(C) the demonstrated need for the con-
struction, reconstruction, or renovation based
on the condition of the facility in the project;
and
(D) the age of such facility.
(e) QUALIFYING PROJECTS.—
(1) IN GENERAL.—A project is eligible for a
loan from an infrastructure bank if it is a project
that consists of—
(A) the construction of new elementary or
secondary schools to meet the needs imposed by
enrollment growth;
(B) the repair or upgrading of classrooms
or structures related to academic learning, in-
cluding 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
hazards at the educational facility involved,
such as poor ventilation, indoor air quality, 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—
(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, especially coal, solar
power, and other renewable energy resources;
(I) work to detect, remove, or otherwise
contain asbestos hazards in educational facili-
ties; or
(J) work to construct new public library
facilities or repair or upgrade existing public li-
brary facilities.
(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).
(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-
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 2000 through 2004, 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
$250,000,000 for fiscal year 2000 and for each of the next
4 fiscal years.
Æ