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[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 652 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
                                 S. 652

  To facilitate efficient investments and financing of infrastructure 
projects and new job creation through the establishment of an American 
Infrastructure Financing Authority, to provide for an extension of the 
 exemption from the alternative minimum tax treatment for certain tax-
                 exempt bonds, and for other purposes.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             March 17, 2011

  Mr. Kerry (for himself, Mrs. Hutchison, Mr. Warner, and Mr. Graham) 
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 job creation through the establishment of an American 
Infrastructure Financing Authority, to provide for an extension of the 
 exemption from the alternative minimum tax treatment for certain tax-
                 exempt bonds, 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 ``Building and 
Upgrading Infrastructure for Long-Term Development''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Findings and purpose.
Sec. 3. Definitions.
          TITLE I--AMERICAN INFRASTRUCTURE FINANCING AUTHORITY

Sec. 101. Establishment and general authority of AIFA.
Sec. 102. Voting members of the Board of Directors.
Sec. 103. Chief executive officer of AIFA.
Sec. 104. Powers and duties of the Board of Directors.
Sec. 105. Senior management.
Sec. 106. Special Inspector General for AIFA.
Sec. 107. Other personnel.
Sec. 108. Compliance.
  TITLE II--TERMS AND LIMITATIONS ON DIRECT LOANS AND LOAN GUARANTEES

Sec. 201. Eligibility criteria for assistance from AIFA and terms and 
                            limitations of loans.
Sec. 202. Loan terms and repayment.
Sec. 203. Compliance and enforcement.
Sec. 204. Audits; reports to the President and Congress.
                       TITLE III--FUNDING OF AIFA

Sec. 301. Fees.
Sec. 302. Self-sufficiency of AIFA.
Sec. 303. Funding.
Sec. 304. Contract authority.
TITLE IV--EXTENSION OF EXEMPTION FROM ALTERNATIVE MINIMUM TAX TREATMENT 
                      FOR CERTAIN TAX-EXEMPT BONDS

Sec. 401. Extension of exemption from alternative minimum tax treatment 
                            for certain tax-exempt bonds.

SEC. 2. FINDINGS AND PURPOSE.

    (a) Findings.--Congress finds that--
            (1) infrastructure has always been a vital element of the 
        economic strength of the United States and a key indicator of 
        the international leadership of the United States;
            (2) the Erie Canal, the Hoover Dam, the railroads, and the 
        interstate highway system are all testaments to American 
        ingenuity and have helped propel and maintain the United States 
        as the world's largest economy;
            (3) according to the World Economic Forum's Global 
        Competitiveness Report, the United States fell to second place 
        in 2009, and dropped to fourth place overall in 2010, however, 
        in the ``Quality of overall infrastructure'' category of the 
        same report, the United States ranked twenty-third in the 
        world;
            (4) according to the World Bank's 2010 Logistic Performance 
        Index, the capacity of countries to efficiently move goods and 
        connect manufacturers and consumers with international markets 
        is improving around the world, and the United States now ranks 
        seventh in the world in logistics-related infrastructure behind 
        countries from both Europe and Asia;
            (5) according to a January 2009 report from the University 
        of Massachusetts/Alliance for American Manufacturing entitled 
        ``Employment, Productivity and Growth,'' infrastructure 
        investment is a ``highly effective engine of job creation'' 
        such that $1,000,000,000 in new investment in infrastructure 
        results in 18,000 total jobs;
            (6) according to the American Society of Civil Engineers, 
        the current condition of the infrastructure in the United 
        States earns a grade point average of D, and an estimated 
        $2,200,000,000,000 investment is needed over the next 5 years 
        to bring American infrastructure up to adequate condition;
            (7) according to the National Surface Transportation Policy 
        and Revenue Study Commission, $225,000,000,000 is needed 
        annually from all sources for the next 50 years to upgrade the 
        United States surface transportation system to a state of good 
        repair and create a more advanced system;
            (8) the current infrastructure financing mechanisms of the 
        United States, both on the Federal and State level, will fail 
        to meet current and foreseeable demands and will create large 
        funding gaps;
            (9) published reports state that there may not be enough 
        demand for municipal bonds to maintain the same level of 
        borrowing at the same rates, resulting in significantly 
        decreased infrastructure investment at the State and local 
        level;
            (10) current funding mechanisms are not readily scalable 
        and do not--
                    (A) serve large in-State or cross jurisdiction 
                infrastructure projects, projects of regional or 
                national significance, or projects that cross sector 
                silos;
                    (B) sufficiently catalyze private sector 
                investment; or
                    (C) ensure the optimal return on public resources;
            (11) although grant programs of the United States 
        Government must continue to play a central role in financing 
        the transportation, environment, and energy infrastructure 
        needs of the United States, current and foreseeable demands on 
        existing Federal, State, and local funding for infrastructure 
        expansion clearly exceed the resources to support these 
        programs by margins wide enough to prompt serious concerns 
        about the United States ability to sustain long-term economic 
        development, productivity, and international competitiveness;
            (12) the capital markets, including pension funds, private 
        equity funds, mutual funds, sovereign wealth funds, and other 
        investors, have a growing interest in infrastructure investment 
        and represent hundreds of billions of dollars of potential 
        investment; and
            (13) the establishment of a United States Government-owned, 
        independent, professionally managed institution that could 
        provide credit support to qualified infrastructure projects of 
        regional and national significance, making transparent merit-
        based investment decisions based on the commercial viability of 
        infrastructure projects, would catalyze the participation of 
        significant private investment capital.
    (b) Purpose.--The purpose of this Act is to facilitate investment 
in, and long-term financing of, economically viable infrastructure 
projects of regional or national significance in a manner that both 
complements existing Federal, State, local, and private funding sources 
for these projects and introduces a merit-based system for financing 
such projects, in order to mobilize significant private sector 
investment, create jobs, and ensure United States competitiveness 
through a self-sustaining institution that limits the need for ongoing 
Federal funding.

SEC. 3. DEFINITIONS.

    For purposes of this Act, the following definitions shall apply:
            (1) AIFA.--The term ``AIFA'' means the American 
        Infrastructure Financing Authority established under this Act.
            (2) 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.
            (3) Board of directors.--The term ``Board of Directors'' 
        means Board of Directors of AIFA.
            (4) Chairperson.--The term ``Chairperson'' means the 
        Chairperson of the Board of Directors of AIFA.
            (5) Chief executive officer.--The term ``chief executive 
        officer'' means the chief executive officer of AIFA, appointed 
        under section 103.
            (6) Cost.--The term ``cost'' has the same meaning as in 
        section 502 of the Federal Credit Reform Act of 1990 (2 U.S.C. 
        661a).
            (7) Direct loan.--The term ``direct loan'' has the same 
        meaning as in section 502 of the Federal Credit Reform Act of 
        1990 (2 U.S.C. 661a).
            (8) Eligible entity.--The term ``eligible entity'' means an 
        individual, corporation, partnership (including a public-
        private partnership), joint venture, trust, State, or other 
        governmental entity, including a political subdivision or any 
        other instrumentality of a State, or a revolving fund.
            (9) Infrastructure project.--
                    (A) In general.--The term ``eligible infrastructure 
                project'' means any transportation, water, or energy 
                infrastructure project, or an aggregation of such 
                infrastructure projects, as provided in this Act.
                    (B) Transportation infrastructure project.--The 
                term ``transportation infrastructure project'' means 
                the construction, alteration, or repair, including the 
                facilitation of intermodal transit, of the following 
                subsectors:
                            (i) Highway or road.
                            (ii) Bridge.
                            (iii) Mass transit.
                            (iv) Inland waterways.
                            (v) Commercial ports.
                            (vi) Airports.
                            (vii) Air traffic control systems.
                            (viii) Passenger rail, including high-speed 
                        rail.
                            (ix) Freight rail systems.
                    (C) Water infrastructure project.--The term ``water 
                infrastructure project'' means the construction, 
                consolidation, alteration, or repair of the following 
                subsectors:
                            (i) Water waste treatment facility.
                            (ii) Storm water management system.
                            (iii) Dam.
                            (iv) Solid waste disposal facility.
                            (v) Levee.
                            (vi) Open space management system.
                    (D) Energy infrastructure project.--The term 
                ``energy infrastructure project'' means the 
                construction, alteration, or repair of the following 
                subsectors:
                            (i) Pollution reduced energy generation.
                            (ii) Transmission and distribution.
                            (iii) Storage.
                            (iv) Energy efficiency enhancements for 
                        buildings, including public and commercial 
                        buildings.
                    (E) Board authority to modify subsectors.--The 
                Board of Directors may make modifications, at the 
                discretion of the Board, to the subsectors described in 
                this paragraph by a vote of not fewer than 5 of the 
                voting members of the Board of Directors.
            (10) Investment-grade rating.--The term ``investment-grade 
        rating'' means a rating of BBB minus, Baa3, or higher assigned 
        to an infrastructure project by a ratings agency.
            (11) Loan guarantee.--The term ``loan guarantee'' has the 
        same meaning as in section 502 of the Federal Credit Reform Act 
        of 1990 (2 U.S.C. 661a).
            (12) Public-private partnership.--The term ``public-private 
        partnership'' means any eligible entity--
                    (A)(i) which is undertaking the development of all 
                or part of an infrastructure project that will have a 
                public benefit, pursuant to requirements established in 
                one 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 infrastructure project, are subject to regulation by 
                a State or any instrumentality of a State;
                    (B) which 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 project 
                vehicle.
            (13) Rural infrastructure project.--The term ``rural 
        infrastructure project'' means an infrastructure project in a 
        rural area, as that term is defined in section 343(a)(13)(A) of 
        the Consolidated Farm and Rural Development Act (7 U.S.C. 
        1991(a)(13)(A)).
            (14) Secretary.--Unless the context otherwise requires, the 
        term ``Secretary'' means the Secretary of the Treasury or the 
        designee thereof.
            (15) 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 AIFA established under section 105, 
        and such other officers as the Board of Directors may, by 
        majority vote, add to senior management.
            (16) State.--The term ``State'' includes the District of 
        Columbia, Puerto Rico, Guam, American Samoa, the Virgin 
        Islands, the Commonwealth of Northern Mariana Islands, and any 
        other territory of the United States.

          TITLE I--AMERICAN INFRASTRUCTURE FINANCING AUTHORITY

SEC. 101. ESTABLISHMENT AND GENERAL AUTHORITY OF AIFA.

    (a) Establishment of AIFA.--The American Infrastructure Financing 
Authority is established as a wholly owned Government corporation.
    (b) General Authority of AIFA.--AIFA shall provide direct loans and 
loan guarantees to facilitate infrastructure projects that are both 
economically viable and of regional or national significance, and shall 
have such other authority, as provided in this Act.
    (c) Incorporation.--
            (1) In general.--The Board of Directors first appointed 
        shall be deemed the incorporator of AIFA, 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.--AIFA 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 AIFA, 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 AIFA, 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.--AIFA 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 to serve as 
        Chairperson thereof.
            (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.
    (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 
                AIFA; or
                    (B) the financing, development, or operation of 
                infrastructure projects.
    (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 4 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 4 
                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 vacancy in the position of a voting 
        member of the Board of Directors shall be filled by the 
        President, and 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 not later 
        than 60 days after the date on which all members of the Board 
        of Directors are first appointed, at least quarterly 
        thereafter, and otherwise at the call of either the Chairperson 
        or 5 voting members of the Board of Directors.
            (3) Exception for closed meetings.--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 infrastructure project under consideration for 
        assistance under this Act. The Board of Directors shall prepare 
        minutes of any meeting that is closed to the public, and shall 
        make such minutes available as soon as practicable, 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 
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 such project.

SEC. 103. CHIEF EXECUTIVE OFFICER OF AIFA.

    (a) In General.--The chief executive officer of AIFA shall be a 
nonvoting member of the Board of Directors, who shall be responsible 
for all activities of AIFA, and shall support the Board of Directors as 
set forth in this Act and as the Board of Directors deems necessary or 
appropriate.
    (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.--Any vacancy in the office of the chief 
        executive officer shall be filled by the President, and the 
        person appointed to fill a vacancy in that position occurring 
        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 
                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 
                infrastructure project from AIFA, 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 AIFA, or the Board of Directors, including--
            (1) responsibility for the development and implementation 
        of the strategy of AIFA, 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 AIFA, 
        including--
                    (A) the appointment of senior management, subject 
                to approval by the voting members of the Board of 
                Directors, and the hiring and termination of all other 
                AIFA personnel;
                    (B) requesting the detail, on a reimbursable basis, 
                of personnel from any Federal agency having specific 
                expertise not available from within AIFA, following 
                which request the head of the Federal agency may 
                detail, on a reimbursable basis, any personnel of such 
                agency reasonably requested by the chief executive 
                officer;
                    (C) assessing and recommending in the first 
                instance, for ultimate approval or disapproval by the 
                Board of Directors, compensation and adjustments to 
                compensation of senior management and other personnel 
                of AIFA as may be necessary for carrying out the 
                functions of AIFA;
                    (D) ensuring, in conjunction with the general 
                counsel of AIFA, that all activities of AIFA are 
                carried out in compliance with applicable law;
                    (E) overseeing the involvement of AIFA in all 
                projects, including--
                            (i) developing eligible projects for AIFA 
                        financial assistance;
                            (ii) determining the terms and conditions 
                        of all financial assistance packages;
                            (iii) monitoring all infrastructure 
                        projects assisted by AIFA, including 
                        responsibility for ensuring that the proceeds 
                        of any loan made, guaranteed, or participated 
                        in are used only for the purposes for which the 
                        loan or guarantee was made;
                            (iv) preparing and submitting for approval 
                        by the Board of Directors the documents 
                        required under paragraph (1); and
                            (v) ensuring the implementation of 
                        decisions of the Board of Directors; and
                    (F) such other activities as may be necessary or 
                appropriate in carrying out this Act.
    (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 is 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 AIFA, 
                including bylaws for the regulation of the affairs and 
                conduct of the business of AIFA, 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 who are independent of the senior 
                management of AIFA;
                    (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--
                                    (I) disclosure and application 
                                procedures to be followed by entities 
                                in the course of nominating 
                                infrastructure projects for assistance 
                                under this Act;
                                    (II) guidelines for the selection 
                                and approval of projects;
                                    (III) specific criteria for 
                                determining eligibility for project 
                                selection, consistent with title II; 
                                and
                                    (IV) standardized terms and 
                                conditions, fee schedules, or legal 
                                requirements of a contract or program, 
                                so as to carry out this Act; and
                            (ii) operational guidelines; and
                    (E) approve or disapprove a 1-year business plan 
                and budget for AIFA;
            (3) ensure that AIFA is at all times operated in a manner 
        that is consistent with this Act, by--
                    (A) monitoring and assessing the effectiveness of 
                AIFA in achieving its strategic goals;
                    (B) periodically reviewing internal policies;
                    (C) reviewing and approving annual business plans, 
                annual budgets, and long-term strategies submitted by 
                the chief executive officer;
                    (D) reviewing and approving annual reports 
                submitted by the chief executive officer;
                    (E) engaging one or more external auditors, as set 
                forth in this Act; and
                    (F) reviewing and approving all changes to the 
                organization of senior management;
            (4) appoint and fix, by a vote of 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 Sates Code, the compensation and adjustments to 
        compensation of all AIFA 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 Secretary may deem appropriate;
                    (B) consult with the Office of Personnel 
                Management; and
                    (C) carry out such duties consistent with 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;
            (5) establish such other criteria, requirements, or 
        procedures as the Board of Directors may consider to be 
        appropriate in carrying out this Act;
            (6) serve as the primary liaison for AIFA in interactions 
        with Congress, the Executive Branch, and State and local 
        governments, and to represent the interests of AIFA in such 
        interactions and others;
            (7) approve by a vote of 5 of the 7 voting members of the 
        Board of Directors any changes to the bylaws or internal 
        policies of AIFA;
            (8) have the authority and responsibility--
                    (A) to oversee entering into and carry out such 
                contracts, leases, cooperative agreements, or other 
                transactions as are necessary to carry out this Act 
                with--
                            (i) any Federal department or agency;
                            (ii) any State, territory, or possession 
                        (or any political subdivision thereof, 
                        including State infrastructure banks) of the 
                        United States; and
                            (iii) any individual, public-private 
                        partnership, firm, association, or corporation;
                    (B) to approve of the acquisition, lease, pledge, 
                exchange, and disposal of real and personal property by 
                AIFA and otherwise approve the exercise by AIFA of all 
                of the usual incidents of ownership of property, to the 
                extent that the exercise of such powers is appropriate 
                to and consistent with the purposes of AIFA;
                    (C) to determine the character of, and the 
                necessity for, the obligations and expenditures of 
                AIFA, 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 AIFA 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 AIFA;
                    (G) to sue or be sued in the corporate capacity of 
                AIFA in any court of competent jurisdiction;
                    (H) to indemnify the members of the Board of 
                Directors and officers of AIFA for any liabilities 
                arising out of the actions of the members and officers 
                in such 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 AIFA in a 
                project, including payment or income from any interest 
                owned or held by AIFA, and to approve, postpone, or 
                deny the same by majority vote; and
                    (K) to enter into binding commitments, as specified 
                in approved financial assistance packages;
            (9) delegate to the chief executive officer those duties 
        that the Board of Directors deems appropriate, to better carry 
        out the powers and purposes of the Board of Directors under 
        this section; and
            (10) to approve a maximum aggregate amount of principal 
        exposure of AIFA 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 
purpose of AIFA, as approved by a majority vote of the voting members 
of 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, either by a majority of the voting members of the Board 
of Directors upon request by the chief executive officer, or otherwise 
by 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) Duties and responsibilities.--
                    (A) Chief financial officer.--The Chief Financial 
                Officer shall be responsible for all financial 
                functions of AIFA, provided that, at the discretion of 
                the Board of Directors, specific functions of the Chief 
                Financial Officer may be delegated externally.
                    (B) Chief risk officer.--The Chief Risk Officer 
                shall be responsible for all functions of AIFA relating 
                to--
                            (i) the creation of financial, credit, and 
                        operational risk management guidelines and 
                        policies;
                            (ii) the establishment of guidelines to 
                        ensure diversification of lending activities by 
                        region, infrastructure project type, and 
                        project size;
                            (iii) the creation of conforming standards 
                        for infrastructure finance agreements;
                            (iv) the monitoring of the financial, 
                        credit, and operational exposure of AIFA; and
                            (v) risk management and mitigation actions, 
                        including by reporting such actions, or 
                        recommendations of such actions to be taken, 
                        directly to the Board of Directors.
                    (C) Chief compliance officer.--The Chief Compliance 
                Officer shall be responsible for all functions of AIFA 
                relating to internal audits, accounting safeguards, and 
                the enforcement of such safeguards and other applicable 
                requirements.
                    (D) General counsel.--The General Counsel shall be 
                responsible for all functions of AIFA relating to legal 
                matters and, in consultation with the chief executive 
                officer, shall be responsible for ensuring that AIFA 
                complies with all applicable law.
                    (E) Chief operations officer.--The Chief Operations 
                Officer shall be responsible for all operational 
                functions of AIFA, including those relating to the 
                continuing operations and performance of all 
                infrastructure projects in which AIFA retains an 
                interest and for all AIFA functions related to human 
                resources.
                    (F) Chief lending officer.--The Chief Lending 
                Officer shall be responsible for--
                            (i) all functions of AIFA relating to the 
                        development of project pipeline, financial 
                        structuring of projects, credit analysis of 
                        infrastructure projects, selection of 
                        infrastructure projects to be reviewed by the 
                        Board of Directors, preparation of 
                        infrastructure projects to be presented to the 
                        Board of Directors, and set aside for rural 
                        infrastructure projects; and
                            (ii) the creation and management of--
                                    (I) a Center for Excellence to 
                                provide technical assistance to public 
                                sector borrowers in the development and 
                                financing of infrastructure projects; 
                                and
                                    (II) an Office of Rural Assistance 
                                to provide technical assistance in the 
                                development and financing of rural 
                                infrastructure projects.
    (f) Changes to Senior Management.--The Board of Directors, in 
consultation with the chief executive officer, may alter the structure 
of the senior management of AIFA at any time to better accomplish the 
goals, objectives, and purposes of AIFA, provided that the functions of 
the Chief Financial Officer set forth in subsection (e) remain separate 
from the functions of the Chief Risk Officer set forth in subsection 
(e).
    (g) Conflicts of Interest.--No individual appointed to senior 
management may--
            (1) hold any other public office;
            (2) have any financial interest in an 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, AIFA or its affiliates, or other 
        entity then seeking or likely to seek financial assistance for 
        any infrastructure project from AIFA, 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. SPECIAL INSPECTOR GENERAL FOR AIFA.

    (a) In General.--During the first 5 operating years of AIFA, the 
Office of the Inspector General of the Department of the Treasury shall 
have responsibility for AIFA.
    (b) Office of the Special Inspector General.--Effective 5 years 
after the date of enactment of the commencement of the operations of 
AIFA, there is established the Office of the Special Inspector General 
for AIFA.
    (c) Appointment of Inspector General; Removal.--
            (1) Head of office.--The head of the Office of the Special 
        Inspector General for AIFA shall be the Special Inspector 
        General for AIFA (in this Act referred to 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 is 
        practicable after the effective date under subsection (b).
            (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.).
    (d) Duties.--
            (1) In general.--It shall be the duty of the Special 
        Inspector General to conduct, supervise, and coordinate audits 
        and investigations of the business activities of AIFA.
            (2) Other systems, procedures, and controls.--The Special 
        Inspector General shall establish, maintain, and oversee such 
        systems, procedures, and controls as the Special Inspector 
        General considers appropriate to discharge the duty under 
        paragraph (1).
            (3) Additional duties.--In addition to the duties specified 
        in paragraphs (1) and (2), the Inspector General shall also 
        have the duties and responsibilities of inspectors general 
        under the Inspector General Act of 1978.
    (e) 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.
            (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.
    (f) Personnel, Facilities, and Other Resources.--
            (1) Additional officers.--
                    (A) 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) 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 such entity shall, insofar as 
                is practicable and not in contravention of any existing 
                law, furnish such information or assistance to the 
                Special Inspector General, or an authorized designee.
                    (B) Refusal to comply.--Whenever 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 of the Treasury, without delay.
    (g) Reports.--
            (1) Annual report.--Not later than 1 year after the 
        confirmation of the Special Inspector General, and every 
        calendar year thereafter, the Special Inspector General shall 
        submit to the President a report summarizing the activities of 
        the Special Inspector General during the previous 1-year period 
        ending on the date of such report.
            (2) Public disclosures.--Nothing in this subsection shall 
        be construed to authorize 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. 107. OTHER PERSONNEL.

    Except as otherwise provided in the bylaws of AIFA, 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 AIFA, 
other than senior management, who shall be appointed in accordance with 
section 105.

SEC. 108. COMPLIANCE.

    The provision of assistance by the Board of Directors pursuant to 
this Act shall not be construed as superseding any provision of State 
law or regulation otherwise applicable to an infrastructure project.

  TITLE II--TERMS AND LIMITATIONS ON DIRECT LOANS AND LOAN GUARANTEES

SEC. 201. ELIGIBILITY CRITERIA FOR ASSISTANCE FROM AIFA AND TERMS AND 
              LIMITATIONS OF LOANS.

    (a) In General.--Any project whose use or purpose is private and 
for which no public benefit is created shall not be eligible for 
financial assistance from AIFA under this Act. Financial assistance 
under this Act shall only be made available if the applicant for such 
assistance has demonstrated to the satisfaction of the Board of 
Directors that the infrastructure project for which such assistance is 
being sought--
            (1) is not for the refinancing of an existing 
        infrastructure project; and
            (2) meets--
                    (A) any pertinent requirements set forth in this 
                Act;
                    (B) any criteria established by the Board of 
                Directors or chief executive officer in accordance with 
                this Act; and
                    (C) the definition of a transportation 
                infrastructure project, water infrastructure project, 
                or energy infrastructure project.
    (b) Considerations.--The criteria established by the Board of 
Directors pursuant to this Act shall provide adequate consideration 
of--
            (1) the economic, financial, technical, environmental, and 
        public benefits and costs of each infrastructure project under 
        consideration for financial assistance under this Act, 
        prioritizing infrastructure projects that--
                    (A) contribute to regional or national economic 
                growth;
                    (B) offer value for money to taxpayers;
                    (C) demonstrate a clear public benefit;
                    (D) lead to job creation; and
                    (E) mitigate environmental concerns;
            (2) the means by which development of the infrastructure 
        project under consideration is being financed, including--
                    (A) the terms, conditions, and structure of the 
                proposed financing;
                    (B) the credit worthiness and standing of the 
                project sponsors, providers of equity, and 
                cofinanciers;
                    (C) the financial assumptions and projections on 
                which the infrastructure project is based; and
                    (D) whether there is sufficient State or municipal 
                political support for the successful completion of the 
                infrastructure project;
            (3) the likelihood that the provision of assistance by AIFA 
        will cause such development to proceed more promptly and with 
        lower costs for financing than would be the case without such 
        assistance;
            (4) the extent to which the provision of assistance by AIFA 
        maximizes the level of private investment in the infrastructure 
        project or supports a public-private partnership, while 
        providing a significant public benefit;
            (5) the extent to which the provision of assistance by AIFA 
        can mobilize the participation of other financing partners in 
        the infrastructure project;
            (6) the technical and operational viability of the 
        infrastructure project;
            (7) the proportion of financial assistance from AIFA;
            (8) the geographic location of the project in an effort to 
        have geographic diversity of projects funded by AIFA;
            (9) the size of the project and its impact on the resources 
        of AIFA; and
            (10) the infrastructure sector of the project, in an effort 
        to have projects from more than one sector funded by AIFA.
    (c) Application.--
            (1) In general.--Any eligible entity seeking assistance 
        from AIFA under this Act for an eligible infrastructure project 
        shall submit an application to AIFA 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.--AIFA shall review applications 
        for assistance under this Act on an ongoing basis. The chief 
        executive officer, working 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 that also secure 
        the infrastructure project obligations.
    (d) Eligible Infrastructure Project Costs.--
            (1) In general.--Except as provided in paragraph (2), to be 
        eligible for assistance under this Act, an infrastructure 
        project shall have project costs that are reasonably 
        anticipated to equal or exceed $100,000,000.
            (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 $25,000,000.
    (e) 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 50 
        percent of the reasonably anticipated eligible infrastructure 
        project costs or, if the direct loan or loan guarantee does not 
        receive an investment grade rating, the amount of the senior 
        project obligations.
            (2) Maximum annual loan and loan guarantee volume.--The 
        aggregate amount of direct loans and loan guarantees made by 
        AIFA in any single fiscal year may not exceed--
                    (A) during the first 2 fiscal years of the 
                operations of AIFA, $10,000,000,000;
                    (B) during fiscal years 3 through 9 of the 
                operations of AIFA, $20,000,000,000; or
                    (C) during any fiscal year thereafter, 
                $50,000,000,000.
    (f) State and Local Permits Required.--The provision of assistance 
by the Board of Directors pursuant to this Act shall not be deemed to 
relieve any recipient of such assistance, or the related infrastructure 
project, of any obligation to obtain required State and local permits 
and approvals.

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 that also 
                secure the senior project obligations (such as 
                availability payments and dedicated State or local 
                revenues); and
                    (B) include a rate covenant, coverage requirement, 
                or similar security feature supporting the project 
                obligations; and
            (2) may have a lien on revenues described in paragraph (1), 
        subject to any 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 United States 
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 such 
letter, as well as any comparable market rates available for such a 
loan or loan guarantee, should any exist.
    (e) Credit Fee.--With respect to each agreement for assistance 
under this Act, the chief executive officer shall charge a credit fee 
to the recipient of such 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 AIFA. In the 
case of a direct loan, such credit fee 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 AIFA under this Act shall be not later than 35 years 
after the date of substantial completion of the 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 ratings 
        agency, indicating that the senior obligations of the 
        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 ratings agencies generated 
        by AIFA, 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 infrastructure project receiving 
        an investment-grade rating.
            (2) Rating of aifa overall portfolio.--The average rating 
        of the overall portfolio of AIFA 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 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 infrastructure project, as determined by the chief 
        executive officer of AIFA.
            (3) Deferred payments of direct loans.--
                    (A) Authorization.--If, at any time after the date 
                of substantial completion of an infrastructure project 
                assisted under this Act, the 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 
                        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 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.
            (5) Sale of direct loans.--
                    (A) In general.--As soon as is practicable after 
                substantial completion of an infrastructure project 
                assisted under this Act, and after notifying the 
                obligor, the chief executive officer may sell to 
                another entity, or reoffer into the capital markets, a 
                direct loan for the infrastructure project, if the 
                chief executive officer determines that the sale or 
                reoffering can be made on favorable terms for the 
                taxpayer.
                    (B) Consent of obligor.--In making a sale or 
                reoffering under subparagraph (A), the chief executive 
                officer may not change the original terms and 
                conditions of the direct loan, without the written 
                consent of the obligor.
    (j) Loan Guarantees.--
            (1) Terms.--The terms of a loan guaranteed by AIFA 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, pre-payment, or refinancing 
        features shall be negotiated between the obligor and the 
        lender, with the consent of the chief executive officer.
            (2) Guaranteed lender.--A guaranteed lender shall be 
        limited to those lenders meeting the definition of that term in 
        section 601(a) of title 23, United States Code.
    (k) Compliance With FCRA.--
            (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.

SEC. 203. COMPLIANCE AND ENFORCEMENT.

    (a) Credit Agreement.--Notwithstanding any other provision of law, 
each eligible entity that receives assistance under this Act from AIFA 
shall enter into a credit agreement that requires such entity to comply 
with all applicable policies and procedures of AIFA, in addition to all 
other provisions of the loan agreement.
    (b) AIFA Authority on Noncompliance.--In any case in which a 
recipient of assistance under this Act is materially out of compliance 
with the loan agreement, or any applicable policy or procedure of AIFA, 
the Board of Directors may take action to cancel unutilized loan 
amounts, or to accelerate the repayment terms of any outstanding 
obligation.

SEC. 204. AUDITS; REPORTS TO THE PRESIDENT AND CONGRESS.

    (a) Accounting.--The books of account of AIFA shall be maintained 
in accordance with generally accepted accounting principles, and shall 
be 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 AIFA, for such 
                fiscal year;
                    (B) a schedule of the obligations of AIFA and 
                capital securities outstanding at the end of such 
                fiscal year, with a statement of the amounts issued and 
                redeemed or paid during such fiscal year;
                    (C) the status of infrastructure projects receiving 
                funding or other assistance pursuant to this Act during 
                such fiscal year, including all nonperforming loans, 
                and including disclosure of all entities with a 
                development, ownership, or operational interest in such 
                infrastructure projects;
                    (D) a description of the successes and challenges 
                encountered in lending to rural communities, including 
                the role of the Center for Excellence and the Office of 
                Rural Assistance established under this Act; and
                    (E) an assessment of the risks of the portfolio of 
                AIFA, 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 shall submit to 
        Congress a report on, activities of AIFA for the fiscal years 
        covered by the report that includes an assessment of the impact 
        and benefits of each funded infrastructure project, including a 
        review of how effectively each such infrastructure project 
        accomplished the goals prioritized by the infrastructure 
        project criteria of AIFA.
    (c) Books and Records.--
            (1) In general.--AIFA shall maintain adequate books and 
        records to support the financial transactions of AIFA, with a 
        description of financial transactions and infrastructure 
        projects receiving funding, and the amount of funding for each 
        such project maintained on a publically accessible database.
            (2) Audits by the secretary and gao.--The books and records 
        of AIFA shall at all times be open to inspection by the 
        Secretary of the Treasury, the Special Inspector General, and 
        the Comptroller General of the United States.

                       TITLE III--FUNDING OF AIFA

SEC. 301. FEES.

    (a) In General.--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 AIFA;
            (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 United States Treasury obligations 
                of a similar maturity;
                    (B) prevailing market conditions;
                    (C) the ability of the infrastructure project to 
                support the loan or loan guarantee; and
                    (D) the total amount of the loan or loan guarantee.
    (b) Treasury Receipts.--AIFA shall annually deposit amounts of fees 
collected under this section that are not used for the expenses of AIFA 
as miscellaneous receipts with the Treasury.

SEC. 302. SELF-SUFFICIENCY OF AIFA.

    The chief executive officer shall, to the extent possible, take 
actions consistent with this Act to make AIFA 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.

    There is authorized to be appropriated to AIFA to carry out this 
Act, to make direct loans and loan guarantees under this Act, not more 
than $10,000,000,000, to remain available until expended, of which 
amount, not more than $25,000,000 for each of fiscal years 2012 through 
2013, and not more than $50,000,000 for fiscal year 2014 may be used 
for administrative costs of AIFA. Such amount shall earn interest. Not 
more than 5 percent of such amount 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.

TITLE IV--EXTENSION OF EXEMPTION FROM ALTERNATIVE MINIMUM TAX TREATMENT 
                      FOR CERTAIN TAX-EXEMPT BONDS

SEC. 401. EXTENSION OF EXEMPTION FROM ALTERNATIVE MINIMUM TAX TREATMENT 
              FOR CERTAIN TAX-EXEMPT BONDS.

    (a) In General.--Clause (vi) of section 57(a)(5)(C) of the Internal 
Revenue Code of 1986 is amended--
            (1) by striking ``January 1, 2011'' in subclause (I) and 
        inserting ``January 1, 2013''; and
            (2) by striking ``and 2010'' in the heading and inserting 
        ``, 2010, 2011, and 2012''.
    (b) Adjusted Current Earnings.--Clause (iv) of section 56(g)(4)(B) 
of the Internal Revenue Code of 1986 is amended--
            (1) by striking ``January 1, 2011'' in subclause (I) and 
        inserting ``January 1, 2013''; and
            (2) by striking ``and 2010'' in the heading and inserting 
        ``, 2010, 2011, and 2012''.
    (c) Effective Date.--The amendments made by this section shall 
apply to obligations issued after December 31, 2010.
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