[Congressional Record Volume 162, Number 79 (Wednesday, May 18, 2016)]
[Senate]
[Pages S2984-S2990]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 4027. Mr. WARNER (for himself and Mr. Blunt) submitted an
amendment intended to be proposed by him to the bill H.R. 2577, making
appropriations for the Departments of Transportation, and Housing and
Urban Development, and related agencies for the fiscal year ending
September 30, 2016, and for other purposes; which was ordered to lie on
the table; as follows:
At the appropriate place, insert the following:
DIVISION __--BUILDING AND RENEWING INFRASTRUCTURE FOR DEVELOPMENT AND
GROWTH IN EMPLOYMENT
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title.--This division may be cited as the
``Building and Renewing Infrastructure for Development and
Growth in Employment Act'' or the ``BRIDGE Act''.
(b) Table of Contents.--The table of contents for this
division is as follows:
Sec. 1. Short title; table of contents.
Sec. 2. Purpose.
Sec. 3. Definitions.
TITLE I--INFRASTRUCTURE FINANCING AUTHORITY
Sec. 101. Establishment and general authority of IFA.
Sec. 102. Voting members of the Board of Directors.
Sec. 103. Chief executive officer of IFA.
Sec. 104. Powers and duties of the Board of Directors.
Sec. 105. Senior management.
Sec. 106. Office of Technical and Rural Assistance.
Sec. 107. Special Inspector General for IFA.
Sec. 108. Other personnel.
Sec. 109. Compliance.
TITLE II--TERMS AND LIMITATIONS ON DIRECT LOANS AND LOAN GUARANTEES
Sec. 201. Eligibility criteria for assistance from IFA and terms and
limitations of loans.
Sec. 202. Loan terms and repayment.
Sec. 203. Environmental permitting process improvements.
Sec. 204. Compliance and enforcement.
Sec. 205. Audits; reports to the President and Congress.
Sec. 206. Effect on other laws.
TITLE III--FUNDING OF IFA
Sec. 301. Fees.
Sec. 302. Self-sufficiency of IFA.
Sec. 303. Funding.
Sec. 304. Contract authority.
Sec. 305. Limitation on authority.
TITLE IV--TAX EXEMPTION REQUIREMENTS FOR STATE AND LOCAL BONDS
Sec. 401. National limitation on amount of tax-exempt financing for
facilities.
TITLE V--BUDGETARY EFFECTS
Sec. 501. Budgetary effects.
SEC. 2. PURPOSE.
The purpose of this division is to facilitate investment
in, and the long-term financing of, economically viable
eligible infrastructure projects of regional or national
significance that are in the public interest in a manner that
complements existing Federal, State, local, and private
funding sources for
[[Page S2985]]
these projects and introduces a merit-based system for
financing those projects, in order to mobilize significant
private sector investment, create long-term jobs, and ensure
United States competitiveness through a self-sustaining
institution that limits the need for ongoing Federal funding.
SEC. 3. DEFINITIONS.
In this division:
(1) Blind trust.--The term ``blind trust'' means a trust in
which the beneficiary has no knowledge of the specific
holdings and no rights over how those holdings are managed by
the fiduciary of the trust prior to the dissolution of the
trust.
(2) Board of directors.--The term ``Board of Directors''
means the Board of Directors of IFA.
(3) Chairperson.--The term ``Chairperson'' means the
Chairperson of the Board of Directors of IFA.
(4) Chief executive officer.--The term ``Chief Executive
Officer'' means the chief executive officer of IFA, appointed
under section 103.
(5) Cost.--The term ``cost'' has the meaning given the term
in section 502 of the Federal Credit Reform Act of 1990 (2
U.S.C. 661a).
(6) Direct loan.--The term ``direct loan'' has the meaning
given the term in section 502 of the Federal Credit Reform
Act of 1990 (2 U.S.C. 661a).
(7) Eligible entity.--The term ``eligible entity'' means--
(A) an individual;
(B) a corporation;
(C) a partnership, including a public-private partnership;
(D) a joint venture;
(E) a trust;
(F) a State or any other governmental entity, including a
political subdivision or any other instrumentality of a
State; or
(G) a revolving fund.
(8) Eligible infrastructure project.--
(A) In general.--The term ``eligible infrastructure
project'' means the construction, consolidation, alteration,
or repair of the following sectors:
(i) Intercity passenger or freight rail lines, intercity
passenger rail facilities or equipment, and intercity freight
rail facilities or equipment.
(ii) Intercity passenger bus facilities or equipment.
(iii) Public transportation facilities or equipment.
(iv) Highway facilities, including bridges and tunnels.
(v) Airports and air traffic control systems.
(vi) Port or marine terminal facilities, including
approaches to marine terminal facilities or inland port
facilities, and port or marine equipment, including fixed
equipment to serve approaches to marine terminals or inland
ports.
(vii) Transmission or distribution pipelines.
(viii) Inland waterways.
(ix) Intermodal facilities or equipment related to 2 or
more of the sectors described in clauses (i) through (viii).
(x) Water treatment and solid waste disposal facilities.
(xi) Storm water management systems.
(xii) Dams and levees.
(xiii) Facilities or equipment for energy transmission,
distribution or storage.
(B) Authority of the board of directors to modify
sectors.--The Board of Directors may make modifications, at
the discretion of the Board, to any of the sectors described
in subparagraph (A) by a vote of not fewer than 5 of the
voting members of the Board of Directors.
(9) IFA.--The term ``IFA'' means the Infrastructure
Financing Authority established under section 101.
(10) Investment-grade rating.--The term ``investment-grade
rating'' means a rating of BBB minus, Baa3, or higher
assigned to an eligible infrastructure project by a ratings
agency.
(11) Loan guarantee.--The term ``loan guarantee'' has the
meaning given the term in section 502 of the Federal Credit
Reform Act of 1990 (2 U.S.C. 661a).
(12) OTRA.--The term ``OTRA'' means the Office of Technical
and Rural Assistance created pursuant to section 106.
(13) Public-private partnership.--The term ``public-private
partnership'' means any eligible entity--
(A)(i) that is undertaking the development of all or part
of an eligible infrastructure project that will have a
measurable public benefit, pursuant to requirements
established in 1 or more contracts between the entity and a
State or an instrumentality of a State; or
(ii) the activities of which, with respect to such an
eligible infrastructure project, are subject to regulation by
a State or any instrumentality of a State;
(B) that owns, leases, or operates or will own, lease, or
operate, the project in whole or in part; and
(C) the participants in which include not fewer than 1
nongovernmental entity with significant investment and some
control over the project or entity sponsoring the project
vehicle.
(14) Rating agency.--The term ``rating agency'' means a
credit rating agency registered with the Securities and
Exchange Commission as a nationally recognized statistical
rating organization (as defined in section 3(a) of the
Securities Exchange Act of 1934 (15 U.S.C. 78c(a))).
(15) Regional infrastructure accelerator.--The term
``regional infrastructure accelerator'' means an organization
created by public sector agencies through a multi-
jurisdictional or multi-state agreement to provide technical
assistance to local jurisdictions that will facilitate the
implementation of innovative financing and procurement models
to public infrastructure projects.
(16) Rural infrastructure project.--The term ``rural
infrastructure project''--
(A) has the same meaning given the term in section 601(15)
of title 23, United States Code; and
(B) includes any eligible infrastructure project sector
described in clauses (i) through (xvii) of paragraph (8)(A)
located in any area other than a city with a population of
more than 250,000 inhabitants within the city limits.
(17) Secretary.--The term ``Secretary'' means the Secretary
of the Treasury or the designee of the Secretary of the
Treasury.
(18) Senior management.--The term ``senior management''
means the chief financial officer, chief risk officer, chief
compliance officer, general counsel, chief lending officer,
and chief operations officer of IFA, and such other officers
as the Board of Directors may, by majority vote, add to
senior management.
(19) State.--The term ``State'' means--
(A) each of the several States of the United States; and
(B) the District of Columbia.
TITLE I--INFRASTRUCTURE FINANCING AUTHORITY
SEC. 101. ESTABLISHMENT AND GENERAL AUTHORITY OF IFA.
(a) Establishment of IFA.--The Infrastructure Financing
Authority is established as a wholly owned Government
corporation.
(b) General Authority of IFA.--IFA shall--
(1) provide direct loans and loan guarantees to facilitate
eligible infrastructure projects that are economically
viable, in the public interest, and of regional or national
significance; and
(2) carry out any other activities and duties authorized
under this division.
(c) Incorporation.--
(1) In general.--The Board of Directors first appointed
shall be deemed the incorporator of IFA, and the
incorporation shall be held to have been effected from the
date of the first meeting of the Board of Directors.
(2) Corporate office.--IFA shall--
(A) maintain an office in Washington, DC; and
(B) for purposes of venue in civil actions, be considered
to be a resident of Washington, DC.
(d) Responsibility of the Secretary.--The Secretary shall
take such action as may be necessary to assist in
implementing IFA and in carrying out the purpose of this
division.
(e) Rule of Construction.--Chapter 91 of title 31, United
States Code, does not apply to IFA, unless otherwise
specifically provided in this division.
SEC. 102. VOTING MEMBERS OF THE BOARD OF DIRECTORS.
(a) Voting Membership of the Board of Directors.--
(1) In general.--IFA shall have a Board of Directors
consisting of 7 voting members appointed by the President, by
and with the advice and consent of the Senate, not more than
4 of whom shall be from the same political party.
(2) Chairperson.--One of the voting members of the Board of
Directors shall be designated by the President, by and with
the advice and consent of the Senate, to serve as Chairperson
of the Board of Directors.
(3) Congressional recommendations.--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.
(4) Special consideration of rural interests and geographic
diversity.--In making an appointment under this subsection,
the President shall give consideration to the geographic
areas of the United States in which the members of the Board
of Directors live and work, particularly to ensure that the
infrastructure priorities and concerns of each region of the
country, including rural areas and small communities, are
represented on the Board of Directors.
(b) Voting Rights.--Each voting member of the Board of
Directors shall have an equal vote in all decisions of the
Board of Directors.
(c) Qualifications of Voting Members.--Each voting member
of the Board of Directors shall--
(1) be a citizen of the United States; and
(2) have significant demonstrated expertise in--
(A) the management and administration of a financial
institution relevant to the operation of IFA; or
(B) the financing, development, or operation of
infrastructure projects, including in the evaluation and
selection of eligible infrastructure projects based on the
purposes, goals, and objectives of this division.
(d) Terms.--
(1) In general.--Except as otherwise provided in this
division, each voting member of the Board of Directors shall
be appointed for a term of 5 years.
[[Page S2986]]
(2) Initial staggered terms.--Of the voting members first
appointed to the Board of Directors--
(A) the initial Chairperson and 3 of the other voting
members shall each be appointed for a term of 5 years; and
(B) the remaining 3 voting members shall each be appointed
for a term of 2 years.
(3) Date of initial nominations.--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.
(4) Beginning of term.--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.
(5) Vacancies.--
(A) In general.--A vacancy in the position of a voting
member of the Board of Directors shall be filled by the
President, by and with the advice and consent of the Senate.
(B) Term.--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.
(e) Meetings.--
(1) Open to the public; notice.--Except as provided in
paragraph (3), all meetings of the Board of Directors shall
be--
(A) open to the public; and
(B) preceded by reasonable public notice.
(2) Frequency.--The Board of Directors shall meet--
(A) not later than 60 days after the date on which all
members of the Board of Directors are first appointed;
(B) at least quarterly after the date described in
subparagraph (A); and
(C) at the call of the Chairperson or 3 voting members of
the Board of Directors.
(3) Exception for closed meetings.--
(A) In general.--The voting members of the Board of
Directors may, by majority vote, close a meeting to the
public if, during the meeting to be closed, there is likely
to be disclosed proprietary or sensitive information
regarding an eligible infrastructure project under
consideration for assistance under this division.
(B) Availability of minutes.--The Board of Directors shall
prepare minutes of any meeting that is closed to the public,
which minutes shall be made available as soon as practicable,
but not later than 1 year after the date of the closed
meeting, with any necessary redactions to protect any
proprietary or sensitive information.
(4) Quorum.--For purposes of meetings of the Board of
Directors, 5 voting members of the Board of Directors shall
constitute a quorum.
(f) Compensation of Members.--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.
(g) Conflicts of Interest.--A voting member of the Board of
Directors may not participate in any review or decision
affecting an eligible infrastructure project under
consideration for assistance under this division, if the
member has or is affiliated with an entity who has a
financial interest in that project.
SEC. 103. CHIEF EXECUTIVE OFFICER.
(a) In General.--The Chief Executive Officer shall--
(1) be a nonvoting member of the Board of Directors;
(2) be responsible for all activities of IFA; and
(3) support the Board of Directors in accordance with this
division and as the Board of Directors determines to be
necessary.
(b) Appointment and Tenure of the Chief Executive
Officer.--
(1) In general.--The President shall appoint the Chief
Executive Officer, by and with the advice and consent of the
Senate.
(2) Term.--The Chief Executive Officer shall be appointed
for a term of 6 years.
(3) Vacancies.--
(A) In general.--Any vacancy in the office of the Chief
Executive Officer shall be filled by the President, by and
with the advice and consent of the Senate.
(B) Term.--The person appointed to fill a vacancy in the
Chief Executive Officer position that occurs before the
expiration of the term for which the predecessor was
appointed shall be appointed only for the remainder of that
term.
(c) Qualifications.--The Chief Executive Officer--
(1) shall have significant expertise in management and
administration of a financial institution, or significant
expertise in the financing and development of infrastructure
projects; and
(2) may not--
(A) hold any other public office;
(B) have any financial interest in an eligible
infrastructure project then being considered by the Board of
Directors, unless that interest is placed in a blind trust;
or
(C) have any financial interest in an investment
institution or its affiliates or any other entity seeking or
likely to seek financial assistance for any eligible
infrastructure project from IFA, unless any such interest is
placed in a blind trust for the tenure of the service of the
Chief Executive Officer plus 2 additional years.
(d) Responsibilities.--The Chief Executive Officer shall
have such executive functions, powers, and duties as may be
prescribed by this division, the bylaws of IFA, or the Board
of Directors, including--
(1) responsibility for the development and implementation
of the strategy of IFA, including--
(A) the development and submission to the Board of
Directors of the annual business plans and budget;
(B) the development and submission to the Board of
Directors of a long-term strategic plan; and
(C) the development, revision, and submission to the Board
of Directors of internal policies; and
(2) responsibility for the management and oversight of the
daily activities, decisions, operations, and personnel of
IFA.
(e) Compensation.--
(1) In general.--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.
(2) Considerations.--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.
SEC. 104. POWERS AND DUTIES OF THE BOARD OF DIRECTORS.
The Board of Directors shall--
(1) as soon as practicable after the date on which all
members are appointed, approve or disapprove senior
management appointed by the Chief Executive Officer;
(2) not later than 180 days after the date on which all
members are appointed--
(A) develop and approve the bylaws of IFA, including bylaws
for the regulation of the affairs and conduct of the business
of IFA, consistent with the purpose, goals, objectives, and
policies set forth in this division;
(B) establish subcommittees, including an audit committee
that is composed solely of members of the Board of Directors,
other than the Chief Executive Officer;
(C) develop and approve, in consultation with senior
management, a conflict-of-interest policy for the Board of
Directors and for senior management;
(D) approve or disapprove internal policies that the Chief
Executive Officer shall submit to the Board of Directors,
including--
(i) policies regarding the loan application and approval
process, including application procedures and project
approval processes; and
(ii) operational guidelines; and
(E) approve or disapprove a 1-year business plan and budget
for IFA;
(3) ensure that IFA is at all times operated in a manner
that is consistent with this division, by--
(A) monitoring and assessing the effectiveness of IFA in
achieving its strategic goals;
(B) reviewing and approving internal policies, annual
business plans, annual budgets, and long-term strategies
submitted by the Chief Executive Officer;
(C) reviewing and approving annual reports submitted by the
Chief Executive Officer;
(D) engaging 1 or more external auditors, as set forth in
this division; and
(E) reviewing and approving all changes to the organization
of senior management;
(4) appoint and fix, by a vote of not less than 5 of the 7
voting members of the Board of Directors, and without regard
to the provisions of chapter 51 or subchapter III of chapter
53 of title 5, United States Code, the compensation and
adjustments to compensation of all IFA personnel, provided
that in appointing and fixing any compensation or adjustments
to compensation under this paragraph, the Board shall--
(A) consult with, and seek to maintain comparability with,
other comparable Federal personnel, as the Board of Directors
may determine to be appropriate;
(B) consult with the Office of Personnel Management; and
(C) carry out those duties consistent with merit
principles, where applicable, as well as the education,
experience, level of responsibility, geographic differences,
comparability to private sector positions, and retention and
recruitment needs in determining compensation of personnel;
(5) serve as the primary liaison for IFA in interactions
with Congress, the Secretary of Transportation and other
executive branch officials, and State and local governments,
and to represent the interests of IFA in those interactions
and others;
(6) approve by a vote of not less than 5 of the 7 voting
members of the Board of Directors any changes to the bylaws
or internal policies of IFA;
(7) have the authority and responsibility--
(A) to oversee entering into and carrying out such
contracts, leases, cooperative agreements, or other
transactions as are necessary to carry out this division;
(B) to approve of the acquisition, lease, pledge, exchange,
and disposal of real and personal property by IFA and
otherwise approve the exercise by IFA of all of the usual
[[Page S2987]]
incidents of ownership of property, to the extent that the
exercise of those powers is appropriate to and consistent
with the purposes of IFA;
(C) to determine the character of, and the necessity for,
the obligations and expenditures of IFA, and the manner in
which the obligations and expenditures will be incurred,
allowed, and paid, subject to this division and other Federal
law specifically applicable to wholly owned Federal
corporations;
(D) to execute, in accordance with applicable bylaws and
regulations, appropriate instruments;
(E) to approve other forms of credit enhancement that IFA
may provide to eligible projects, as long as the forms of
credit enhancements are consistent with the purposes of this
division and terms set forth in title II;
(F) to exercise all other lawful powers which are necessary
or appropriate to carry out, and are consistent with, the
purposes of IFA;
(G) to sue or be sued in the corporate capacity of IFA in
any court of competent jurisdiction;
(H) to indemnify the members of the Board of Directors and
officers of IFA for any liabilities arising out of the
actions of the members and officers in that capacity, in
accordance with, and subject to the limitations contained in
this division;
(I) 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;
(J) to review all restructuring proposals submitted by the
Chief Executive Officer, including assignation, pledging, or
disposal of the interest of IFA in a project, including
payment or income from any interest owned or held by IFA, and
to approve, postpone, or deny the same by majority vote;
(K) to enter into binding commitments, as specified in
approved financial assistance packages;
(L) to determine whether--
(i) to obtain a lien on the assets of an eligible entity
that receives assistance under this division; and
(ii) to subordinate a lien under clause (i) to any other
lien securing project obligations; and
(M) to ensure a measurable public benefit in the selection
of eligible infrastructure projects and to provide for
reasonable public input in the selection of such projects;
(8) delegate to the Chief Executive Officer those duties
that the Board of Directors determines to be appropriate, to
better carry out the powers and purposes of the Board of
Directors under this section; and
(9) to approve a maximum aggregate amount of principal
exposure of IFA at any given time.
SEC. 105. SENIOR MANAGEMENT.
(a) In General.--Senior management shall support the Chief
Executive Officer in the discharge of the responsibilities of
the Chief Executive Officer.
(b) Appointment of Senior Management.--The Chief Executive
Officer shall appoint such senior managers as are necessary
to carry out the purposes of IFA, as approved by a majority
vote of the voting members of the Board of Directors,
including a chief compliance officer, general counsel, chief
operating officer, chief lending officer, and other positions
as determined to be appropriate by the Chief Executive
Officer and the Board of Directors.
(c) Term.--Each member of senior management shall serve at
the pleasure of the Chief Executive Officer and the Board of
Directors.
(d) Removal of Senior Management.--Any member of senior
management may be removed--
(1) by a majority of the voting members of the Board of
Directors at the request of the Chief Executive Officer; or
(2) by a vote of not fewer than 5 voting members of the
Board of Directors.
(e) Senior Management.--
(1) In general.--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.
(2) Chief risk officer.--The chief risk officer shall be
responsible for all functions of IFA relating to--
(A) the creation of financial, credit, and operational risk
management guidelines and policies;
(B) the establishment of guidelines to ensure
diversification of lending activities by region,
infrastructure project type, and project size;
(C) the creation of conforming standards for infrastructure
finance agreements;
(D) the monitoring of the financial, credit, and
operational exposure of IFA; and
(E) risk management and mitigation actions, including by
reporting those actions, or recommendations of actions to be
taken, directly to the Board of Directors.
(f) Conflicts of Interest.--No individual appointed to
senior management may--
(1) hold any other public office;
(2) have any financial interest in an eligible
infrastructure project then being considered by the Board of
Directors, unless that interest is placed in a blind trust;
or
(3) have any financial interest in an investment
institution or its affiliates, IFA or its affiliates, or
other entity then seeking or likely to seek financial
assistance for any eligible infrastructure project from IFA,
unless any such interest is placed in a blind trust during
the term of service of that individual in a senior management
position, and for a period of 2 years thereafter.
SEC. 106. OFFICE OF TECHNICAL AND RURAL ASSISTANCE.
(a) In General.--The Chief Executive Officer shall create
and manage, within IFA, the ``Office of Technical and Rural
Assistance''.
(b) Duties.--The OTRA shall--
(1) in consultation with the Secretary of Transportation
and the heads of other relevant Federal agencies, as
determined by the Chief Executive Officer, provide technical
assistance to State and local governments and parties in
public-private partnerships in the development and financing
of eligible infrastructure projects, including rural
infrastructure projects;
(2) assist the entities described in paragraph (1) with
coordinating loan and loan guarantee programs available
through Federal agencies, including the Department of
Transportation and other Federal agencies, as appropriate;
(3) work with the entities described in paragraph (1) to
identify and develop a pipeline of projects suitable for
financing through innovative project financing and
performance based project delivery, including those projects
with the potential for financing through IFA; and
(4) establish a regional infrastructure accelerator
demonstration program to assist the entities described in
paragraph (1) in developing improved infrastructure
priorities and financing strategies, for the accelerated
development of covered infrastructure projects, including
those projects with the potential for financing through IFA.
(c) Designation of Regional Infrastructure Accelerators.--
In carrying out the program established pursuant to
subsection (b)(3), the OTRA is authorized to designate
regional infrastructure accelerators that will--
(1) serve a defined geographic area; and
(2) act as a resource in such area to entities described in
subsection (b)(1), in accordance with this subsection.
(d) Application Process.--To be eligible for a designation
under subsection (c), regional infrastructure accelerators
shall submit a proposal to the OTRA at such time, in such
form, and containing such information as the OTRA determines
is appropriate.
(e) Considerations.--In evaluating proposals submitted
pursuant to subsection (d), the OTRA shall consider--
(1) the need for geographic diversity among regional
infrastructure accelerators; and
(2) promoting investment in covered infrastructure
projects, which shall include a plan--
(A) to evaluate and promote innovative financing methods
for local projects, including the use of IFA;
(B) to build capacity of governments to evaluate and
structure projects involving the investment of private
capital;
(C) to provide technical assistance and information on best
practices with respect to financing such projects;
(D) to increase transparency with respect to infrastructure
project analysis and utilizing innovative financing for
public infrastructure projects;
(E) to deploy predevelopment capital programs designed to
facilitate the creation of a pipeline of infrastructure
projects available for investment;
(F) to bundle smaller-scale and rural projects into larger
proposals that may be more attractive for investment; and
(G) to reduce transaction costs for public project
sponsors.
(f) Annual Report.--The OTRA shall submit an annual report
to Congress that describes the findings and effectiveness of
the infrastructure accelerator demonstration program.
SEC. 107. SPECIAL INSPECTOR GENERAL FOR IFA.
(a) In General.--
(1) Initial period.--During the 5-year period beginning on
the date of the enactment of this Act, the Inspector General
of the Department of the Treasury shall serve as the Special
Inspector General for IFA in addition to the existing duties
of the Inspector General of the Department of the Treasury.
(2) Office of the special inspector general.--Beginning on
the day that is 5 years after the date of the enactment of
this Act, there is established the Office of the Special
Inspector General for IFA.
(b) Appointment of Inspector General; Removal.--
(1) Head of office.--The head of the Office of the Special
Inspector General for IFA shall be the Special Inspector
General for IFA (referred to in this division as the
``Special Inspector General''), who shall be appointed by the
President, by and with the advice and consent of the Senate.
(2) Basis of appointment.--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.
(3) Timing of nomination.--The nomination of an individual
as Special Inspector General shall be made as soon as
practicable after the date of enactment of this Act.
(4) Removal.--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.).
(5) Rule of construction.--For purposes of section 7324 of
title 5, United States Code,
[[Page S2988]]
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.
(6) Rate of pay.--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.).
(c) Duties.--The Special Inspector General shall--
(1) conduct, supervise, and coordinate audits and
investigations of the business activities of IFA;
(2) establish, maintain, and oversee such systems,
procedures, and controls as the Special Inspector General
considers appropriate to discharge the duty under paragraph
(1); and
(3) carry out any other duties and responsibilities of
inspectors general under the Inspector General Act of 1978 (5
U.S.C. App.).
(d) Powers and Authorities.--
(1) In general.--In carrying out the duties specified in
subsection (c), the Special Inspector General shall have the
authorities provided in section 6 of the Inspector General
Act of 1978 (5 U.S.C. App.).
(2) Additional authority.--The Special Inspector General
shall carry out the duties specified in subsection (c)(1) in
accordance with section 4(b)(1) of the Inspector General Act
of 1978 (5 U.S.C. App.).
(e) Personnel, Facilities, and Other Resources.--
(1) Additional officers.--
(A) In general.--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.
(B) Employment and compensation.--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).
(2) Retention of services.--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.
(3) Ability to contract for audits, studies, and other
services.--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.
(4) Request for information.--
(A) In general.--Upon request of the Special Inspector
General for information or assistance from any department,
agency, or other entity of the Federal Government, the head
of that entity shall, insofar as is practicable and not in
contravention of any existing law, furnish the information or
assistance to the Special Inspector General or an authorized
designee.
(B) Refusal to comply.--If information or assistance
requested by the Special Inspector General is, in the
judgment of the Special Inspector General, unreasonably
refused or not provided, the Special Inspector General shall
report the circumstances to the Secretary, without delay.
(f) Reports.--
(1) Annual report.--Not later than 1 year after the date on
which the Special Inspector General is confirmed, and every
calendar year thereafter, the Special Inspector General shall
submit to the President and appropriate committees of
Congress a report summarizing the activities of the Special
Inspector General during the previous 1-year period ending on
the date of that report.
(2) Public disclosures.--Nothing in this subsection
authorizes the public disclosure of information that is--
(A) specifically prohibited from disclosure by any other
provision of law;
(B) 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
(C) a part of an ongoing criminal investigation.
SEC. 108. OTHER PERSONNEL.
(a) Appointment, Removal, and Definition of Duties.--Except
as otherwise provided in the bylaws of IFA, the Chief
Executive Officer, in consultation with the Board of
Directors, shall appoint, remove, and define the duties of
such qualified personnel as are necessary to carry out the
powers, duties, and purpose of IFA, other than senior
management, who shall be appointed in accordance with section
105.
(b) Coordination in Identifying Qualifications and
Expertise.--In appointing qualified personnel pursuant to
subsection (a), the Chief Executive Officer shall coordinate
with, and seek assistance from, the Secretary of
Transportation in identifying the appropriate qualifications
and expertise in infrastructure project finance.
SEC. 109. COMPLIANCE.
The provision of assistance by IFA pursuant to this
division does not supersede any provision of State law or
regulation otherwise applicable to an eligible infrastructure
project.
TITLE II--TERMS AND LIMITATIONS ON DIRECT LOANS AND LOAN GUARANTEES
SEC. 201. ELIGIBILITY CRITERIA FOR ASSISTANCE FROM IFA AND
TERMS AND LIMITATIONS OF LOANS.
(a) Public Benefit; Financeability.--A project is not be
eligible for financial assistance from IFA under this
division if--
(1) the use or purpose of such project is private or such
project does not create a public benefit, as determined by
the Board of Directors; or
(2) the applicant is unable to demonstrate, to the
satisfaction of the Board of Directors, a sufficient revenue
stream to finance the loan that will be used to pay for such
project.
(b) Financial Criteria.--If the project meets the
requirements under subsection (a), an applicant for financial
assistance under this division shall demonstrate, to the
satisfaction of the Board of Directors, that--
(1) for public-private partnerships, the project has
received contributed capital or commitments for contributed
capital equal to not less than 10 percent of the total cost
of the eligible infrastructure project for which assistance
is being sought if such contributed capital includes--
(A) equity;
(B) deeply subordinate loans or other credit and debt
instruments, which shall be junior to any IFA assistance
provided for the project;
(C) appropriated funds or grants from governmental sources
other than the Federal Government; or
(D) irrevocable private contributions of funds, grants,
property (including rights-of-way), and other assets that
directly reduce or offset project costs; and
(2) the eligible infrastructure project for which
assistance is being sought--
(A) is not for the refinancing of an existing
infrastructure project; and
(B) meets--
(i) any pertinent requirements set forth in this division;
(ii) any criteria established by the Board of Directors
under subsection (c) or by the Chief Executive Officer in
accordance with this division; and
(iii) the definition of an eligible infrastructure project.
(c) Considerations.--The criteria established by the Board
of Directors under this subsection shall provide adequate
consideration of--
(1) the economic, financial, technical, environmental, and
public benefits and costs of each eligible infrastructure
project under consideration for financial assistance under
this division, prioritizing eligible infrastructure projects
that--
(A) demonstrate a clear and measurable public benefit;
(B) offer value for money to taxpayers;
(C) contribute to regional or national economic growth;
(D) lead to long-term job creation; and
(E) mitigate environmental concerns;
(2) the means by which development of the eligible
infrastructure project under consideration is being financed,
including--
(A) the terms, conditions, and structure of the proposed
financing;
(B) the creditworthiness and standing of the project
sponsors, providers of equity, and cofinanciers;
(C) the financial assumptions and projections on which the
eligible infrastructure project is based; and
(D) whether there is sufficient State or municipal
political support for the successful completion of the
eligible infrastructure project;
(3) the likelihood that the provision of assistance by IFA
will cause the development to proceed more promptly and with
lower costs for financing than would be the case without IFA
assistance;
(4) the extent to which the provision of assistance by IFA
maximizes the level of private investment in the eligible
infrastructure project or supports a public-private
partnership, while providing a significant public benefit;
(5) the extent to which the provision of assistance by IFA
can mobilize the participation of other financing partners in
the eligible infrastructure project;
(6) the technical and operational viability of the eligible
infrastructure project;
(7) the proportion of financial assistance from IFA;
(8) the geographical location of the project, prioritizing
geographical diversity of projects funded by IFA;
(9) the size of the project and the impact of the project
on the resources of IFA; and
(10) the infrastructure sector of the project, prioritizing
projects from more than 1 sector funded by IFA.
(d) Application.--
(1) In general.--Any eligible entity seeking assistance
from IFA under this division for an eligible infrastructure
project shall submit an application to IFA at such time, in
such manner, and containing such information as the Board of
Directors or the Chief Executive Officer may require.
(2) Review of applications.--
(A) In general.--IFA shall review applications for
assistance under this division on an ongoing basis.
(B) Preparation.--The Chief Executive Officer, in
cooperation with the senior management, shall prepare
eligible infrastructure projects for review and approval by
the Board of Directors.
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(3) Dedicated revenue sources.--The Federal credit
instrument shall be repayable, in whole or in part, from
tolls, user fees, or other dedicated revenue sources derived
from users or beneficiaries that also secure the eligible
infrastructure project obligations.
(e) Eligible Infrastructure Project Costs.--
(1) In general.--Except as provided in paragraph (2), to be
eligible for assistance under this division, an eligible
infrastructure project shall have project costs that are
reasonably anticipated to equal or exceed $50,000,000.
(2) Rural infrastructure projects.--To be eligible for
assistance under this division a rural infrastructure project
shall have project costs that are reasonably anticipated to
equal or exceed $10,000,000.
(f) Loan Eligibility and Maximum Amounts.--
(1) In general.--The amount of a direct loan or loan
guarantee under this division shall not exceed the lesser
of--
(A) 49 percent of the reasonably anticipated eligible
infrastructure project costs; and
(B) the amount of the senior project obligations, if the
direct loan or loan guarantee does not receive an investment
grade rating.
(2) Maximum annual loan and loan guarantee volume.--The
aggregate amount of direct loans and loan guarantees made by
IFA shall not exceed--
(A) during the first 2 fiscal years of the operations of
IFA, $10,000,000,000 per year;
(B) during fiscal years 3 through 9 of the operations of
IFA, $20,000,000,000 per year; and
(C) during any fiscal year thereafter, $50,000,000,000.
SEC. 202. LOAN TERMS AND REPAYMENT.
(a) In General.--A direct loan or loan guarantee under this
division 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.
(b) Terms.--A direct loan or loan guarantee under this
division--
(1) shall--
(A) be payable, in whole or in part, from tolls, user fees,
or other dedicated revenue sources derived from users or
beneficiaries; and
(B) include a rate covenant, coverage requirement, or
similar security feature supporting the project obligations;
and
(2) may be secured by a lien--
(A) on the assets of the obligor, including revenues
described in paragraph (1); and
(B) which may be subordinated to any other lien securing
project obligations.
(c) Base Interest Rate.--The base interest rate on a direct
loan under this division shall be not less than the yield on
Treasury obligations of a similar maturity to the maturity of
the direct loan on the date of execution of the loan
agreement.
(d) Risk Assessment.--Before entering into an agreement for
assistance under this division, the Chief Executive Officer,
in consultation with the Director of the Office of Management
and Budget and each rating agency providing a preliminary
rating opinion letter under this section, shall determine an
appropriate Federal credit subsidy amount for each direct
loan and loan guarantee, taking into account that preliminary
rating opinion letter, as well as any comparable market rates
available for such a loan or loan guarantee, should any
exist.
(e) Credit Fee.--
(1) In general.--With respect to each agreement for
assistance under this division, the Chief Executive Officer
shall charge a credit fee to the recipient of that assistance
to pay for, over time, all or a portion of the Federal credit
subsidy determined under subsection (d), with the remainder
paid by the account established for IFA.
(2) Direct loans.--In the case of a direct loan, the credit
fee described in paragraph (1) shall be in addition to the
base interest rate established under subsection (c).
(f) Maturity Date.--The final maturity date of a direct
loan or loan guaranteed by IFA under this division shall be
not later than 35 years after the date of substantial
completion of the eligible infrastructure project, as
determined by the Chief Executive Officer.
(g) Preliminary Rating Opinion Letter.--
(1) In general.--The Chief Executive Officer shall require
each applicant for assistance under this division to provide
a preliminary rating opinion letter from at least 1 rating
agency, indicating that the senior obligations of the
eligible infrastructure project, which may be the Federal
credit instrument, have the potential to achieve an
investment-grade rating.
(2) Rural infrastructure projects.--With respect to a rural
infrastructure project, a rating agency opinion letter
described in paragraph (1) shall not be required, except that
the loan or loan guarantee shall receive an internal rating
score, using methods similar to the rating agencies generated
by IFA, measuring the proposed direct loan or loan guarantee
against comparable direct loans or loan guarantees of similar
credit quality in a similar sector.
(h) Investment-Grade Rating Requirement.--
(1) Loans and loan guarantees.--The execution of a direct
loan or loan guarantee under this division shall be
contingent on the senior obligations of the eligible
infrastructure project receiving an investment-grade rating.
(2) Rating of ifa overall portfolio.--The average rating of
the overall portfolio of IFA shall be not less than
investment grade after 5 years of operation.
(i) Terms and Repayment of Direct Loans.--
(1) Schedule.--The Chief Executive Officer shall establish
a repayment schedule for each direct loan under this
division, based on the projected cash flow from eligible
infrastructure project revenues and other repayment sources.
(2) Commencement.--Scheduled loan repayments of principal
or interest on a direct loan under this division shall
commence not later than 5 years after the date of substantial
completion of the eligible infrastructure project, as
determined by the Chief Executive Officer of IFA.
(3) Deferred payments of direct loans.--
(A) Authorization.--If, at any time after the date of
substantial completion of an eligible infrastructure project
assisted under this division, the eligible infrastructure
project is unable to generate sufficient revenues to pay the
scheduled loan repayments of principal and interest on the
direct loan under this division, 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.
(B) Interest.--Any payment deferred under subparagraph (A)
shall--
(i) continue to accrue interest, in accordance with the
terms of the obligation, until fully repaid; and
(ii) be scheduled to be amortized over the remaining term
of the loan.
(C) Criteria.--
(i) In general.--Any payment deferral under subparagraph
(A) shall be contingent on the eligible infrastructure
project meeting criteria established by the Board of
Directors.
(ii) Repayment standards.--The criteria established under
clause (i) shall include standards for reasonable assurance
of repayment.
(4) Prepayment of direct loans.--
(A) Use of excess revenues.--Any excess revenues that
remain after satisfying scheduled debt service requirements
on the eligible infrastructure project obligations and direct
loan and all deposit requirements under the terms of any
trust agreement, bond resolution, or similar agreement
securing project obligations under this division may be
applied annually to prepay the direct loan, without penalty.
(B) Use of proceeds of refinancing.--A direct loan under
this division may be prepaid at any time, without penalty,
from the proceeds of refinancing from non-Federal funding
sources.
(j) Loan Guarantees.--The terms of a loan guaranteed by IFA
under this division shall be consistent with the terms set
forth in this section for a direct loan, except that the rate
on the guaranteed loan and any payment, prepayment, or
refinancing features shall be negotiated between the obligor
and the lender (as defined in section 601(a) of title 23,
United States Code) with the consent of the Chief Executive
Officer.
(k) Compliance With Federal Credit Reform Act of 1990.--
(1) In general.--Except as provided in paragraph (2),
direct loans and loan guarantees authorized by this division
shall be subject to the provisions of the Federal Credit
Reform Act of 1990 (2 U.S.C. 661 et seq.).
(2) Exception.--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 division.
(l) Policy of Congress.--It is the policy of Congress that
IFA shall only make a direct loan or loan guarantee under
this division if IFA determines that IFA is reasonably
expected to recover the full amount of the direct loan or
loan guarantee.
SEC. 203. ENVIRONMENTAL PERMITTING PROCESS IMPROVEMENTS.
(a) Interagency Coordination.--As soon as practicable after
IFA approves financing for a proposed project under this
title, the President shall convene a meeting of
representatives of all relevant and appropriate permitting
agencies--
(1) to establish or update a permitting timetable for the
proposed project;
(2) to coordinate concurrent permitting reviews by all
necessary agencies; and
(3) to coordinate with relevant State agencies and regional
infrastructure development agencies to ensure--
(A) adequate participation; and
(B) the timely provision of necessary documentation to
allow any State review to proceed without delay.
(b) Goal.--The permitting timetable for each proposed
project established pursuant to subsection (a)(1) shall
ensure that the environmental review process is completed as
soon as practicable.
(c) Earlier.--The President may carry out the functions set
forth in subsection (a) with respect to a proposed project
before the IFA has approved financing for such project upon
the request of the Chief Executive Officer.
(d) Concurrent Reviews.--Each agency, to the greatest
extent permitted by law, shall--
(1) carry out the obligations of the agency under other
applicable law concurrently, and in conjunction with other
reviews being conducted by other participating agencies,
including environmental reviews required under the National
Environmental Policy Act (42 U.S.C. 4321 et seq.), unless
such concurrent reviews would impair the ability of
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the agency to carry out its statutory obligations; and
(2) formulate and implement administrative, policy, and
procedural mechanisms to enable the agency to ensure the
completion of the environmental review process in a timely,
coordinated, and environmentally responsible manner.
SEC. 204. COMPLIANCE AND ENFORCEMENT.
(a) Credit Agreement.--Notwithstanding any other provision
of law, each eligible entity that receives assistance under
this division shall enter into a credit agreement that
requires such entity to comply with all applicable policies
and procedures of IFA, in addition to all other provisions of
the loan agreement.
(b) Applicability of Federal Laws.--Each eligible entity
that receives assistance under this division shall provide
written assurance, in such form and manner and containing
such terms as are to be prescribed by IFA, that the eligible
infrastructure project will be performed in compliance with
the requirements of all Federal laws that would otherwise
apply to similar projects to which the United States is a
party, or financed in whole or in part from Federal funds or
in accordance with guarantees of a Federal agency or financed
from funds obtained by pledge of any contract of a Federal
agency to make a loan, grant, or annual contribution (except
where a different meaning is expressly indicated).
(c) IFA Authority on Noncompliance.--In any case in which
an eligible entity that receives assistance under this
division is materially out of compliance with the loan
agreement, or any applicable policy or procedure of IFA, the
Board of Directors may take action--
(1) to cancel unused loan amounts; or
(2) to accelerate the repayment terms of any outstanding
obligation.
SEC. 205. AUDITS; REPORTS TO THE PRESIDENT AND CONGRESS.
(a) Accounting.--The books of account of IFA shall be--
(1) maintained in accordance with generally accepted
accounting principles; and
(2) subject to an annual audit by independent public
accountants of nationally recognized standing appointed by
the Board of Directors.
(b) Reports.--
(1) Board of directors.--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--
(A) a summary of the operations of IFA for that fiscal
year;
(B) a schedule of the obligations of IFA and capital
securities outstanding at the end of that fiscal year, with a
statement of the amounts issued and redeemed or paid during
that fiscal year;
(C) the status of eligible infrastructure projects
receiving funding or other assistance pursuant to this
division during that fiscal year, including--
(i) all nonperforming loans; and
(ii) disclosure of all entities with a development,
ownership, or operational interest in those eligible
infrastructure projects;
(D) a description of the successes and challenges
encountered in lending to rural communities, including the
role of the Office of Technical and Rural Assistance
established under this division; and
(E) an assessment of the risks of the portfolio of IFA,
which shall be prepared by an independent source.
(2) GAO.--Not later than 5 years after the date of
enactment of this Act, the Comptroller General of the United
States shall conduct an evaluation of, and submit to the
Committee on Commerce, Science, and Transportation of the
Senate and to the Committees on Transportation and
Infrastructure and Energy and Commerce of the House of
Representatives a report on the activities of IFA for the
fiscal years covered by the report that includes--
(A) an assessment of the impact and benefits of each funded
eligible infrastructure project, including a review of how
effectively each eligible infrastructure project accomplished
the goals prioritized by the eligible infrastructure project
criteria of IFA; and
(B) an evaluation of the effectiveness of, and challenges
facing, loan programs at the Department of Transportation and
Department of Energy, and an analysis of the advisability of
consolidating those programs within IFA.
(c) Books and Records.--
(1) In general.--IFA shall maintain adequate books and
records to support the financial transactions of IFA, with a
description of financial transactions and eligible
infrastructure projects receiving funding, and the amount of
funding for each project maintained on a publically
accessible database.
(2) Audits by the secretary and gao.--The books and records
of IFA shall at all times be open to inspection by the
Secretary, the Special Inspector General, and the Comptroller
General of the United States.
SEC. 206. EFFECT ON OTHER LAWS.
Nothing in this division may be construed to affect or
alter the responsibility of an eligible entity that receives
assistance under this division to comply with applicable
Federal and State laws (including regulations) relating to an
eligible infrastructure project.
TITLE III--FUNDING OF IFA
SEC. 301. FEES.
The Chief Executive Officer shall establish fees with
respect to loans and loan guarantees under this division
that--
(1) are sufficient to cover all the administrative costs to
the Federal Government for the operations of IFA;
(2) may be in the form of an application or transaction
fee, or interest rate adjustment; and
(3) may be based on the risk premium associated with the
loan or loan guarantee, taking into consideration--
(A) the price of Treasury obligations of a similar
maturity;
(B) prevailing market conditions;
(C) the ability of the eligible infrastructure project to
support the loan or loan guarantee; and
(D) the total amount of the loan or loan guarantee.
SEC. 302. SELF-SUFFICIENCY OF IFA.
The Chief Executive Officer shall, to the extent
practicable, take actions consistent with this division to
make IFA a self-sustaining entity, with administrative costs
and Federal credit subsidy costs fully funded by fees and
risk premiums on loans and loan guarantees.
SEC. 303. FUNDING.
(a) Authorization of Appropriations.--
(1) In general.--There is authorized to be appropriated to
IFA to make direct loans and loan guarantees under this
division $10,000,000,000, which shall remain available until
expended.
(2) Administrative costs.--Of the amounts appropriated
pursuant to paragraph (1), the IFA may expend, for
administrative costs, not more than--
(A) $25,000,000 for each of the fiscal years 2016 and 2017;
and
(B) not more than $50,000,000 for fiscal year 2018.
(b) Interest.--The amounts made available to IFA pursuant
to subsection (a) shall be placed in interest-bearing
accounts.
(c) Rural Infrastructure Projects.--Of the amounts made
available to IFA under this section, not less than 5 percent
shall be used to offset subsidy costs associated with rural
infrastructure projects.
SEC. 304. CONTRACT AUTHORITY.
Notwithstanding any other provision of law, approval by the
Board of Directors of a Federal credit instrument that uses
funds made available under this division shall impose upon
the United States a contractual obligation to fund the
Federal credit investment.
SEC. 305. LIMITATION ON AUTHORITY.
IFA shall not have the authority to issue debt in its own
name.
TITLE IV--TAX EXEMPTION REQUIREMENTS FOR STATE AND LOCAL BONDS
SEC. 401. NATIONAL LIMITATION ON AMOUNT OF TAX-EXEMPT
FINANCING FOR FACILITIES.
Section 142(m)(2)(A) of the Internal Revenue Code of 1986
is amended by striking ``$15,000,000,000'' and inserting
``$16,000,000,000''.
TITLE V--BUDGETARY EFFECTS
SEC. 501. BUDGETARY EFFECTS.
The budgetary effects of this division, for the purpose of
complying with the Statutory Pay-As-You-Go Act of 2010, shall
be determined by reference to the latest statement titled
``Budgetary Effects of PAYGO Legislation'' for this division,
submitted for printing in the Congressional Record by the
Chairman of the Senate Budget Committee, provided that such
statement has been submitted prior to the vote on passage.
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