Summary: H.R.5120 — 103rd Congress (1993-1994)All Information (Except Text)

There is one summary for H.R.5120. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (09/28/1994)

National Infrastructure Development Act of 1994 - Establishes as a wholly owned Government corporation: (1) the National Infrastructure Development Corporation (NIDC); and (2) the National Infrastructure Insurance Corporation (NIIC) which shall be a subsidiary of NIDC. Requires NIDC and NIIC to conduct their respective businesses as self-supporting entities.

(Sec. 6) Sets forth provisions regarding: (1) NIDC's and NIIC's powers and limitations; and (2) eligibility criteria for assistance from NIDC and NIIC. Directs the boards of directors of each to establish criteria for determining eligibility for financial assistance, disclosure and application procedures to be followed by States, revolving funds, and other entities to nominate projects for assistance, and such other criteria as appropriate.

Sets forth provisions regarding: (1) initial targeting of ready-to-go projects; (2) development risk insurance; (3) discretion of NIDC and NIIC to provide assistance; (4) final decisions regarding providing assistance to be made by an independent investment committee; (5) required State and local permits; (6) annual reports; and (7) capitalization, organization, and management of NIDC and NIIC.

(Sec. 12) Requires that all meetings of the full board of directors held to conduct the business of NIDC and NIIC be open to the public and be preceded by reasonable notice. Permits the respective board of directors to close a meeting if there is likely to be disclosed information which could adversely affect or lead to speculation relating to: (1) an infrastructure project under consideration for assistance under this Act; or (2) financial or securities or commodities markets or institutions, utilities, or real estate.

(Sec. 13) Requires the NIDC to prepare and revise as necessary a strategic plan for the transition of NIDC and all subsidiaries thereof to a government-sponsored enterprise and for the sale or transfer to investors other than the Federal Government of NIDC's voting securities.

Sets forth provisions regarding: (1) means of transfer; (2) presidential approval; (3) congressional notification; (4) congressional review; (5) deposit of proceeds; (6) conversion of Federal Government investment; (7) the board of directors; (8) transmittal of the final plan after completion; (9) status and applicability of certain Federal laws; (10) compliance with the Davis-Bacon Act; (11) obligations not federally guaranteed and State laws; (12) audits and reporting requirements; (13) tax treatment of distributions from qualified retirement plans investing in public benefit bonds; and (14) prohibition of additional Federal assistance. Authorizes appropriations.