1.Short
title; table of contents
(a)This Act may be cited as the Building and Upgrading Infrastructure for Long-Term
Development
.
(b)The table of contents for this Act is as follows:
Sec. 1. Short title; table of
contents.
Sec. 2. Findings and purpose.
Sec. 3. Definitions.
TITLE I—American Infrastructure Financing Authority
Sec. 101. Establishment and general authority of
AIFA.
Sec. 102. Voting members of the Board of Directors.
Sec. 103. Chief executive officer of AIFA.
Sec. 104. Powers and duties of the Board of
Directors.
Sec. 105. Senior management.
Sec. 106. Special Inspector General for AIFA.
Sec. 107. Other personnel.
Sec. 108. Compliance.
TITLE II—Terms and limitations on direct loans and loan
guarantees
Sec. 201. Eligibility criteria for assistance from AIFA and
terms and limitations of loans.
Sec. 202. Loan terms and repayment.
Sec. 203. Compliance and enforcement.
Sec. 204. Audits; reports to the President and
Congress.
TITLE III—Funding of AIFA
Sec. 301. Fees.
Sec. 302. Self-sufficiency of AIFA.
Sec. 303. Funding.
Sec. 304. Contract authority.
TITLE IV—Extension of exemption from alternative minimum tax
treatment for certain tax-exempt bonds
Sec. 401. Extension of exemption from alternative minimum tax
treatment for certain tax-exempt bonds.
2.
(a)Congress finds that—
(1)infrastructure
has always been a vital element of the economic strength of the United States
and a key indicator of the international leadership of the United
States;
(2)the Erie Canal,
the Hoover Dam, the railroads, and the interstate highway system are all
testaments to American ingenuity and have helped propel and maintain the United
States as the world’s largest economy;
(3)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 Quality of overall infrastructure
category of the same
report, the United States ranked twenty-third in the world;
(4)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;
(5)according to a
January 2009 report from the University of Massachusetts/Alliance for American
Manufacturing entitled Employment, Productivity and Growth,
infrastructure investment is a highly effective engine of job
creation
such that $1,000,000,000 in new investment in infrastructure
results in 18,000 total jobs;
(6)according to the
American Society of Civil Engineers, the current condition of the
infrastructure in the United States earns a grade point average of D, and an
estimated $2,200,000,000,000 investment is needed over the next 5 years to
bring American infrastructure up to adequate condition;
(7)according to the
National Surface Transportation Policy and Revenue Study Commission,
$225,000,000,000 is needed annually from all sources for the next 50 years to
upgrade the United States surface transportation system to a state of good
repair and create a more advanced system;
(8)the current
infrastructure financing mechanisms of the United States, both on the Federal
and State level, will fail to meet current and foreseeable demands and will
create large funding gaps;
(9)published reports
state that there may not be enough demand for municipal bonds to maintain the
same level of borrowing at the same rates, resulting in significantly decreased
infrastructure investment at the State and local level;
(10)current funding
mechanisms are not readily scalable and do not—
(A)serve large
in-State or cross jurisdiction infrastructure projects, projects of regional or
national significance, or projects that cross sector silos;
(B)sufficiently
catalyze private sector investment; or
(C)ensure the
optimal return on public resources;
(11)although grant
programs of the 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;
(12)the capital
markets, including pension funds, private equity funds, mutual funds, sovereign
wealth funds, and other investors, have a growing interest in infrastructure
investment and represent hundreds of billions of dollars of potential
investment; and
(13)the
establishment of a 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.
(b)The purpose of this Act is to facilitate
investment in, and long-term financing of, economically viable infrastructure
projects of regional or national significance in a manner that both complements
existing Federal, State, local, and private funding sources for these projects
and introduces a merit-based system for financing such projects, in order to
mobilize significant private sector investment, create jobs, and ensure United
States competitiveness through a self-sustaining institution that limits the
need for ongoing Federal funding.
3.For purposes of this Act, the following
definitions shall apply:
(1)The
term AIFA means the American Infrastructure Financing Authority
established under this Act.
(2)The term blind trust means a trust in which
the beneficiary has no knowledge of the specific holdings and no rights over
how those holdings are managed by the fiduciary of the trust prior to the
dissolution of the trust.
(3)The term Board of Directors means Board of
Directors of AIFA.
(4)The
term Chairperson means the Chairperson of the Board of Directors
of AIFA.
(5)The term chief executive officer means the
chief executive officer of AIFA, appointed under section 103.
(6)The
term cost
has the same meaning as in section 502 of the Federal
Credit Reform Act of 1990 (2 U.S.C. 661a).
(7)The term direct loan
has the same meaning as
in section 502 of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a).
(8)The term eligible entity means an individual,
corporation, partnership (including a public-private partnership), joint
venture, trust, State, or other governmental entity, including a political
subdivision or any other instrumentality of a State, or a revolving
fund.
(9)
(A)The term eligible infrastructure project
means any transportation, water, or energy infrastructure project, or an
aggregation of such infrastructure projects, as provided in this Act.
(B)Transportation
infrastructure projectThe term transportation
infrastructure project means the construction, alteration, or repair,
including the facilitation of intermodal transit, of the following
subsectors:
(i)Highway or
road.
(ii)Bridge.
(iii)Mass
transit.
(iv)Inland
waterways.
(v)Commercial
ports.
(vi)Airports.
(vii)Air traffic
control systems.
(viii)Passenger
rail, including high-speed rail.
(ix)Freight rail
systems.
(C)Water
infrastructure projectThe term water infrastructure
project means the construction, consolidation, alteration, or repair of
the following subsectors:
(i)Water waste
treatment facility.
(ii)Storm water
management system.
(iii)Dam.
(iv)Solid waste
disposal facility.
(v)Levee.
(vi)Open space
management system.
(D)Energy
infrastructure projectThe term energy infrastructure
project means the construction, alteration, or repair of the following
subsectors:
(i)Pollution reduced
energy generation.
(ii)Transmission and
distribution.
(iii)Storage.
(iv)Energy
efficiency enhancements for buildings, including public and commercial
buildings.
(E)Board authority
to modify subsectorsThe Board of Directors may make
modifications, at the discretion of the Board, to the subsectors described in
this paragraph by a vote of not fewer than 5 of the voting members of the Board
of Directors.
(10)The term investment-grade rating means a
rating of BBB minus, Baa3, or higher assigned to an infrastructure project by a
ratings agency.
(11)The term loan guarantee
has the same
meaning as in section 502 of the Federal Credit Reform Act of 1990 (2 U.S.C.
661a).
(12)Public-private
partnershipThe term public-private partnership
means any eligible entity—
(A)(i)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
(ii)the activities of which, with
respect to such an infrastructure project, are subject to regulation by a State
or any instrumentality of a State;
(B)which owns,
leases, or operates or will own, lease, or operate, the project in whole or in
part; and
(C)the participants
in which include not fewer than 1 nongovernmental entity with significant
investment and some control over the project or project vehicle.
(13)Rural
infrastructure projectThe term rural infrastructure
project means an infrastructure project in a rural area, as that term is
defined in section 343(a)(13)(A) of the Consolidated Farm and Rural Development
Act (7 U.S.C. 1991(a)(13)(A)).
(14)Unless
the context otherwise requires, the term Secretary means the
Secretary of the Treasury or the designee thereof.
(15)The term senior management means the
chief financial officer, chief risk officer, chief compliance officer, general
counsel, chief lending officer, and chief operations officer of AIFA
established under section 105, and such other officers as the Board of
Directors may, by majority vote, add to senior management.
(16)The
term State 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.
<enum>I</enum><header>American
Infrastructure Financing Authority</header>
<section id="ID50d5d672ed89409cad0acb7bb2a9ca8e"><enum>101.</enum><header>Establishment
and general authority of AIFA</header>
<subsection id="IDcc351bfff66547079e491dee1560cd02"><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="id17F1F8A8F05E40279720002A5A8FE41F"><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 Act.</text>
</subsection><subsection id="IDabfa7203a4bd4d648959aeaf33512c09"><enum>(c)</enum><header>Incorporation</header>
<paragraph id="idB44C4792638B4293A65BC298EB00B5D5"><enum>(1)</enum><header>In
general</header><text>The Board of Directors first appointed shall be deemed
the incorporator of 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="id6D10BEF51C2C44F9AE99DBF41CDEDCA3"><enum>(2)</enum><header>Corporate
office</header><text>AIFA shall—</text>
<subparagraph id="id66E0D4F69FAE4C3DB95C5511C7C272A4"><enum>(A)</enum><text display-inline="yes-display-inline">maintain an office in Washington, DC;
and</text>
</subparagraph><subparagraph id="id6E5E770E33734E419B28FF98C3B297F9"><enum>(B)</enum><text display-inline="yes-display-inline">for purposes of venue in civil actions, be
considered to be a resident of Washington, DC.</text>
</subparagraph></paragraph></subsection><subsection id="ID39cb842f08974bcea5d19fb132e8d470"><enum>(d)</enum><header>Responsibility
of the Secretary</header><text>The Secretary shall take such action as may be
necessary to assist in implementing AIFA, and in carrying out the purpose of
this Act.</text>
</subsection><subsection commented="no" id="ID86ecf9fcdf8c4a4ca05a4ca187f84e2e"><enum>(e)</enum><header>Rule of
Construction</header><text>Chapter 91 of title 31, United States Code, does not
apply to AIFA, unless otherwise specifically provided in this Act.</text>
</subsection></section><section id="IDbbc8e511b9d64371af1475b0ddb7c852"><enum>102.</enum><header>Voting members
of the Board of Directors</header>
<subsection id="IDbecb4b94c31646a8afc19013270c88bb"><enum>(a)</enum><header>Voting
Membership of the board of directors</header>
<paragraph id="ID8c5ac698f7e94dc0b0e13b022640224c"><enum>(1)</enum><header>In
general</header><text>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="id07879D952DE2433CB4C6C68A6191E3AE"><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 thereof.</text>
</paragraph><paragraph id="id7A31714C657B4C1EBBCBE57413736967"><enum>(3)</enum><header>Congressional
recommendations</header><text>Not later than 30 days after the date of
enactment of this Act, the majority leader of the Senate, the minority leader
of the Senate, the Speaker of the House of Representatives, and the minority
leader of the House of Representatives shall each submit a recommendation to
the President for appointment of a member of the Board of Directors, after
consultation with the appropriate committees of Congress.</text>
</paragraph></subsection><subsection id="IDd20d62ce496049d1800b7a08ac5abfc1"><enum>(b)</enum><header>Voting
rights</header><text>Each voting member of the Board of Directors shall have an
equal vote in all decisions of the Board of Directors.</text>
</subsection><subsection id="ID21cb6fac0b2e42f7b37ca865e009efbc"><enum>(c)</enum><header>Qualifications
of voting members</header><text>Each voting member of the Board of Directors
shall—</text>
<paragraph id="ID2ce2c31bce4944769a2d7827a7245b2f"><enum>(1)</enum><text>be a citizen of
the United States; and</text>
</paragraph><paragraph id="ID46c07b31987e47a9a2d26879a619329a"><enum>(2)</enum><text>have significant
demonstrated expertise in—</text>
<subparagraph id="idE2694A67B2024273AF5BFE71A4321B94"><enum>(A)</enum><text>the management
and administration of a financial institution relevant to the operation of
AIFA; or</text>
</subparagraph><subparagraph id="id40EFB64A44994485988C948B0B5ACCF8"><enum>(B)</enum><text>the financing,
development, or operation of infrastructure projects.</text>
</subparagraph></paragraph></subsection><subsection id="ID3cba52f050f74d47a17c4947a4bc6b42"><enum>(d)</enum><header>Terms</header>
<paragraph id="IDffccd7b7529f425da6f3eb5f1dc0cf9b"><enum>(1)</enum><header>In
general</header><text>Except as otherwise provided in this Act, each voting
member of the Board of Directors shall be appointed for a term of 4
years.</text>
</paragraph><paragraph id="ID4921b6971eb843d5a6c0e0ca0ed05922"><enum>(2)</enum><header>Initial
staggered terms</header><text>Of the voting members first appointed to the
Board of Directors—</text>
<subparagraph id="id1A21C45896954D58844359BB44D2DEFB"><enum>(A)</enum><text>the initial
Chairperson and 3 of the other voting members shall each be appointed for a
term of 4 years; and</text>
</subparagraph><subparagraph id="idD3143AE136174626A74E131BDE31252A"><enum>(B)</enum><text>the remaining 3
voting members shall each be appointed for a term of 2 years.</text>
</subparagraph></paragraph><paragraph commented="no" id="ID5c0369bc9b044abdbfaf3e30e61e484b"><enum>(3)</enum><header>Date of initial
nominations</header><text>The initial nominations for the appointment of all
voting members of the Board of Directors shall be made not later than 60 days
after the date of enactment of this Act.</text>
</paragraph><paragraph id="IDbb9aacf39b6b41adb534d75eba91f992"><enum>(4)</enum><header>Beginning of
term</header><text>The term of each of the initial voting members appointed
under this section shall commence immediately upon the date of appointment,
except that, for purposes of calculating the term limits specified in this
subsection, the initial terms shall each be construed as beginning on January
22 of the year following the date of the initial appointment.</text>
</paragraph><paragraph id="IDf5f44d6b0473428fa00e63e331dac72d"><enum>(5)</enum><header>Vacancies</header><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="IDc5edf5f849624c3ab5996bed8c666582"><enum>(e)</enum><header>Meetings</header>
<paragraph id="IDa7f8495d192949b49a2b7d543357f3bf"><enum>(1)</enum><header>Open to the
public; notice</header><text>Except as provided in paragraph (3), all meetings
of the Board of Directors shall be—</text>
<subparagraph id="id4A5B4A49D055434E952360748A96B99D"><enum>(A)</enum><text>open to the
public; and</text>
</subparagraph><subparagraph id="idEF963D7FBDAD41C1A2E2AF8318429B82"><enum>(B)</enum><text>preceded by
reasonable public notice.</text>
</subparagraph></paragraph><paragraph id="IDb221c32f032241f28b08e5b89bceb586"><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 commented="no" display-inline="no-display-inline" id="IDc8b62041a7444edd86339d55d386fa9e"><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="ID981a60cff1ba4a35a4b7dea334e0fd9b"><enum>(4)</enum><header>Quorum</header><text>For
purposes of meetings of the Board of Directors, 5 voting members of the Board
of Directors shall constitute a quorum.</text>
</paragraph></subsection><subsection id="id0C57EF77879048B598FA3AEB553396B5"><enum>(f)</enum><header>Compensation of
members</header><text>Each voting member of the Board of Directors shall be
compensated at a rate equal to the daily equivalent of the annual rate of basic
pay prescribed for level III of the Executive Schedule under section 5314 of
title 5, United States Code, for each day (including travel time) during which
the member is engaged in the performance of the duties of the Board of
Directors.</text>
</subsection><subsection id="IDd103cc5f9dbc442398adec7e354adf2c"><enum>(g)</enum><header>Conflicts of
interest</header><text>A voting member of the Board of Directors may not
participate in any review or decision affecting an infrastructure project under
consideration for assistance under this Act, if the member has or is affiliated
with an entity who has a financial interest in such project.</text>
</subsection></section><section id="ID74fe7403b9714e00954f5866021cc537"><enum>103.</enum><header>Chief
executive officer of AIFA</header>
<subsection commented="no" id="IDd12c3b7df5c74c31a483066c0fa52303"><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="idDC549E66FD0C4F248FBE7D790D7AC568"><enum>(b)</enum><header>Appointment and
tenure of the chief executive officer</header>
<paragraph id="idD348BF79A6754A65BF116BA8AC2F2BF1"><enum>(1)</enum><header>In
general</header><text>The President shall appoint the chief executive officer,
by and with the advice and consent of the Senate.</text>
</paragraph><paragraph id="id4C41D6BF783148EF8B1F7C7D2B61ACDA"><enum>(2)</enum><header>Term</header><text>The
chief executive officer shall be appointed for a term of 6 years.</text>
</paragraph><paragraph id="id9141C737C67F43F3A5F68EFBE928E53E"><enum>(3)</enum><header>Vacancies</header><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="IDefd16aeeea30464ba2cac152352f5279"><enum>(c)</enum><header>Qualifications</header><text>The
chief executive officer—</text>
<paragraph id="id086E1656A33E4639A7D882B0ABC3547B"><enum>(1)</enum><text>shall have
significant expertise in management and administration of a financial
institution, or significant expertise in the financing and development of
infrastructure projects; and</text>
</paragraph><paragraph id="id4D8C3FD801FA41C6B8B8DC2BC6108D3F"><enum>(2)</enum><text>may not—</text>
<subparagraph id="ID7cc9a35846554c739148cbb04e04d9ae"><enum>(A)</enum><text>hold any other
public office;</text>
</subparagraph><subparagraph commented="no" id="ID4a29d91bed4240b482dbc49c5c07552f"><enum>(B)</enum><text>have any
financial interest in an infrastructure project then being considered by the
Board of Directors, unless that interest is placed in a blind trust; or</text>
</subparagraph><subparagraph commented="no" id="ID4d94e5620fef47b8b374ad41f113ae7d"><enum>(C)</enum><text>have any
financial interest in an investment institution or its affiliates or any other
entity seeking or likely to seek financial assistance for any 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="ID1ea36d1286064bff80fcb9de13dabf7f"><enum>(d)</enum><header>Responsibilities</header><text>The
chief executive officer shall have such executive functions, powers, and duties
as may be prescribed by this Act, the bylaws of AIFA, or the Board of
Directors, including—</text>
<paragraph id="ID09718b01069541a69fb82d3225f1cf98"><enum>(1)</enum><text>responsibility
for the development and implementation of the strategy of AIFA,
including—</text>
<subparagraph id="ID06c7b6811aff4900a8432d8d47fcd8a4"><enum>(A)</enum><text>the development
and submission to the Board of Directors of the annual business plans and
budget;</text>
</subparagraph><subparagraph id="ID374cf72f39fc4c3b96cc149aa5c5b427"><enum>(B)</enum><text>the development
and submission to the Board of Directors of a long-term strategic plan;
and</text>
</subparagraph><subparagraph id="ID52c4511cfa124915b930fc8f2a9969f1"><enum>(C)</enum><text>the development,
revision, and submission to the Board of Directors of internal policies;
and</text>
</subparagraph></paragraph><paragraph id="ID9b2806b89e4b4c0cb2a7c21779da82e4"><enum>(2)</enum><text>responsibility
for the management and oversight of the daily activities, decisions,
operations, and personnel of AIFA, including—</text>
<subparagraph id="IDe71328d5aacb40ceb42b4b53f1b04789"><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 commented="no" id="ID1cd2431ef423406cb9ab812787285a90"><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="IDacd5a7ea0e27498e87659aae44524d22"><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="ID3f0ed14749224dc2907e6d57adf91661"><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="ID530da7286adf4af3a638e045ac75da2d"><enum>(E)</enum><text>overseeing the
involvement of AIFA in all projects, including—</text>
<clause id="IDc3dcfc4294de47c6b7dd03a95d2d62d7"><enum>(i)</enum><text>developing
eligible projects for AIFA financial assistance;</text>
</clause><clause id="IDe81ca24777e84ce1928dfe26b5ae72ea"><enum>(ii)</enum><text>determining the
terms and conditions of all financial assistance packages;</text>
</clause><clause id="ID6ec7dae3cc884b15a00a7d0494c2d7c3"><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="ID9cca198255034c5e81271f3da60212fc"><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="ID33402a84ed964db9944bc522242077a9"><enum>(v)</enum><text>ensuring the
implementation of decisions of the Board of Directors; and</text>
</clause></subparagraph><subparagraph id="idCAC93E977E3E4B91BBB920240D3821A4"><enum>(F)</enum><text>such other
activities as may be necessary or appropriate in carrying out this Act.</text>
</subparagraph></paragraph></subsection><subsection id="ID69a4b9bca4e54c9d978f5f40c8a3cb2b"><enum>(e)</enum><header>Compensation</header>
<paragraph id="ID8fb23d2dc117457ab11645bf0033d8f4"><enum>(1)</enum><header>In
general</header><text>Any compensation assessment or recommendation by the
chief executive officer under this section shall be without regard to the
provisions of chapter 51 or subchapter III of chapter 53 of title 5, United
States Code.</text>
</paragraph><paragraph id="ID54a9d44cbf0f4c7284091121f361820e"><enum>(2)</enum><header>Considerations</header><text>The
compensation assessment or recommendation required under this subsection shall
take into account merit principles, where applicable, as well as the education,
experience, level of responsibility, geographic differences, and retention and
recruitment needs in determining compensation of personnel.</text>
</paragraph></subsection></section><section id="ID8c8d24cfba1d4fd4a8f86e85e0849c7d"><enum>104.</enum><header>Powers and
duties of the Board of Directors</header><text display-inline="no-display-inline">The Board of Directors shall—</text>
<paragraph id="IDc0f3f370ae23493b944bd1d40bd6d67c"><enum>(1)</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>
</paragraph><paragraph id="ID182c8097afc24699a5530ad3ae21eb03"><enum>(2)</enum><text>not later than
180 days after the date on which all members are appointed—</text>
<subparagraph id="ID33544cf669524f389f79e8ef80e7897f"><enum>(A)</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 Act;</text>
</subparagraph><subparagraph id="ID8a38bf4760264daea545dbbf7bf37ba1"><enum>(B)</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>
</subparagraph><subparagraph id="ID227065b3150d492c8d1dcd0593487355"><enum>(C)</enum><text>develop and
approve, in consultation with senior management, a conflict-of-interest policy
for the Board of Directors and for senior management;</text>
</subparagraph><subparagraph id="ID7140f3a255684ea9aa6f8656ec42f2bf"><enum>(D)</enum><text>approve or
disapprove internal policies that the chief executive officer shall submit to
the Board of Directors, including—</text>
<clause id="IDf08272517d8c42b8938fcddf79e321dc"><enum>(i)</enum><text>policies
regarding the loan application and approval process, including—</text>
<subclause id="IDf4932b95eb8548d0986ec6fa727d4b64"><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>
</subclause><subclause id="ID64e863df389b406d80ce7a92265a311a"><enum>(II)</enum><text>guidelines for
the selection and approval of projects;</text>
</subclause><subclause id="ID033e86c1146d4324b4962a216a6eda4f"><enum>(III)</enum><text>specific
criteria for determining eligibility for project selection, consistent with
title II; and</text>
</subclause><subclause id="ID8908e7af6b054df2bd57ba25bf1ec753"><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>
</subclause></clause><clause id="ID8d455f80297147a69060801a4bce0a64"><enum>(ii)</enum><text>operational
guidelines; and</text>
</clause></subparagraph><subparagraph id="IDac843893697340ee8c960506f1652626"><enum>(E)</enum><text>approve or
disapprove a 1-year business plan and budget for AIFA;</text>
</subparagraph></paragraph><paragraph id="ID88ea9c98100447d4941d01f37b5729d6"><enum>(3)</enum><text>ensure that AIFA
is at all times operated in a manner that is consistent with this Act,
by—</text>
<subparagraph id="IDeee7522a02f84037969e73d5ea3a9b58"><enum>(A)</enum><text>monitoring and
assessing the effectiveness of AIFA in achieving its strategic goals;</text>
</subparagraph><subparagraph id="ID80e166218d7e4cf484813a1a48559efb"><enum>(B)</enum><text>periodically
reviewing internal policies;</text>
</subparagraph><subparagraph id="ID35f12fde3df74775becc7452bcd75c11"><enum>(C)</enum><text>reviewing and
approving annual business plans, annual budgets, and long-term strategies
submitted by the chief executive officer;</text>
</subparagraph><subparagraph id="ID1378bc96603b41bc94bda351179f8e45"><enum>(D)</enum><text>reviewing and
approving annual reports submitted by the chief executive officer;</text>
</subparagraph><subparagraph id="ID5e76c26bf8c2470ebe40fabbf9dfb019"><enum>(E)</enum><text>engaging one or
more external auditors, as set forth in this Act; and</text>
</subparagraph><subparagraph id="ID849d151e8a3b4a5094d04c233d57c422"><enum>(F)</enum><text>reviewing and
approving all changes to the organization of senior management;</text>
</subparagraph></paragraph><paragraph id="ID9591d1c850984b6cbff316da45de3c31"><enum>(4)</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 Sates 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 paragraph, the Board shall—</text>
<subparagraph id="ID182685b443004f329b6ecfc633456e34"><enum>(A)</enum><text>consult with, and
seek to maintain comparability with, other comparable Federal personnel, as the
Secretary may deem appropriate;</text>
</subparagraph><subparagraph id="ID99702c428c124450ba827f703046bf3f"><enum>(B)</enum><text>consult with the
Office of Personnel Management; and</text>
</subparagraph><subparagraph id="IDc9d1f793ef4a4f1e8231051a0b830893"><enum>(C)</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>
</subparagraph></paragraph><paragraph id="ID86fab6c5b7d54e0ea3bb397dd911f558"><enum>(5)</enum><text>establish such
other criteria, requirements, or procedures as the Board of Directors may
consider to be appropriate in carrying out this Act;</text>
</paragraph><paragraph id="ID5b359311270346a9992205e1fa1ab273"><enum>(6)</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>
</paragraph><paragraph id="IDd6474358287640ec9d02be8f11108e71"><enum>(7)</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>
</paragraph><paragraph id="ID7afb117e9a074f3a8a64345bd8f7d2e8"><enum>(8)</enum><text>have the
authority and responsibility—</text>
<subparagraph id="ID572ee6d30972422c98157d4b2a0a5101"><enum>(A)</enum><text>to oversee
entering into and carry out such contracts, leases, cooperative agreements, or
other transactions as are necessary to carry out this Act with—</text>
<clause id="ID5dd21b2b714943109f21b7ef30b1cd03"><enum>(i)</enum><text>any
Federal department or agency;</text>
</clause><clause id="ID745c42e4ad374b8cbc63beb2137cb57d"><enum>(ii)</enum><text>any State,
territory, or possession (or any political subdivision thereof, including State
infrastructure banks) of the United States; and</text>
</clause><clause id="ID3d8f5574c4e049aea295512b9890c955"><enum>(iii)</enum><text>any individual,
public-private partnership, firm, association, or corporation;</text>
</clause></subparagraph><subparagraph id="ID5eb51812f9044164abbc783b0627564b"><enum>(B)</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>
</subparagraph><subparagraph id="IDbc43e39465a341648372c7c7bb365da8"><enum>(C)</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>
</subparagraph><subparagraph id="ID4fed525f6df6499ab531f277bc651bb9"><enum>(D)</enum><text>to execute, in
accordance with applicable bylaws and regulations, appropriate
instruments;</text>
</subparagraph><subparagraph id="ID8138e2e15ed74e5eb7e1fb1e6d4cc25b"><enum>(E)</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
Act and terms set forth in title II;</text>
</subparagraph><subparagraph id="ID5dc27baf65d842adbfeca77bcdb62436"><enum>(F)</enum><text>to exercise all
other lawful powers which are necessary or appropriate to carry out, and are
consistent with, the purposes of AIFA;</text>
</subparagraph><subparagraph id="IDa868fe7c5ef44672bb5a973393715c06"><enum>(G)</enum><text>to sue or be sued
in the corporate capacity of AIFA in any court of competent
jurisdiction;</text>
</subparagraph><subparagraph id="ID801a7ed9d92840c99f706ead39556898"><enum>(H)</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 Act;</text>
</subparagraph><subparagraph id="ID85bdf7cbd91748cea26e886c5526ba01"><enum>(I)</enum><text>to review all
financial assistance packages to all eligible infrastructure projects, as
submitted by the chief executive officer and to approve, postpone, or deny the
same by majority vote;</text>
</subparagraph><subparagraph id="IDf839fe94ca204286af2830e9d87fb8a3"><enum>(J)</enum><text>to review all
restructuring proposals submitted by the chief executive officer, including
assignation, pledging, or disposal of the interest of 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>
</subparagraph><subparagraph id="IDd8a782515b6642da91f3af31df154c3a"><enum>(K)</enum><text>to enter into
binding commitments, as specified in approved financial assistance
packages;</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="idB702B39639394BBEA9721B97B8725DF7"><enum>(9)</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>
</paragraph><paragraph id="ID7f004cd051bc422ebfa776e3a619abf3"><enum>(10)</enum><text>to approve a
maximum aggregate amount of principal exposure of AIFA at any given
time.</text>
</paragraph></section><section id="ID660375e487304d2c90141d86c9c3f262"><enum>105.</enum><header>Senior
management</header>
<subsection id="IDd153aa1672c441c88a9fefaca6ac5bff"><enum>(a)</enum><header>In
general</header><text>Senior management shall support the chief executive
officer in the discharge of the responsibilities of the chief executive
officer.</text>
</subsection><subsection id="IDae11ad14ac23470e9aeb1a45d2adf97d"><enum>(b)</enum><header>Appointment of
senior management</header><text>The chief executive officer shall appoint such
senior managers as are necessary to carry out the purpose of AIFA, as approved
by a majority vote of the voting members of the Board of Directors.</text>
</subsection><subsection id="IDd8d0b4e4145743d9bfd672debd8afbda"><enum>(c)</enum><header>Term</header><text>Each
member of senior management shall serve at the pleasure of the chief executive
officer and the Board of Directors.</text>
</subsection><subsection id="ID16648947738641a781299c18e58ea474"><enum>(d)</enum><header>Removal of
senior management</header><text>Any member of senior management may be removed,
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="IDea371349fcdd49e28d2044ff71140386"><enum>(e)</enum><header>Senior
management</header>
<paragraph id="idB98C4936D6914C49B08D4D258C55C472"><enum>(1)</enum><header>In
general</header><text>Each member of senior management shall report directly to
the chief executive officer, other than the Chief Risk Officer, who shall
report directly to the Board of Directors.</text>
</paragraph><paragraph id="IDf40ee1a0dc9249a49cc2945fb53cdb8d"><enum>(2)</enum><header>Duties and
responsibilities</header>
<subparagraph id="idD932EBE5072C4694B897912E3E8549FF"><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="ID443ca83a95e141fab9ed98ca6cb322ce"><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="ID7146f0383b7047baaf1da8734dfbcb3c"><enum>(i)</enum><text>the
creation of financial, credit, and operational risk management guidelines and
policies;</text>
</clause><clause id="ID3f7b610311424ffc9e0b1d4ace3e9583"><enum>(ii)</enum><text>the
establishment of guidelines to ensure diversification of lending activities by
region, infrastructure project type, and project size;</text>
</clause><clause id="IDe571cc39bac34b119c8bd7399fb73dd9"><enum>(iii)</enum><text>the creation of
conforming standards for infrastructure finance agreements;</text>
</clause><clause id="IDab3185f7a700477aaa0c57f689ea129e"><enum>(iv)</enum><text>the monitoring
of the financial, credit, and operational exposure of AIFA; and</text>
</clause><clause id="IDae7ecbb245494edfa248e4ded1e43f9d"><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="ID41946775dd6542e9a0d510a1c4bde320"><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="IDa231c649f6db452f92da2b772cba3ef3"><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="id42AC68564A00459CB6E3CFD34D46BDB7"><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="idD2A4AA9EE2944FB791B7AD144F3EE944"><enum>(F)</enum><header>Chief lending
officer</header><text>The Chief Lending Officer shall be responsible
for—</text>
<clause id="idF0C34D66D4BB4721A2CE177C31370543"><enum>(i)</enum><text>all
functions of AIFA relating to the development of project pipeline, financial
structuring of projects, credit analysis of infrastructure 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; and</text>
</clause><clause id="id80A5298CB6F8418B8CE44594D2AA52D1"><enum>(ii)</enum><text>the creation and
management of—</text>
<subclause id="idFCB4A006CCB7401292C7776E1E0235CF"><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="id28C7127A4F224803BEA4D8497E449742"><enum>(II)</enum><text>an Office of
Rural Assistance to provide technical assistance in the development and
financing of rural infrastructure projects.</text>
</subclause></clause></subparagraph></paragraph></subsection><subsection id="ID71f58f8b9f624171a02fb0a52881a8b8"><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) remain separate from the functions of the Chief Risk Officer set
forth in subsection (e).</text>
</subsection><subsection id="ID1968f7b178af4798849de05ab59a98a6"><enum>(g)</enum><header>Conflicts of
interest</header><text>No individual appointed to senior management may—</text>
<paragraph id="ID1a65a948aa344f108da42c85b9e24675"><enum>(1)</enum><text>hold any other
public office;</text>
</paragraph><paragraph id="ID0f390d1487fb41958178b4629837f653"><enum>(2)</enum><text>have any
financial interest in an infrastructure project then being considered by the
Board of Directors, unless that interest is placed in a blind trust; or</text>
</paragraph><paragraph id="IDa5e63109937c4fdda1922f8ff8935ee4"><enum>(3)</enum><text>have any
financial interest in an investment institution or its affiliates, 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="ID0852781c6c4d494282b58f00f03c0ed5"><enum>106.</enum><header>Special
Inspector General for AIFA</header>
<subsection id="id89AFBF52BB644F26A5349D9205707E19"><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 commented="no" id="H578BE0CCCD3848E6B45EEBE1C2B1F26"><enum>(b)</enum><header>Office of the
Special Inspector General</header><text>Effective 5 years after the date of
enactment of the commencement of the operations of AIFA, there is established
the Office of the Special Inspector General for AIFA.</text>
</subsection><subsection commented="no" id="HD3305879941144D88EAD33ADD00EBCF"><enum>(c)</enum><header>Appointment of
Inspector General; removal</header>
<paragraph commented="no" id="id8294C8F7CA4E4B58822E2508714D5E7B"><enum>(1)</enum><header>Head of
Office</header><text>The head of the Office of the Special Inspector General
for AIFA shall be the Special Inspector General for AIFA (in this Act referred
to 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 commented="no" id="H7230D8451B4243D68FF472BDB8A7E400"><enum>(2)</enum><header>Basis of
appointment</header><text>The appointment of the Special Inspector General
shall be made on the basis of integrity and demonstrated ability in accounting,
auditing, financial analysis, law, management analysis, public administration,
or investigations.</text>
</paragraph><paragraph commented="no" id="H9F7ACCDB6DE2448AB97E4DE994E4E8BA"><enum>(3)</enum><header>Timing of
nomination</header><text>The nomination of an individual as Special Inspector
General shall be made as soon as is practicable after the effective date under
subsection (b).</text>
</paragraph><paragraph commented="no" id="H8C780CF4449043C2B01D9C8BE4741D24"><enum>(4)</enum><header>Removal</header><text>The
Special Inspector General shall be removable from office in accordance with the
provisions of section 3(b) of the Inspector General Act of 1978 (5 U.S.C.
App.).</text>
</paragraph><paragraph commented="no" id="H5F27D102395E4914BDF25516CE00C000"><enum>(5)</enum><header>Rule of
construction</header><text>For purposes of 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 commented="no" id="HAC7BD94252D14D638132C900105BF4E8"><enum>(6)</enum><header>Rate of
pay</header><text>The annual rate of basic pay of the Special Inspector General
shall be the annual rate of basic pay for an Inspector General under section
3(e) of the Inspector General Act of 1978 (5 U.S.C. App.).</text>
</paragraph></subsection><subsection commented="no" id="H923A1DF0B1824C17B8F3BDC2D9FE00F8"><enum>(d)</enum><header>Duties</header>
<paragraph commented="no" id="idB9B5341080AE4E53B341AD20E12BFD05"><enum>(1)</enum><header>In
general</header><text>It shall be the duty of the Special Inspector General to
conduct, supervise, and coordinate audits and investigations of the business
activities of AIFA.</text>
</paragraph><paragraph commented="no" id="HF42AEA5712BA45758C8F28DA4B414645"><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 under
paragraph (1).</text>
</paragraph><paragraph commented="no" id="H924356BA4EAA4D8300BDFC53E0089CC"><enum>(3)</enum><header>Additional
duties</header><text>In addition to the duties specified in paragraphs (1) and
(2), the Inspector General shall also have the duties and responsibilities of
inspectors general under the Inspector General Act of 1978.</text>
</paragraph></subsection><subsection commented="no" id="HA8364229500E4B42AA30820049FD28DF"><enum>(e)</enum><header>Powers and
authorities</header>
<paragraph commented="no" id="idC3B57CD73AE848C691206B5A2789A664"><enum>(1)</enum><header>In
general</header><text>In carrying out the duties specified in subsection (c),
the Special Inspector General shall have the authorities provided in section 6
of the Inspector General Act of 1978.</text>
</paragraph><paragraph commented="no" id="H8E79A77AA0594C2BB751D34B62467BC8"><enum>(2)</enum><header>Additional
authority</header><text>The Special Inspector General shall carry out the
duties specified in subsection (c)(1) in accordance with section 4(b)(1) of the
Inspector General Act of 1978.</text>
</paragraph></subsection><subsection commented="no" id="HED9ADBB9E53F4A9A9B517CDB67C0F58D"><enum>(f)</enum><header>Personnel,
facilities, and other resources</header>
<paragraph commented="no" id="idEAED040799DE449CB09298D7ACFA1C30"><enum>(1)</enum><header>Additional
officers</header>
<subparagraph commented="no" id="id6328B957F7A145CB862DED3E2E7BBB34"><enum>(A)</enum><text>The Special
Inspector General may select, appoint, and employ such officers and employees
as may be necessary for carrying out the duties of the Special Inspector
General, subject to the provisions of title 5, United States Code, governing
appointments in the competitive service, and the provisions of chapter 51 and
subchapter III of chapter 53 of such title, relating to classification and
General Schedule pay rates.</text>
</subparagraph><subparagraph id="ID43713d9f7791468986cb964be787a6fe"><enum>(B)</enum><text>The Special
Inspector General may exercise the authorities of 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 commented="no" id="HCA501CC29769408B8D756D80FBA674A1"><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 commented="no" id="HDB3724B5A57647C69FEFE1BDF7D2CC2"><enum>(3)</enum><header>Ability to
contract for audits, studies, and other services</header><text>The Special
Inspector General may enter into contracts and other arrangements for audits,
studies, analyses, and other services with public agencies and with private
persons, and make such payments as may be necessary to carry out the duties of
the Special Inspector General.</text>
</paragraph><paragraph commented="no" id="H0BE2C09E16E2480E979C76308C11CE5"><enum>(4)</enum><header>Request for
information</header>
<subparagraph commented="no" id="id4C21C01572E348F181E264E84948C976"><enum>(A)</enum><header>In
general</header><text>Upon request of the Special Inspector General for
information or assistance from any department, agency, or other entity of the
Federal Government, the head of 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 commented="no" id="H161455A031F34E93B326AAAD63052126"><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 commented="no" id="H35E59D78082044B58CBE587EB22B2C94"><enum>(g)</enum><header>Reports</header>
<paragraph commented="no" id="id2E4B59C8B06142CFA06901CBEC178DBA"><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 commented="no" id="HFEAB2EB15B7D4B868C07184068B3FFA0"><enum>(2)</enum><header>Public
disclosures</header><text>Nothing in this subsection shall be construed to
authorize the public disclosure of information that is—</text>
<subparagraph commented="no" id="HD75BD94703704A3B9E869D8D00C31256"><enum>(A)</enum><text>specifically
prohibited from disclosure by any other provision of law;</text>
</subparagraph><subparagraph commented="no" id="H61F08782B12F460C94A341FE986B6911"><enum>(B)</enum><text>specifically
required by Executive order to be protected from disclosure in the interest of
national defense or national security or in the conduct of foreign affairs;
or</text>
</subparagraph><subparagraph commented="no" id="H8AFFF7AF42E249939600023EA176B4B"><enum>(C)</enum><text>a part of an
ongoing criminal investigation.</text>
</subparagraph></paragraph></subsection></section><section id="ID7126a72a0fb747aeb5d8525522eb6894"><enum>107.</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 105.</text>
</section><section commented="no" id="ID7b9965e7edfb40689236ade2d50bdcd0"><enum>108.</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><enum>II</enum><header>Terms and
limitations on direct loans and loan guarantees</header>
<section id="IDe1ac7ee17cc64808829835ac9f4eb957"><enum>201.</enum><header>Eligibility
criteria for assistance from AIFA and terms and limitations of loans</header>
<subsection id="ID6874014ac06148ce839b0c92a6be5dfb"><enum>(a)</enum><header>In
general</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 Act. Financial assistance under this Act 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="id4BF14832BF2C45EFB72489A0639531E6"><enum>(1)</enum><text>is not for the
refinancing of an existing infrastructure project; and</text>
</paragraph><paragraph id="idEEE7122CA23D4532849F57608C8F3AF0"><enum>(2)</enum><text>meets—</text>
<subparagraph id="IDbd7c668a3a1f455c82dcdf1c49b8e499"><enum>(A)</enum><text>any pertinent
requirements set forth in this Act;</text>
</subparagraph><subparagraph id="ID0b1fb19a79a34a458732b7e14862638e"><enum>(B)</enum><text>any criteria
established by the Board of Directors or chief executive officer in accordance
with this Act; and</text>
</subparagraph><subparagraph id="id4C9B7E03CFC54904AD6033A01C0BAAD8"><enum>(C)</enum><text>the definition of
a transportation infrastructure project, water infrastructure project, or
energy infrastructure project.</text>
</subparagraph></paragraph></subsection><subsection id="IDab33a4838baf45cd8bc2a2de00722ef7"><enum>(b)</enum><header>Considerations</header><text>The
criteria established by the Board of Directors pursuant to this Act shall
provide adequate consideration of—</text>
<paragraph id="IDa43977d2e5f14e5c8715d5ae7845640a"><enum>(1)</enum><text>the economic,
financial, technical, environmental, and public benefits and costs of each
infrastructure project under consideration for financial assistance under this
Act, prioritizing infrastructure projects that—</text>
<subparagraph id="IDe5923c53c06b4409893ab8b17be48d41"><enum>(A)</enum><text>contribute to
regional or national economic growth;</text>
</subparagraph><subparagraph id="ID33a0616e2269499b99d67a8de20c9cde"><enum>(B)</enum><text>offer value for
money to taxpayers;</text>
</subparagraph><subparagraph id="ID312fa925cc3f46dab98f01e4d24657ad"><enum>(C)</enum><text>demonstrate a
clear public benefit;</text>
</subparagraph><subparagraph id="ID0bc6e8cf846a440b88c5cf1ca4175e00"><enum>(D)</enum><text>lead to job
creation; and</text>
</subparagraph><subparagraph id="IDa5872d0264a8444a99ebdd31959c7e74"><enum>(E)</enum><text>mitigate
environmental concerns;</text>
</subparagraph></paragraph><paragraph id="ID5a66239a0d2b4a0ca4baed410c0564db"><enum>(2)</enum><text>the means by
which development of the infrastructure project under consideration is being
financed, including—</text>
<subparagraph id="IDf5fab6a15bd34564950df7bf4d4b882e"><enum>(A)</enum><text>the terms,
conditions, and structure of the proposed financing;</text>
</subparagraph><subparagraph id="ID53d6fab5eaca4ab2a8a43642a40c54bd"><enum>(B)</enum><text>the credit
worthiness and standing of the project sponsors, providers of equity, and
cofinanciers;</text>
</subparagraph><subparagraph id="IDba952456e0fe4a1898fc88796757b679"><enum>(C)</enum><text>the financial
assumptions and projections on which the infrastructure project is based;
and</text>
</subparagraph><subparagraph id="IDc40acc4a90864de3b2a95dfc0856be91"><enum>(D)</enum><text>whether there is
sufficient State or municipal political support for the successful completion
of the infrastructure project;</text>
</subparagraph></paragraph><paragraph id="ID8d9fd258cea24d47989e6eb2af3569de"><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 for financing than would be the case without
such assistance;</text>
</paragraph><paragraph id="ID0c272b7553484118ba5f8e0161b4dd74"><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="ID495e8f9190c3430280a2e97dc7400893"><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="IDed6afcc7cc774c28b0b6114afde57bea"><enum>(6)</enum><text>the technical and
operational viability of the infrastructure project;</text>
</paragraph><paragraph id="ID76053f6e4a1147c3a174ede40caea245"><enum>(7)</enum><text>the proportion of
financial assistance from AIFA;</text>
</paragraph><paragraph id="idCFB6361057E74F23AD8698245D68E26C"><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="ID1783ac8a0be7458a87ff8f3b7b7564e8"><enum>(9)</enum><text>the size of the
project and its impact on the resources of AIFA; and</text>
</paragraph><paragraph id="ID82ca1100c73645819248b4d84156d72c"><enum>(10)</enum><text>the
infrastructure sector of the project, in an effort to have projects from more
than one sector funded by AIFA.</text>
</paragraph></subsection><subsection id="idE3945D179066454F8A04811BF58B83AB"><enum>(c)</enum><header>Application</header>
<paragraph id="id3BB4054E837F440C97C000EBEF922971"><enum>(1)</enum><header>In
general</header><text>Any eligible entity seeking assistance from 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="id4C705341BDF64A1D8087D8C36F14C287"><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="id1EDBDA8CBE8340669A9496CFBE5C42F9"><enum>(3)</enum><header>Dedicated
revenue sources</header><text>The Federal credit instrument shall be repayable,
in whole or in part, from tolls, user fees, or other dedicated revenue sources
that also secure the infrastructure project obligations.</text>
</paragraph></subsection><subsection id="id1C39766BCCFF428BBBE6BBB1EEFF2E7F"><enum>(d)</enum><header>Eligible
infrastructure project costs</header>
<paragraph id="id3FA562A0ACAB4E69959442881D07BE71"><enum>(1)</enum><header>In
general</header><text>Except as provided in paragraph (2), to be eligible for
assistance under this Act, an infrastructure project shall have project costs
that are reasonably anticipated to equal or exceed $100,000,000.</text>
</paragraph><paragraph id="id2CCB04227969415382A014DD532581DC"><enum>(2)</enum><header>Rural
infrastructure projects</header><text>To be eligible for assistance under this
Act a rural infrastructure project shall have project costs that are reasonably
anticipated to equal or exceed $25,000,000.</text>
</paragraph></subsection><subsection id="ID45c470b6f09b4c4b9c1dca52ead550a8"><enum>(e)</enum><header>Loan
eligibility and maximum amounts</header>
<paragraph commented="no" display-inline="no-display-inline" id="idA0F6456C0F7A4389971230ADD7E28729"><enum>(1)</enum><header>In
general</header><text>The amount of a direct loan or loan guarantee under this
Act shall not exceed the lesser of 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 commented="no" id="IDca6f4ba9e3674af6a23b5ee58ceb6f78"><enum>(2)</enum><header>Maximum annual
loan and loan guarantee volume</header><text>The aggregate amount of direct
loans and loan guarantees made by AIFA in any single fiscal year may not
exceed—</text>
<subparagraph commented="no" id="ID8b8cd286982748fbb55ec5b060120e26"><enum>(A)</enum><text>during the first
2 fiscal years of the operations of AIFA, $10,000,000,000;</text>
</subparagraph><subparagraph commented="no" id="ID889dff61bca844c5a8e72220056f0a8b"><enum>(B)</enum><text>during fiscal
years 3 through 9 of the operations of AIFA, $20,000,000,000; or</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="ID83df3b494b1b4fe4ad049deaeda15800"><enum>(C)</enum><text>during any fiscal
year thereafter, $50,000,000,000.</text>
</subparagraph></paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="ID050efb8eb7ba4dcbb9a2e0ee0dd0f7fe"><enum>(f)</enum><header>State and local
permits required</header><text>The provision of assistance by the Board of
Directors pursuant to this Act 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="ID3671dddf8a0f40919a73dfe9c78f9b64"><enum>202.</enum><header>Loan terms and
repayment</header>
<subsection id="idC0BEDC7622CB4A25A1062393EC63FC94"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">A direct loan or loan
guarantee under this Act with respect to an eligible infrastructure project
shall be on such terms, subject to such conditions, and contain such covenants,
representations, warranties, and requirements (including requirements for
audits) as the chief executive officer determines appropriate.</text>
</subsection><subsection id="id2FB094FCA5B14B40898AEF698B7CE53E"><enum>(b)</enum><header>Terms</header><text display-inline="yes-display-inline">A direct loan or loan guarantee under this
Act—</text>
<paragraph id="ID83efb728027d48bc942bfca79c7ab013"><enum>(1)</enum><text>shall—</text>
<subparagraph id="ID2c3a9f9bf0744a6d9960a3eb16df4242"><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="IDd92b7d0b54f44da5b41887d7ab69f45b"><enum>(B)</enum><text>include a rate
covenant, coverage requirement, or similar security feature supporting the
project obligations; and</text>
</subparagraph></paragraph><paragraph id="ID6ab77fc01de64cdaa4d6ba3e9d5a3810"><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="ID69ff1301efdf4319854eabccf30196ca"><enum>(c)</enum><header>Base interest
rate</header><text>The base interest rate on a direct loan under this Act shall
be not less than the yield on United States Treasury obligations of a similar
maturity to the maturity of the direct loan on the date of execution of the
loan agreement.</text>
</subsection><subsection commented="no" id="ID799d55a87b7a43349c7ebffd909cee7a"><enum>(d)</enum><header>Risk
assessment</header><text>Before entering into an agreement for assistance under
this Act, the chief executive officer, in consultation with the Director of the
Office of Management and Budget and each rating agency providing a preliminary
rating opinion letter under this section, shall determine an appropriate
Federal credit subsidy amount for each direct loan and loan guarantee, taking
into account such letter, as well as any comparable market rates available for
such a loan or loan guarantee, should any exist.</text>
</subsection><subsection commented="no" id="idD64424E0FF10462CA94922948439C16F"><enum>(e)</enum><header>Credit
fee</header><text>With respect to each agreement for assistance under this Act,
the chief executive officer shall 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. 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="ID4e96f6281a8c407a91e193d56eea3a24"><enum>(f)</enum><header>Maturity
date</header><text>The final maturity date of a direct loan or loan guaranteed
by AIFA under this Act 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="ID1173e11dd4444fc3a918edeb5e79dfde"><enum>(g)</enum><header>Preliminary
rating opinion letter</header>
<paragraph id="id71C24B3D3DA647AE917DA34B237F2C23"><enum>(1)</enum><header>In
general</header><text>The chief executive officer shall require each applicant
for assistance under this Act to provide a preliminary rating opinion letter
from at least 1 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="ID51a3f56c463d4c8984f9af1040dcd4e1"><enum>(2)</enum><header>Rural
infrastructure projects</header><text>With respect to a rural infrastructure
project, a rating agency opinion letter described in paragraph (1) shall not be
required, except that the loan or loan guarantee shall receive an internal
rating score, using methods similar to the 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="IDa01d7a8577ff4565a31af6ee67ed9abb"><enum>(h)</enum><header>Investment-Grade
rating requirement</header>
<paragraph id="id603017794F8C4C708F757E2DC38CE049"><enum>(1)</enum><header>Loans and loan
guarantees</header><text>The execution of a direct loan or loan guarantee under
this Act shall be contingent on the senior obligations of the infrastructure
project receiving an investment-grade rating.</text>
</paragraph><paragraph id="id989AB37ECF364B2493B00FBA150B0B6A"><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="idE2EFABE9B87A4965B5E104D66F8480B1"><enum>(i)</enum><header>Terms and
Repayment of direct loans</header>
<paragraph id="idEB721E5660C0411EB576969CF2EE2B30"><enum>(1)</enum><header>Schedule</header><text>The
chief executive officer shall establish a repayment schedule for each direct
loan under this Act, based on the projected cash flow from infrastructure
project revenues and other repayment sources.</text>
</paragraph><paragraph id="id0D03D05508F743F08308868C8E645427"><enum>(2)</enum><header>Commencement</header><text>Scheduled
loan repayments of principal or interest on a direct loan under this Act shall
commence not later than 5 years after the date of substantial completion of the
infrastructure project, as determined by the chief executive officer of
AIFA.</text>
</paragraph><paragraph id="id733E8266654F45AEAC852735C0BAB6A5"><enum>(3)</enum><header>Deferred
payments of direct loans</header>
<subparagraph id="id08DB16ABC69F471F99B10A6AB880D871"><enum>(A)</enum><header>Authorization</header><text>If,
at any time after the date of substantial completion of an infrastructure
project assisted under this Act, 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 Act, the chief executive officer may
allow the obligor to add unpaid principal and interest to the outstanding
balance of the direct loan, if the result would benefit the taxpayer.</text>
</subparagraph><subparagraph id="id3A62486F677F4AEF8A5A46359F095871"><enum>(B)</enum><header>Interest</header><text>Any
payment deferred under subparagraph (A) shall—</text>
<clause id="idED3ECD858765497289685359DBEAF1A4"><enum>(i)</enum><text>continue to
accrue interest, in accordance with the terms of the obligation, until fully
repaid; and</text>
</clause><clause id="id9F59113B848E4B1E9A5E12B51300719C"><enum>(ii)</enum><text>be
scheduled to be amortized over the remaining term of the loan.</text>
</clause></subparagraph><subparagraph id="id90C7535A355B43698C7032F9ABA2F33F"><enum>(C)</enum><header>Criteria</header>
<clause id="id53F00424049940F5991244D6473F5D08"><enum>(i)</enum><header>In
general</header><text>Any payment deferral under subparagraph (A) shall be
contingent on the infrastructure project meeting criteria established by the
Board of Directors.</text>
</clause><clause id="id606A16EDC1AD47BD99FB682A691D6376"><enum>(ii)</enum><header>Repayment
standards</header><text>The criteria established under clause (i) shall include
standards for reasonable assurance of repayment.</text>
</clause></subparagraph></paragraph><paragraph commented="no" id="id00539C6A64BC4728B4B1F5940124311E"><enum>(4)</enum><header>Prepayment of
direct loans</header>
<subparagraph commented="no" id="id473A1840296349548B116496065A9002"><enum>(A)</enum><header>Use of excess
revenues</header><text>Any excess revenues that remain after satisfying
scheduled debt service requirements on the infrastructure project obligations
and direct loan and all deposit requirements under the terms of any trust
agreement, bond resolution, or similar agreement securing project obligations
under this Act may be applied annually to prepay the direct loan, without
penalty.</text>
</subparagraph><subparagraph commented="no" id="id834BE40987EE42498FC9AAD7A2DC99FF"><enum>(B)</enum><header>Use of proceeds
of refinancing</header><text>A direct loan under this Act may be prepaid at any
time, without penalty, from the proceeds of refinancing from non-Federal
funding sources.</text>
</subparagraph></paragraph><paragraph id="id0292A089E8294A4B9C1E7ACA1BC1847C"><enum>(5)</enum><header>Sale of direct
loans</header>
<subparagraph id="id153C8F16A369451AB7CB31CEE24C0BB0"><enum>(A)</enum><header>In
general</header><text>As soon as is practicable after substantial completion of
an infrastructure project assisted under this Act, 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="idA1FAD00540CF42E697E2A604C2C06B2B"><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="id363AF93AA7A54CBE9B51F7FF5D9F0AB7"><enum>(j)</enum><header>Loan
guarantees</header>
<paragraph id="id8439ECCDFAF04EA082D7341B7C68CF99"><enum>(1)</enum><header>Terms</header><text>The
terms of a loan guaranteed by AIFA under this Act shall be consistent with the
terms set forth in this section for a direct loan, except that the rate on the
guaranteed loan and any payment, 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 commented="no" id="id81752DDB6495451AA7E6EA3572C83666"><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="id4801D41977D7499B89BAC3D13506B738"><enum>(k)</enum><header>Compliance with
FCRA</header>
<paragraph id="idDD35E8F146E84144AF5D800B7DCCA53D"><enum>(1)</enum><header>In
general</header><text>Except as provided in paragraph (2), direct loans and
loan guarantees authorized by this Act shall be subject to the provisions of
the Federal Credit Reform Act of 1990 (2 U.S.C. 661 et seq.).</text>
</paragraph><paragraph id="idA062CDDF792E4BD19FC66767230D6383"><enum>(2)</enum><header>Exception</header><text>Section
504(b) of the Federal Credit Reform Act of 1990 (2 U.S.C. 661c(b)) shall not
apply to a loan or loan guarantee under this Act.</text>
</paragraph></subsection></section><section commented="no" id="id2E957577A40B4D7C9069C3E75E8307CB"><enum>203.</enum><header>Compliance and
enforcement</header>
<subsection commented="no" id="id21FD837D940947DB867DC069CD9A52E8"><enum>(a)</enum><header>Credit
agreement</header><text display-inline="yes-display-inline">Notwithstanding any
other provision of law, each eligible entity that receives assistance under
this Act 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 commented="no" display-inline="no-display-inline" id="id916DDA359E6C476CB44743312F19D1EF"><enum>(b)</enum><header>AIFA authority
on noncompliance</header><text>In any case in which a recipient of assistance
under this Act 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></section><section id="id609A342C129646A8886E15F235C8EB4F"><enum>204.</enum><header>Audits;
reports to the President and Congress</header>
<subsection id="ID8386d8098a8b44c8a7f03bd1221c1ee4"><enum>(a)</enum><header>Accounting</header><text>The
books of account of 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="IDa7ae8acf488e4b34a8550abd01d40a9f"><enum>(b)</enum><header>Reports</header>
<paragraph id="ID5a8e7a9304c44321a20359f2f9e87e17"><enum>(1)</enum><header>Board of
Directors</header><text>Not later than 90 days after the last day of each
fiscal year, the Board of Directors shall submit to the President and Congress
a complete and detailed report with respect to the preceding fiscal year,
setting forth—</text>
<subparagraph id="ID11adcfcc61bb4fe8b07d1b4a5b594e94"><enum>(A)</enum><text>a summary of the
operations of AIFA, for such fiscal year;</text>
</subparagraph><subparagraph id="IDffe21a7de1e34e3d851b0756d3d574cf"><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="ID53c834814721478ba066baa1a541fc52"><enum>(C)</enum><text>the status of
infrastructure projects receiving funding or other assistance pursuant to this
Act 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="id2695B005138A458A808AC25DC151EF6B"><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 Act; and</text>
</subparagraph><subparagraph id="idA595A239540F443E86CE32BCEF49B725"><enum>(E)</enum><text>an assessment of
the risks of the portfolio of AIFA, prepared by an independent source.</text>
</subparagraph></paragraph><paragraph id="ID1e3ec37b4d6d47189822ec26703af3cf"><enum>(2)</enum><header>GAO</header><text>Not
later than 5 years after the date of enactment of this Act, the Comptroller
General of the United States shall conduct an evaluation of, and 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="IDccd7990f1dc64fe0bdbd711a2646cf02"><enum>(c)</enum><header>Books and
Records</header>
<paragraph id="ID8d47bb99502946148f119ed55b5bcf3e"><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 commented="no" display-inline="no-display-inline" id="ID350105f057be407d85100aa891f64ea7"><enum>(2)</enum><header>Audits by the
Secretary and GAO</header><text>The books and records of 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><enum>III</enum><header>Funding of
AIFA</header>
<section id="id026E127272B54866954DA2C66611FDCC"><enum>301.</enum><header>Fees</header>
<subsection id="idCF43BEA9336E443FAAE1A8E2F8245DBE"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">The chief executive
officer shall establish fees with respect to loans and loan guarantees under
this Act that—</text>
<paragraph id="id38711C4963964B238594C131E623B7B2"><enum>(1)</enum><text>are sufficient to
cover all the administrative costs to the Federal Government for the operations
of AIFA;</text>
</paragraph><paragraph id="id700970817695470FA01E8BC4F7BD4613"><enum>(2)</enum><text>may be in the
form of an application or transaction fee, or interest rate adjustment;
and</text>
</paragraph><paragraph id="id231A2A9F7C734EB1B06EA66523FFF035"><enum>(3)</enum><text>may be based on
the risk premium associated with the loan or loan guarantee, taking into
consideration—</text>
<subparagraph id="id22F3D47F4D6446BF8BB2FFD4A8B1EE03"><enum>(A)</enum><text>the price of
United States Treasury obligations of a similar maturity;</text>
</subparagraph><subparagraph id="id87B4313D1F4D4BF8AE75955DD6A2CA90"><enum>(B)</enum><text>prevailing market
conditions;</text>
</subparagraph><subparagraph id="id6E811357A7834D7EB4918D124A459666"><enum>(C)</enum><text>the ability of
the infrastructure project to support the loan or loan guarantee; and</text>
</subparagraph><subparagraph id="id189D38FF5FB34FD48F66C9E49A3FF813"><enum>(D)</enum><text>the total amount
of the loan or loan guarantee.</text>
</subparagraph></paragraph></subsection><subsection id="idE711E3BDD00B42F88A41F5EC48DAC403"><enum>(b)</enum><header>Treasury
receipts</header><text>AIFA shall annually deposit amounts of fees collected
under this section that are not used for the expenses of AIFA as miscellaneous
receipts with the Treasury.</text>
</subsection></section><section commented="no" id="IDd57817d9fb3240f5b9d93e7ea165a2ad"><enum>302.</enum><header>Self-sufficiency
of AIFA</header><text display-inline="no-display-inline">The chief executive
officer shall, to the extent possible, take actions consistent with this Act to
make AIFA a self-sustaining entity, with administrative costs and Federal
credit subsidy costs fully funded by fees and risk premiums on loans and loan
guarantees.</text>
</section><section id="IDfec9a7ae73e242c7adec19650fcd9da8"><enum>303.</enum><header>Funding</header><text display-inline="no-display-inline">There is authorized to be appropriated to
AIFA to carry out this Act, to make direct loans and loan guarantees under this
Act, not more than $10,000,000,000, to remain available until expended, of
which 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. Such amount shall earn interest. Not more than 5
percent of such amount shall be used to offset subsidy costs associated with
rural infrastructure projects.</text>
</section><section id="IDb9b42c515b9647de8c2ad2dae4da7b3c"><enum>304.</enum><header>Contract
authority</header><text display-inline="no-display-inline">Notwithstanding any
other provision of law, approval by the Board of Directors of a Federal credit
instrument that uses funds made available under this Act shall impose upon the
United States a contractual obligation to fund the Federal credit
investment.</text>
</section><enum>IV</enum><header>Extension of
exemption from alternative minimum tax treatment for certain tax-exempt
bonds</header>
<section id="H7D0FB1D745CB4FE1B816C291CD120FD2"><enum>401.</enum><header>Extension of
exemption from alternative minimum tax treatment for certain tax-exempt
bonds</header>
<subsection id="H0FAA72D6BCBD4828AF868A9924A6202D"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Clause (vi) of
section 57(a)(5)(C) of the Internal Revenue Code of 1986 is amended—</text>
<paragraph id="HE242EDBF3F204485B4FE93C6E73BDBA1"><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="H35A8914628AD40C6BED757763F007FE8"><enum>(2)</enum><text>by striking
<quote><header-in-text level="clause" style="OLC">and
2010</header-in-text></quote> in the heading and inserting
<quote><header-in-text level="clause" style="OLC">, 2010, 2011, and
2012</header-in-text></quote>.</text>
</paragraph></subsection><subsection id="H6A431F32D4E04641A1771F89012FD8A0"><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="HE063597DE9244B8BAC3BDA4FFA31E575"><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="H0C661DD4ACE6433C9A7440562F6A9965"><enum>(2)</enum><text>by striking
<quote><header-in-text level="clause" style="OLC">and
2010</header-in-text></quote> in the heading and inserting
<quote><header-in-text level="clause" style="OLC">, 2010, 2011, and
2012</header-in-text></quote>.</text>
</paragraph></subsection><subsection id="H08980F67B0114CCCA6778206375E6F3B"><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>