(A) the extent to which the eligible charter 
school entity, local educational agency, public li-
brary, or community learning center involved 
lacks the fiscal capacity, including the ability to 
raise funds through the full use of such agen-
cy’s bonding capacity and otherwise, to under-
take the project for which the loan would be 
used without the loan; 
(B) in the case of a local educational agen-
cy, the threat that the condition of the physical 
plant in the project poses to the safety and 
well-being of students; 
(C) the demonstrated need for the con-
struction, reconstruction, or renovation based 
on the condition of the facility in the project; 
(D) the age of such facility; and 
(E) demonstrated need to connect and im-
prove broadband services in the local commu-
nity. 
(e) QUALIFYING PROJECTS.— 
(1) IN GENERAL.—Subject to subsection (a)(1), 
a project is eligible for a loan from an infrastructure 
bank if it is a project that consists of— 
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(A) the construction of new elementary or 
secondary schools to meet the needs imposed by 
enrollment growth; 
(B) the repair, rebuilding, or upgrading of 
classrooms or structures related to academic 
learning, including the repair of leaking roofs, 
crumbling walls, inadequate plumbing, poor 
ventilation equipment, and inadequate heating 
or light equipment; 
(C) an activity to increase physical safety 
at the educational facility involved; 
(D) an activity to enhance the educational 
facility involved to provide access for students, 
teachers, and other individuals with disabilities; 
(E) an activity to address environmental or 
health hazards at the educational facility in-
volved, such as poor ventilation, indoor air qual-
ity, or lighting; 
(F) the provision of basic infrastructure 
that facilitates educational technology, such as 
communications 
outlets, 
electrical 
systems, 
power outlets, or a communication closet; 
(G) work that will bring an educational fa-
cility into conformity with the requirements 
of— 
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(i) environmental protection or health 
and safety programs mandated by Federal, 
State, or local law if such requirements 
were not in effect when the facility was ini-
tially constructed; and 
(ii) hazardous waste disposal, treat-
ment, and storage requirements mandated 
by the Resource Conservation and Recov-
ery Act of 1976 or similar State laws; 
(H) work that will enable efficient use of 
available energy resources; 
(I) work that will reduce reliance on fossil 
fuels and expand use of solar power, wind 
power, and other renewable energy resources; 
(J) work to detect, remove, or otherwise 
contain asbestos hazards in educational facili-
ties; 
(K) work to construct new public library 
facilities or repair or upgrade existing public li-
brary facilities; 
(L) work to connect entities described in 
subsection (a)(1) to broadband services, and to 
improve such connections for such entities; or 
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(M) measures designed to reduce or elimi-
nate human exposure to classroom noise and 
environmental noise pollution. 
(2) DAVIS-BACON.—The wage requirements of 
the Act of March 3, 1931 (referred to as the ‘‘Davis- 
Bacon Act’’, 40 U.S.C. 276a et seq.) shall apply 
with respect to individuals employed on the projects 
described in paragraph (1). 
(3) GREEN PRACTICES.—An entity using a loan 
under this section to fund a new construction or ren-
ovation project described in paragraph (1) shall en-
sure that the project is certified, verified, or con-
sistent with State laws, regulations, and any applica-
ble provisions of— 
(A) the LEED Green Building Rating Sys-
tem; 
(B) Living Building Challenge; 
(C) the CHPS green building rating pro-
gram developed by the Collaborative for High 
Performance Schools; or 
(D) a program that— 
(i) has equivalent or more stringent 
standards; 
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(ii) is adopted by the State or another 
jurisdiction with authority over the entity; 
and 
(iii) includes a verifiable method to 
demonstrate compliance with such pro-
gram. 
(f) SUPPLEMENTATION.—Any loan made by an infra-
structure bank shall be used to supplement and not sup-
plant other Federal, State, and local funds available. 
(g) LIMITATION ON REPAYMENTS.—Notwithstanding 
any other provision of law, the repayment of a loan from 
an infrastructure bank under this section may not be cred-
ited towards the non-Federal share of the cost of any 
project. 
(h) 
SECRETARIAL
REQUIREMENTS.—In 
admin-
istering this section, the Secretary of the Treasury shall 
specify procedures and guidelines for establishing, oper-
ating, and providing assistance from an infrastructure 
bank. 
(i) UNITED STATES NOT OBLIGATED.—The con-
tribution of Federal funds into an infrastructure bank es-
tablished under this section shall not be construed as a 
commitment, guarantee, or obligation on the part of the 
United States to any third party, nor shall any third party 
have any right against the United States for payment sole-
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ly by virtue of the contribution. Any security or debt fi-
nancing instrument issued by the infrastructure bank 
shall expressly state that the security or instrument does 
not constitute a commitment, guarantee, or obligation of 
the United States. 
(j) MANAGEMENT OF FEDERAL FUNDS.—Sections 
3335 and 6503 of title 31, United States Code, shall not 
apply to funds contributed under this section. 
(k) PROGRAM ADMINISTRATION.—For each of fiscal 
years 2015 through 2019, a State may expend not to ex-
ceed 2 percent of the Federal funds contributed to an in-
frastructure bank established by the State under this sec-
tion to pay the reasonable costs of administering the bank. 
(l) SECRETARIAL REVIEW.—The Secretary of the 
Treasury shall review the financial condition of each infra-
structure bank established under this section and transmit 
to Congress a report on the results of such review not later 
than 90 days after the completion of the review. 
(m) AUTHORIZATION
OF
APPROPRIATIONS.—For 
grants to States for the initial capitalization of infrastruc-
ture banks there are authorized to be appropriated 
$500,000,000 for fiscal year 2015 and for each of the 4 
succeeding fiscal years. 
SEC. 3. DEFINITIONS. 
For purposes of this Act: 
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(1) COMMUNITY LEARNING CENTER.—The term 
‘‘community learning center’’ has the meaning given 
such term in section 4201(b)(1) of the Elementary 
and Secondary Education Act of 1965 (20 U.S.C. 
7171(b)(1)). 
(2) ELIGIBLE CHARTER SCHOOL ENTITY.—The 
term ‘‘eligible charter school entity’’ means— 
(A) a charter school (as defined in section 
5210 of the Elementary and Secondary Edu-
cation Act of 1965 (20 U.S.C. 7221i)); or 
(B) a developer (as so defined) that has 
applied to an authorized public chartering agen-
cy (as so defined) to operate a charter school. 
(3) LOCAL
EDUCATIONAL
AGENCY.—(A) The 
term ‘‘local educational agency’’ means a public 
board of education or other public authority legally 
constituted within a State for either administrative 
control or direction of, or to perform a service func-
tion for, public elementary or secondary schools in a 
city, county, township, school district, or other polit-
ical subdivision of a State, or for such combination 
of school districts or counties as are recognized in a 
State as an administrative agency for its public ele-
mentary or secondary schools. 
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(B) The term includes any other public institu-
tion or agency having administrative control and di-
rection of a public elementary or secondary school. 
(C) The term includes an elementary or sec-
ondary school funded by the Bureau of Indian Af-
fairs but only to the extent that such inclusion 
makes such school eligible for programs for which 
specific eligibility is not provided to such school in 
another provision of law and such school does not 
have a student population that is smaller than the 
student population of the local educational agency 
receiving assistance under this Act with the smallest 
student population, except that such school shall not 
be subject to the jurisdiction of any State edu-
cational agency other than the Bureau of Indian Af-
fairs. 
(4) OUTLYING
AREA.—The term ‘‘outlying 
area’’ means the Virgin Islands, Guam, American 
Samoa, the Commonwealth of the Northern Mariana 
Islands, the Republic of the Marshall Islands, the 
Federated States of Micronesia, and the Republic of 
Palau. 
(5) PUBLIC
LIBRARY.—The term ‘‘public li-
brary’’ means a library that serves free of charge all 
residents of a community, district, or region, and re-
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ceives its financial support in whole or in part from 
public funds. Such term also includes a research li-
brary, which, for the purposes of this sentence, 
means a library that— 
(A) makes its services available to the pub-
lic free of charge; 
(B) has extensive collections of books, 
manuscripts, and other materials suitable for 
scholarly research which are not available to the 
public through public libraries; 
(C) engages in the dissemination of hu-
manistic knowledge through services to readers, 
fellowships, educational and cultural programs, 
publication of significant research, and other 
activities; and 
(D) is not an integral part of an institu-
tion of higher education. 
(6) STATE.—The term ‘‘State’’ means each of 
the 50 States, the District of Columbia, the Com-
monwealth of Puerto Rico, and each of the outlying 
areas. 
Æ 
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