I 
110TH CONGRESS 
1ST SESSION H. R. 1075 
To establish the United States Territories Infrastructure Bond Bank, and 
for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
FEBRUARY 15, 2007 
Ms. BORDALLO (for herself and Mrs. CHRISTENSEN) introduced the following 
bill; which was referred to the Committee on Natural Resources, and in 
addition to the Committee on Ways and Means, for a period to be subse-
quently determined by the Speaker, in each case for consideration of such 
provisions as fall within the jurisdiction of the committee concerned 
A BILL 
To establish the United States Territories Infrastructure 
Bond Bank, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘United States Terri-
tories Infrastructure Bond Bank Authorization Act’’. 
SEC. 2. DEFINITIONS. 
In this Act: 
(1) BANK.—The term ‘‘Bank’’ means the 
United States Territories Infrastructure Bond Bank. 
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(2) BOARD.—The term ‘‘Board’’ means the 
Board of Directors of the United States Territories 
Infrastructure Bond Bank. 
(3) DEBT INSTRUMENTS.—The term ‘‘debt in-
struments’’ means bonds or notes issued by the 
Bank under authority granted in this Act. 
(4) INFRASTRUCTURE.—The term ‘‘infrastruc-
ture’’ means those facilities that are essential for 
public health, welfare, and safety, such as sewage 
treatment facilities, municipal water supply and 
treatment facilities, solid waste facilities, public safe-
ty equipment and facilities, roads, traffic control de-
vices and other transportation facilities, sidewalks, 
buried utility lines and other streetscape improve-
ments, parks and other open space or recreational 
areas. 
(5) TERRITORIAL CUSTOMER.—The term ‘‘ter-
ritorial customer’’ means any of the governments of 
the United States territories of American Samoa, 
Guam, the United States Virgin Islands, or the 
Commonwealth of the Northern Mariana Islands, or 
such other territory as shall become eligible in ac-
cordance with the provisions of section 14. 
(6) TERRITORY.—The term ‘‘territory’’ means 
a territory of the United States. 
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(7) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of the Interior. 
SEC. 3. ESTABLISHMENT. 
(a) IN GENERAL.—The Secretary shall establish, in 
accordance with this Act, a body corporate and politic, 
with corporate succession, to be known as the ‘‘United 
States Territories Infrastructure Bond Bank’’. The Bank 
shall not be an agency or instrumentality of the Federal 
Government, and an officer, employee, or member of the 
board of the Bank shall not be deemed to be an officer 
or employee of or agent for the Federal Government by 
reason of such service. 
(b) PURPOSE.—The purpose of the Bank shall be to 
provide low-cost financing for any territorial customer to 
construct infrastructure or refinance debt that was ac-
quired to construct infrastructure. 
(c) ESSENTIAL GOVERNMENTAL FUNCTION.—The 
Bank shall be an entity exercising public and essential 
governmental functions, and the exercise by the Bank of 
the powers conferred by this Act is deemed to be an essen-
tial governmental function of the territories. 
(d) INCORPORATION
OF
BANK.—The Secretary 
shall— 
(1) incorporate the Bank in a jurisdiction of the 
United States, under the laws of that jurisdiction, 
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after consultation with the governors of the terri-
tories; and 
(2) organize the initial meeting of the Board of 
Directors. 
SEC. 4. BOARD OF DIRECTORS. 
(a) IN GENERAL.—Except as provided in section 14, 
the Bank shall be governed by a Board of Directors con-
sisting of 5 members as follows: one appointed by the Sec-
retary, and one each appointed by the governors of Amer-
ican Samoa, Guam, the United States Virgin Islands, and 
the Commonwealth of the Northern Mariana Islands. 
(b) RESIDENCY.—A director from a territory shall be 
a resident of the territory from which the director was ap-
pointed. 
(c) TERM OF OFFICE; VACANCY; REMOVAL.—Direc-
tors shall serve for a term of 4 years, except that the terms 
of the members of the initial board shall terminate in a 
uniformly staggered fashion over the first 4 years of the 
Bank’s existence as determined by the Secretary. A direc-
tor may be reappointed. Any vacancy occurring other than 
by the expiration of a term shall be filled by appointment 
for the unexpired term. The Secretary may remove a direc-
tor from office for cause after a public hearing. The Sec-
retary may suspend a director pending the completion of 
this hearing. 
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