‘‘(O) the National Infrastructure Develop-
ment Bank.’’. 
SEC. 5. BOARD OF DIRECTORS. 
(a) IN GENERAL.—The Bank shall have a Board of 
Directors consisting of 5 members appointed by the Presi-
dent by and with the advice and consent of the Senate. 
(b) QUALIFICATIONS.—The directors of the Board 
shall include individuals representing different regions of 
the United States and— 
(1) 2 of the directors shall have public sector 
experience; and 
(2) 3 of the directors shall have private sector 
experience. 
(c) CHAIRPERSON AND VICE CHAIRPERSON.—As des-
ignated at the time of appointment, one of the directors 
of the Board shall be designated chairperson of the Board 
by the President and one shall be designated as vice chair-
person of the Board by the President. 
(d) TERMS.— 
(1) IN GENERAL.—Except as provided in para-
graph (2) and subsection (f), each director shall be 
appointed for a term of 6 years. 
(2) INITIAL STAGGERED TERMS.—Of the initial 
members of the Board— 
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(A) the chairperson and vice chairperson 
shall be appointed for terms of 6 years; 
(B) 1 shall be appointed for a term of 5 
years; 
(C) 1 shall be appointed for a term of 4 
years; and 
(D) 1 shall be appointed for a term of 3 
years. 
(e) DATE
OF INITIAL NOMINATIONS.—The initial 
nominations by the President for appointment of directors 
to the Board shall be made not later than 60 days after 
the date of enactment of this Act. 
(f) VACANCIES.— 
(1) IN
GENERAL.—A vacancy on the Board 
shall be filled in the manner in which the original 
appointment was made. 
(2) 
APPOINTMENT
TO
REPLACE
DURING 
TERM.—Any director appointed to fill a vacancy oc-
curring before the expiration of the term for which 
the director’s predecessor was appointed shall be ap-
pointed only for the remainder of the term. 
(3) DURATION.—A director may serve after the 
expiration of that director’s term until a successor 
has taken office. 
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(g) QUORUM.—Three directors shall constitute a 
quorum. 
(h) REAPPOINTMENT.—A director of the Board ap-
pointed by the President may be reappointed by the Presi-
dent in accordance with this section. 
(i) PER DIEM REIMBURSEMENT.—Directors of the 
Board shall serve on a part-time basis and shall receive 
a per diem when engaged in the actual performance of 
Bank business, plus reasonable reimbursement for travel, 
subsistence, and other necessary expenses incurred in the 
performance of their duties. 
(j) LIMITATIONS.—A director of the Board may not 
participate in any review or decision affecting a project 
under consideration for assistance under this Act if the 
director has or is affiliated with a person who has an inter-
est in such project. 
(k) POWERS AND LIMITATIONS OF THE BOARD.— 
(1) POWERS.—In order to carry out the pur-
poses of the Bank as set forth in this Act, the Board 
shall be responsible for monitoring and overseeing 
infrastructure projects and have the following pow-
ers: 
(A) To make senior and subordinated 
loans and purchase senior and subordinated 
debt securities and enter into a binding commit-
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ment to make any such loan or purchase any 
such security, on such terms as the Board may 
determine, in the Board’s discretion, to be ap-
propriate, the proceeds of which are used to as-
sist in the financing or refinancing of the devel-
opment of one or more infrastructure projects. 
(B) To issue and sell debt securities of the 
Bank on such terms as the Board shall deter-
mine from time to time. 
(C) To issue public benefit bonds and to 
provide financing to infrastructure projects 
from amounts made available from the issuance 
of such bonds. 
(D) To make loan guarantees. 
(E) To make agreements and contracts 
with any entity in furtherance of the business 
of the Bank. 
(F) To borrow on the global capital market 
and lend to regional, State, and local entities, 
and commercial banks for the purpose of fund-
ing infrastructure projects. 
(G) To purchase in the open market any of 
the Bank’s outstanding obligations at any time 
and at any price. 
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(H) To monitor and oversee infrastructure 
projects financed, in whole or in part, by the 
Bank. 
(I) To acquire, lease, pledge, exchange, 
and dispose of real and personal property and 
otherwise exercise all the usual incidents of 
ownership of property to the extent the exercise 
of such powers are appropriate to and con-
sistent with the purposes of the Bank. 
(J) To sue and be sued in the Bank’s cor-
porate capacity in any court of competent juris-
diction, except that no attachment, injunction, 
or similar process, may be issued against the 
property of the Bank or against the Bank with 
respect to such property. 
(K) To indemnify the directors and officers 
of the Bank for liabilities arising out of the ac-
tions of the directors and officers in such capac-
ity, in accordance with, and subject to the limi-
tations contained in, this Act. 
(L) To serve as the primary liaison be-
tween the Bank, Congress, the executive 
branch, and State and local governments and to 
represent the Bank’s interests. 
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(M) To exercise all other lawful powers 
which are necessary or appropriate to carry out, 
and are consistent with, the purposes of the 
Bank. 
(2) LIMITATIONS.— 
(A) ISSUANCE OF DEBT SECURITY.—The 
Board may not issue any debt security without 
the prior consent of the Secretary. 
(B) ISSUANCE OF VOTING SECURITY.—The 
Board may not issue any voting security in the 
Bank to any entity other than the Secretary. 
(3) ACTIONS
CONSISTENT
WITH
SELF-SUP-
PORTING ENTITY STATUS.—The Board shall conduct 
its business in a manner consistent with the require-
ments of this section. 
(4) COORDINATION
WITH
STATE
AND
LOCAL 
REGULATORY AUTHORITY.—The provision of finan-
cial assistance by the Board pursuant to this Act 
shall not be construed as— 
(A) limiting the right of any State or polit-
ical subdivision or other instrumentality of a 
State to approve or regulate rates of return on 
private equity invested in a project; or 
(B) otherwise superseding any State law or 
regulation applicable to a project. 
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(5) FEDERAL
PERSONNEL
REQUESTS.—The 
Board shall have the power to request the detail, on 
a reimbursable basis, of personnel from other Fed-
eral agencies with specific expertise not available 
from within the Bank or elsewhere. The head of any 
Federal agency may detail, on a reimbursable basis, 
any personnel of such agency requested by the 
Board and shall not withhold unreasonably the de-
tail of any personnel requested by the Board. 
(l) MEETINGS.— 
(1) OPEN TO THE PUBLIC; NOTICE.—All meet-
ings of the Board held to conduct the business of the 
Bank shall be open to the public and shall be pre-
ceded by reasonable notice. 
(2) INITIAL MEETING.—The Board shall meet 
not later than 90 days after the date on which all 
directors of the Board are first appointed and other-
wise at the call of the Chairperson. 
(3) EXCEPTION FOR CLOSED MEETINGS.—Pur-
suant to such rules as the Board may establish 
through their bylaws, the directors may close a 
meeting of the Board if, at the meeting, there is 
likely to be disclosed information which could ad-
versely affect or lead to speculation relating to an in-
frastructure project under consideration for assist-
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ance under this Act or in financial or securities or 
commodities markets or institutions, utilities, or real 
estate. The determination to close any meeting of 
the Board shall be made in a meeting of the Board, 
open to the public, and preceded by reasonable no-
tice. The Board shall prepare minutes of any meet-
ing which is closed to the public and make such min-
utes available as soon as the considerations necessi-
tating closing such meeting no longer apply. 
SEC. 6. EXECUTIVE COMMITTEE. 
(a) IN GENERAL.—The Board shall have an executive 
committee consisting of 9 members, headed by the execu-
tive director of the Bank. 
(b) EXECUTIVE DIRECTOR.—A majority of the Board 
shall have the authority to appoint and reappoint the exec-
utive director. 
(c) CEO.—The executive director shall be the chief 
executive officer of the Bank, with such executive func-
tions, powers, and duties as may be prescribed by this Act, 
the bylaws of the Bank, or the Board. 
(d) OTHER EXECUTIVE OFFICERS.—The Board shall 
appoint, remove, fix the compensation, and define duties 
of 8 other executive officers to serve on the Executive 
Committee as the— 
(1) chief compliance officer; 
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(2) chief financial officer; 
(3) chief asset and liability management officer; 
(4) chief loan origination officer; 
(5) chief operations officer; 
(6) chief risk officer; 
(7) chief treasury officer; and 
(8) general counsel. 
(e) QUALIFICATIONS.—The executive director and 
other executive officers shall have demonstrated experience 
and expertise in one or more of the following: 
(1) Transportation infrastructure. 
(2) Environmental infrastructure. 
(3) Energy infrastructure. 
(4) Telecommunications infrastructure. 
(5) Economic development. 
(6) Workforce development. 
(7) Public health. 
(8) Private or public finance. 
(f) DUTIES.—In order to carry out the purposes of 
the Bank as set forth in this Act, the executive committee 
shall— 
(1) establish disclosure and application proce-
dures for entities nominating projects for assistance 
under this Act; 
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(2) accept, for consideration, project proposals 
relating to the development of infrastructure 
projects, which meet the basic criteria established by 
the Board, and which are submitted by an entity; 
(3) provide recommendations to the Board and 
place project proposals accepted by the executive 
committee on a list for consideration for financial 
assistance from the Board; and 
(4) provide technical assistance to entities re-
ceiving financing from the Bank and otherwise im-
plement decisions of the Board. 
(g) VACANCY.—A vacancy in the position of executive 
director shall be filled in the manner in which the original 
appointment was made. 
(h) COMPENSATION.—The compensation of the exec-
utive director and other executive officers of the executive 
committee shall be determined by the Board. 
(i) REMOVAL.—The executive director and other ex-
ecutive officers may be removed at the discretion of a ma-
jority of the Board. 
(j) TERM.—The executive director and other execu-
tive officers shall serve a 6-year term and may be re-
appointed in accordance with this section. 
(k) LIMITATIONS.—The executive director and other 
executive officers shall not— 
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(1) hold any other public office; 
(2) have any interest in an infrastructure 
project considered by the Board; 
(3) have any interest in an investment institu-
tion, commercial bank, or other entity seeking finan-
cial assistance for any infrastructure project from 
the Bank; and 
(4) have any such interest during the 2-year pe-
riod beginning on the date such officer ceases to 
serve in such capacity. 
SEC. 7. RISK MANAGEMENT COMMITTEE. 
(a) ESTABLISHMENT OF RISK MANAGEMENT COM-
MITTEE.—The Bank shall establish a risk management 
committee consisting of 5 members, headed by the chief 
risk officer. 
(b) APPOINTMENTS.—A majority of the Board shall 
have the authority to appoint and reappoint the CRO of 
the Bank. 
(c) FUNCTIONS; DUTIES.— 
(1) IN GENERAL.—The CRO shall have such 
functions, powers, and duties as may be prescribed 
by one or more of the following: This Act, the by-
laws of the Bank, and the Board. The CRO shall re-
port directly to the Board. 
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(2) RISK MANAGEMENT DUTIES.—In order to 
carry out the purposes of this Act, the risk manage-
ment committee shall— 
(A) create financial, credit, and operational 
risk management guidelines and policies to be 
adhered to by the Bank; 
(B) set guidelines to ensure diversification 
of lending activities by both region and infra-
structure project type; 
(C) create conforming standards for infra-
structure finance securities; 
(D) monitor financial, credit and oper-
ational exposure of the Bank; and 
(E) provide financial recommendations to 
the Board. 
(d) OTHER RISK MANAGEMENT OFFICERS.—The 
Board shall appoint, remove, fix the compensation, and 
define the duties of 4 other risk management officers to 
serve on the risk management committee. 
(e) QUALIFICATIONS.—The CRO and other risk man-
agement officers shall have demonstrated experience and 
expertise in one or more of the following: 
(1) Treasury and asset and liability manage-
ment. 
(2) Investment regulations. 
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(4) have any such interest during the 2-year pe-
riod beginning on the date such officer ceases to 
serve in such capacity. 
SEC. 8. AUDIT COMMITTEE. 
(a) IN GENERAL.—The Bank shall have an audit 
committee consisting of 5 members, headed by the chief 
compliance officer of the Bank. 
(b) APPOINTMENTS.—A majority of the Board shall 
have the authority to appoint and reappoint the CCO of 
the Bank. 
(c) FUNCTIONS; DUTIES.—The CCO shall have such 
functions, powers, and duties as may be prescribed by one 
or more of the following: This Act, the bylaws of the Bank, 
and the Board. The CCO shall report directly to the 
Board. 
(d) AUDIT DUTIES.—In order to carry out the pur-
poses of the Bank under this Act, the audit committee 
shall— 
(1) provide internal controls and internal audit-
ing activities for the Bank; 
(2) maintain responsibility for the accounting 
activities of the Bank; 
(3) issue financial reports of the Bank; and 
(4) complete reports with outside auditors and 
public accountants appointed by the Board. 
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(e) OTHER AUDIT OFFICERS.—The Board shall ap-
point, remove, fix the compensation, and define the duties 
of 4 other audit officers to serve on the audit committee. 
(f) QUALIFICATIONS.—The CCO and other audit offi-
cers shall have demonstrated experience and expertise in 
one or more of the following: 
(1) Internal auditing. 
(2) Internal investigations. 
(3) Accounting practices. 
(4) Financing practices. 
(g) VACANCY.—A vacancy in the position of CCO or 
any other audit officer shall be filled in the manner in 
which the original appointment was made. 
(h) COMPENSATION.—The compensation of the CCO 
and other audit officers shall be determined by the Board. 
(i) REMOVAL.—The CCO and other audit officers 
may be removed at the discretion of a majority of the 
Board. 
(j) TERM.—The CCO and other audit officers shall 
serve a 6-year term and may be reappointed in accordance 
with this section. 
(k) LIMITATIONS.—The CCO and other audit officers 
shall not— 
(1) hold any other public office; 
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(2) have any interest in an infrastructure 
project considered by the Board; 
(3) have any interest in an investment institu-
tion, commercial bank, or other entity seeking finan-
cial assistance for any infrastructure project from 
the Bank; and 
(4) have any such interest during the 2-year pe-
riod beginning on the date such officer ceases to 
serve in such capacity. 
SEC. 9. PERSONNEL. 
The chairperson of the Board, executive director, 
chief risk officer, and chief compliance officer shall ap-
point, remove, fix the compensation of, and define the du-
ties of such qualified personnel to serve under the Board, 
executive committee, risk management committee, or 
audit committee, as the case may be, as necessary and 
prescribed by one or more of the following: This Act, the 
bylaws of the Bank, and the Board. 
SEC. 10. ELIGIBILITY CRITERIA FOR ASSISTANCE FROM 
BANK. 
(a) IN GENERAL.—No financial assistance shall be 
available under this Act from the Bank unless the appli-
cant for such assistance has demonstrated to the satisfac-
tion of the Board that the project for which such assist-
ance is being sought meets— 
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(1) the requirements of this Act; and 
(2) any criteria established in accordance with 
this Act by the Board. 
(b) ESTABLISHMENT OF PROJECT CRITERIA.— 
(1) IN GENERAL.—Consistent with the require-
ments of subsections (c) and (d), the Board shall es-
tablish— 
(A) criteria for determining eligibility for 
financial assistance under this Act; 
(B) disclosure and application procedures 
to be followed by entities to nominate projects 
for assistance under this Act; and 
(C) such other criteria as the Board may 
consider to be appropriate for purposes of car-
rying out this Act. 
(2) FACTORS TO BE TAKEN INTO ACCOUNT.— 
(A) IN GENERAL.—The Bank shall con-
duct an analysis that takes into account the 
economic, environmental, social benefits, and 
costs of each project under consideration for fi-
nancial assistance under this Act, prioritizing 
projects that contribute to economic growth, 
lead to job creation, and are of regional or na-
tional significance. 
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(B) CRITERIA.—The criteria established 
pursuant to paragraph (1)(A) shall provide for 
the consideration of the following factors in 
considering eligibility for financial assistance 
under this Act: 
(i) The means by which development 
of the infrastructure project under consid-
eration is being financed, including— 
(I) the terms and conditions and 
financial structure of the proposed fi-
nancing; 
(II) the financial assumptions 
and projections on which the project 
is based; and 
(III) the extent to which the in-
frastructure project maximizes invest-
ment from other sources. 
(ii) The likelihood that the provision 
of assistance by the Bank will cause such 
development to proceed more promptly and 
with lower costs for financing than would 
be the case without such assistance. 
(iii) The extent to which the provision 
of assistance by the Bank maximizes the 
level of private investment in the infra-
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structure project while providing a public 
benefit. 
(c) FACTORS FOR SPECIFIC TYPES OF PROJECTS.— 
(1) 
TRANSPORTATION
INFRASTRUCTURE 
PROJECTS.—For any transportation infrastructure 
project, the Board shall consider the following: 
(A) Job creation, including workforce de-
velopment for women and minorities, respon-
sible employment practices, and quality job 
training opportunities. 
(B) Reduction in carbon emissions. 
(C) Reduction in surface and air traffic 
congestion. 
(D) Poverty and inequality reduction 
through targeted training and employment op-
portunities for low-income workers. 
(E) Use of smart tolling, such as vehicle 
miles traveled and congestion pricing, for high-
way, road, and bridge projects. 
(F) Public health benefits. 
(2) 
ENVIRONMENTAL
INFRASTRUCTURE 
PROJECT.—For any environmental infrastructure 
project, the Board shall consider the following: 
(A) Public health benefits. 
(B) Pollution reductions. 
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(i) improvement of the physical shape 
and layout; 
(ii) environmental improvement; and 
(iii) mobility improvements for resi-
dents. 
(H) Public health benefits. 
(4) TELECOMMUNICATIONS.—For any tele-
communications project, the Board shall consider 
the following: 
(A) The extent to which assistance ex-
pands or improves broadband and wireless serv-
ices in rural and disadvantaged communities. 
(B) Poverty and inequality reduction 
through targeted training and employment op-
portunities for low-income workers. 
(C) Job creation, including work force de-
velopment for women and minorities, respon-
sible employment practices, and quality job 
training opportunities. 
(d) CONSIDERATION OF PROJECT PROPOSALS.— 
(1) PARTICIPATION
BY
OTHER
AGENCY
PER-
SONNEL.—Consideration of projects by the executive 
committee and the Board shall be conducted with 
personnel on detail to the Bank from relevant Fed-
eral agencies from among individuals who are famil-
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iar with and experienced in the selection criteria for 
competitive projects. 
(2) FEES.—A fee may be charged for the re-
view of any project proposal in such amount as 
maybe considered appropriate by the executive com-
mittee to cover the cost of such review. 
(e) DISCRETION OF BOARD.—Consistent with other 
provisions of this Act, any determination of the Board to 
provide assistance to any project, and the manner in which 
such assistance is provided, including the terms, condi-
tions, fees, and charges shall be at the sole discretion of 
the Board. 
(f) STATE AND LOCAL PERMITS REQUIRED.—The 
provision of assistance by the Board in accordance with 
this Act shall not be deemed to relieve any recipient of 
assistance or the related project of any obligation to obtain 
required State and local permits and approvals. 
(g) ANNUAL REPORT.—An entity receiving assistance 
from the Board shall make annual reports to the Board 
on the use of any such assistance, compliance with the 
criteria set forth in this section, and a disclosure of all 
entities with a development, ownership, or operational in-
terest in a project assisted or proposed to be assisted 
under this Act. 
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SEC. 11. EXEMPTION FROM LOCAL TAXATION. 
All notes, debentures, bonds or other such obligations 
issued by the Bank, and the interest on or credits with 
respect to such bonds or other obligations, shall not be 
subject to taxation by any State, county, municipality, or 
local taxing authority. 
SEC. 12. STATUS AND APPLICABILITY OF CERTAIN FED-
ERAL LAWS; NO FULL FAITH AND CREDIT. 
(a) BUDGETING AND AUDITORS PRACTICES.—The 
Bank shall comply with all Federal laws regulating the 
budgetary and auditing practices of a government corpora-
tion, except as otherwise provided in this Act. 
(b) NO FULL FAITH AND CREDIT OF THE UNITED 
STATES.—Obligations of the Bank shall not be obligations 
of, or guaranteed as to principal or interest by, the United 
States or any agency of the United States and the obliga-
tions shall so plainly state. 
(c) EFFECT
OF
AND EXEMPTIONS FROM OTHER 
LAWS.— 
(1) EXEMPT SECURITIES.—All debt securities 
and other obligations issued by the Bank pursuant 
to this Act shall be deemed to be exempt securities 
within the meaning of laws administered by the Se-
curities and Exchange Commission to the same ex-
tent as securities which are direct obligations of, or 
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obligations fully guaranteed as to principal or inter-
est by, the United States. 
(2) OPEN
MARKET
OPERATIONS
AND
STATE 
TAX EXEMPT STATUS.—The obligations of the Bank 
shall be deemed to be obligations of the United 
States for the purposes of the provision designated 
as (b)(2) of the 2nd undesignated paragraph of sec-
tion 14 of the Federal Reserve Act (12 U.S.C. 355) 
and section 3124 of title 31, United States Code. 
(3) NO PRIORITY AS A FEDERAL CLAIM.—The 
priority established in favor of the United States by 
section 3713 of title 31, United States Code, shall 
not apply with respect to any indebtedness of the 
Bank. 
(d) FEDERAL RESERVE BANKS AS DEPOSITORIES, 
CUSTODIANS, AND FISCAL AGENTS.—The Federal reserve 
banks may act as depositaries for, or custodians or fiscal 
agents of, the Bank. 
(e) ACCESS
TO BOOK-ENTRY SYSTEM.—The Sec-
retary may authorize the Bank to use the book-entry sys-
tem of the Federal reserve system. 
SEC. 13. COMPLIANCE WITH DAVIS-BACON ACT. 
All laborers and mechanics employed by contractors 
and subcontractors on projects funded directly by or as-
sisted in whole or in part by and through the Bank pursu-
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ant to this Act shall be paid wages at rates not less than 
those prevailing on projects of a character similar in the 
locality as determined by the Secretary of Labor in accord-
ance with subchapter IV of chapter 31 of part A of title 
40, United States Code. With respect to the labor stand-
ards specified in this section, the Secretary of Labor shall 
have the authority and functions set forth in Reorganiza-
tion Plan Numbered 14 of 1950 (64 Stat. 1267; 5 U.S.C. 
App.) and section 3145 of title 40, United States Code. 
SEC. 14. APPLICABILITY OF CERTAIN STATE LAWS. 
The receipt by any entity of any assistance under this 
Act, directly or indirectly, and any financial assistance 
provided by any governmental entity in connection with 
such assistance under this Act shall be valid and lawful 
notwithstanding any State or local restrictions regarding 
extensions of credit or other benefits to private persons 
or entities, or other similar restrictions. 
SEC. 15. AUDITS; REPORTS TO PRESIDENT AND CONGRESS. 
(a) ACCOUNTING.—The books of account of the Bank 
shall be maintained in accordance with generally accepted 
accounting principles and shall be subject to an annual 
audit by independent public accountants appointed by the 
Board and of nationally recognized standing. 
(b) REPORTS.— 
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(1) BOARD.—The Board shall submit to the 
President and Congress, within 90 days after the 
last day of each fiscal year, a complete and detailed 
report with respect to the preceding fiscal year, set-
ting forth— 
(A) a summary of the Bank’s operations, 
for such preceding fiscal year; 
(B) a schedule of the Bank’s obligations 
and capital securities outstanding at the end of 
such preceding fiscal year, with a statement of 
the amounts issued and redeemed or paid dur-
ing such preceding fiscal year; and 
(C) the status of projects receiving funding 
or other assistance pursuant to this Act, includ-
ing disclosure of all entities with a development, 
ownership, or operational interest in such 
projects. 
(2) GAO.—Not later than 5 years after the 
date of enactment of this Act, the Comptroller Gen-
eral of the United States shall submit to Congress 
a report evaluating activities of the Bank for the fis-
cal years covered by the report that includes an as-
sessment of the impact and benefits of each funded 
project, including a review of how effectively each 
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project accomplished the goals prioritized by the 
Bank’s project criteria. 
(c) BOOKS AND RECORDS.— 
(1) IN
GENERAL.—The Bank shall maintain 
adequate books and records to support the financial 
transactions of the Bank with a description of finan-
cial transactions and infrastructure projects receiv-
ing funding, and the amount of funding for each 
project maintained on a publically accessible data-
base. 
(2) AUDITS BY THE SECRETARY AND GAO.— 
The books and records of the Bank shall be main-
tained in accordance with recommended accounting 
practices and shall be open to inspection by the Sec-
retary and the Comptroller General of the United 
States. 
SEC. 16. CAPITALIZATION OF BANK. 
(a) AUTHORIZATION OF APPROPRIATION.—There is 
authorized to be appropriated to the Secretary for pur-
chase of the shares of the Bank $5,000,000,000 for each 
of fiscal years 2012, 2013, 2014, 2015, and 2016 with 
the aggregate representing 10 percent of the total sub-
scribed capital of the Bank. 
(b) CALLABLE CAPITAL.—Of the total subscribed 
capital of the Bank, 90 percent shall be callable capital 
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subject to call from the Secretary only as and when re-
quired by the Bank to meet its obligations on borrowing 
of funds for inclusion in its ordinary capital resources or 
guarantees chargeable to such resources. 
(c) OUTSTANDING LOANS.—At any time, the aggre-
gate amount outstanding of bonds issued by the Bank 
shall not exceed 250 percent of its total subscribed capital. 
SEC. 17. SUNSET. 
The Bank shall cease to exist 15 years after the date 
of enactment of this Act. 
Æ 
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