(3) IRON AND STEEL PRODUCTS.—If any iron
or steel product is involved in any infrastructure fa-
cility development project, such product does not
meet the requirement of this section unless all man-
ufacturing processes involved in the production of
such product, including the application of any coat-
ing, have taken place within the United States.
SEC. 10. LABOR STANDARDS.
(a) IN GENERAL.—All laborers and mechanics em-
ployed by contractors or subcontractors in the perform-
ance of any contract and subcontract for the construction,
repair, renovation, or alteration, including painting and
decorating, of any infrastructure facility development
project that is financed in whole or in part by a loan under
this Act, shall be paid wages not less than those deter-
mined by the Secretary of labor in accordance with the
Act of March 3, 1931 (commonly known as the Davis-
Bacon Act, 40 U.S.C. 276a—276a–5). The Secretary of
Labor shall have the authority and functions set forth in
Reorganization Plan of No. 14 of 1950 (64 Stat. 1267)
and section 2 of the Act of June 1, 1934 (commonly
known as the Copeland Anti-Kickback Act) (40 U.S.C.
276c).
(b) VOLUNTARY PROJECT LABOR AGREEMENTS.—
(1) IN GENERAL.—Any eligible borrower, as de-
fined in section 8 of this Act, may require that every
contractor or subcontractor on a project assisted by
a loan under this Act agree, for that project only,
to negotiate or become a party to a project labor
agreement with 1 or more appropriate labor organi-
zations. The borrower has complete discretion
whether to include such a requirement—
(A) where a project labor agreement will
advance the procurement interest of the bor-
rower in cost, efficiency, and quality and in pro-
moting labor-management stability as well as
compliance with applicable legal requirements
governing safety and health, equal employment
opportunity, labor and employment standards,
and other matters; and
(B) where no laws applicable to the specific
construction project preclude the use of the pro-
posed project labor agreement.
(2) REQUIREMENTS.—Any project labor agree-
ment reached pursuant to this section—
(A) shall bind all contractors and sub-
contractors on the construction project through
the inclusion of appropriate clauses in all rel-
evant solicitation provisions and contract docu-
ments;
(B) shall allow all contractors and sub-
contractors wishing to compete for contracts
and subcontracts on the project to do so, with-
out discrimination against contractors, sub-
contractors, or employees based on union or
nonunion status;
(C) 
shall 
contain 
guarantees 
against
strikes, lockouts, and similar work disruptions;
(D) shall set forth effective, prompt, and
mutually binding procedures for resolving labor
disputes arising during the project;
(E) shall provide other mechanisms for
labor-management cooperation on matters of
mutual interest and concern, including produc-
tivity, quality of work, safety, and health; and
(F) shall fully conform to all applicable
statutes and regulations.
(3) VOLUNTARY
AGREEMENTS.—No provision
of this section may be construed as—
(A) requiring a borrower to use a project
labor agreement on any project;
(B) precluding use of a project labor
agreement in circumstances not covered under
this section; or
(C) requiring contractors to enter into a
project labor agreement with any particular
labor organization.
(c) RULE OF CONSTRUCTION.—No provision of this
section may be construed as creating any right or benefit,
substantive or procedural, enforceable by a non-Federal
party against the United States, its departments, agencies
or instrumentalities, its officers or employees, or any other
person, including the borrower.
SEC. 11. ADMINISTRATIVE PROVISIONS.
(a) MINIMUM
PHASE-IN
PERIOD.—Loans made
under section 7 shall be disbursed by the Bank imme-
diately or over the construction or development period of
the project as needed so as to accommodate more loan
requests. The payout in any given year shall be no less
than 20 percent of the total amount authorized.
(b) PERIOD TO MATURITY.—The period to maturity
of any loan made under section 7 shall not be less than
10 years nor more than 30 years, at the discretion of the
borrower, but may be paid earlier.
(c) ADMINISTRATIVE FEES.—The Bank shall impose
an administrative fee of not more than one-quarter of 1
percent on each recipient of a loan, sufficient to cover ad-
ministrative costs incurred by the Bank, including over-
head, in administering such loan.
(d) COLLECTION OF PRINCIPAL AND FEES.—The
Bank shall enforce collection of any loan in which 2 or
more payments are due and payable. To that end, the
Bank shall be empowered to enter Federal district court
to seek an order to attach property of the borrower, up
to the amount necessary to end the delinquency. The cost
of collection shall be added to the balance of the loan. The
borrower shall continue to make semiannual payments of
the same amount until the entire balance, including fees,
is paid.
SEC. 12. ABOLISHMENT OF BANK.
(a) WINDING UP OPERATIONS.—The Bank shall
wind up the affairs of the Bank during the 6-month period
ending on the date the last outstanding loan issued by the
Bank under this Act is repaid.
(b) BANK ABOLISHED.—Effective at the end of the
30-day period beginning on the date described in sub-
section (a), the Bank is hereby abolished.
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