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‘‘(3) ensure that investment income derived 
from funds deposited to an account of the bank 
are—
‘‘(A) credited to the account; 
‘‘(B) available for use in providing loans 
and other forms of credit assistance to projects 
eligible for assistance from the account; and 
‘‘(C) invested in United States Treasury 
securities, bank deposits, or such other financ-
ing instruments as the Secretary may approve 
to earn interest to enhance the leveraging of 
projects assisted by the bank; 
‘‘(4) ensure that any loan from the bank will 
bear interest at or below market interest rates, as 
determined by the State, to make the project that is 
the subject of the loan feasible; 
‘‘(5) ensure that repayment of any loan from 
the bank will commence not later than 5 years after 
the project has been completed or, in the case of a 
highway project, the facility has opened to traffic, 
whichever is later; 
‘‘(6) ensure that the term for repaying any loan 
will not exceed 30 years after the date of the first 
payment on the loan; and
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‘‘(7) require the bank to make an annual report 
to the Secretary on its status no later than Sep-
tember 30 of each year and such other reports as 
the Secretary may require under guidelines issued to 
carry out this section. 
‘‘(i) UNITED STATES NOT OBLIGATED.—The deposit 
of Federal funds into an infrastructure bank established 
under this section shall not be construed as a commitment, 
guarantee, or obligation on the part of the United States 
to any third party, nor shall any third party have any right 
against the United States for payment solely by virtue of 
the contribution. Any security or debt-financing instru-
ment issued by the infrastructure bank shall expressly 
state that the security or instrument does not constitute 
a commitment, guarantee, or obligation of the United 
States. 
‘‘(j) MANAGEMENT OF FEDERAL FUNDS.—Sections 
3335 and 6503 of title 31, shall not apply to funds depos-
ited into an infrastructure bank under this section. 
‘‘(k) PROGRAM ADMINISTRATION.—For each of fiscal 
years 2005 through 2009, a State may expend not to ex-
ceed 2 percent of the Federal funds contributed to an in-
frastructure bank established by the State under this sec-
tion to pay the reasonable costs of administering the 
bank.’’.
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(b) PREPARATORY AMENDMENTS.—
(1) SECTION 181.—Section 181 of such title is 
further amended—
(A) by striking the section designator and 
heading and inserting the following: 
‘‘§ 181. Generally applicable provisions’’; 
(B) by striking ‘‘In this subchapter’’ and 
inserting ‘‘(a) DEFINITIONS.—In this chapter’’; 
(C) in paragraph (5) by striking ‘‘184’’ 
and inserting ‘‘604’’; 
(D) in paragraph (11) (as redesignated by 
section 1601(a) of this Act) by striking ‘‘183’’ 
and inserting ‘‘603’’; and 
(E) by adding at the end the following: 
‘‘(b) TREATMENT OF CHAPTER.—For purposes of 
this title, this chapter shall be treated as being part of 
chapter 1.’’. 
(2) SECTION 182.—Section 182(b)(2)(A)(viii) of 
such title is further amended by inserting ‘‘and 
chapter 1’’ after ‘‘this chapter’’. 
(3) SECTION 183.—Section 183(a) of such title 
is further amended—
(A) in paragraph (1) by striking ‘‘182’’ 
and inserting ‘‘602’’; and
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(B) 
in 
paragraph 
(3) 
by 
striking 
‘‘182(b)(2)(B)’’ and inserting ‘‘602(b)(2)(B)’’. 
(4) SECTION 184.—Section 184 of such title is 
further amended—
(A) in subsection (a)(1) by striking ‘‘182’’ 
and inserting ‘‘602’’; 
(B) in subsection (a)(3) by striking 
‘‘182(b)(2)(B)’’ and inserting ‘‘602(b)(2)(B)’’; 
and 
(C) in subsection (b)(10) by striking 
‘‘183’’ and inserting ‘‘603’’. 
(5) 
REFERENCES
IN
SUBCHAPTER.—Sub-
chapter II of chapter 1 of such title is amended by 
striking ‘‘this subchapter’’ each place it appears and 
inserting ‘‘this chapter’’. 
(6) SUBCHAPTER
HEADINGS.—Chapter 1 of 
such title is further amended—
(A) by striking ‘‘SUBCHAPTER I—GEN-
ERAL
PROVISIONS’’ preceding section 101; 
and 
(B) by striking ‘‘SUBCHAPTER
II—IN-
FRASTRUCTURE FINANCE’’ preceding section 
181. 
(c) CHAPTER 6.—Such title is further amended by 
adding at the end the following:
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‘‘CHAPTER 6—INFRASTRUCTURE FINANCE 
‘‘Sec. 
‘‘601. Generally applicable provisions. 
‘‘602. Determination of eligibility and project selection. 
‘‘603. Secured loans. 
‘‘604. Lines of credit. 
‘‘605. Program administration. 
‘‘606. State and local permits. 
‘‘607. Regulations. 
‘‘608. Special rules. 
‘‘609. State infrastructure bank program.’’.
(d) MOVING AND REDESIGNATING.—Such title is fur-
ther amended—
(1) by redesignating sections 181 through 189 
as sections 601 through 609, respectively; 
(2) by moving such sections from chapter 1 to 
chapter 6 (as added by subsection (c)); and 
(3) by inserting such sections after the analysis 
for chapter 6. 
(e) ANALYSIS FOR CHAPTER 1 AND TABLE OF CHAP-
TERS.—
(1) ANALYSIS FOR CHAPTER 1.—The analysis 
for chapter 1 of such title is amended—
(A) by striking the headings for sub-
chapters I and II; and 
(B) by striking the items relating to sec-
tions 181 through 189. 
(2) TABLE OF CHAPTERS.—The table of chap-
ters for such title is amended by inserting after the 
item relating to chapter 5 the following:
‘‘6. Infrastructure Finance .......................................................................
601’’.
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SEC. 1603. INTERSTATE SYSTEM RECONSTRUCTION AND 
REHABILITATION TOLL PILOT PROGRAM. 
(a) ESTABLISHMENT.—The Secretary shall establish 
and implement an Interstate System reconstruction and 
rehabilitation toll pilot program under which the Sec-
retary, notwithstanding sections 129 and 301 of title 23, 
United States Code, may permit a State to collect tolls 
on a highway, bridge, or tunnel on the Interstate System 
for the purpose of reconstructing and rehabilitating the 
facility. 
(b) LIMITATION ON NUMBER OF FACILITIES.—The 
Secretary may permit the collection of tolls under this sec-
tion on 3 facilities on the Interstate System. Each of such 
facilities shall be located in a different State. 
(c) ELIGIBILITY.—To be eligible to participate in the 
pilot program, a State shall submit to the Secretary an 
application that contains, at a minimum, the following: 
(1) An identification of the facility on the Inter-
state System proposed to be a toll facility, including 
the age, condition, and intensity of use of the facil-
ity. 
(2) In the case of a facility that affects a met-
ropolitan area, an assurance that the metropolitan 
planning organization designated under chapter 52 
of title 49, United States Code, for the area has
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been consulted concerning the placement and 
amount of tolls on the facility. 
(3) An analysis demonstrating that financing 
the reconstruction or rehabilitation of the facility 
with the collection of tolls under the pilot program 
is the most efficient and economical way to advance 
the project. 
(4) A facility management plan that includes—
(A) a plan for implementing the imposition 
of tolls on the facility; 
(B) a schedule and finance plan for the re-
construction or rehabilitation of the facility 
using toll revenues; 
(C) a description of the public transpor-
tation agency that will be responsible for imple-
mentation and administration of the pilot pro-
gram; 
(D) a description of whether consideration 
will be given to privatizing the maintenance and 
operational aspects of the facility, while retain-
ing legal and administrative control of the por-
tion of the Interstate route; and 
(E) such other information as the Sec-
retary may require.
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(d) SELECTION CRITERIA.—The Secretary may ap-
prove the application of a State under subsection (c) only 
if the Secretary determines that—
(1) the State’s analysis under subsection (c)(3) 
is reasonable; 
(2) the facility has a sufficient intensity of use, 
age, or condition to warrant the collection of tolls; 
(3) the State plan for implementing tolls on the 
facility takes into account the interests of local, re-
gional, and interstate travelers; 
(4) the State plan for reconstruction or reha-
bilitation of the facility using toll revenues is reason-
able; 
(5) the State will develop, manage, and main-
tain a system that will automatically collect the tolls; 
and 
(6) the State has given preference to the use of 
a public toll agency with demonstrated capability to 
build, operate, and maintain a toll expressway sys-
tem meeting criteria for the Interstate System. 
(e) PROHIBITION ON NONCOMPETE AGREEMENTS.—
Before the Secretary may permit a State to participate 
in the pilot program, the State must enter into an agree-
ment with the Secretary that provides that the State will 
not enter into an agreement with a private person under
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which the State is prevented from improving or expanding 
the capacity of public roads adjacent to the toll facility 
to address conditions resulting from traffic diverted to 
such roads from the toll facility, including—
(1) excessive congestion; 
(2) pavement wear; and 
(3) an increased incidence of traffic accidents, 
injuries, or fatalities. 
(f) LIMITATIONS ON USE OF REVENUES; AUDITS.—
Before the Secretary may permit a State to participate 
in the pilot program, the State must enter into an agree-
ment with the Secretary that provides that—
(1) all toll revenues received from operation of 
the toll facility will be used only for—
(A) debt service; 
(B) reasonable return on investment of any 
private person financing the project; and 
(C) any costs necessary for the improve-
ment of and the proper operation and mainte-
nance of the toll facility, including reconstruc-
tion, resurfacing, restoration, and rehabilitation 
of the toll facility; and 
(2) regular audits will be conducted to ensure 
compliance with paragraph (1) and the results of 
such audits will be transmitted to the Secretary.
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(g) LIMITATION ON USE OF INTERSTATE MAINTE-
NANCE FUNDS.—During the term of the pilot program, 
funds apportioned for Interstate maintenance under sec-
tion 104(b)(4) of title 23, United States Code, may not 
be used on a facility for which tolls are being collected 
under the program. 
(h) PROGRAM TERM.—The Secretary may approve 
an application of a State for permission to collect a toll 
under this section only if the application is received by 
the Secretary before the last day of the 10-year period 
beginning on the date of enactment of this Act. 
(i) INTERSTATE SYSTEM DEFINED.—In this section, 
the term ‘‘Interstate System’’ has the meaning such term 
has under section 101 of title 23, United States Code. 
(j) REPORT.—Not later than September 30, 2011, 
the Secretary shall transmit to the Committee on Trans-
portation and Infrastructure of the House of Representa-
tives and the Committee on Environment and Public 
Works of the Senate a report on traffic congestion on, 
pavement wear of, and incidence of accidents, injuries, and 
fatalities on public roads adjacent to toll facilities estab-
lished under this section and section 1604. 
(k) REPEAL.—Section 1216(b) of the Transportation 
Equity Act for the 21st Century (23 U.S.C. 129 note; 112 
Stat. 212) is repealed.
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SEC. 1604. INTERSTATE SYSTEM CONSTRUCTION TOLL 
PILOT PROGRAM. 
(a) ESTABLISHMENT.—The Secretary shall establish 
and implement an Interstate System construction toll pilot 
program under which the Secretary, notwithstanding sec-
tions 129 and 301 of title 23, United States Code, may 
permit a State or an interstate compact of States to collect 
tolls on a highway, bridge, or tunnel on the Interstate Sys-
tem for the purpose of constructing Interstate highways. 
(b) LIMITATION ON NUMBER OF FACILITIES.—The 
Secretary may permit the collection of tolls under this sec-
tion on 3 facilities on the Interstate System. 
(c) ELIGIBILITY.—To be eligible to participate in the 
pilot program, a State shall submit to the Secretary an 
application that contains, at a minimum, the following: 
(1) An identification of the facility on the Inter-
state System proposed to be a toll facility. 
(2) In the case of a facility that affects a met-
ropolitan area, an assurance that the metropolitan 
planning organization designated under chapter 52 
of title 49, United States Code, for the area has 
been consulted concerning the placement and 
amount of tolls on the facility. 
(3) An analysis demonstrating that financing 
the construction of the facility with the collection of