Text: H.R.7325 — 115th Congress (2017-2018)All Information (Except Text)

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Introduced in House (12/17/2018)


115th CONGRESS
2d Session
H. R. 7325


To provide for the issuance of revenue bonds to fund construction of a physical border barrier and related technology, roads, and lighting along the United States border with Mexico.


IN THE HOUSE OF REPRESENTATIVES

December 17, 2018

Mr. Palazzo introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Homeland Security, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned


A BILL

To provide for the issuance of revenue bonds to fund construction of a physical border barrier and related technology, roads, and lighting along the United States border with Mexico.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Border Bonds for America Act of 2018”.

SEC. 2. Border bonds.

(a) Issuance.—The Secretary of the Treasury shall, pursuant to subchapter I of chapter 31 of title 31, United States Code, issue bonds, to be known as “Border Bonds”.

(b) Transfer of revenue.—Proceeds from the issuance of Border Bonds shall be transferred to the Border Trust Fund (as defined in section 9512 of the Internal Revenue Code of 1986).

(c) Terms and conditions.—

(1) TERM.—A bond issued under subsection (a) shall have a term of 30 years.

(2) FACE AMOUNT LIMITATION.—The face amount of bonds issued under subsection (a) in any fiscal year shall not exceed $5,000,000,000.

(3) SUNSET.—No bonds may be issued under subsection (a) later than 30 years after the date of the enactment of this Act.

SEC. 3. Border Bonds Trust Fund.

Chapter 98 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section:

“SEC. 9512. Border Bonds Trust Fund.

“(a) Creation of trust fund.—There is established in the Treasury of the United States a trust fund to be known as the ‘Border Bonds Trust Fund’, consisting of such amounts as may be apportioned or credited to such Trust Fund as provided in this section or section 9602(b).

“(b) Transfers to trust fund.—There are hereby appropriated to the Trust Fund amounts equivalent to revenue from the issuance of Border Bonds under section 2 of the Border Bonds for America Act of 2018.

“(c) Expenditures from trust fund.—Amounts in the Trust Fund shall be available, without further appropriation, to construct reinforced fencing and provide for the installation of additional physical barriers, roads, lighting, cameras, and sensors to gain operational control of the southwest border under section 102 of the Illegal Immigration Reform and Immigrant Responsibility Act of 1996 (8 U.S.C. 1103 note).”.