[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 1535 Introduced in Senate (IS)]
<DOC>
116th CONGRESS
1st Session
S. 1535
To facilitate efficient investments and financing of infrastructure
projects and new, long-term job creation through the establishment of
an Infrastructure Financing Authority, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
May 16, 2019
Mr. Warner (for himself, Mr. Blunt, Mr. Coons, Mr. Graham, Ms.
Klobuchar, Mr. Cornyn, Mr. Blumenthal, and Mr. Braun) introduced the
following bill; which was read twice and referred to the Committee on
Finance
_______________________________________________________________________
A BILL
To facilitate efficient investments and financing of infrastructure
projects and new, long-term job creation through the establishment of
an Infrastructure Financing Authority, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Reinventing
Economic Partnerships And Infrastructure Redevelopment Act'' or the
``REPAIR Act''.
(b) Table of Contents.--The table of contents for this Act 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.
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. Project Delivery Task Force.
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 Act 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 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 Act:
(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 multijurisdictional
or multistate 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.
(20) Task force.--The term ``Task Force'' means the Project
Delivery Task Force established under section 203.
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 Act.
(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 Act.
(e) Rule of Construction.--Chapter 91 of title 31, United States
Code, does not apply to IFA, unless otherwise specifically provided in
this Act.
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 Act.
(d) Terms.--
(1) In general.--Except as otherwise provided in this Act,
each voting member of the Board of Directors shall be appointed
for a term of 5 years.
(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
Act.
(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 Act, 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
Act 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
Act, 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 Act;
(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 Act, 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 Act; 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 Act;
(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 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 Act 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 Act 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 Act;
(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 Act; 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) 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 Act 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, 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 Act 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 Act 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
Act 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 Act;
(ii) any criteria established by the Board
of Directors under subsection (c) or by the
Chief Executive Officer in accordance with this
Act; 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
Act, 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 Act 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 Act 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.
(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 Act, 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 Act 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 Act 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 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.
(b) Terms.--A direct loan or loan guarantee under this Act--
(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 Act 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 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 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 Act, 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 Act 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 Act 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 Act 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 Act, 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 Act 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 Act, 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
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.
(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 Act may be applied annually to
prepay the direct loan, without penalty.
(B) Use of proceeds of refinancing.--A direct loan
under this Act 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 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, 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 Act 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 Act.
(l) Policy of Congress.--It is the policy of Congress that IFA
shall only make a direct loan or loan guarantee under this Act if IFA
determines that IFA is reasonably expected to recover the full amount
of the direct loan or loan guarantee.
SEC. 203. PROJECT DELIVERY TASK FORCE.
(a) Establishment.--There is established within IFA the Project
Delivery Task Force, which shall be overseen by the Chief Executive
Officer.
(b) Functions.--If an eligible infrastructure project receives
financing from IFA, or the Chief Executive Officer, after reviewing an
application for such financing, determines that such a project will be
approved, the Task Force, in close consultation with appropriate
permitting agencies, shall--
(1) establish or update a permitting timetable for the
proposed project, which ensures that the environmental review
process is completed as soon as practicable;
(2) coordinate concurrent permitting reviews by all
necessary agencies; and
(3) 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.
(c) 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 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 Act 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 Act 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 Act 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
Act 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 Act; 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 publicly 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 Act may be construed to affect or alter the
responsibility of an eligible entity that receives assistance under
this Act 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 Act 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 Act 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 Act
$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 2020
and 2021; and
(B) not more than $50,000,000 for fiscal year 2022.
(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 Act 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 Act, 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 Act, 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.
<all>