H.R.115 - National Infrastructure Development Act of 1999106th Congress (1999-2000)
|Sponsor:||Rep. DeLauro, Rosa L. [D-CT-3] (Introduced 01/06/1999)|
|Committees:||House - Transportation and Infrastructure; Banking and Financial Services; Ways and Means|
|Latest Action:||02/12/1999 Referred to the Subcommittee on Capital Markets, Securities and Government Sponsored Enterprises. (All Actions)|
This bill has the status Introduced
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Summary: H.R.115 — 106th Congress (1999-2000)All Information (Except Text)
Introduced in House (01/06/1999)
National Infrastructure Development Act of 1999 - Establishes as a wholly owned Government corporation: (1) the National Infrastructure Development Corporation (NIDC), which shall make new sources of financing available (including public benefit bonds) for the development of infrastructure facilities; and (2) the National Infrastructure Insurance Corporation (NIIC), which shall be a subsidiary of NIDC issuing insurance, reinsurance and related undertakings with respect to obligations for development of such facilities. Requires NIDC and NIIC to conduct their respective businesses as self-supporting entities.
Directs the boards of directors of each to establish criteria for determining eligibility for financial assistance.
Provides for: (1) initial targeting of ready-to-go projects; (2) development risk insurance; (3) the discretion of NIDC and NIIC to provide assistance; (4) final decisions on providing assistance to be made by an independent investment committee; and (5) capitalization, organization, and management of NIDC and NIIC.
Requires the NIDC to prepare and revise as necessary a strategic plan for the transition of NIDC and all its subsidiaries to a Government-sponsored enterprise, and for the sale or transfer to investors other than the Federal Government of NIDC's voting securities. Authorizes appropriations.