banks and multistate infrastructure banks for mak-
ing loans— 
(A) to local educational agencies for build-
ing or repairing elementary or secondary 
schools which provide free public education (as 
such terms are defined in section 14101 of the 
Elementary and Secondary Education Act of 
1965 (20 U.S.C. 8801)); 
(B) to public libraries for building or re-
pairing library facilities; 
(C) to eligible charter school entities for 
use for the objective described in section 
5224(2) of such Act (20 U.S.C. 7223c(2)) con-
sistent with subpart 2 of part B of title V of 
such Act (20 U.S.C. 7223 et seq.); and 
(D) to community learning centers to con-
nect and improve broadband services. 
(2) INTERSTATE COMPACTS.—Congress grants 
consent to two or more of the States, entering into 
a cooperative agreement under paragraph (1) with 
the Secretary of the Treasury for the establishment 
of a multistate infrastructure bank, to enter into an 
interstate compact establishing such bank in accord-
ance with this section. 
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(b) FUNDING.—The Secretary of the Treasury, in 
consultation with the Secretary of Education, shall make 
grants to State infrastructure banks and multistate infra-
structure banks in a State in a cooperative agreement 
under subsection (a)(1) to provide initial capital for loans 
provided under this section. Each bank shall apply repay-
ments of principal and interest on loans to the making 
of additional loans. The Secretary shall take final action 
on an application for a grant under this subsection within 
90 days of the date of the submission of such application. 
(c) INFRASTRUCTURE BANK REQUIREMENTS.—In 
order to establish an infrastructure bank under this sec-
tion, each State establishing the bank shall— 
(1) contribute, at a minimum, in each account 
of the bank from non-Federal sources an amount 
equal to 25 percent of the amount of each capitaliza-
tion grant made to the State and contributed to the 
bank under subsection (b); 
(2) identify an operating entity of the State as 
recipient of the grant if the entity has the capacity 
to manage loan funds and issue debt instruments of 
the State for purposes of leveraging the funds; 
(3) allow such funds to be used as reserve for 
debt issued by the State so long as proceeds are de-
posited in the fund for loan purposes; 
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(4) ensure that investment income generated by 
funds contributed to an account of the bank will 
be— 
(A) credited to the account; 
(B) available for use in providing loans to 
projects eligible for assistance from the account; 
and 
(C) invested in United States Treasury se-
curities, bank deposits, or such other financing 
instruments as the Secretary may approve to 
earn interest to enhance the leveraging of 
projects assisted by the bank; 
(5) ensure that any loan from the bank to an 
eligible charter school entity, local educational agen-
cy, public library, or community learning center will 
bear interest at or below the lowest interest rates 
being offered for bonds the income from which is ex-
empt from Federal taxation, as determined by the 
State, to make the project that is the subject of the 
loan feasible; 
(6) ensure that repayment of any loan from the 
bank to an eligible charter school entity, local edu-
cational agency, public library, or community learn-
ing center will commence not later than 1 year after 
the project has been completed; 
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(7) ensure that the term for repaying any loan 
to an eligible charter school entity, local educational 
agency, public library, or community learning center 
will not exceed 30 years after the date of the first 
payment on the loan under paragraph (5); 
(8) ensure that the funds loaned annually that 
are used under subsection (a)(1)(C) are limited to a 
percentage of the total funds loaned that does not 
exceed the percentage of elementary and secondary 
school students in the State enrolled in charter 
schools during the most recent school year for which 
enrollment data are available; 
(9) ensure that the funds loaned annually under 
subsection (a)(1)(D) are used exclusively to connect 
and improve broadband services; and 
(10) require the bank to make an annual report 
to the Secretary on its status and make such other 
reports as the Secretary may require by guidelines. 
(d) FORMS OF ASSISTANCE FROM INFRASTRUCTURE 
BANKS.— 
(1) IN GENERAL.—An infrastructure bank es-
tablished under this section may make loans in an 
amount equal to all or part of the cost of carrying 
out a project eligible for assistance under this sec-
tion. 
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(2) APPLICATIONS FOR LOANS.—An application 
to an infrastructure bank for a loan shall include— 
(A) in the case of a renovation project, a 
description of each architectural, civil, struc-
tural, mechanical, or electrical deficiency to be 
corrected with funds under a loan and the pri-
orities to be applied; 
(B) a description of the criteria used by 
the applicant to determine the type of corrective 
action necessary for the renovation of a facility; 
(C) a description of improvements to be 
made and a cost estimate for the improvements; 
(D) a description of how work undertaken 
with the loan will promote the conservation of 
energy, water, or waste; and 
(E) such other information as the infra-
structure bank may require. 
An infrastructure bank shall take final action on a 
completed application submitted to it within 90 days 
after the date of its submission. 
(3) CRITERIA FOR LOANS.—In considering ap-
plications for a loan to an eligible charter school en-
tity, local educational agency, public library, or com-
munity learning center, an infrastructure bank shall 
consider— 
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