(E) mitigate environmental concerns; 
(2) the means by which development of the eli-
gible infrastructure project under consideration is 
being financed, including— 
(A) the terms, conditions, and structure of 
the proposed financing; 
(B) the creditworthiness and standing of 
the project sponsors, providers of equity, and 
cofinanciers; 
(C) the financial assumptions and projec-
tions on which the eligible infrastructure project 
is based; and 
(D) whether there is sufficient State or 
municipal political support for the successful 
completion of the eligible infrastructure project; 
(3) the likelihood that the provision of assist-
ance by IFA will cause the development to proceed 
more promptly and with lower costs for financing 
than would be the case without IFA assistance; 
(4) the extent to which the provision of assist-
ance by IFA maximizes the level of private invest-
ment in the eligible infrastructure project or sup-
ports a public-private partnership, while providing a 
significant public benefit; 
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(5) the extent to which the provision of assist-
ance by IFA can mobilize the participation of other 
financing partners in the eligible infrastructure 
project; 
(6) the technical and operational viability of the 
eligible infrastructure project; 
(7) the proportion of financial assistance from 
IFA; 
(8) the geographical location of the project, 
prioritizing geographical diversity of projects funded 
by IFA; 
(9) the size of the project and the impact of the 
project on the resources of IFA; and 
(10) the infrastructure sector of the project, 
prioritizing projects from more than 1 sector funded 
by IFA. 
(d) APPLICATION.— 
(1) IN GENERAL.—Any eligible entity seeking 
assistance from IFA under this Act for an eligible 
infrastructure project shall submit an application to 
IFA at such time, in such manner, and containing 
such information as the Board of Directors or the 
Chief Executive Officer may require. 
(2) REVIEW OF APPLICATIONS.— 
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(A) IN GENERAL.—IFA shall review appli-
cations for assistance under this Act on an on-
going basis. 
(B) PREPARATION.—The Chief Executive 
Officer, in cooperation with the senior manage-
ment, shall prepare eligible infrastructure 
projects for review and approval by the Board 
of Directors. 
(3) DEDICATED REVENUE SOURCES.—The Fed-
eral credit instrument shall be repayable, in whole or 
in part, from tolls, user fees, or other dedicated rev-
enue sources derived from users or beneficiaries that 
also secure the eligible infrastructure project obliga-
tions. 
(e) ELIGIBLE INFRASTRUCTURE PROJECT COSTS.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), to be eligible for assistance under this 
Act, an eligible infrastructure project shall have 
project costs that are reasonably anticipated to equal 
or exceed $50,000,000. 
(2) RURAL
INFRASTRUCTURE
PROJECTS.—To 
be eligible for assistance under this Act a rural in-
frastructure project shall have project costs that are 
reasonably 
anticipated 
to 
equal 
or 
exceed 
$10,000,000. 
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(f) LOAN ELIGIBILITY AND MAXIMUM AMOUNTS.— 
(1) IN GENERAL.—The amount of a direct loan 
or loan guarantee under this Act shall not exceed 
the lesser of— 
(A) 49 percent of the reasonably antici-
pated eligible infrastructure project costs; and 
(B) the amount of the senior project obli-
gations, if the direct loan or loan guarantee 
does not receive an investment grade rating. 
(2) MAXIMUM ANNUAL LOAN AND LOAN GUAR-
ANTEE VOLUME.—The aggregate amount of direct 
loans and loan guarantees made by IFA shall not 
exceed— 
(A) during the first 2 fiscal years of the 
operations of IFA, $10,000,000,000 per year; 
(B) during fiscal years 3 through 9 of the 
operations of IFA, $20,000,000,000 per year; 
and 
(C) during any fiscal year thereafter, 
$50,000,000,000. 
SEC. 202. LOAN TERMS AND REPAYMENT. 
(a) IN GENERAL.—A direct loan or loan guarantee 
under this Act with respect to an eligible infrastructure 
project shall be on such terms, subject to such conditions, 
and contain such covenants, representations, warranties, 
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and requirements (including requirements for audits) as 
the Chief Executive Officer determines appropriate. 
(b) TERMS.—A direct loan or loan guarantee under 
this Act— 
(1) shall— 
(A) be payable, in whole or in part, from 
tolls, user fees, or other dedicated revenue 
sources derived from users or beneficiaries; and 
(B) include a rate covenant, coverage re-
quirement, or similar security feature sup-
porting the project obligations; and 
(2) may be secured by a lien— 
(A) on the assets of the obligor, including 
revenues described in paragraph (1); and 
(B) which may be subordinated to any 
other lien securing project obligations. 
(c) BASE INTEREST RATE.—The base interest rate 
on a direct loan under this Act shall be not less than the 
yield on Treasury obligations of a similar maturity to the 
maturity of the direct loan on the date of execution of 
the loan agreement. 
(d) RISK ASSESSMENT.—Before entering into an 
agreement for assistance under this Act, the Chief Execu-
tive Officer, in consultation with the Director of the Office 
of Management and Budget and each rating agency pro-
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viding a preliminary rating opinion letter under this sec-
tion, shall determine an appropriate Federal credit subsidy 
amount for each direct loan and loan guarantee, taking 
into account that preliminary rating opinion letter and any 
comparable market rates available for such a loan or loan 
guarantee, should any exist. 
(e) CREDIT FEE.— 
(1) IN GENERAL.—With respect to each agree-
ment for assistance under this Act, the Chief Execu-
tive Officer shall charge a credit fee to the recipient 
of that assistance to pay for, over time, all or a por-
tion of the Federal credit subsidy determined under 
subsection (d), with the remainder paid by the ac-
count established for IFA. 
(2) DIRECT LOANS.—In the case of a direct 
loan, the credit fee described in paragraph (1) shall 
be in addition to the base interest rate established 
under subsection (c). 
(f) MATURITY DATE.—The final maturity date of a 
direct loan or loan guaranteed by IFA under this Act shall 
be not later than 35 years after the date of substantial 
completion of the eligible infrastructure project, as deter-
mined by the Chief Executive Officer. 
(g) PRELIMINARY RATING OPINION LETTER.— 
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(1) IN GENERAL.—The Chief Executive Officer 
shall require each applicant for assistance under this 
Act to provide a preliminary rating opinion letter 
from at least 1 rating agency, indicating that the 
senior obligations of the eligible infrastructure 
project, which may be the Federal credit instrument, 
have the potential to achieve an investment-grade 
rating. 
(2) RURAL INFRASTRUCTURE PROJECTS.—With 
respect to a rural infrastructure project, a rating 
agency opinion letter described in paragraph (1) 
shall not be required, except that the loan or loan 
guarantee shall receive an internal rating score, 
using methods similar to the rating agencies gen-
erated by IFA, measuring the proposed direct loan 
or loan guarantee against comparable direct loans or 
loan guarantees of similar credit quality in a similar 
sector. 
(h) INVESTMENT-GRADE RATING REQUIREMENT.— 
(1) LOANS AND LOAN GUARANTEES.—The exe-
cution of a direct loan or loan guarantee under this 
Act shall be contingent on the senior obligations of 
the eligible infrastructure project receiving an invest-
ment-grade rating. 
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(2) RATING OF IFA OVERALL PORTFOLIO.—The 
average rating of the overall portfolio of IFA shall 
be not less than investment grade after 5 years of 
operation. 
(i) TERMS AND REPAYMENT OF DIRECT LOANS.— 
(1) SCHEDULE.—The Chief Executive Officer 
shall establish a repayment schedule for each direct 
loan under this Act, based on the projected cash 
flow from eligible infrastructure project revenues 
and other repayment sources. 
(2) COMMENCEMENT.—Scheduled loan repay-
ments of principal or interest on a direct loan under 
this Act shall commence not later than 5 years after 
the date of substantial completion of the eligible in-
frastructure project, as determined by the Chief Ex-
ecutive Officer of IFA. 
(3) 
DEFERRED
PAYMENTS
OF
DIRECT 
LOANS.— 
(A) AUTHORIZATION.—If, at any time 
after the date of substantial completion of an 
eligible infrastructure project assisted under 
this Act, the eligible infrastructure project is 
unable to generate sufficient revenues to pay 
the scheduled loan repayments of principal and 
interest on the direct loan under this Act, the 
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Chief Executive Officer may allow the obligor to 
add unpaid principal and interest to the out-
standing balance of the direct loan, if the result 
would benefit the taxpayer. 
(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 
eligible 
infrastructure 
project meeting criteria established by the 
Board of Directors. 
(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 eli-
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gible infrastructure project obligations and di-
rect loan and all deposit requirements under the 
terms of any trust agreement, bond resolution, 
or similar agreement securing project obliga-
tions under this Act may be applied annually to 
prepay the direct loan, without penalty. 
(B) 
USE
OF
PROCEEDS
OF
REFI-
NANCING.—A direct loan under this Act may be 
prepaid at any time, without penalty, from the 
proceeds of refinancing from non-Federal fund-
ing sources. 
(j) LOAN GUARANTEES.—The terms of a loan guar-
anteed by IFA under this Act shall be consistent with the 
terms set forth in this section for a direct loan, except 
that the rate on the guaranteed loan and any payment, 
prepayment, or refinancing features shall be negotiated 
between the obligor and the lender (as defined in section 
601(a) of title 23, United States Code) with the consent 
of the Chief Executive Officer. 
(k) COMPLIANCE WITH FEDERAL CREDIT REFORM 
ACT OF 1990.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), direct loans and loan guarantees author-
ized by this Act shall be subject to the provisions of 
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the Federal Credit Reform Act of 1990 (2 U.S.C. 
661 et seq.). 
(2) EXCEPTION.—Section 504(b) of the Federal 
Credit Reform Act of 1990 (2 U.S.C. 661c(b)) shall 
not apply to a loan or loan guarantee under this 
Act. 
(l) STATEMENT OF POLICY.—It is the policy of Con-
gress for IFA to make a direct loan or loan guarantee 
under this Act only if IFA reasonably expects to recover 
the full amount of the direct loan or loan guarantee. 
SEC. 203. PROJECT DELIVERY TASK FORCE. 
(a) ESTABLISHMENT.—There is established within 
IFA the Project Delivery Task Force, which shall be over-
seen by the Chief Executive Officer. 
(b) FUNCTIONS.—If an eligible infrastructure project 
receives financing from IFA, or the Chief Executive Offi-
cer, after reviewing an application for such financing, de-
termines that such a project will be approved, the Task 
Force, in close consultation with appropriate permitting 
agencies, shall— 
(1) establish or update a permitting timetable 
for the proposed project, which ensures that the en-
vironmental review process is completed as soon as 
practicable; 
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(2) coordinate concurrent permitting reviews by 
all necessary agencies; and 
(3) coordinate with relevant State agencies and 
regional infrastructure development agencies to en-
sure— 
(A) adequate participation; and 
(B) the timely provision of necessary docu-
mentation to allow any State review to proceed 
without delay. 
(c) CONCURRENT REVIEWS.—Each agency, to the 
greatest extent permitted by law, shall— 
(1) carry out the obligations of the agency 
under other applicable law concurrently, and in con-
junction with other reviews being conducted by other 
participating agencies, including environmental re-
views required under the National Environmental 
Policy Act (42 U.S.C. 4321 et seq.), unless such 
concurrent reviews would impair the ability of the 
agency to carry out its statutory obligations; and 
(2) formulate and implement administrative, 
policy, and procedural mechanisms to enable the 
agency to ensure the completion of the environ-
mental review process in a timely, coordinated, and 
environmentally responsible manner. 
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SEC. 204. COMPLIANCE AND ENFORCEMENT. 
(a) CREDIT
AGREEMENT.—Notwithstanding any 
other provision of law, each eligible entity that receives 
assistance under this Act shall enter into a credit agree-
ment that requires such entity to comply with all applica-
ble policies and procedures of IFA, in addition to all other 
provisions of the loan agreement. 
(b) APPLICABILITY OF FEDERAL LAWS.—Each eligi-
ble entity that receives assistance under this Act shall pro-
vide written assurance, in such form and manner and con-
taining such terms as are to be prescribed by IFA, that 
the eligible infrastructure project will be performed in 
compliance with the requirements of all Federal laws that 
would otherwise apply to similar projects to which the 
United States is a party, or financed in whole or in part 
from Federal funds or in accordance with guarantees of 
a Federal agency or financed from funds obtained by 
pledge of any contract of a Federal agency to make a loan, 
grant, or annual contribution (except where a different 
meaning is expressly indicated). 
(c) IFA AUTHORITY ON NONCOMPLIANCE.—In any 
case in which an eligible entity that receives assistance 
under this Act is materially out of compliance with the 
loan agreement, or any applicable policy or procedure of 
IFA, the Board of Directors may take action— 
(1) to cancel unused loan amounts; or 
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(2) to accelerate the repayment terms of any 
outstanding obligation. 
SEC. 205. AUDITS; REPORTS TO THE PRESIDENT AND CON-
GRESS. 
(a) ACCOUNTING.—The IFA books of account shall 
be— 
(1) maintained in accordance with generally ac-
cepted accounting principles; and 
(2) subject to an annual audit by independent 
public accountants of nationally recognized 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 IFA 
for that fiscal year; 
(B) a schedule of the obligations of IFA 
and capital securities outstanding at the end of 
that fiscal year, with a statement of the 
amounts issued and redeemed or paid during 
that fiscal year; 
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(C) the status of eligible infrastructure 
projects receiving funding or other assistance 
pursuant to this Act during that fiscal year, in-
cluding— 
(i) all nonperforming loans; and 
(ii) disclosure of all entities with a de-
velopment, ownership, or operational inter-
est in those eligible infrastructure projects; 
(D) a description of the successes and 
challenges encountered in lending to rural com-
munities, including the role of the Office of 
Technical and Rural Assistance established 
under this Act; and 
(E) an assessment of the risks of the port-
folio of IFA, which shall be prepared by an 
independent source. 
(2) GAO.—Not later than 5 years after the 
date of the enactment of this Act, the Comptroller 
General of the United States shall conduct an eval-
uation of, and submit a report to the Committee on 
Commerce, Science, and Transportation of the Sen-
ate, the Committee on Transportation and Infra-
structure of the House of Representatives, and the 
Committee on Energy and Commerce of the House 
of Representatives that describes the activities of 
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IFA for the fiscal years covered by the report, in-
cluding— 
(A) an assessment of the impact and bene-
fits of each funded eligible infrastructure 
project, including a review of how effectively 
each eligible infrastructure project accomplished 
the goals prioritized by the eligible infrastruc-
ture project criteria of IFA; and 
(B) an evaluation of the effectiveness of, 
and challenges facing, loan programs at the De-
partment of Transportation and the Depart-
ment of Energy, and an analysis of the advis-
ability of consolidating those programs within 
IFA. 
(c) BOOKS AND RECORDS.— 
(1) IN GENERAL.—IFA shall maintain adequate 
books and records to support the financial trans-
actions of IFA, with a description of financial trans-
actions and eligible infrastructure projects receiving 
funding, and the amount of funding for each project 
maintained on a publicly accessible database. 
(2) AUDITS BY THE SECRETARY AND GAO.— 
The books and records of IFA shall at all times be 
open to inspection by the Secretary, the Special In-
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spector General, and the Comptroller General of the 
United States. 
SEC. 206. EFFECT ON OTHER LAWS. 
Nothing in this Act may be construed to affect or 
alter the responsibility of an eligible entity that receives 
assistance under this Act to comply with applicable Fed-
eral and State laws (including regulations) relating to an 
eligible infrastructure project. 
TITLE III—FUNDING OF IFA 
SEC. 301. FEES. 
The Chief Executive Officer shall establish fees with 
respect to loans and loan guarantees under this Act that— 
(1) are sufficient to cover all the administrative 
costs to the Federal Government for the operations 
of IFA; 
(2) may be in the form of an application or 
transaction fee, or interest rate adjustment; and 
(3) may be based on the risk premium associ-
ated with the loan or loan guarantee, taking into 
consideration— 
(A) the price of Treasury obligations of a 
similar maturity; 
(B) prevailing market conditions; 
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