(8) provide other forms of debt financing and
methods of leveraging funds that relate to the
project with respect to which such assistance is
being provided.
SEC. 207. ELIGIBLE PROJECTS.
(a) IN GENERAL.—The Bank may provide under this
title loans and other assistance only with respect to
projects that directly or indirectly improve the efficiency
or competitiveness of the Great Lakes or the Saint Law-
rence Seaway as a transportation route in maritime com-
merce. Such projects may include—
(1) maintenance of, or improvement to, Seaway
facilities to accommodate a greater percentage of the
world’s commercial vessel fleet;
(2) dredging to maintain or widen or deepen
navigational channels in the Great Lakes and the
Seaway;
(3) improvement to harbors, ports, docks, and
appurtenant facilities (including cranes and termi-
nals) in the Great Lakes and the Seaway;
(4) construction of warehouses and other mari-
time commerce-related development in the Great
Lakes and the Seaway region; and
(5) construction, major conversion, and mod-
ernization of commercial passenger or cargo vessels
that will be used in maritime commerce and will re-
sult in a higher level of, or more diverse, vessel traf-
fic in or through the Great Lakes-Saint Lawrence
Seaway system.
(b) ELIGIBILITY OF PLANNING, ENGINEERING, DE-
SIGN, AND LAND ACQUISITION COSTS.—Costs of plan-
ning, engineering, design, and land acquisition in connec-
tion with any project described in subsection (a) shall be
eligible costs for which the Bank may provide loans and
other assistance under this title.
SEC. 208. CONDITIONS ON ASSISTANCE.
(a) LOCATION.—The Bank may provide assistance
under this title to a private or public entity involved in
maritime commerce in the Great Lakes and the Saint
Lawrence Seaway region with respect to a project eligible
for assistance under section 207 only if—
(1) the entity is the Corporation; or
(2)(A) the entity is a member of the Bank; and
(B) the project will be carried out, or the entity
is registered to do business, within the jurisdictional
boundaries of a State or Province of Canada that is
a member of the Bank.
(b) PROCUREMENT.—The Bank may provide assist-
ance under this title to a private or public entity only if
the entity agrees, in writing, that no contract for pro-
curing goods or services necessary for the planning, de-
sign, development, and construction of the project for
which such assistance is being provided will be awarded
to any person or governmental entity (other than the
United States) unless such person or governmental entity,
or the political subdivision in which such person is located
or registered to do business is a member of the Bank, and
provides such other assurances as the Bank may require
to ensure that such agreement will be fulfilled.
SEC. 209. BANK REQUIREMENTS.
In carrying out its functions under this title, the
Bank Board shall—
(1) ensure that the Bank maintains on a con-
tinuing basis an investment grade rating on its debt
issuances or has a sufficient level of bond or debt fi-
nancing instrument insurance to maintain the viabil-
ity of the Bank;
(2) ensure that income generated by the Bank
will be—
(A) credited to the Bank;
(B) available for use in providing loans
and other assistance to projects eligible for as-
sistance from the Bank; and
(C) invested in (i) government securities
that are backed by the full faith and credit of
the United States, any State or political sub-
division of any State, Canada, or any Province
of Canada or political subdivision of any Prov-
ince of Canada, (ii) bank deposits, or (iii) such
other financing instruments as the Bank Board
may approve to earn interest to enhance the
leveraging of projects assisted by the Bank;
(3) ensure that a loan made by the Bank will
bear interest at or below market rates, as deter-
mined appropriate by the Bank Board, to make the
project that is the subject of the loan feasible;
(4) ensure that repayment of such loan will
commence not later than 1 year after the date of
completion of the project or the facility is open to
maritime traffic, whichever is later; and
(5) ensure that the term for repaying such loan
will not exceed 25 years beginning on the date on
which the first payment is due on the loan.
SEC. 210. BANK CORPORATE POWERS.
For the purpose of carrying out its functions under
this title, the Bank shall have the following powers:
(1) To have succession in its corporate name.
(2) To adopt and use a corporate seal.
(3) To sue and be sued in its corporate name.
(4) To admit members to the Bank under the
procedures and conditions established under section
204(c)(6).
(5) To indemnify members of the Bank Board
and officers, employees, and agents of the Bank for
liabilities and expenses incurred within the scope of
their employment by the Bank.
(6) To adopt, amend, and repeal bylaws, rules,
and regulations which shall—
(A) govern the manner in which its busi-
ness will be conducted and the powers vested in
it will be exercised; and
(B) be made after notice and opportunity
for participation by interested persons and gov-
ernmental entities.
(7) To make and carry out such contracts or
agreements as are necessary or advisable in the con-
duct of its business.
(8) To issue bonds from time to time in its dis-
cretion for public purposes if such bonds do not con-
stitute a debt of the United States, Canada, any
State, or any Province of Canada and if the pay-
ment of principal of, and interest on, such bonds is
not guaranteed by the United States, Canada, any
State, or Province of Canada.
(9) To acquire, by purchase, lease, or donation,
such real and personal property and any interest
therein, and to sell, lease, or otherwise dispose of
such real and personal property, as the Bank Board
considers necessary for the conduct of its business.
(10) To determine the character of, and the ne-
cessity for, its obligations and expenditures, and the
manner in which they shall be incurred, allowed, and
paid to carry out the objectives of this Act and the
agreement entered into under section 4.
(11) To retain and use all its revenues for pur-
poses of financing Bank operations.
(12) To provide, through contract or self-insur-
ance, for liability insurance and insurance against
loss incurred in connection with property, assets,
and operations of the Bank.
(13) To guarantee securities for which it has
provided assistance in order to facilitate their sale.
(14) To buy and sell securities it has issued.
(15) To exercise such other powers incidental to
its business as shall be necessary or appropriate to
carry out its functions under section 202.
(16) To invest funds not needed in its financing
and other operations in such obligations as it shall
determine to be prudent and appropriate.