[Congressional Record Volume 167, Number 74 (Thursday, April 29, 2021)]
[Senate]
[Pages S2371-S2372]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1477. Mr. BENNET (for himself and Mr. Moran) submitted an 
amendment intended to be proposed to amendment SA 1460 proposed by Mr. 
Carper (for himself and Mrs. Capito) to the bill S. 914, to amend the 
Safe Drinking Water Act and the Federal Water Pollution Control Act to 
reauthorize programs under those Acts, and for other purposes; which 
was ordered to lie on the table; as follows:

        At the end of title II, add the following:

     SEC. 2__. FLEXIBLE FINANCING.

       (a) WIFIA Definitions.--Section 5022 of the Water 
     Infrastructure Finance and Innovation Act of 2014 (33 U.S.C. 
     3901) is amended--
       (1) by redesignating paragraphs (10) through (15) as 
     paragraphs (11) through (16), respectively; and
       (2) by inserting after paragraph (9) the following:
       ``(10) Rural community.--The term `rural community' means a 
     city, town, or unincorporated area that has a population of 
     not more than 10,000 inhabitants.''.
       (b) Terms and Limitations.--Section 5029(b) of the Water 
     Infrastructure Finance and Innovation Act of 2014 (33 U.S.C. 
     3908(b)) is amended--
       (1) in paragraph (2)--
       (A) by redesignating subparagraphs (A) and (B) as clauses 
     (i) and (ii), respectively, and indenting appropriately;
       (B) in the matter preceding clause (i) (as so 
     redesignated), by striking ``The amount'' and inserting the 
     following:
       ``(A) In general.--Except as provided in subparagraph (B), 
     the amount''; and
       (C) by adding at the end the following:
       ``(B) Projects in rural communities.--In the case of a 
     project receiving assistance

[[Page S2372]]

     under this subtitle in a rural community, the amount of a 
     secured loan under this section shall not exceed the lesser 
     of--
       ``(i) an amount equal to 67 percent of the reasonably 
     anticipated eligible project costs; and
       ``(ii) if the secured loan does not receive an investment-
     grade rating, the amount of the senior project obligations of 
     the project.''; and
       (2) in paragraph (5)--
       (A) in subparagraph (A), in the matter preceding clause 
     (i), by striking ``The final'' and inserting ``Except as 
     provided in subparagraphs (B) and (C), the final''; and
       (B) by adding at the end the following:
       ``(C) Special rule for projects in rural communities.--In 
     the case of a project receiving assistance under this 
     subtitle in a rural community, the final maturity date of a 
     secured loan under this section shall be the earlier of--
       ``(i) the date that is 40 years after the date of 
     substantial completion of the relevant project (as determined 
     by the Secretary or the Administrator, as applicable); and
       ``(ii) if the useful life of the project (as determined by 
     the Secretary or Administrator, as applicable) is less than 
     40 years, the useful life of the project.''.
                                 ______