Infrastructure Reinvestment and Economic Revitalization Act of 1993

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Infrastructure Reinvestment and 
Economic Revitalization Act of 1993''.

SEC. 2. FINDINGS AND PURPOSES.

    (a) Findings.--Congress finds that--
            (1) the quality of our Nation's transportation 
        infrastructure and the efficient movement of people and goods 
        are directly linked to our Nation's economic productivity and 
        competitiveness;
            (2) our Nation's trading partners, with whom we compete in 
        the global economy, have invested substantial amounts of their 
        resources into capital infrastructure investment and currently 
        enjoy productivity growth rates that are more than triple the 
        United States growth rate;
            (3) to compete in the global marketplace of the 1990's, the 
        United States must substantially increase its level of 
        infrastructure investment as soon as possible;
            (4) by allowing infrastructure investment to drop from 2.4 
        percent of the gross national product in the late 1960's to 
        less than 0.3 percent in the 1980's, our Nation has neglected 
        the foundation of economic growth; and
            (5) without a substantial influx of new capital, 
        infrastructure investment will not be able to keep pace with 
        the rapid rate of infrastructure decay that will result in 
        crumbling roads, increasing traffic congestion, higher costs, 
        and inadequate transit systems.
    (b) Purposes.--The purposes of this Act are as follows:
            (1) Issuance of bonds to finance massive capital 
        infrastructure reinvestment immediately.
            (2) Creation of thousands of productive new jobs by 
        initiating new rehabilitation and construction projects.
            (3) Stimulation of the economy and creation of economic 
        growth by increasing the efficiency of our Nation's 
        infrastructure and investment in its long-term maintenance.
            (4) Complementing the purposes of the Intermodal Surface 
        Transportation Efficiency Act of 1991 by creating a new 
        financing mechanism to provide a more immediate source of 
        funds.

SEC. 3. INFRASTRUCTURE REINVESTMENT FUND.

    (a) Revenues From Highway Trust Fund.--Subsection (c) of section 
9503 of the Internal Revenue Code of 1986 (relating to Highway Trust 
Fund) is amended by adding at the end thereof the following new 
paragraph:
            ``(7) Infrastructure reinvestment fund.--The Secretary 
        shall pay from time to time from the Highway Trust Fund into 
        the Infrastructure Reinvestment Fund amounts (as determined by 
        him) equivalent to 2.5 cents per gallon of the taxes imposed by 
        sections 4041(a) and 4081 which are received after September 
        30, 1994, and before October 1, 2024.''.
    (b) Infrastructure Reinvestment Fund.--
            (1) In general.--Subchapter A of chapter 98 of such Code 
        (relating to trust fund code) is amended by adding at the end 
        thereof the following new section:

``SEC. 9512. INFRASTRUCTURE REINVESTMENT FUND.

    ``(a) Creation of Fund.--There is established in the Treasury of 
the United States a trust fund to be known as the `Infrastructure 
Reinvestment Fund', consisting of such amounts as may be appropriated 
or credited to such Fund as provided in this section, section 
9503(c)(7), or section 9602(b).
    ``(b) Transfers to Fund.--In addition to the amounts transferred 
under section 9503(c)(7), there are hereby appropriated to the 
Infrastructure Reinvestment Fund amounts equivalent to 2.5 cents per 
gallon of the taxes imposed by sections 4041(a) and 4081 which are 
received after September 30, 1994, and before October 1, 2024.
    ``(c) Expenditures From Fund.--Amounts in the Infrastructure 
Reinvestment Fund shall be available, as provided in appropriation 
Acts, only for purposes of carrying out section 5 of the Infrastructure 
Reinvestment and Economic Revitalization Act of 1993.
    ``(d) Infrastructure Bonds.--
            ``(1) In general.--There are authorized to be appropriated 
        to the Infrastructure Reinvestment Fund, as repayable advances, 
        the maximum amount (less an appropriate reserve) which the 
        Secretary estimates may be fully amortized before October 1, 
        2024--
                    ``(A) based on an amortization schedule comparable 
                to a 30-year bond issued as part of the public debt, 
                and
                    ``(B) using only amounts appropriated to such Fund 
                under subsection (b) (and interest thereon) with 
                respect to infrastructure reinvestment taxes received 
                in the Treasury before such date.
            ``(2) Repayment of advances.--Advances made to the 
        Infrastructure Reinvestment Fund shall be repaid, and interest 
        on such advances shall be paid, under such terms and conditions 
        as the Secretary shall prescribe.
            ``(3) Final repayment.--No advance shall be made to the 
        Infrastructure Reinvestment Fund after September 30, 2024, and 
        all advances made to such Fund shall be repaid on or before 
        such date.
            ``(4) Rate of interest.--Interest on advances made pursuant 
        to this subsection shall be determined in accordance with 
        section 9509(d)(3)(C).''.
            (2) Clerical amendment.--The table of sections for such 
        subchapter A is amended by adding at the end thereof the 
        following new item:

                              ``Sec. 9512. Infrastructure Reinvestment 
                                        Fund.''.

SEC. 4. OFF-BUDGET STATUS OF FUND.

    Notwithstanding any other provision of law, the receipts and 
disbursements of the Infrastructure Reinvestment Fund shall not be 
counted as new budget authority, outlays, receipts, or deficit or 
surplus for purposes of--
            (1) the budget of the United States Government as submitted 
        by the President,
            (2) the congressional budget, or
            (3) the Balanced Budget and Emergency Deficit Control Act 
        of 1985.

SEC. 5. INFRASTRUCTURE REINVESTMENT PROGRAM.

    (a) Authorization of Appropriations.--There shall be available, out 
of the Infrastructure Reinvestment Fund, for fiscal year 1995 to the 
Secretary for carrying out surface transportation programs an amount 
equal to the aggregate amount advanced to such Fund under section 
9512(d) of the Internal Revenue Code of 1986 plus interest thereon. 
Such sums shall remain available until expended.
    (b) Allocation of Funds Among Programs.--From the funds made 
available by subsection (a), the Secretary shall make available to 
carry out a surface transportation program an amount determined by 
multiplying--
            (1) the amount of funds made available by subsection (a), 
        and
            (2) the quotient of the amount of funds made available for 
        such program for fiscal year 1993 divided by the aggregate of 
        all funds made available for all such programs for fiscal year 
        1993.
    (c) Applicability of Apportionment Formulas and Other Provisions.--
            (1) In general.--Except as otherwise provided by this Act, 
        funds made available to a surface transportation program under 
        subsection (b) shall be subject to apportionment, Federal 
        share, planning, design, period of availability, and other 
        requirements in the same manner and to the same extent as if 
        such funds were made available, out of the Highway Trust Fund, 
        for such program.
            (2) Obligation limitation.--Funds made available by 
        subsection (a) shall not be subject to any obligation 
        limitation.
    (d) Contract Authority.--Approval by the Secretary of a grant, 
project, or contract with funds made available by subsection (a) shall 
be deemed a contractual obligation of the United States for payment of 
the Federal share of the cost of the grant, project, or contract.

SEC. 6. DEFINITIONS.

    In this Act, the following definitions apply:
            (1) Secretary.--The term ``Secretary'' means the Secretary 
        of Transportation.
            (2) Surface transportation program.--The term ``surface 
        transportation program'' means any program or project for which 
        funds are made available for fiscal year 1993 by or under the 
        Intermodal Surface Transportation Efficiency Act of 1991 and 
        any Act amended by the Intermodal Surface Transportation 
        Efficiency Act of 1991, including title 23, United States Code, 
        the Federal Transit Act, and the Surface Transportation 
        Assistance Act of 1982. Such term shall not include--
                    (A) any project described in section 1103, 1104, 
                1105, 1106, 1107, or 1108 of the Intermodal Surface 
                Transportation Efficiency Act of 1991; and
                    (B) the national recreation trails funding program 
                under part B of title I of such Act.

Summary: Infrastructure Reinvestment and Economic Revitalization Act of 1993 - Amends the Internal Revenue Code to require the Secretary of the Treasury to pay from time to time from the Highway Trust Fund into the Infrastructure Reinvestment Fund Reinvestment Fund amounts equivalent to 2.5 cents per gallon of the taxes imposed on diesel and special motor fuels and on the removal, entry, or sale of gasoline between September 30, 1994, and October 1, 2024. Establishes the Infrastructure Reinvestment Fund. Makes the Fund off-budget. Authorizes appropriations from such Fund for surface transportation programs.