267 
(B) INTEREST.—Any payment deferred 
under subparagraph (A) shall— 
(i) continue to accrue interest, in ac-
cordance with the terms of the obligation, 
until fully repaid; and 
(ii) be scheduled to be amortized over 
the remaining term of the loan. 
(C) CRITERIA.— 
(i) IN GENERAL.—Any payment defer-
ral under subparagraph (A) shall be con-
tingent on the infrastructure project meet-
ing criteria established by the Board of Di-
rectors. 
(ii) REPAYMENT
STANDARDS.—The 
criteria established under clause (i) shall 
include standards for reasonable assurance 
of repayment. 
(4) PREPAYMENT OF DIRECT LOANS.— 
(A) USE OF EXCESS REVENUES.—Any ex-
cess revenues that remain after satisfying 
scheduled debt service requirements on the in-
frastructure project obligations and direct loan 
and all deposit requirements under the terms of 
any trust agreement, bond resolution, or similar 
agreement securing project obligations under 
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this part may be applied annually to prepay the 
direct loan, without penalty. 
(B) 
USE
OF
PROCEEDS
OF
REFI-
NANCING.—A direct loan under this part may 
be prepaid at any time, without penalty, from 
the proceeds of refinancing from non-Federal 
funding sources. 
(5) SALE OF DIRECT LOANS.— 
(A) IN
GENERAL.—As soon as is prac-
ticable after substantial completion of an infra-
structure project assisted under this part, and 
after notifying the obligor, the chief executive 
officer may sell to another entity, or reoffer into 
the capital markets, a direct loan for the infra-
structure project, if the chief executive officer 
determines that the sale or reoffering can be 
made on favorable terms for the taxpayer. 
(B) CONSENT OF OBLIGOR.—In making a 
sale or reoffering under subparagraph (A), the 
chief executive officer may not change the origi-
nal terms and conditions of the direct loan, 
without the written consent of the obligor. 
(j) LOAN GUARANTEES.— 
(1) TERMS.—The terms of a loan guaranteed 
by AIFA under this part shall be consistent with the 
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terms set forth in this section for a direct loan, ex-
cept that the rate on the guaranteed loan and any 
payment, pre-payment, or refinancing features shall 
be negotiated between the obligor and the lender, 
with the consent of the chief executive officer. 
(2) GUARANTEED
LENDER.—A guaranteed 
lender shall be limited to those lenders meeting the 
definition of that term in section 601(a) of title 23, 
United States Code. 
(k) COMPLIANCE WITH FCRA; IN GENERAL.—Di-
rect loans and loan guarantees authorized by this part 
shall be subject to the provisions of the Federal Credit 
Reform Act of 1990 (2 U.S.C. 661 et seq.), as amended. 
SEC. 775. COMPLIANCE AND ENFORCEMENT. 
(a) CREDIT
AGREEMENT.—Notwithstanding any 
other provision of law, each eligible entity that receives 
assistance under this part from AIFA shall enter into a 
credit agreement that requires such entity to comply with 
all applicable policies and procedures of AIFA, in addition 
to all other provisions of the loan agreement. 
(b) AIFA AUTHORITY ON NONCOMPLIANCE.—In any 
case in which a recipient of assistance under this part is 
materially out of compliance with the loan agreement, or 
any applicable policy or procedure of AIFA, the Board of 
Directors may take action to cancel unutilized loan 
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amounts, or to accelerate the repayment terms of any out-
standing obligation. 
(c) Nothing in this part is intended to affect existing 
provisions of law applicable to the planning, development, 
construction, or operation of projects funded under the 
Act. 
SEC. 776. AUDITS; REPORTS TO THE PRESIDENT AND CON-
GRESS. 
(a) ACCOUNTING.—The books of account of AIFA 
shall be maintained in accordance with generally accepted 
accounting principles, and shall be subject to an annual 
audit by independent public accountants of nationally rec-
ognized standing appointed by the Board of Directors. 
(b) REPORTS.— 
(1) BOARD OF DIRECTORS.—Not later than 90 
days after the last day of each fiscal year, the Board 
of Directors shall submit to the President and Con-
gress a complete and detailed report with respect to 
the preceding fiscal year, setting forth— 
(A) a summary of the operations of AIFA, 
for such fiscal year; 
(B) a schedule of the obligations of AIFA 
and capital securities outstanding at the end of 
such fiscal year, with a statement of the 
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amounts issued and redeemed or paid during 
such fiscal year; 
(C) the status of infrastructure projects re-
ceiving funding or other assistance pursuant to 
this part during such fiscal year, including all 
nonperforming loans, and including disclosure 
of all entities with a development, ownership, or 
operational interest in such infrastructure 
projects; 
(D) a description of the successes and 
challenges encountered in lending to rural com-
munities, including the role of the Center for 
Excellence and the Office of Rural Assistance 
established under this part; and 
(E) an assessment of the risks of the port-
folio of AIFA, prepared by an independent 
source. 
(2) GAO.—Not later than 5 years after the 
date of enactment of this part, the Comptroller Gen-
eral of the United States shall conduct an evaluation 
of, and shall submit to Congress a report on, activi-
ties of AIFA for the fiscal years covered by the re-
port that includes an assessment of the impact and 
benefits of each funded infrastructure project, in-
cluding a review of how effectively each such infra-
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