I 
108TH CONGRESS 
2D SESSION 
H. R. 3715
To facilitate efficient investments and financing of infrastructure projects 
and new job creation through the establishment of a National Infrastruc-
ture Development Corporation, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JANUARY 21, 2004
Ms. DELAURO (for herself, Mr. FROST, and Mr. OWENS) introduced the fol-
lowing bill; which was referred to the Committee on Transportation and 
Infrastructure, and in addition to the Committees on Financial Services, 
and Ways and Means, for a period to be subsequently determined by the 
Speaker, in each case for consideration of such provisions as fall within 
the jurisdiction of the committee concerned 
A BILL 
To facilitate efficient investments and financing of infrastruc-
ture projects and new job creation through the establish-
ment of a National Infrastructure Development Corpora-
tion, 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 ‘‘National Infrastruc-
ture Development Act of 2004’’.
SEC. 2. FINDINGS. 
Congress hereby finds the following: 
(1) According to the American Society of Civil 
Engineers, the condition of our nation’s roads, 
bridges, drinking water systems, and other public 
works are facing a shortfall of $1,600,000,000,000 
investment to bring conditions to acceptable levels. 
(2) Highway vehicle miles traveled increased 
600,000,000,000 
over 
the 
past 
decade 
from 
2,150,000,000,000 to 2,750,000,000,000. According 
to the American Association of State Highway and 
Transportation Officials, highway vehicle miles trav-
eled is expected to grow by another 600,000,000,000 
over the next 10 years, an annual highway vehicle 
miles traveled growth rate of 2.2 percent. 
(3) According to the American Public Transit 
Association, public transportation ridership has in-
creased 22 percent since 1998—the highest level in 
40 years. 
(4) Airport capacity had increased only 1 per-
cent from 1991 to 2001, yet air traffic had in-
creased 35 percent during that same time period. 
(5) As of 2000, 27.5 percent of the nation’s 
bridges (162,000 bridges) were structurally deficient 
or functionally obsolete.
(6) According to recent estimates by the Envi-
ronmental 
Protection 
Agency, 
as 
much 
as 
$390,000,000,000 will be needed over the next 2 
decades to rebuild, repair, and upgrade the Nation’s 
wastewater treatment plants. 
(7) According to the Federal Highway Adminis-
tration’s ‘‘2003 Conditions and Performance Re-
port’’, 
traffic 
congestion 
costs 
the 
economy 
$67,500,000,000 annually in lost productivity and 
wasted fuel. 
(8) Every billion dollars of Federal highway in-
vestment generates 47,500 jobs; for every billion dol-
lars in transit investment, job generation is virtually 
the same. 
(9) 11.3 million Americans—one in 11—are 
employed in transportation occupations. 
(10) As expressed in Executive Order No. 
12893 of January 26, 1994, which sets out guiding 
principles for Federal infrastructure investments, a 
well functioning infrastructure is vital to sustained 
economic growth, to the quality of life of our com-
munities, and to the protection of our environment 
and natural resources. 
(11) Although grant programs of the Federal 
Government must continue to play a central role in
financing the infrastructure needs of the Nation, 
current and foreseeable demands on existing Fed-
eral, State, and local funding for infrastructure ex-
pansion and replacement exceed the resources to 
support these programs by margins wide enough to 
prompt serious concerns about the Nation’s ability 
to sustain long-term economic development, produc-
tivity, and international competitiveness. 
(12) The private capital markets, including the 
trillions in capital held by institutional investors, 
such as pension funds, have a growing interest in 
public-private infrastructure investment opportuni-
ties that can produce competitive risk-adjusted rates 
of return. 
SEC. 3. PURPOSES. 
The purposes of this Act are as follows: 
(1) To establish the National Infrastructure 
Development Corporation for the purpose of making 
new sources of financing available for the develop-
ment of infrastructure facilities, and to facilitate the 
use and issuance of public benefit bonds. 
(2) To establish a subsidiary of the Corpora-
tion, the National Infrastructure Insurance Corpora-
tion, to issue insurance, reinsurance and related un-
dertakings in respect of the issuance of obligations
related to the development of infrastructure facili-
ties. 
(3) To establish a category of financial instru-
ment to be known as ‘‘public benefit bonds’’ de-
signed to help facilitate pension plan investment in 
the development of infrastructure facilities. 
SEC. 4. DEFINITIONS. 
The following definitions shall apply for purposes of 
this Act unless the context requires otherwise: 
(1) CORPORATION.—The term ‘‘Corporation’’ 
means the National Infrastructure Development 
Corporation established under section 5(a). 
(2) DEVELOPMENT.—The terms ‘‘development’’ 
and ‘‘develop’’ mean, with respect to an infrastruc-
ture facility, any—
(A) preconstruction planning, feasibility re-
view, permitting and design work and other 
preconstruction activities; 
(B) construction, reconstruction, rehabili-
tation, replacement, or expansion; and 
(C) operation and maintenance. 
(3) ENTITY.—The term ‘‘entity’’ means an in-
dividual, corporation, partnership, joint venture, 
trust or governmental entity or instrumentality.
(4) INFRASTRUCTURE
FACILITY.—The term 
‘‘infrastructure facility’’ means a road, highway, 
bridge, tunnel, airport, mass transportation vehicle 
or system, passenger or freight rail vehicle or sys-
tem, intermodal transportation facility, waterway, 
commercial port, drinking or waste water treatment 
facility, solid waste disposal facility, pollution control 
system, hazardous waste facility, federally des-
ignated national information highway facility, school, 
and any ancillary facility which forms a part of any 
such facility or is reasonably related to such facility, 
whether owned, leased or operated by a public entity 
or a private entity or by a combination of such enti-
ties, and the financing or refinancing of the develop-
ment of which is, or will be, supported in whole or 
in part by user fees or other dedicated revenue 
sources. 
(5) INSURANCE CORPORATION.—The term ‘‘In-
surance Corporation’’ means the National Infra-
structure Insurance Corporation established pursu-
ant to section 5(b). 
(6) NIC.—The term ‘‘NIC’’ means the Cor-
poration and all subsidiaries of the Corporation. 
(7) PENSION PLAN.—The term ‘‘pension plan’’ 
means a pension plan as defined in section 3(2) of
the Employee Retirement Income Security Act of 
1974 (29 U.S.C. 1001 et seq.), including any public 
pension plan. 
(8) PUBLIC BENEFIT BOND.—The term ‘‘public 
benefit bond’’ means a bond or other indebtedness 
meeting the requirements of section 72(w) of the In-
ternal Revenue Code of 1986. 
(9) PUBLIC-PRIVATE PARTNERSHIP.—The term 
‘‘public-private partnership’’ means any entity—
(A) which is undertaking the development 
of all or part of any infrastructure facility—
(i) pursuant to requirements estab-
lished in 1 or more contracts between such 
entity and a State or an instrumentality of 
a State; or 
(ii) the activities of which with respect 
to such facility are subject to regulation by 
a State or any instrumentality of a State; 
and 
(B) which owns, leases, or operates, or will 
own, lease, or operate, such infrastructure facil-
ity in whole or in part, and at least 1 of the 
participants in such entity is a nongovern-
mental entity.
(10) REVOLVING FUND.—The term ‘‘revolving 
fund’’ means a fund or program established by a 
State or a political subdivision or instrumentality of 
a State, the principal activity of which is to make 
loans, commitments, or other financial accommoda-
tion available for the development of 1 or more cat-
egories of infrastructure facilities. 
(11) 
SECRETARY.—The 
term 
‘‘Secretary’’ 
means the Secretary of the Treasury or the designee 
of the Secretary. 
(12) STATE.—The term ‘‘State’’ includes the 
District of Columbia, Puerto Rico, Guam, American 
Samoa, the Trust Territories of the Pacific Islands, 
the Virgin Islands, the Northern Mariana Islands, 
and any territory of the United States. 
(13) TRANSITION DATE.—The term ‘‘transition 
date’’ means the date on which the voting common 
stock of the Corporation owned by the Secretary is 
fully repurchased or converted in accordance with 
section 13 and the transition of the Corporation to 
a government-sponsored enterprise in accordance 
with such section is completed. 
SEC. 5. ESTABLISHMENT OF NIC. 
(a) ESTABLISHMENT
OF NATIONAL INFRASTRUC-
TURE DEVELOPMENT CORPORATION.—The National In-
frastructure Development Corporation is hereby estab-
lished as a wholly owned Government corporation subject 
to chapter 91 of title 31, United States Code (commonly 
referred to as the ‘‘Government Corporation Control 
Act’’), except as otherwise provided in this Act. 
(b) ESTABLISHMENT
OF NATIONAL INFRASTRUC-
TURE INSURANCE CORPORATION.—The National Infra-
structure Insurance Corporation is hereby established as 
a subsidiary of the Corporation and as a wholly owned 
Government corporation subject to chapter 91 of title 31, 
United States Code, except as otherwise provided in this 
Act. 
(c) SELF-SUPPORTING ENTITIES.—The Corporation 
and the Insurance Corporation shall each conduct their 
respective businesses as self-supporting entities. 
SEC. 6. CORPORATION’S POWERS AND LIMITATIONS. 
(a) GENERAL POWERS.—In order to carry out the 
purposes of the Corporation as set forth in this Act, the 
Corporation shall have the following powers: 
(1) To make senior and subordinated loans and 
purchase senior and subordinated debt securities 
(both taxable and tax exempt) and equity securities, 
and enter into a binding commitment to make any 
such loan or purchase any such security, on such 
terms as the Corporation may determine, in the Cor-
poration’s discretion, to be appropriate, the proceeds 
of which are to be used to finance or refinance the 
development of 1 or more infrastructure facilities, 
and subject to the provisions of paragraph (8) of 
subsection (b), provide preconstruction phase assist-
ance in accordance with section 8(f). 
(2) To issue and sell debt securities and voting 
and nonvoting equity securities of the Corporation 
on such terms as the board of directors of the Cor-
poration may determine, subject to the provisions of 
paragraphs (2), (3), and (4) of subsection (b), to be 
appropriate and to pay such dividends on any out-
standing stock as the board of directors shall deter-
mine from time to time. 
(3) To make the determinations with respect to 
public benefit bonds pursuant to section 72(w) of 
the Internal Revenue Code of 1986. 
(4) To make agreements and contracts with any 
entity in furtherance of the business of the Corpora-
tion. 
(5) To make use of the services, facilities, and 
property of any Federal agency or instrumentality, 
with the approval of such agency or instrumentality 
and on a reimbursable basis, in carrying out the 
purposes of this Act.
(6) To acquire, lease, pledge, exchange, and dis-
pose of real and personal property and otherwise ex-
ercise all the usual incidents of ownership of prop-
erty to the extent the exercise of such powers are ap-
propriate to and consistent with the purposes of the 
Corporation. 
(7) To sue and be sued in the Corporation’s 
corporate capacity in any court of competent juris-
diction, except that no attachment, injunction, or 
similar process, mesne or final, may be issued 
against the property of the Corporation or against 
the Corporation with respect to such property. 
(8) To indemnify the directors and officers of 
the Corporation for liabilities arising out of the ac-
tions of the directors and officers in such capacity, 
in accordance with, and subject to the limitations 
contained in, the bylaws of the Corporation. 
(9) To exercise all other lawful powers which 
are necessary or appropriate to carry out, and are 
consistent with, the purposes of the Corporation, in-
cluding the powers conferred upon a corporation by 
the District of Columbia Business Corporation Act. 
(b) LIMITATIONS ON THE CORPORATION.—
(1) ACTIONS
CONSISTENT
WITH
SELF-SUP-
PORTING
ENTITY
STATUS.—The Corporation shall
conduct its business in a manner consistent with the 
requirement of section 5(c). 
(2) CONDITION ON DEBT ISSUANCE.—The Cor-
poration shall not issue any debt security under sub-
section (a)(2) unless, at the time of the issuance 
thereof, such security is rated by a nationally recog-
nized statistical rating organization at 1 of the 3 
highest ratings of such organization. 
(3) LIMITATION AND CONDITION ON ISSUANCE 
OF DEBT AND NONVOTING EQUITY SECURITIES.—
(A) IN
GENERAL.—Before the transition 
date, the Corporation shall not issue any debt 
security or nonvoting equity security under sub-
section (a)(2) without the prior consent of the 
Secretary. 
(B) APPROVAL OF SECRETARY FOR DEBT 
SECURITY AFTER TRANSITION DATE.—On and 
after the transition date, the Corporation shall 
not issue any debt security under subsection 
(a)(2) without the prior consent of the Sec-
retary. 
(4) 
CONDITION
ON
VOTING
EQUITY 
ISSUANCE.—Before the transition date, the Corpora-
tion shall not issue any voting security to any entity 
other than the Secretary, and, on and after the tran-
sition date, the issuance of any such security shall 
be subject to the provisions of section 13. 
(5) SALE OF VOTING SECURITIES OF THE IN-
SURANCE
CORPORATION.—Before 
the 
transition 
date, voting securities of the Insurance Corporation 
purchased by the Corporation may not be sold or 
otherwise transferred by the Corporation. 
(6) INVESTMENTS CONSISTENT WITH PURPOSES 
OF CORPORATION.—In order to achieve the Corpora-
tion’s purpose of effectively leveraging limited Fed-
eral resources with other public and private sources 
of capital, the Corporation shall seek to maintain a 
significant proportion of the Corporation’s infra-
structure investments in—
(A) subordinated securities; and 
(B) securities issued with respect to infra-
structure facilities developed by public-private 
partnerships. 
(7) COORDINATION
WITH
STATE
AND
LOCAL 
REGULATORY AUTHORITY.—The provision of finan-
cial assistance by the Corporation pursuant to this 
Act shall not be construed as—
(A) limiting the right of any State or local 
authority 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. 
(8) LIMITATION ON PRECONSTRUCTION ASSIST-
ANCE.—The Corporation shall provide assistance in 
connection with the development of any infrastruc-
ture facility during the facility’s preconstruction 
phase only in accordance with section 8(f). 
SEC. 7. INSURANCE CORPORATION’S POWERS AND LIMITA-
TIONS. 
(a) GENERAL POWERS.—In order to carry out the 
purposes of the Insurance Corporation as set forth in this 
Act, the Insurance Corporation shall have the following 
powers: 
(1) To insure and reinsure bonds, debentures, 
notes, debt instruments, loans, and any interest in 
any such obligation or loan, the proceeds of which 
are to be used to finance or refinance the develop-
ment of 1 or more infrastructure facilities. 
(2) To insure leases of personal, real, or mixed 
property with respect to infrastructure facilities. 
(3) To issue letters of credit and undertake 
such obligations and commitments as the Insurance 
Corporation deems necessary to carry out the pur-
poses described in paragraphs (1) and (2).
(4) To issue and sell voting and nonvoting eq-
uity securities on such terms as the board of direc-
tors of the Insurance Corporation may determine, 
subject to the provisions of paragraphs (5) and (6) 
of subsection (b), to be appropriate and to pay divi-
dends on any outstanding stock as the board of di-
rectors of the Insurance Corporation shall determine 
from time to time. 
(5) To make agreements and contracts with any 
entity in furtherance of the business of the Insur-
ance Corporation. 
(6) To make use of the services, facilities, and 
property of any Federal agency or instrumentality, 
with the approval of such agency or instrumentality 
and on a reimbursable basis, in carrying out the 
purposes of this Act. 
(7) To acquire, lease, pledge, exchange, and dis-
pose of real and personal property and otherwise ex-
ercise all the usual incidents of ownership of prop-
erty to the extent the exercise of such powers are ap-
propriate to and consistent with the purposes of the 
Insurance Corporation. 
(8) To sue and be sued in the Insurance Cor-
poration’s corporate capacity in any court of com-
petent jurisdiction, except that no attachment, in-
junction, or similar process, mesne or final, may be 
issued against the property of the Insurance Cor-
poration or against the Insurance Corporation with 
respect to such property. 
(9) To indemnify the directors and officers of 
the Insurance Corporation for liabilities arising out 
of the actions of the directors and officers in such 
capacity, in accordance with, and subject to the limi-
tations contained in, the bylaws of the Insurance 
Corporation. 
(10) To exercise all other lawful powers which 
are necessary or appropriate to carry out, and are 
consistent with, the purposes of the Insurance Cor-
poration, including the powers conferred upon a cor-
poration by the District of Columbia Business Cor-
poration Act. 
(b) LIMITATIONS
ON
THE INSURANCE CORPORA-
TION.—
(1) ACTIONS
CONSISTENT
WITH
SELF-SUP-
PORTING ENTITY STATUS.—The Insurance Corpora-
tion shall conduct its business in a manner con-
sistent with the requirement of section 5(c). 
(2) INSURANCE
CORPORATION
RATING
RE-
QUIREMENT.—The Insurance Corporation shall not 
issue any primary insurance or letter of credit with
respect to 1 or more infrastructure facilities unless, 
at the time of such issuance, the Insurance Corpora-
tion’s claims-paying ability is then rated by a nation-
ally recognized statistical rating organization at the 
highest rating of such organization. 
(3) LIMITATION ON REINSURANCE.—The Insur-
ance Corporation may write reinsurance in respect 
of all or a portion of a primary insurance policy with 
respect to 1 or more infrastructure facilities issued 
by a bond insurer if the claims-paying ability of such 
insurer is rated, at the time of issuance of such rein-
surance, by a nationally recognized statistical rating 
organization at the highest rating of such organiza-
tion. 
(4) LIMITATION ON INSURANCE AND OTHER AC-
TIVITIES.—The Insurance Corporation may issue 
primary insurance or a letter of credit with respect 
to 1 or more infrastructure facilities, except that not 
less than 75 percent of the principal amount of all 
obligations so insured or subject of a letter of credit 
shall be obligations which are, or based on a pub-
lished or indicative rating would be, without such in-
surance or letter of credit, rated by a nationally rec-
ognized statistical rating organization in the fourth
or fifth rating categories of such organization (BBB 
and BB; Baa and Ba, or their equivalents). 
(5) PRIOR
CONSENT
OF
SECRETARY.—Before 
the transition date, the Insurance Corporation shall 
not issue any nonvoting equity security under sub-
section (a)(4) without the prior consent of the Sec-
retary. 
(6) 
CONDITION
ON
VOTING
EQUITY 
ISSUANCE.—Before the transition date, the Insur-
ance Corporation shall not issue any voting security 
to any entity other than the Corporation. 
(7) COORDINATION
WITH
STATE
AND
LOCAL 
REGULATORY AUTHORITY.—The provision of finan-
cial assistance by the Insurance Corporation pursu-
ant to this Act shall not be construed as—
(A) limiting the right of any State or local 
authority 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. 
SEC. 8. ELIGIBILITY CRITERIA FOR ASSISTANCE FROM THE 
CORPORATION AND THE INSURANCE COR-
PORATION. 
(a) GENERAL.—No financial assistance shall be avail-
able under this Act from the Corporation or the Insurance
Corporation unless the applicant for such assistance has 
demonstrated to the satisfaction of the Corporation or the 
Insurance Corporation, as the case may be, that the 
project for which such assistance is being sought meets—
(1) the requirements of this Act; and 
(2) any criteria established in accordance with 
this Act by the board of directors of the Corporation 
or the Insurance Corporation, as the case may be. 
(b) ESTABLISHMENT OF PROJECT CRITERIA.—
(1) IN GENERAL.—Consistent with the require-
ments of subsections (c) and (d), the boards of di-
rectors of the Corporation and the Insurance Cor-
poration shall each establish—
(A) criteria for determining eligibility for 
financial assistance under this Act; 
(B) disclosure and application procedures 
to be followed by States, revolving funds, and 
other entities to nominate projects for assist-
ance under this Act; and 
(C) such other criteria as the board of di-
rectors of the Corporation or the Insurance 
Corporation may consider to be appropriate for 
purposes of carrying out this Act. 
(2) FACTORS TO BE TAKEN INTO ACCOUNT.—
The criteria established pursuant to paragraph
(1)(A) shall provide for the consideration of the fol-
lowing factors in considering eligibility for financial 
assistance under this Act: 
(A) The extent to which provision of assist-
ance by the Corporation or the Insurance Cor-
poration will further the objectives for infra-
structure investments established in Executive 
Order No. 12893 of January 26, 1994, includ-
ing the stated objective of providing opportuni-
ties for ‘‘innovative public-private initiatives’’. 
(B) The means by which development of 
the infrastructure facility under consideration is 
being financed, including—
(i) the terms and conditions and fi-
nancial structure of the proposed financ-
ing; 
(ii) the financial assumptions and pro-
jections on which the project is based; and 
(iii) based on consideration of clauses 
(i) and (ii), whether the infrastructure fa-
cility will have the capacity to be self-sup-
porting. 
(C) The likelihood that the provision of as-
sistance by the Corporation or the Insurance 
Corporation will cause such development to pro-
ceed more promptly and with lower costs for fi-
nancing to the public and private entities en-
gaged in developing such infrastructure facility 
than would be the case without such assistance. 
(D) The extent to which the provision of 
assistance by the Corporation or the Insurance 
Corporation maximizes the level of private in-
vestment in such infrastructure facility. 
(3) LIMITATION
ON
CONDITIONS.—The Cor-
poration and the Insurance Corporation shall not 
condition the approval of financial assistance for the 
development of any infrastructure facility on a re-
quirement that a pension plan of a State or political 
subdivision of a State make an investment in such 
facility. 
(c) SUBMISSION OF PROJECT PROPOSALS.—
(1) ACCEPTANCE
OF
PROPOSALS.—The Cor-
poration and the Insurance Corporation shall accept, 
for consideration, project proposals relating to the 
development of infrastructure facilities submitted by 
a State, a revolving fund, or another entity, subject 
to subsection (d), which meet the requirements of 
subsection (b). 
(2) LIST OF PROJECTS UNDER CONSIDERATION 
FOR ASSISTANCE.—Project proposals accepted pur-
suant to paragraph (1) and approved in principle 
shall be placed on a list of projects being considered 
for financial assistance under this Act. 
(3) ELIGIBILITY
FOR
PRECONSTRUCTION
AS-
SISTANCE.—Projects on the list established pursuant 
to paragraph (2) shall be eligible to apply for 
preconstruction assistance in accordance with sub-
section (f). 
(4) 
SUBSEQUENT
APPROVALS.—Notwith-
standing the receipt of any preconstruction assist-
ance for any project, no additional financial assist-
ance under this Act for such project may be pro-
vided without the specific approval by the Corpora-
tion or the Insurance Corporation, as the case may 
be, for such additional assistance. 
(5) FEES.—A fee may be charged for the re-
view of any project proposal in such amount as may 
be deemed appropriate by the Corporation or the In-
surance Corporation to cover the cost of such review. 
(d) STATE ELIGIBILITY.—
(1) IN GENERAL.—After the end of the 3-year 
period beginning on the date of the enactment of 
this Act, no financial assistance may be provided by 
the Corporation or the Insurance Corporation for 
the development of any infrastructure facility pro-
posed for assistance by a State, or a revolving fund 
in a State, unless such State has in place—
(A) an evaluation process which is certified 
by the Secretary, in accordance with regulations 
which the Secretary shall prescribe before the 
end of the 6-month period beginning on such 
date of enactment, as being designed to ascer-
tain the extent to which major work with re-
spect to infrastructure facilities within the 
State can be financed by relying on any revenue 
reasonably obtainable from such facilities and 
other dedicated revenue sources; and 
(B) a program which is certified by the 
Secretary, in accordance with regulations which 
the Secretary shall prescribe before the end of 
such 6-month period, as being reasonably de-
signed to promote the objective set forth in Ex-
ecutive Order No. 12893 of January 26, 1994, 
of affording the opportunity for innovative pub-
lic-private initiatives with respect to major 
work, consistent with the public interest. 
(2) ACTIVITIES WITH NONSTATE ENTITIES.—
After the end of the 3-year period beginning on the 
date of the enactment of this Act, the Corporation 
and the Insurance Corporation each may continue to
undertake activities with respect to projects within a 
State relating to the development of infrastructure 
facilities which have been submitted by entities other 
than such State or a revolving fund in such State, 
including municipalities, regional authorities, and 
private-public partnerships, if the infrastructure fa-
cilities meet the criteria for assistance established 
pursuant to subsection (b), and the State or States 
in which such facility or facilities are to be located 
have not met the conditions of subsection (d)(1). 
(3) MAJOR WORK DEFINED.—For purposes of 
paragraph (1), the term ‘‘major work’’ means the 
construction of a new infrastructure facility, or the 
reconstruction, rehabilitation, replacement, or expan-
sion of an existing infrastructure facility, involving 
the expenditure of more than $10,000,000. 
(e) 
INITIAL
TARGETING
OF
READY-TO-GO 
PROJECTS.—During the 3-year period beginning on the 
date of the enactment of this Act, the Corporation and 
the Insurance Corporation shall each seek to provide as-
sistance to projects involving the development of infra-
structure facilities which—
(1) the Corporation or the Insurance Corpora-
tion, as the case may be, determines are ready to 
move forward promptly; and
as such terms are defined in section 4 of the Na-
tional Infrastructure Development Act of 2004. 
‘‘(4) CERTIFICATION OF INFRASTRUCTURE FA-
CILITIES.—An issuer of an obligation of which 95 
percent or more of the net proceeds are to be used 
in connection with the financing or refinancing of 1 
or more facilities may apply to the National Infra-
structure Development Corporation, in accordance 
with such procedures as such corporation may estab-
lish, for certification that any such facility is an in-
frastructure facility (as defined in section 4 of the 
National Infrastructure Development Act of 2004). 
Certification by the Corporation shall create a pre-
sumption of such status, but shall not be binding on 
the Secretary. 
‘‘(5) LEGEND REQUIRED.—No obligation shall 
be a public benefit bond for purposes of this sub-
section unless it is designated as intended to be a 
public benefit bond on the date of issuance and 
bears a legend to such effect. 
‘‘(6) QUALIFIED RETIREMENT PLAN.—For pur-
poses of this subsection, the term ‘qualified retire-
ment plan’ means—
‘‘(A) a qualified retirement plan (as de-
fined in section 4974(c)), and