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[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 1926 Introduced in Senate (IS)]

110th CONGRESS
  1st Session
                                S. 1926

 To establish the National Infrastructure Bank to provide funding for 
       qualified infrastructure projects, and for other purposes.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             August 1, 2007

  Mr. Dodd (for himself and Mr. Hagel) introduced the following bill; 
which was read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 A BILL

 
 To establish the National Infrastructure Bank to provide funding for 
       qualified infrastructure projects, 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 ``National 
Infrastructure Bank Act of 2007''.
    (b) Table of Contents.--The table of contents of this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Findings.
Sec. 3. Definitions.
Sec. 4. Authorization of appropriations.
                 TITLE I--NATIONAL INFRASTRUCTURE BANK

Sec. 101. Establishment of Bank.
Sec. 102. Management of Bank.
Sec. 103. Staff and personnel matters.
                TITLE II--POWERS AND DUTIES OF THE BANK

Sec. 201. Powers of the Bank Board.
Sec. 202. Qualified infrastructure project ratings.
Sec. 203. Development of financing package.
Sec. 204. Coupon notes for holders of infrastructure bonds.
Sec. 205. Exemption from local taxation.
                     TITLE III--STUDIES AND REPORTS

Sec. 301. Report; database.
Sec. 302. Study and report on infrastructure financing mechanisms.
Sec. 303. GAO report.

SEC. 2. FINDINGS.

    Congress finds that--
            (1) according to the American Society of Civil Engineers, 
        the current condition of the infrastructure of the United 
        States earns a grade point average of D and jeopardizes the 
        prosperity and quality of life of the citizens of the United 
        States;
            (2) according to the Federal Transit Administration--
                    (A) approximately $15,800,000,000 must be expended 
                each year for a period of not less than 20 years to 
                maintain the operational capacity of the transit 
                systems of the United States; and
                    (B) approximately $21,800,000,000 must be expended 
                each year for a period of not less than 20 years to 
                improve the operational capacity of the transit systems 
                of the United States to meet the growing demands of 
                passengers in a safe and adequate manner;
            (3) according to the Millennial Housing Commission, there 
        remains a critical shortage of affordable public housing for 
        extreme low-income individuals;
            (4) there are over 1,200,000 units of public housing 
        nationwide, with an accumulated capital needs backlog of 
        approximately $18,000,000,000, with an additional 
        $2,000,000,000 accruing each year;
            (5) according to the Federal Highway Administration--
                    (A) 33 percent of all urban and rural roads in the 
                United States are in poor, mediocre, or fair condition;
                    (B) approximately $131,700,000,000 must be expended 
                each year for a period of not less than 20 years to 
                improve the conditions of those urban and rural roads;
                    (C) 27.1 percent of all bridges in the United 
                States are--
                            (i) structurally deficient; or
                            (ii) functionally obsolete; and
                    (D) approximately $9,400,000,000 must be expended 
                each year for a period of not less than 20 years to 
                eliminate the deficiencies of those bridges;
            (6) according to the Environmental Protection Agency--
                    (A) $151,000,000,000 must be expended during the 
                next 20 years to make necessary repairs, replacements, 
                and upgrades to the approximately 55,000 community 
                drinking water systems of the United States; and
                    (B) approximately $390,000,000,000 must be expended 
                during the next 20 years to eliminate the deficiencies 
                of the wastewater systems of the United States;
            (7) the infrastructure financing mechanisms of the United 
        States do not adequately--
                    (A) address infrastructure projects of regional or 
                national significance;
                    (B) encourage an appropriate pooling of Federal, 
                State, local, and private resources; or
                    (C) provide transparency to ensure the optimal 
                return on public resources;
            (8) there are no Federal financing notes, credits, or bonds 
        which allow investors to fund only infrastructure projects;
            (9) there is a need to involve pension funds and other 
        private investors who want to invest in infrastructure, but to 
        whom tax credits have no value; and
            (10) there are no federally guaranteed investment notes of 
        greater than 30 years in duration, whereas many federally 
        funded assets are of durations much longer than 30 years.

SEC. 3. DEFINITIONS.

    In this Act, the following definitions shall apply:
            (1) Bank.--The term ``Bank'' means the ``National 
        Infrastructure Bank'' established under section 101.
            (2) Board.--The term ``Board'' means the board of directors 
        of the Bank, established under section 102.
            (3) Chairperson; vice chairperson.--The terms 
        ``Chairperson'' and ``Vice Chairperson'' mean the Chairperson 
        and Vice Chairperson of the Board, respectively.
            (4) Financing mechanism.--
                    (A) In general.--The term ``financing mechanism'' 
                means a method used by the Bank to pledge the full 
                faith and credit of the United States to provide money, 
                credit, or other capital to a qualified infrastructure 
                project.
                    (B) Inclusions.--The term ``financing mechanism'' 
                includes--
                            (i) a direct subsidy;
                            (ii) a general purpose infrastructure bond; 
                        and
                            (iii) a project-based infrastructure bond.
            (5) Financing package.--The term ``financing package'' 
        means 1 or more financing mechanisms used by the Bank to meet 
        the Federal commitment for a qualified infrastructure project.
            (6) General purpose infrastructure bond.--The term 
        ``general purpose infrastructure bond'' means a bond issued as 
        part of an issue in accordance with this Act, if--
                    (A) the net spendable proceeds from the sale of the 
                issue may be used for expenditures incurred after the 
                date of issuance with respect to any qualified 
                infrastructure project or purpose, subject to the rules 
                of the Bank;
                    (B) the bond is issued by the Bank, is in 
                registered form, and meets the requirements of this Act 
                and otherwise applicable law;
                    (C) the term of each bond which is part of the 
                issue is greater than 30 years; and
                    (D) the payment of principal with respect to the 
                bond is the obligation of the Bank.
            (7) Infrastructure project.--
                    (A) In general.--The term ``infrastructure 
                project'' means the building, improvement, or increase 
                in capacity of a basic installation, facility, asset, 
                or stock that is associated with--
                            (i) a mass transit system that meets the 
                        criteria in subparagraph (B);
                            (ii) a public housing property that is 
                        eligible to receive funding under section 24 of 
                        the United States Housing Act of 1937 (42 
                        U.S.C. 1437v) and that meets the criteria in 
                        subparagraph (B);
                            (iii) a road or bridge that meets the 
                        criteria in subparagraph (B); or
                            (iv) a drinking water system or a 
                        wastewater system that meets the criteria in 
                        subparagraph (B).
                    (B) Criteria.--A project described in any of 
                clauses (i) through (iv) of subparagraph (A) meets the 
                criteria of this subparagraph if it serves any one or 
                more of the objectives identified in paragraphs (1) 
                through (9) of section 101(c) of the Housing and 
                Community Development Act of 1974 (42 U.S.C. 5301(c)).
            (8) Project-based infrastructure bond.--The term ``project-
        based infrastructure bond'' means any bond issued as part of an 
        issue, if--
                    (A) the net spendable proceeds from the sale of the 
                issue are to be used for expenditures incurred after 
                the date of issuance only with respect to the qualified 
                infrastructure project for which the bond is issued;
                    (B) the bond is issued by the Bank, meets the 
                requirements of section 149(a) of title 26, United 
                States Code, for registration, and otherwise meets the 
                requirements of this Act and other applicable law;
                    (C) the term of each bond which is part of the 
                issue is equal to the useful life of the qualified 
                infrastructure project funded through use of the bond; 
                and
                    (D) the payment of principal with respect to the 
                bond is the obligation of the Bank.
            (9) Public housing agency.--The term ``public housing 
        agency'' means an agency described in section 3(b)(6) of the 
        United States Housing Act of 1937 (42 U.S.C. 1437a(b)(6)).
            (10) Public sponsor.--The term ``public sponsor'' includes 
        a State or local government, an Indian tribe (as defined in 
        section 4 of the Indian Self-Determination and Education 
        Assistance Act (25 U.S.C. 450b), a public transit agency, 
        public housing agency, a public infrastructure agency, or a 
        consortium of those entities, including a public entity that 
        has partnered with a private nonprofit or for-profit entity.
            (11) Qualified infrastructure project.--The term 
        ``qualified infrastructure project'' means an infrastructure 
        project designated by the Board as a qualified infrastructure 
        project in accordance with section 202.

SEC. 4. AUTHORIZATION OF APPROPRIATIONS.

    Until such time as the Bank has received funds from the issuance of 
bonds sufficient to carry out this Act and the administration of the 
Bank, there are authorized to be appropriated to the Bank, such sums as 
may be necessary for such purposes, to remain available until expended.

                 TITLE I--NATIONAL INFRASTRUCTURE BANK

SEC. 101. ESTABLISHMENT OF BANK.

    There is established the ``National Infrastructure Bank'', which 
shall be an independent establishment of the Federal Government, as 
defined in section 104 of title 5, United States Code.

SEC. 102. MANAGEMENT OF BANK.

    (a) Board of Directors.--
            (1) In general.--The management of the Bank shall be vested 
        in a Board of Directors consisting of 5 members, appointed by 
        the President, by and with the advice and consent of the 
        Senate, from among individuals who are citizens of the United 
        States.
            (2) Member expertise.--Not fewer than 1 member of the Board 
        shall have demonstrated expertise in--
                    (A) transit infrastructure;
                    (B) public housing infrastructure;
                    (C) road and bridge infrastructure;
                    (D) water infrastructure; or
                    (E) public finance.
            (3) Political affiliation.--Section 2(a)(2) of the Federal 
        Deposit Insurance Act (12 U.S.C. 1812(a)(2) shall apply to 
        members of the Board of Directors of the Bank in the same 
        manner as it applies to the Board of Directors of the Federal 
        Deposit Insurance Corporation.
            (4) Meetings.--The Board shall meet not later than 90 days 
        after the date on which all directors of the Board are first 
        appointed, and otherwise at the call of the Chairperson.
            (5) Date of appointments.--The initial nominations to the 
        Board shall be made not later than 60 days after the date of 
        enactment of this Act.
    (b) Chairperson and Vice Chairperson.--The Chairperson and Vice 
Chairperson of the Board shall be appointed and shall serve in the same 
manner as is provided for members of the Federal Deposit Insurance 
Corporation under section 2(b) of the Federal Deposit Insurance Act (12 
U.S.C. 1812(b)).
    (c) Terms.--
            (1) Appointed members.--Except as provided in paragraph 
        (2), each member of the Board shall be appointed for a term of 
        6 years.
            (2) Initial staggered terms.--Of the initial members of the 
        Board--
                    (A) the Chairperson and Vice Chairperson shall be 
                appointed for a term of 6 years;
                    (B) 1 member shall be appointed for a term of 5 
                years;
                    (C) 1 member shall be appointed for a term of 4 
                years; and
                    (D) 1 member shall be appointed for a term of 3 
                years.
            (3) Interim appointments.--Any member of the Board 
        appointed to fill a vacancy occurring before the expiration of 
        the term for which the predecessor of such member was appointed 
        shall be appointed only for the remainder of such term.
            (4) Continuation of service.--The Chairperson, Vice 
        Chairperson, and each other member of the Board may continue to 
        serve after the expiration of the term of office to which such 
        member was appointed, until a successor has been appointed.
    (d) Vacancy.--Any vacancy on the Board shall be filled in the 
manner in which the original appointment was made.
    (e) Ineligibility for Other Offices.--
            (1) Restriction during service.--No member of the Board 
        may, during service on the Board--
                    (A) be an officer or director of, or otherwise be 
                employed by, any entity engaged in or otherwise 
                associated with an infrastructure project assisted or 
                considered under this Act;
                    (B) hold stock in any such entity; or
                    (C) hold any other elected or appointed public 
                office.
            (2) Post service restriction.--
                    (A) In general.--No member of the Board may hold 
                any office, position, or employment in any entity 
                engaged in or otherwise associated with an 
                infrastructure project assisted under this Act during 
                the 2-year period beginning on the date on which such 
                member ceases to serve on the Board.
                    (B) Exception for members who serve full term.--The 
                limitation contained in subparagraph (A) does not apply 
                to any member who has ceased to serve on the Board 
                after serving the full term for which such member was 
                appointed.
            (3) Certification.--Upon taking office, each member of the 
        Board shall certify under oath that such member has complied 
        with this subsection, and such certification shall be filed 
        with the secretary of the Board.

SEC. 103. STAFF AND PERSONNEL MATTERS.

    (a) Executive Director.--
            (1) In general.--The Chairperson may appoint and terminate, 
        and fix the compensation of, an executive director of the Bank, 
        in accordance with title 5, United States Code.
            (2) Confirmation of executive director.--The employment of 
        an executive director shall be subject to confirmation by the 
        Board.
            (3) Qualifications of executive director.--An individual 
        appointed as the executive director under paragraph (1) shall 
        have demonstrated expertise in--
                    (A) transit infrastructure;
                    (B) public housing infrastructure;
                    (C) road and bridge infrastructure;
                    (D) water infrastructure; or
                    (E) public finance.
    (b) Other Personnel.--The Board may appoint and terminate, and fix 
the compensation of, in accordance with title 5, United States Code, 
such personnel as are necessary to enable the Bank to perform the 
duties of the Bank.
    (c) Inspector General.--
            (1) In general.--Section 11 of the Inspector General Act of 
        1978 (5 U.S.C. App.) is amended--
                    (A) in paragraph (1), by inserting ``the 
                Chairperson of the National Infrastructure Bank;'' 
                after ``the Chairperson of the Federal Deposit 
                Insurance Corporation;''; and
                    (B) in paragraph (2), by inserting ``the National 
                Infrastructure Bank;'' after ``the Federal Deposit 
                Insurance Corporation;''.
            (2) Executive schedule level iv.--Section 5315 of title 5, 
        United States Code, is amended by inserting after the item 
        relating to the Inspector General of the Federal Deposit 
        Insurance Corporation, the following:
            ``Inspector General, National Infrastructure Bank.''.
    (d) Support From Other Agencies.--The head of any other Federal 
agency may detail employees to the Bank for purposes of carrying out 
the duties of the Bank.
    (e) Compensation of Board Members.--
            (1) Chairperson.--Section 5314 of title 5, United States 
        Code, is amended by inserting after the item relating to the 
        Chairman of the Board of Directors of the Federal Deposit 
        Insurance Corporation, the following:
            ``Chairperson, Board of Directors, National Infrastructure 
        Bank.''.
            (2) Other members.--Section 5315 of title 5, United States 
        Code, is amended by inserting after the item relating to the 
        Inspector General of the Federal Deposit Insurance Corporation, 
        the following:
            ``Member, Board of Directors of the National Infrastructure 
        Bank.''.

                TITLE II--POWERS AND DUTIES OF THE BANK

SEC. 201. POWERS OF THE BANK BOARD.

    (a) Hearings.--The Board may, in carrying out this Act--
            (1) hold such hearings, meet and act at such times and 
        places, take such testimony, receive such evidence, and 
        administer such oaths, as the Board considers advisable; and
            (2) require, by subpoena or otherwise, the attendance and 
        testimony of such witnesses and the production of such books, 
        records, correspondence, memoranda, papers, documents, tapes, 
        and materials, as the Board considers advisable.
    (b) Issuance and Enforcement of Subpoenas.--
            (1) Issuance.--A subpoena issued under subsection (a) 
        shall--
                    (A) bear the signature of the Chairperson and a 
                majority of the members of the Board; and
                    (B) be served by any person or class of persons 
                designated by the Chairperson for that purpose.
            (2) Enforcement.--In the case of contumacy or failure to 
        obey a subpoena issued under subsection (a)(2), the United 
        States district court for the district in which the subpoenaed 
        person resides, is served, or may be found may issue an order 
        requiring the person to appear at any designated place to 
        testify or to produce documentary or other evidence.
            (3) Noncompliance.--Any failure to obey the order of the 
        court may be punished by the court as a contempt of court.
    (c) Witness Allowances and Fees.--
            (1) In general.--Section 1821 of title 28, United States 
        Code, shall apply to a witness requested or subpoenaed to 
        appear at a hearing of the Board.
            (2) Expenses.--The per diem and mileage allowances for a 
        witness shall be paid from funds available to pay the expenses 
        of the Board.
    (d) Information From Federal Agencies.--The Board may, upon 
request, secure directly from a Federal agency, such information as the 
Board considers necessary to carry out this Act, and the head of such 
agency shall promptly respond to any such request for the provision of 
information.
    (e) Incorporation of Federal Transit Processes for Board 
Statements.--Section 5334(l) of title 49, United States Code, as added 
by section 3032 of the Federal Public Transportation Act of 2005 
(Public Law 109-59, 119 Stat. 1627), shall apply to statements of the 
Board in the same manner and to the same extent as that section applies 
to statements of the Administrator of the Federal Transit 
Administration.

SEC. 202. QUALIFIED INFRASTRUCTURE PROJECT RATINGS.

    (a) In General.--The Bank shall, upon application and otherwise in 
accordance with this section, designate infrastructure projects as 
qualified projects for purposes of assistance under this Act.
    (b) Applicants.--The Bank shall accept applications for the 
designation of qualified infrastructure projects under this section 
from among public sponsors, for any infrastructure project having--
            (1) a potential Federal commitment of an amount that is not 
        less than $75,000,000;
            (2) a public sponsor; and
            (3) regional or national significance.
    (c) Guidelines for Developing Projects.--The Secretary shall 
establish guidelines to assist grant recipients under this title to 
develop applications for funding under this section. The guidelines 
shall include the objectives listed in paragraphs (2) and (3) of 
section 105(e) of the Housing and Community Development Act of 1974 (42 
U.S.C. 5305(e)).
    (d) Ratings.--In making a determination as to a designation of a 
qualified infrastructure project, the Board shall evaluate and rate 
each applicant based on the factors appropriate for that type of 
infrastructure project, which shall include--
            (1) for any transit project--
                    (A) regional or national significance;
                    (B) promotion of economic growth;
                    (C) reduction in traffic congestion;
                    (D) environmental benefits, including reduction in 
                pollution from reduced use of automobiles from direct 
                trip reduction and indirect trip reduction through land 
                use and density changes;
                    (E) urban land use policies, including those that 
                promote smart growth; and
                    (F) mobility improvements;
            (2) for any public housing project--
                    (A) regional or national significance;
                    (B) promotion of economic growth;
                    (C) improvement of the physical shape and layout of 
                public housing;
                    (D) environmental improvement;
                    (E) urban land use policies, including those that 
                promote smart growth;
                    (F) reduction of poverty concentration;
                    (G) mobility improvements for residents; and
                    (H) establishment of positive incentives for 
                resident self-sufficiency and comprehensive services 
                that empower residents;
            (3) for any highway, bridge, or road project--
                    (A) regional or national significance;
                    (B) promotion of economic growth;
                    (C) reduction in traffic congestion;
                    (D) environmental improvement;
                    (E) urban land use policies, including those that 
                promote smart growth; and
                    (F) mobility improvements; and
            (4) for any water project--
                    (A) regional or national significance;
                    (B) promotion of economic growth;
                    (C) health benefits from the associated projects, 
                including health care cost reduction due to removal of 
                pollutants; and
                    (D) environmental benefits.
    (e) Determination Among Projects of Different Infrastructure 
Types.--The Bank shall establish, by rule, comprehensive criteria for 
allocating qualified status among different types of infrastructure 
projects for purposes of this Act--
            (1) including--
                    (A) a full view of the project benefits, as 
                compared to project costs;
                    (B) a preference for projects that have national or 
                substantial regional impact;
                    (C) a preference for projects which leverage 
                private financing, including public-private 
                partnerships, for either the explicit cost of the 
                project or for enhancements which increase the benefits 
                of the project;
                    (D) an understanding of the importance of balanced 
                investment in various types of infrastructure, as 
                emphasized in the current allocation of Federal 
                resources between modes; and
                    (E) an understanding of the importance of diverse 
                investment in infrastructure in all regions of the 
                country; and
            (2) that do not eliminate any project based on size, but 
        rather allow for selection of the projects that are most 
        meritorious.
    (f) Process and Personnel for Creating Ratings Process.--
            (1) In general.--The ratings processes described in this 
        section shall be subject to Federal notice and rulemaking 
        procedures.
            (2) Participation by other agency personnel.--The ratings, 
        and development of the ratings process, shall be conducted by 
        personnel on detail to the Bank from the Department of 
        Transportation, the Department of Housing and Urban 
        Development, the United States Army Corps of Engineers, and 
        other relevant departments and agencies from among individuals 
        who are familiar with and experienced in the selection criteria 
        for competitive projects. The Bank shall reimburse those 
        departments and agencies for the staff which are on detail to 
        the Bank.
    (g) Compliance With Other Applicable Law.--Projects receiving 
financial assistance from the Bank under this section shall comply with 
applicable provisions of Federal law and regulations, including--
            (1) for transit, requirements that would apply to a project 
        receiving funding under section 5307 of title 49, United States 
        Code;
            (2) for public housing, requirements that would apply to a 
        project receiving funding from a grant under section 24 of the 
        United States Housing Act of 1937 (42 U.S.C. 1437v);
            (3) for roads and bridges, requirements that would apply to 
        a project that receives funds apportioned under section 
        104(b)(3) of title 23, United States Code; and
            (4) for water, requirements that would apply to a project 
        that receives funds through a grant or loan under--
                    (A) section 103 of the Housing and Community 
                Development Act of 1974 (42 U.S.C. 5303);
                    (B) section 1452 of the Public Health Service Act 
                (42 U.S.C. 300j-12); or
                    (C) section 601 of the Federal Water Pollution 
                Control Act (33 U.S.C. 1381), as that section applied 
                before the beginning of fiscal year 1995.
    (h) Authority to Determine Funding.--Notwithstanding any other 
provision of law, the Bank shall determine the appropriate Federal 
share of funds for each project described in subsection (g) for 
purposes of this Act.

SEC. 203. DEVELOPMENT OF FINANCING PACKAGE.

    (a) In General.--Not later than 60 days after the date on which the 
Board determines appropriate financing packages for qualified 
infrastructure projects under section 202, the Board shall notify the 
Committee on Banking, Housing, and Urban Affairs of the Senate.
    (b) Financing Packages.--The Board is authorized--
            (1) to act as a centralized entity to provide financing for 
        qualified infrastructure projects;
            (2) to issue general purpose infrastructure bonds, and to 
        provide direct subsidies to qualified infrastructure projects 
        from amounts made available from the issuance of such bonds;
            (3) to issue project-based infrastructure bonds for the 
        financing of specific qualified infrastructure projects;
            (4) to provide loan guarantees to State or local 
        governments issuing debt to finance qualified infrastructure 
        projects, under rules prescribed by the Board, in a manner 
        similar to that described in chapter 6 of title 23, United 
        States Code;
            (5) to issue loans, at varying interest rates, including 
        very low interest rates, to qualified project sponsors for 
        qualified projects;
            (6) to leverage resources and stimulate public and private 
        investment in infrastructure; and
            (7) to encourage States to create additional opportunities 
        for the financing of infrastructure projects.
    (c) General Purpose and Infrastructure Bonds.--General purpose and 
project-based infrastructure bonds issued by the Bank under this Act 
shall be subject to such terms and limitations as may be established by 
rules of the Bank, in consultation with the Secretary of the Treasury.
    (d) Bond Obligation Limit.--The aggregate outstanding amount of all 
bonds authorized to be issued under this Act may not exceed 
$60,000,000,000.
    (e) Full Faith and Credit.--Any obligation issued by the Bank under 
this Act shall be an obligation supported by the full faith and credit 
of the United States.
    (f) Limitation on Funds From Bond Issuance.--Not more than 1 
percent of funds resulting from the issuance of bonds under this Act 
may be used to fund the operations of the Bank.

SEC. 204. COUPON NOTES FOR HOLDERS OF INFRASTRUCTURE BONDS.

    (a) Issuance of Coupon Notes.--Under regulations prescribed by the 
Bank, in consultation with the Secretary of the Treasury, there may be 
a separation (including at issuance) of the ownership of an 
infrastructure bond and the entitlement to the interest with respect to 
such bond (in this section referred to as a ``coupon note''). In case 
of any such separation, such interest shall be allowed to the person 
who on the payment date holds the instrument evidencing the entitlement 
to the interest, and not to the holder of the bond.
    (b) Redemption of Coupon Notes.--A coupon note may be used by the 
owner thereof for the purpose of making any payment to the Federal 
Government, and shall be accepted for such purpose by the Secretary of 
the Treasury, subject to rules issued by the Bank, in consultation with 
the Secretary of the Treasury.

SEC. 205. EXEMPTION FROM LOCAL TAXATION.

    Bonds and other obligations issued by the Bank, and the interest on 
or credits with respect to its bonds or other obligations, shall not be 
subject to taxation by any State, county, municipality, or local taxing 
authority.

                     TITLE III--STUDIES AND REPORTS

SEC. 301. REPORT; DATABASE.

    (a) Report.--Not later than 1 year after the date of enactment of 
this Act, and annually thereafter, the Board shall submit to the 
Committee on Banking, Housing, and Urban Affairs of the Senate a report 
describing the activities of the Board, for the fiscal year covered by 
the report, relating to--
            (1) the evaluations of qualified infrastructure projects 
        under section 202; and
            (2) the financing packages of qualified infrastructure 
        projects under section 203.
    (b) Database.--The Bank shall develop, maintain, and update a 
publicly-accessible database that contains--
            (1) a description of each qualified infrastructure project 
        that receives funding from the Bank under this Act--
                    (A) by project mode or modes;
                    (B) by project location;
                    (C) by project sponsor or sponsors; and
                    (D) by project total cost;
            (2) the amount of funding that each qualified 
        infrastructure project receives from the Bank under this Act; 
        and
            (3) the form of financing that each qualified 
        infrastructure project receives from the Bank under section 
        203.

SEC. 302. STUDY AND REPORT ON INFRASTRUCTURE FINANCING MECHANISMS.

    (a) In General.--Not later than 2 years after the date of enactment 
of this Act, and every 3 years thereafter, the Board shall conduct a 
study evaluating the effectiveness of each Federal financing mechanism 
that is used to support an infrastructure system of the United States.
    (b) Requirements.--A study conducted under subsection (a) shall--
            (1) evaluate the economic efficacy and transparency of each 
        financing mechanism used by--
                    (A) the Bank to fund qualified infrastructure 
                projects; and
                    (B) each agency and department of the Federal 
                Government to support infrastructure systems, 
                including--
                            (i) infrastructure formula funding;
                            (ii) user fees; and
                            (iii) modal taxes; and
            (2) contain recommendations for improving each funding 
        mechanism evaluated under subparagraphs (A) and (B) of 
        paragraph (1) to increase the economic efficacy and 
        transparency of the Bank, and each agency and department of the 
        Federal Government, to finance infrastructure projects in the 
        United States.
    (c) Report.--Not later than 30 days after the date on which the 
Board completes the study conducted under subsection (a), the Board 
shall submit to the Committee on Banking, Housing, and Urban Affairs of 
the Senate, a report containing each evaluation and recommendation 
contained in the study.

SEC. 303. GAO REPORT.

    Not later than 5 years after the date of enactment of this Act, the 
Comptroller General of the United States shall submit to the Committee 
on Banking, Housing, and Urban Affairs of the Senate, a report 
evaluating the activities of the Bank for the fiscal years covered by 
the report, including--
            (1) the evaluations of qualified infrastructure projects 
        under section 202; and
            (2) the financing packages of qualified infrastructure 
        projects under section 203.
                                 <all>
```