</subparagraph></paragraph><paragraph id="HE2F7AFC1EB82407CAE8FE48195A6CF3B"><enum>(2)</enum><text>the means by which
development of the infrastructure project under consideration is being
financed, including—</text>
<subparagraph id="HA59FE694CDA44FAC8EF1B7F9017478D9"><enum>(A)</enum><text>the terms,
conditions, and structure of the proposed financing;</text>
</subparagraph><subparagraph id="H0788BBA59ECE4D58B1AF16FBE6647157"><enum>(B)</enum><text>the credit
worthiness and standing of the project sponsors, providers of equity, and
co-financiers;</text>
</subparagraph><subparagraph id="H132CF11EA82740ACA1810C0EE165F1B0"><enum>(C)</enum><text>the financial
assumptions and projections on which the infrastructure project is based;
and</text>
</subparagraph><subparagraph id="H8292B8FD599645C7A3C1EF9C49F7A934"><enum>(D)</enum><text>whether there is
sufficient State or municipal political support for the successful completion
of the infrastructure project;</text>
</subparagraph></paragraph><paragraph id="H4BBA4D41B73E47DDB8317AAAF2D6CC46"><enum>(3)</enum><text>the likelihood
that the provision of assistance by AIFA will cause such development to proceed
more promptly and with lower costs than would be the case without such
assistance;</text>
</paragraph><paragraph id="HA7EBAB79D20E4B0EB472F6DF5C1BD628"><enum>(4)</enum><text>the extent to
which the provision of assistance by AIFA maximizes the level of private
investment in the infrastructure project or supports a public-private
partnership, while providing a significant public benefit;</text>
</paragraph><paragraph id="HBE561369D7814D588ACCBAB716D2EB7C"><enum>(5)</enum><text>the extent to
which the provision of assistance by AIFA can mobilize the participation of
other financing partners in the infrastructure project;</text>
</paragraph><paragraph id="H4E437B96D54642B886ABEFA502D7014C"><enum>(6)</enum><text>the technical and
operational viability of the infrastructure project;</text>
</paragraph><paragraph id="H4B39C6E7B9B74EBC92CEED5BBBA29D0B"><enum>(7)</enum><text>the proportion of
financial assistance from AIFA;</text>
</paragraph><paragraph id="H4437F8E4A91E463890046E97ABF7AAE1"><enum>(8)</enum><text>the geographic
location of the project in an effort to have geographic diversity of projects
funded by AIFA;</text>
</paragraph><paragraph id="HC3E5A4E502A54DF995209980AA75B7C9"><enum>(9)</enum><text>the size of the
project and its impact on the resources of AIFA;</text>
</paragraph><paragraph id="H60404C1484934526AF7BBECC58091345"><enum>(10)</enum><text>the
infrastructure sector of the project, in an effort to have projects from more
than one sector funded by AIFA; and</text>
</paragraph><paragraph id="H69F81C3A16D04321B17B3D1B7117AC20"><enum>(11)</enum><text>encourages use of
innovative procurement, asset management, or financing to minimize the
all-in-life-cycle cost, and improve the cost-effectiveness of a project.</text>
</paragraph></subsection><subsection id="H65FC1B934C544F3188BB88DFC9D54823"><enum>(c)</enum><header>Application</header>
<paragraph id="H5637E5E8CB4D402489058845B30CCD82"><enum>(1)</enum><header>In
general</header><text>Any eligible entity seeking assistance from AIFA under
this Act for an eligible infrastructure project shall submit an application to
AIFA 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="H3097C1504EF549FF96DCEA29186836A6"><enum>(2)</enum><header>Review of
applications</header><text>AIFA shall review applications for assistance under
this Act on an ongoing basis. The chief executive officer, working with the
senior management, shall prepare eligible infrastructure projects for review
and approval by the Board of Directors.</text>
</paragraph><paragraph id="HF64AAE8A0C1E41C0A8BA7CE83F046644"><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
that also secure the infrastructure project obligations.</text>
</paragraph></subsection><subsection id="H4A3232F1B4B843CFB6495A6E9B48149B"><enum>(d)</enum><header>Eligible
infrastructure project costs</header>
<paragraph id="H8501DE375E204C3D8C53E9A9B82FC291"><enum>(1)</enum><header>In
general</header><text>Except as provided in paragraph (2), to be eligible for
assistance under this subtitle, an infrastructure project shall have project
costs that are reasonably anticipated to equal or exceed $100,000,000.</text>
</paragraph><paragraph id="HFA6962608A7A42D2B818D20A652A3F7F"><enum>(2)</enum><header>Rural
infrastructure projects</header><text>To be eligible for assistance under this
subtitle, a rural infrastructure project shall have project costs that are
reasonably anticipated to equal or exceed $25,000,000.</text>
</paragraph></subsection><subsection id="H4E95B65394364FBA80E299DB3430D817"><enum>(e)</enum><header>Loan eligibility
and maximum amounts</header>
<paragraph id="HA3F2F62350E7497585C7F954AD655095"><enum>(1)</enum><header>In
general</header><text>The amount of a direct loan or loan guarantee under this
subtitle may not exceed the lesser of 50 percent of the reasonably anticipated
eligible infrastructure project costs or, if the direct loan or loan guarantee
does not receive an investment grade rating, the amount of the senior project
obligations.</text>
</paragraph><paragraph id="HD0AC2883D33746A0BCC374F52A08C986"><enum>(2)</enum><header>Maximum annual
loan and loan guarantee volume</header><text>The aggregate amount of direct
loans and loan guarantees made by AIFA in any single fiscal year may not
exceed—</text>
<subparagraph id="H6597544A35FC42A59DDC7553AA6A7150"><enum>(A)</enum><text>during the first 2
fiscal years of the operations of AIFA, $10,000,000,000;</text>
</subparagraph><subparagraph id="HF71558BA28C54BEDA6170D87F4557F13"><enum>(B)</enum><text>during fiscal
years 3 through 9 of the operations of AIFA, $20,000,000,000; or</text>
</subparagraph><subparagraph id="H4ACBD73B6A43414C8ECEECBC74AB1B8F"><enum>(C)</enum><text>during any fiscal
year thereafter, $50,000,000,000.</text>
</subparagraph></paragraph></subsection><subsection id="HCE7A125696454E1EB1C3EAA3B9D13142"><enum>(f)</enum><header>State and local
permits required</header><text>The provision of assistance by the Board of
Directors pursuant to this subtitle shall not be deemed to relieve any
recipient of such assistance, or the related infrastructure project, of any
obligation to obtain required State and local permits and approvals.</text>
</subsection></section><section id="H014D148074B2477C903D5F204DED3020"><enum>133.</enum><header>Loan terms and
repayment</header>
<subsection id="HC14DC53A2CE2467DBC6357495CE4F423"><enum>(a)</enum><header>In
general</header><text>A direct loan or loan guarantee under this subtitle 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="HFB55189830BB4E63A2BD846A36A93B8C"><enum>(b)</enum><header>Terms</header><text>A
direct loan or loan guarantee under this subtitle—</text>
<paragraph id="H7FC29E92A9054D75B3F911C4E40B9425"><enum>(1)</enum><text>shall—</text>
<subparagraph id="H885D361089EF4836850685677ECF54B6"><enum>(A)</enum><text>be payable, in
whole or in part, from tolls, user fees, or other dedicated revenue sources
that also secure the senior project obligations (such as availability payments
and dedicated State or local revenues); and</text>
</subparagraph><subparagraph id="H9F0D44F2DA354C05BA64788F52F65CC7"><enum>(B)</enum><text>include a rate
covenant, coverage requirement, or similar security feature supporting the
project obligations; and</text>
</subparagraph></paragraph><paragraph id="HE56ED69252004EB0AEDCC4181AF1ACFA"><enum>(2)</enum><text>may have a lien on
revenues described in paragraph (1), subject to any lien securing project
obligations.</text>
</paragraph></subsection><subsection id="HD67AF43A1B7B4E73883D2762F58304F6"><enum>(c)</enum><header>Base interest
rate</header><text>The base interest rate on a direct loan under this subtitle
shall be not less than the yield on United States Treasury obligations of a
similar maturity to the maturity of the direct loan.</text>
</subsection><subsection id="H3A573199EB1D434089A43F2EE8F04071"><enum>(d)</enum><header>Risk
assessment</header><text>Before entering into an agreement for assistance under
this subtitle, the chief executive officer, in consultation with the Director
of the Office of Management and Budget and considering rating agency
preliminary or final rating opinion letters of the project under this subtitle,
shall estimate an appropriate Federal credit subsidy amount for each direct
loan and loan guarantee, taking into account such letter, as well as any
comparable market rates available for such a loan or loan guarantee, should any
exist. The final credit subsidy cost for each loan and loan guarantee shall be
determined consistent with the Federal Credit Reform Act, 2 U.S.C. 661a et
seq.</text>
</subsection><subsection id="HD3BFDF49F1644C76BABE0D97A412D7A2"><enum>(e)</enum><header>Credit
fee</header><text>With respect to each agreement for assistance under this
subtitle, the chief executive officer may charge a credit fee to the recipient
of such 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 AIFA; provided, that the source of fees paid under this
subtitle shall not be a loan or debt obligation guaranteed by the Federal
Government. In the case of a direct loan, such credit fee shall be in addition
to the base interest rate established under subsection (c).</text>
</subsection><subsection id="H29662BB41B364B91B8A99B8AA65BAAC4"><enum>(f)</enum><header>Maturity
date</header><text>The final maturity date of a direct loan or loan guaranteed
by AIFA under this subtitle shall be not later than 35 years after the date of
substantial completion of the infrastructure project, as determined by the
chief executive officer.</text>
</subsection><subsection id="HF9B1CED8A666438B900D1898AA58A992"><enum>(g)</enum><header>Rating opinion
letter</header>
<paragraph id="HBCD874F89E574A3CB27BCC7A2000277A"><enum>(1)</enum><header>In
general</header><text>The chief executive officer shall require each applicant
for assistance under this subtitle to provide a rating opinion letter from at
least 1 ratings agency, indicating that the senior obligations of the
infrastructure project, which may be the Federal credit instrument, have the
potential to achieve an investment-grade rating.</text>
</paragraph><paragraph id="HE510A107852D4217AB6501C11BFAF917"><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 ratings agencies generated by AIFA,
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="HF350516F349C4AE9BB9C2042DF0E15AB"><enum>(h)</enum><header>Investment-grade
rating requirement</header>
<paragraph id="H1556D5C444814E9D971AC661619E7BFE"><enum>(1)</enum><header>Loans and loan
guarantees</header><text>The execution of a direct loan or loan guarantee under
this subtitle shall be contingent on the senior obligations of the
infrastructure project receiving an investment-grade rating.</text>
</paragraph><paragraph id="HF4C8D3B6FF404D14A4974EA8E49F8F34"><enum>(2)</enum><header>Rating of AIFA
overall portfolio</header><text>The average rating of the overall portfolio of
AIFA shall be not less than investment grade after 5 years of operation.</text>
</paragraph></subsection><subsection id="HDFB05DB75F7746DEB9CE017E36524B2A"><enum>(i)</enum><header>Terms and
repayment of direct loans</header>
<paragraph id="HE3240B40F99E490A8639DEB54D74AA18"><enum>(1)</enum><header>Schedule</header><text>The
chief executive officer shall establish a repayment schedule for each direct
loan under this subtitle, based on the projected cash flow from infrastructure
project revenues and other repayment sources.</text>
</paragraph><paragraph id="HDD079C13C88E47EA938CFF9464C24D85"><enum>(2)</enum><header>Commencement</header><text>Scheduled
loan repayments of principal or interest on a direct loan under this subtitle
shall commence not later than 5 years after the date of substantial completion
of the infrastructure project, as determined by the chief executive officer of
AIFA.</text>
</paragraph><paragraph id="HA2B5F5A39D224955A5E0686568385E98"><enum>(3)</enum><header>Deferred
payments of direct loans</header>
<subparagraph id="HDDB885E7657F4044A2A5E29FCF39E91B"><enum>(A)</enum><header>Authorization</header><text>If,
at any time after the date of substantial completion of an infrastructure
project assisted under this subtitle, the infrastructure project is unable to
generate sufficient revenues to pay the scheduled loan repayments of principal
and interest on the direct loan under this subtitle, 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="H59CABB08D1F844619A25D8FD3D024AE1"><enum>(B)</enum><header>Interest</header><text>Any
payment deferred under subparagraph (A) shall—</text>
<clause id="HEBF3A379796F481CB163CF8125470283"><enum>(i)</enum><text>continue to accrue
interest, in accordance with the terms of the obligation, until fully repaid;
and</text>
</clause><clause id="HD5C015D4AD1947A7B9B47BAD71AF30DF"><enum>(ii)</enum><text>be
scheduled to be amortized over the remaining term of the loan.</text>
</clause></subparagraph><subparagraph id="HADE5B3F35AFF48EAAA8D78D1D3A57CC1"><enum>(C)</enum><header>Criteria</header>
<clause id="HF8FFA0D6F7384E03BE75FB6BEEFCCC6D"><enum>(i)</enum><header>In
general</header><text>Any payment deferral under subparagraph (A) shall be
contingent on the infrastructure project meeting criteria established by the
Board of Directors.</text>
</clause><clause id="H316B781A860F425686CD193917238A5B"><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 id="H230BD405FF22463FA012D06A9667D7A2"><enum>(4)</enum><header>Prepayment of
direct loans</header>
<subparagraph id="H0064FC70ABB5498285666955311E7B8A"><enum>(A)</enum><header>Use of excess
revenues</header><text>Any excess revenues that remain after satisfying
scheduled debt service requirements on the 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 subtitle may be applied annually to prepay the direct loan, without
penalty.</text>
</subparagraph><subparagraph id="H3002AD5ABC8546A8A6744E9BA087A0F5"><enum>(B)</enum><header>Use of proceeds
of refinancing</header><text>A direct loan under this subtitle may be prepaid
at any time, without penalty, from the proceeds of refinancing from non-Federal
funding sources.</text>
</subparagraph></paragraph><paragraph id="HEDBD56CED7474E99A04AB2DC6D380B70"><enum>(5)</enum><header>Sale of direct
loans</header>
<subparagraph id="H6D092438D45D400DA60101275745B20E"><enum>(A)</enum><header>In
general</header><text>As soon as is practicable after substantial completion of
an infrastructure project assisted under this subtitle, and after notifying the
obligor, the chief executive officer may sell to another entity, or reoffer
into the capital markets, a direct loan for the infrastructure project, if the
chief executive officer determines that the sale or reoffering can be made on
favorable terms for the taxpayer.</text>
</subparagraph><subparagraph id="H251E7B785F3844A1B1F5486469E96174"><enum>(B)</enum><header>Consent of
obligor</header><text>In making a sale or reoffering under subparagraph (A),
the chief executive officer may not change the original terms and conditions of
the direct loan, without the written consent of the obligor.</text>
</subparagraph></paragraph></subsection><subsection id="H24C9D1E9958743D7BA6E5E05BF66AFDD"><enum>(j)</enum><header>Loan
guarantees</header>
<paragraph id="H7F91F3FACA754D08BBF54A92D1942908"><enum>(1)</enum><header>Terms</header><text>The
terms of a loan guaranteed by AIFA under this subtitle shall be consistent with
the terms set forth in this subtitle for a direct loan, except that the rate on
the guaranteed loan and any payment, pre-payment, or refinancing features shall
be negotiated between the obligor and the lender, with the consent of the chief
executive officer.</text>
</paragraph><paragraph id="HBDC134DA51CF43BEBADC141D5566350C"><enum>(2)</enum><header>Guaranteed
lender</header><text>A guaranteed lender shall be limited to those lenders
meeting the definition of that term in section 601(a) of title 23, United
States Code.</text>
</paragraph></subsection><subsection id="H90A620EC28C14F0BB802FAC25B2DE167"><enum>(k)</enum><header>Compliance with
FCRA—In general</header><text>Direct loans and loan guarantees authorized by
this subtitle shall be subject to the provisions of the Federal Credit Reform
Act of 1990 (2 U.S.C. 661 et seq.).</text>
</subsection></section><section id="H2955BC3644184429B81570C1DA4EB553"><enum>134.</enum><header>Compliance and
enforcement</header>
<subsection id="HC3D69562D4334635B765C20E04306A6F"><enum>(a)</enum><header>Credit
agreement</header><text>Notwithstanding any other provision of law, each
eligible entity that receives assistance under this subtitle from AIFA shall
enter into a credit agreement that requires such entity to comply with all
applicable policies and procedures of AIFA, in addition to all other provisions
of the loan agreement.</text>
</subsection><subsection id="H43833301AD7E4D8F9C537DE68E441A25"><enum>(b)</enum><header>AIFA authority
on noncompliance</header><text>In any case in which a recipient of assistance
under this subtitle is materially out of compliance with the loan agreement, or
any applicable policy or procedure of AIFA, the Board of Directors may take
action to cancel unutilized loan amounts, or to accelerate the repayment terms
of any outstanding obligation.</text>
</subsection><subsection id="H6C0057946B1A4195A39F53042C38AC01"><enum>(c)</enum><header>Rule of
construction</header><text>Nothing in this subtitle is intended to affect
existing provisions of law applicable to the planning, development,
construction, or operation of projects funded under this subtitle.</text>
</subsection></section><section id="HD3BE5FB0C67E47C896DE50BEBB75475F"><enum>135.</enum><header>Audits; reports
to the President and Congress</header>
<subsection id="H31A1529497CF4BD4A4300C455CDAA3E9"><enum>(a)</enum><header>Accounting</header><text>The
books of account of AIFA shall be maintained in accordance with generally
accepted accounting principles, and shall be subject to an annual audit by
independent public accountants of nationally recognized standing appointed by
the Board of Directors.</text>
</subsection><subsection id="HED2E6C1837AF4842A2E2A652CDE0A230"><enum>(b)</enum><header>Reports</header>
<paragraph id="HD442BACF06E9428191DC294114A6F1C2"><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 id="H870338F89546474585F1B72994BB4FF6"><enum>(A)</enum><text>a summary of the
operations of AIFA, for such fiscal year;</text>
</subparagraph><subparagraph id="HD7F202442E6D4CD9BCCAA1094CF1C507"><enum>(B)</enum><text>a schedule of the
obligations of AIFA and capital securities outstanding at the end of such
fiscal year, with a statement of the amounts issued and redeemed or paid during
such fiscal year;</text>
</subparagraph><subparagraph id="HD866685EBF154DEF81CB5AF820A45A6A"><enum>(C)</enum><text>the status of
infrastructure projects receiving funding or other assistance pursuant to this
subtitle during such fiscal year, including all nonperforming loans, and
including disclosure of all entities with a development, ownership, or
operational interest in such infrastructure projects;</text>
</subparagraph><subparagraph id="HC8835273450D4A9E8F066CB30F26058A"><enum>(D)</enum><text>a description of
the successes and challenges encountered in lending to rural communities,
including the role of the Center for Excellence and the Office of Rural
Assistance established under this subtitle; and</text>
</subparagraph><subparagraph id="H3EB8D70462914A03B78ECE13A4D0F5B3"><enum>(E)</enum><text>an assessment of
the risks of the portfolio of AIFA, prepared by an independent source.</text>
</subparagraph></paragraph><paragraph id="H475C68C81FEB4CF0A6A808C829BF81E1"><enum>(2)</enum><header>GAO</header><text>Not
later than 5 years after the date of the enactment of this Act, the Comptroller
General of the United States shall conduct an evaluation of, and shall submit
to Congress a report on, activities of AIFA for the fiscal years covered by the
report that includes an assessment of the impact and benefits of each funded
infrastructure project, including a review of how effectively each such
infrastructure project accomplished the goals prioritized by the infrastructure
project criteria of AIFA.</text>
</paragraph></subsection><subsection id="HC69892A8253049518D0D2186010048E3"><enum>(c)</enum><header>Books and
records</header>
<paragraph id="H43C5A51682B64F2B9129B17EA9C1EE51"><enum>(1)</enum><header>In
general</header><text>AIFA shall maintain adequate books and records to support
the financial transactions of AIFA, with a description of financial
transactions and infrastructure projects receiving funding, and the amount of
funding for each such project maintained on a publically accessible
database.</text>
</paragraph><paragraph id="H6EAD6A7684DE4AC58E64A29C4D3E7D4E"><enum>(2)</enum><header>Audits by the
Secretary and GAO</header><text>The books and records of AIFA shall at all
times be open to inspection by the Secretary of the Treasury, the Special
Inspector General, and the Comptroller General of the United States.</text>
</paragraph></subsection></section><section id="H358AD77CDE9C4CAB95057459AC765AE6"><enum>136.</enum><header>Administrative
fees</header>
<subsection id="H14BBAE1DA7BD4AC4A64A88066D585BCD"><enum>(a)</enum><header>In
general</header><text>In addition to fees that may be collected under section
133(e), the chief executive officer shall establish and collect fees from
eligible funding recipients with respect to loans and loan guarantees under
this subtitle that—</text>
<paragraph id="H175571AE1AAD4BFDAC84A2C095C9882C"><enum>(1)</enum><text>are sufficient to
cover all or a portion of the administrative costs to the Federal Government
for the operations of AIFA, including the costs of expert firms, including
counsel in the field of municipal and project finance, and financial advisors
to assist with underwriting, credit analysis, or other independent reviews, as
appropriate;</text>
</paragraph><paragraph id="H43004966350E45D6AD25A5F528A663EF"><enum>(2)</enum><text>may be in the form
of an application or transaction fee, or other form established by the CEO;
and</text>
</paragraph><paragraph id="H5B559BCAB6C8479BA3070AD5CC3D1B6B"><enum>(3)</enum><text>may be based on
the risk premium associated with the loan or loan guarantee, taking into
consideration—</text>
<subparagraph id="H156273C13F7D436C996B3A0B6A0A0EC1"><enum>(A)</enum><text>the price of
United States Treasury obligations of a similar maturity;</text>
</subparagraph><subparagraph id="HA1D81CE43A764966850C154FB98EC7F0"><enum>(B)</enum><text>prevailing market
conditions;</text>
</subparagraph><subparagraph id="H8EA3E275ABBC4F8B83813CF76162B0E7"><enum>(C)</enum><text>the ability of the
infrastructure project to support the loan or loan guarantee; and</text>
</subparagraph><subparagraph id="H1D8782D8E74F463FB5404721761B6D04"><enum>(D)</enum><text>the total amount
of the loan or loan guarantee.</text>
</subparagraph></paragraph></subsection><subsection id="H88DBDDF71A9E42B39D6E7423C3BC06FF"><enum>(b)</enum><header>Availability of
amounts</header><text>Amounts collected under paragraphs (1), (2), and (3) of
subsection (a) shall be available without further action; provided further,
that the source of fees paid under this section shall not be a loan or debt
obligation guaranteed by the Federal Government.</text>
</subsection></section><section id="H9E72844414164FBB98C49E572D586680"><enum>137.</enum><header>Efficiency of
AIFA</header><text display-inline="no-display-inline">The chief executive
officer shall, to the extent possible, take actions consistent with this
subtitle to minimize the risk and cost to the taxpayer of AIFA activities. Fees
and premiums for loan guarantee or insurance coverage will be set at levels
that minimize administrative and Federal credit subsidy costs to the Government
(as defined in section 502 of the Federal Credit Reform Act of 1990) of such
coverage, while supporting achievement of the program’s objectives, consistent
with policies as set forth in the Business Plan.</text>
</section><section id="H65F9F632C9434BD5AF0D9811C683C9C5"><enum>138.</enum><header>Funding</header><text display-inline="no-display-inline">There is appropriated to AIFA to carry out
this subtitle, for the cost of direct loans and loan guarantees subject to the
limitations under section 132, and for administrative costs, $10,000,000,000,
to remain available until expended. Such costs, including the costs of
modifying such loans, shall be as defined in section 502 of the Federal Credit
Reform Act of 1990. Of this amount, not more than $25,000,000 for each of
fiscal years 2012 through 2013, and not more than $50,000,000 for fiscal year
2014 may be used for administrative costs of AIFA. Not more than 5 percent of
such amount shall be used to offset subsidy costs associated with rural
projects. Amounts authorized shall be available without further action.</text>
</section></subtitle><subtitle id="id6777461EA6D14E97B3FB3ADBAA461C57"><enum>C</enum><header>Extension of
exemption from alternative minimum tax treatment for certain tax-exempt
bonds</header>
<section id="idC491D1DE9AA0469695B8F4475305988B"><enum>141.</enum><header>Extension of
exemption from alternative minimum tax treatment for certain tax-exempt
bonds</header>
<subsection id="HFD9F4556E6184154AC4D081303C54B21"><enum>(a)</enum><header>In
general</header><text>Clause (vi) of section 57(a)(5)(C) of the Internal
Revenue Code of 1986 is amended—</text>
<paragraph id="H839F237B55CF4082830C128BD4885865"><enum>(1)</enum><text>by striking
<quote>January 1, 2011</quote> in subclause (I) and inserting <quote>January 1,
2013</quote>; and</text>
</paragraph><paragraph id="H16119A64894C4632A245C97FCC982EB0"><enum>(2)</enum><text>by striking
<quote><header-in-text level="subclause">and 2010</header-in-text></quote> in
the heading and inserting <quote><header-in-text level="subclause">, 2010,
2011, and 2012</header-in-text></quote>.</text>
</paragraph></subsection><subsection id="H14882806C13D492BA09C03EAA38DA12B"><enum>(b)</enum><header>Adjusted current
earnings</header><text>Clause (iv) of section 56(g)(4)(B) of the Internal
Revenue Code of 1986 is amended—</text>
<paragraph id="H0568191DA26E4406831DFAA3C523E34B"><enum>(1)</enum><text>by striking
<quote>January 1, 2011</quote> in subclause (I) and inserting <quote>January 1,
2013</quote>; and</text>
</paragraph><paragraph id="HE2971375FF824B4C87B4C292A00EB0D5"><enum>(2)</enum><text>by striking
<quote><header-in-text level="subclause">and 2010</header-in-text></quote> in
the heading and inserting <quote><header-in-text level="subclause">, 2010,
2011, and 2012</header-in-text></quote>.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="HB2BC66B7DF66414290140263D48E67C3"><enum>(c)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to
obligations issued after December 31, 2010.</text>
</subsection></section></subtitle><enum>II</enum><header>Surtax on
Millionaires</header>
<section display-inline="no-display-inline" id="HA28A15FC25DD45F4BA246FB84F76BC65" section-type="subsequent-section"><enum>201.</enum><header>Surtax on
millionaires</header>
<subsection id="H1AF74AB15367443E847AF49218D439E1"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Subchapter A of
chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end
the following new part:</text>
<quoted-block display-inline="no-display-inline" id="H68B3E5ED711A460899A59259AD8FEE8E" style="OLC">
<part id="HE68ADC46065E49E29EAD319B3A46EF9A"><enum>VIII</enum><header>Surtax on
millionaires</header>
<toc container-level="subpart-container" idref="HE68ADC46065E49E29EAD319B3A46EF9A" lowest-bolded-level="division-lowest-bolded" lowest-level="section" quoted-block="no-quoted-block" regeneration="yes-regeneration">
<toc-entry idref="H7C1EBF7ADD474F3887944D5F3CCAB13C" level="section">Sec. 59B. Surtax on millionaires.</toc-entry>
</toc>
<section id="H7C1EBF7ADD474F3887944D5F3CCAB13C"><enum>59B.<?LEXA-Enum 59B.?></enum><header>Surtax on millionaires</header>
<subsection id="H522C22D8E2304DAF939665731F5591A5"><enum>(a)</enum><header>General
rule</header><text>In the case of a taxpayer other than a corporation for any
taxable year beginning after 2012, there is hereby imposed (in addition to any
other tax imposed by this subtitle) a tax equal to 0.7 percent of so much of
the modified adjusted gross income of the taxpayer for such taxable year as
exceeds $1,000,000 ($500,000, in the case of a married individual filing a
separate return).</text>
</subsection><subsection id="H11C18879FB5A4656B664B81F53DEEB24"><enum>(b)</enum><header>Inflation
adjustment</header>
<paragraph id="HA439353630A34CD7BEB4B5068B7263AB"><enum>(1)</enum><header>In
general</header><text>In the case of any taxable year beginning after 2013,
each dollar amount under subsection (a) shall be increased by an amount equal
to—</text>
<subparagraph id="H1A3A41F648964D5E8C2E89BADEEC67E3"><enum>(A)</enum><text>such dollar
amount, multiplied by</text>
</subparagraph><subparagraph id="HAE4E61F14D9B411587A6BC48C3B794E8"><enum>(B)</enum><text>the cost-of-living
adjustment determined under section 1(f)(3) for the calendar year in which the
taxable year begins, determined by substituting <quote>calendar year
2011</quote> for <quote>calendar year 1992</quote> in subparagraph (B)
thereof.</text>
</subparagraph></paragraph><paragraph id="H4D5466E1E6BE4AD8B01FE86F4CA669BD"><enum>(2)</enum><header>Rounding</header><text>If
any amount as adjusted under paragraph (1) is not a multiple of $10,000, such
amount shall be rounded to the next highest multiple of $10,000.</text>
</paragraph></subsection><subsection id="id7A9A10052B9042A0968F7439C651213B"><enum>(c)</enum><header>Modified
adjusted gross income</header><text>For purposes of this section, the term
<term>modified adjusted gross income</term> means adjusted gross income reduced
by any deduction (not taken into account in determining adjusted gross income)
allowed for investment interest (as defined in section 163(d)). In the case of
an estate or trust, adjusted gross income shall be determined as provided in
section 67(e).</text>
</subsection><subsection id="HFA8AA1245BC645B7A981845A6CC111B8"><enum>(d)</enum><header>Special
rules</header>
<paragraph id="H91056A08DFAD4A3A8288EF192827451F"><enum>(1)</enum><header>Nonresident
alien</header><text display-inline="yes-display-inline">In the case of a
nonresident alien individual, only amounts taken into account in connection
with the tax imposed under section 871(b) shall be taken into account under
this section.</text>
</paragraph><paragraph id="HE209317559AE4E23A1DA7DBBB99D7BDA"><enum>(2)</enum><header>Citizens and
residents living abroad</header><text>The dollar amount in effect under
subsection (a) shall be decreased by the excess of—</text>
<subparagraph id="H6E27F8680FA049258B36663D24BE3896"><enum>(A)</enum><text>the amounts
excluded from the taxpayer’s gross income under section 911, over</text>
</subparagraph><subparagraph id="H7531001F71C84E82A887592694AEC1CE"><enum>(B)</enum><text display-inline="yes-display-inline">the amounts of any deductions or exclusions
disallowed under section 911(d)(6) with respect to the amounts described in
subparagraph (A).</text>
</subparagraph></paragraph><paragraph id="HA4587652828F4C6DBC43739FF0CF8984"><enum>(3)</enum><header>Charitable
trusts</header><text display-inline="yes-display-inline">Subsection (a) shall
not apply to a trust all the unexpired interests in which are devoted to one or
more of the purposes described in section 170(c)(2)(B).</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="HBD3512E2CD7D47C0A4F86D17D52EB726"><enum>(4)</enum><header>Not treated as
tax imposed by this chapter for certain purposes</header><text display-inline="yes-display-inline">The tax imposed under this section shall
not be treated as tax imposed by this chapter for purposes of determining the
amount of any credit under this chapter or for purposes of section
55.</text>
</paragraph></subsection></section></part><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H5D9653923D384E51BBBC336A41E29DC7"><enum>(b)</enum><header>Clerical
amendment</header><text display-inline="yes-display-inline">The table of parts
for subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended
by adding at the end the following new item:</text>
<quoted-block display-inline="no-display-inline" id="HCD459A5EF1C64C258A4645DBA9351A0B" style="OLC">
<toc regeneration="no-regeneration">
<toc-entry level="subpart">Part VIII. Surtax on
millionaires.</toc-entry>
</toc>
<after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection display-inline="no-display-inline" id="H5E1A86FC968B49B1B50DCA1A6C1E2B1D"><enum>(c)</enum><header>Section 15 not
to apply</header><text>The amendment made by subsection (a) shall not be
treated as a change in a rate of tax for purposes of section 15 of the Internal
Revenue Code of 1986.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H1037A56D9D63420793B242ED2124B414"><enum>(d)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to taxable
years beginning after December 31, 2012.</text>
</subsection></section>
November 1, 2011
Read the second time and placed on the
calendar