(A) IN
GENERAL.—The Executive Com-
mittee shall conduct an analysis that takes into 
account the economic, environmental, and social 
benefits, and costs of each project under consid-
eration for financial assistance under this Act, 
prioritizing projects that contribute to economic 
growth, lead to job creation, and are of regional 
or national significance. 
(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 credit worthiness and 
standing of the project sponsors, pro-
viders of equity, and cofinanciers; 
(III) the financial assumptions 
and projections on which the project 
is based; and 
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(IV) 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-
structure project while providing a public 
benefit. 
(C) DEDICATED REVENUE SOURCES.—Any 
financial 
assistance 
for 
an 
infrastructure 
project shall be repayable, in whole or in part, 
from dedicated revenue sources that also secure 
the infrastructure project obligations. 
(D) 
AMOUNT
OF
FINANCIAL
ASSIST-
ANCE.—The amount of financial assistance 
under this Act shall not exceed the lesser of 50 
percent of the reasonably anticipated eligible in-
frastructure project costs. 
(c) PUBLIC INPUT.—In developing proposed infra-
structure project criteria and conducting reviews of infra-
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structure project criteria for the Board, the Executive 
Committee shall seek input from the public including 
views related to— 
(1) the weight given to different factors to be 
taken into account; 
(2) measuring whether projects are meeting ap-
proved criteria; and 
(3) any other input considered by the Executive 
Committee and the public for the purposes of car-
rying out this Act. 
(d) 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 targeted job 
training and employment opportunities for low 
income workers. 
(B) Reduction in greenhouse gases. 
(C) Reduction in surface and air traffic 
congestion. 
(D) Use of smart tolling, such as vehicle 
miles traveled and congestion pricing, for high-
way, road, and bridge projects. 
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(E) Increased access to transportation op-
tions. 
(F) Increased safety of transportation sys-
tems for motorized and non-motorized users. 
(G) Public health benefits, including the 
removal of lead coatings or other hazardous 
chemicals and materials. 
(H) Reduction in risk of structural failure 
over the service life of the project. 
(2) 
ENVIRONMENTAL
INFRASTRUCTURE 
PROJECT.—For any environmental infrastructure 
project, the Board shall consider the following: 
(A) Job creation, including workforce de-
velopment for women and minorities, respon-
sible employment practices, and targeted job 
training and employment opportunities for low 
income workers. 
(B) Public health benefits, including the 
removal of lead coatings or other hazardous 
materials. 
(C) Pollution reductions. 
(D) Reductions in greenhouse gas. 
(E) Increased coastal and inland flood 
mitigation and protection. 
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(F) Reduction in risk of structural failure 
over the service life of the project. 
(3) ENERGY INFRASTRUCTURE PROJECT.—For 
any energy infrastructure project, the Board shall 
consider the following: 
(A) Job creation, including workforce de-
velopment for women and minorities, respon-
sible employment practices, and targeted job 
training and employment opportunities for low 
income workers. 
(B) Reduction in greenhouse gas. 
(C) Expanded use of renewable energy. 
(D) Development of a smart grid. 
(E) Energy efficient building, housing, and 
school modernization, including renewable en-
ergy designated retrofits. 
(F) In any case in which the project is also 
a public housing project— 
(i) improvement of the physical shape 
and layout; 
(ii) environmental improvement; and 
(iii) mobility improvements for resi-
dents. 
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(G) Public health benefits including the re-
moval of lead coatings or other hazardous 
chemicals and materials. 
(H) Reduction in risk of structural failure 
over the service life of the project. 
(4) TELECOMMUNICATIONS.—For any tele-
communications project, the Board shall consider 
the following: 
(A) Job creation, including workforce de-
velopment for women and minorities, respon-
sible employment practices, and targeted job 
training and employment opportunities for low 
income workers. 
(B) The extent to which assistance ex-
pands or improves broadband and wireless serv-
ices in rural and disadvantaged communities. 
(e) CONSIDERATION OF PROJECT PROPOSALS.— 
(1) PARTICIPATION
BY
OTHER
AGENCY
PER-
SONNEL.—Consideration of a project under this sec-
tion by the Executive Committee and the Board 
shall be conducted with personnel on detail to the 
Bank from relevant Federal agencies among individ-
uals who are familiar with and experienced in the se-
lection 
criteria 
for 
competitive 
infrastructure 
projects. 
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(2) FEES.—A fee may be charged for the re-
view of any project proposal in such amount as may 
be considered appropriate by the Executive Com-
mittee approved by the Board to cover the cost of 
such review. 
(f) DISCRETION OF BOARD.—Consistent with other 
provisions of this Act, any determination of the Board to 
provide assistance to any infrastructure project, and the 
manner in which such assistance is provided, including the 
terms, conditions, fees, and charges shall be at the sole 
discretion of the Board. 
(g) 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 infrastructure project of any obli-
gation to obtain required State and local permits and ap-
provals. 
(h) ANNUAL REPORT.—An entity receiving assist-
ance 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 
interest in a infrastructure project assisted or proposed 
to be assisted under this Act. 
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SEC. 12. EXEMPTION FROM LOCAL TAXATION. 
All bonds issued by the Bank, and the interest on 
or credits with respect to such bonds, shall not be subject 
to taxation by any State, county, municipality, or local 
taxing authority. 
SEC. 13. STATUS AND APPLICABILITY OF CERTAIN FED-
ERAL LAWS. 
(a) COMPLIANCE WITH DAVIS-BACON ACT.—All la-
borers and mechanics employed by contractors and sub-
contractors on infrastructure projects funded directly by 
or assisted in whole or in part by and through the Bank 
pursuant 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 accordance with subchapter IV of chapter 31 of part 
A of title 40, United States Code. With respect to the 
labor standards specified in this section, the Secretary of 
Labor shall have the authority and functions set forth in 
Reorganization Plan Numbered 14 of 1950 (64 Stat. 
1267; 5 U.S.C. App.) and section 3145 of title 40, United 
States Code. 
(b) NO PRIORITY AS A FEDERAL CLAIM.—The pri-
ority 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. 
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(c) COMPLIANCE WITH GRANT REQUIREMENTS.— 
Recipients of financial assistance authorized under this 
Act that funds public transportation capital projects, as 
defined in section 5302 of title 49, United States Code, 
must comply with the grant requirements applicable to 
grants made under section 5309 of such title. 
SEC. 14. COMPLIANCE WITH CERTAIN DOMESTIC CONTENT 
STATUTES. 
The financing provided for an infrastructure project 
shall be in accordance with the following statutory provi-
sions of the United States Code under the jurisdiction of 
the Department of Transportation: section 24305 of title 
49, United States Code (AMTRAK), section 313 of title 
23, United States Code (FHWA), section 5323(j) of title 
49, United States Code (FTA), section 24405 of title 49, 
United States Code (Intercity Rail Passenger Corpora-
tion) and sections 50101 and 50105 of title 49, United 
States Code (FAA). 
SEC. 15. USE OF IRON, STEEL, AND MANUFACTURED GOODS 
IN INFRASTRUCTURE PROJECTS. 
(a) BUY AMERICA.—None of the financing provided 
for by the Bank may be used for a public infrastructure 
project unless all of the iron, steel, and manufactured 
goods used for the construction, alteration, maintenance 
or repair of the project are produced in the United States. 
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(b) EXCEPTION.—Subsection (a) shall not apply in 
any case or category of cases in which the Secretary of 
the Treasury finds that— 
(1) applying subsection (a) would be incon-
sistent with the public interest; 
(2) iron, steel, and the relevant manufactured 
goods are not produced in the United States in suffi-
cient and reasonably available quantities and of a 
satisfactory quality; or 
(3) inclusion of iron, steel, and manufactured 
goods produced in the United States will increase 
the cost of the overall infrastructure project by more 
than 25 percent. 
(c) PUBLICATION OF WAIVERS.—If the Secretary of 
the Treasury determines that it is necessary to waive the 
application of subsection (a) based on a finding under sub-
section (b), the Treasury Secretary shall publish in the 
Federal Register a detailed written justification as to why 
the provision is being waived. 
(d) APPLICATION OF SECTION.—This section shall be 
applied in a manner consistent with the United States ob-
ligations under international agreements. 
(e) CONSULTATIONS.—The Secretary of the Treasury 
shall consult with the Board and may consult with the 
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Secretary of Transportation and other Federal Secretaries 
and Administrators when applying this section. 
SEC. 16. 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.— 
(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 
outstanding at the end of such preceding fiscal 
year, with a statement of the amounts issued 
and redeemed or paid during such preceding 
fiscal year; and 
(C) the status of infrastructure projects re-
ceiving funding or other assistance pursuant to 
this Act, including disclosure of all entities with 
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a development, ownership, or operational inter-
est 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 
infrastructure project, including a review of how ef-
fectively each 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) PUBLIC
COMMENT
PERIOD.—The Bank 
shall post infrastructure financing agreements on 
the database providing 30 days for public comments 
before providing final financing for the infrastruc-
ture project. 
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(3) 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. 17. AMERICAN INFRASTRUCTURE BOND. 
(a) IN GENERAL.—In the case of an American Infra-
structure Bond, the Bank shall pay (contemporaneously 
with each interest payment date under such bond) to the 
issuer of such bond (or to any person who makes such 
interest payments on behalf of the issuer) the applicable 
percentage of the interest payable under such bond on 
such date. 
(b) AMERICAN INFRASTRUCTURE BOND.— 
(1) IN GENERAL.—For purposes of this section, 
the term ‘‘American Infrastructure Bond’’ means 
any obligation (other than a private activity bond) 
if— 
(A) the interest on such obligation would 
(but for this section) be excludable from gross 
income under section 103 of the Internal Rev-
enue Code of 1986; 
(B) such obligation would have been a 
qualified bond under section 54AA of such Code 
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(determined without regard to subparagraphs 
(B) and (C) of subsection (d)(1) and subsection 
(g)(2)(B) thereof); 
(C) such obligation is approved under the 
American Infrastructure Bond program; and 
(D) the issuer makes an irrevocable elec-
tion to have this section apply. 
(2) APPLICABLE RULES.—For purposes of ap-
plying paragraph (1)— 
(A) for purposes of section 149(b) of such 
Code, an American Infrastructure Bond shall 
not be treated as federally guaranteed by rea-
son of the subsidy provided under subsection 
(a); 
(B) for purposes of section 148 of such 
Code, the yield on an American Infrastructure 
Bond shall be determined without regard to the 
subsidy provided under subsection (a); and 
(C) a bond shall not be treated as an 
American Infrastructure Bond if the issue price 
has more than a de minimis amount (deter-
mined under rules similar to the rules of section 
1273(a)(3) of such Code) of premium over the 
stated principal amount of the bond. 
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(c) INTEREST ON BONDS INCLUDED IN GROSS IN-
COME.—For purposes of the Internal Revenue Code of 
1986, interest on any American Infrastructure Bond shall 
be includible in gross income. 
(d) DEFINITIONS.—For purposes of this section— 
(1) INTEREST PAYMENT DATE.—The term ‘‘in-
terest payment date’’ means any date on which the 
holder of record of the American Infrastructure 
Bond is entitled to a payment of interest under such 
bond. 
(2) APPLICABLE PERCENTAGE.—The applicable 
percentage with respect to the interest subsidy pro-
vided for any bond under the American Infrastruc-
ture Bond program shall be a percentage rec-
ommended by the Executive Committee, reviewed by 
the risk management committee, and approved by 
the Board. 
(e) AMERICAN INFRASTRUCTURE BOND PROGRAM.— 
(1) IN
GENERAL.—Not later than 180 days 
after the date of the enactment of this Act, the 
Board, in consultation with the Executive Com-
mittee, risk management committee, and the Sec-
retary of the Treasury, shall establish an American 
Infrastructure Bond program, under which the 
Board may— 
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(A) approve bond issuances for purposes of 
this section, and 
(B) assign an applicable percentage with 
respect to any bond so approved. 
(2) APPLICATION.—Issuers may apply for the 
approval of a bond issuance for purposes of this sec-
tion, and any such application shall contain such in-
formation as the Executive Committee and the risk 
management committee may require in order to ac-
cept or reject an application and to assign an appli-
cable percentage to such bond. 
(3) CRITERIA.—Approval of an application and 
the applicable percentage subsidy assigned under the 
program shall be based on the ability of each project 
to meet the criteria established under section 8(d). 
(4) LIMITATIONS.— 
(A) PER BOND SUBSIDY.—The applicable 
percentage with respect to any bond may not 
exceed 40 percent. 
(B) AGGREGATE
SUBSIDY
LIMITATION.— 
For any calendar year, the aggregate amount of 
interest subsidies provided under this section 
with respect to all American Infrastructure 
Bonds shall not exceed an amount equal to 28 
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percent of interest payable under all such 
bonds. 
SEC. 
18. 
NATIONAL 
INFRASTRUCTURE 
DEVELOPMENT 
BANK TRUST FUND. 
(a) IN GENERAL.—There is established in the Treas-
ury of the United States a trust fund to be known as the 
‘‘National Infrastructure Development Bank Trust Fund’’ 
consisting of such amounts as may be appropriated to 
such trust fund as provided in this section. 
(b) TRANSFER TO TRUST FUND.—There are hereby 
appropriated to the National Infrastructure Development 
Bank Trust Fund such amount as the Secretary of the 
Treasury estimates is equivalent to the tax receipts attrib-
utable to interest payable under American Infrastructure 
Bonds. 
(c) EXPENDITURES FROM TRUST FUND.—Amounts 
in the National Infrastructure Development Bank Trust 
Fund shall be available, as provided in appropriation Acts, 
only for purposes of the Secretary making transfers to the 
National Infrastructure Development Bank for infrastruc-
ture project assistance provided by the Bank under this 
Act. 
SEC. 19. AUTHORIZATION OF APPROPRIATIONS. 
There 
is 
authorized 
to 
be 
appropriated 
$5,000,000,000 for each of fiscal years 2015, 2016, 2017, 
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