terms and conditions as the Executive Director may pre-
scribe, except that— 
(1) the Board shall allow credit to any prospec-
tive borrower to achieve the objectives of the Bank 
as defined in section 901 and when a credit subsidy 
is the most efficient way to meet those objectives on 
a borrower-by-borrower basis; 
(2) the final maturity of loans made or guaran-
teed within a period shall not exceed 35 years, or 90 
percent of the useful life of any physical asset to be 
financed by the loan, whichever is less as determined 
by the Board; 
(3) no loan made or guaranteed shall be subor-
dinated to another debt contracted by the borrower 
or to any other claims against the borrowers in the 
event of bankruptcy, insolvency, or liquidation of the 
obligor; 
(4) direct loans and interest supplements on 
guaranteed loans shall be at an interest rate that is 
informed by reference to a benchmark interest rate 
(yield) on marketable Treasury securities with a 
similar maturity to the direct loans being made or 
the non-Federal loans being guaranteed; 
(5) the Board shall prescribe explicit standards 
for use in periodically assessing the credit risk of 
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new and existing direct loans or guaranteed loans, 
including a requirement that there is a reasonable 
assurance of repayment before extending credit as-
sistance; and 
(6) no loan shall be made or guaranteed unless 
the Board determines that the lender is responsible 
and that adequate provision is made for servicing 
the loan on reasonable terms and protecting the fi-
nancial interest of the United States. 
(c) REPAYMENT OF DIRECT LOANS.— 
(1) SCHEDULE.—The Board shall establish a 
repayment schedule for each loan made under his 
section based on the projected cash flows from 
project revenues and other repayment sources, which 
may include user fees, dedicated property or sales 
taxes, or other dedicated revenue sources approved 
by the Executive Director. 
(2) COMMENCEMENT.—Scheduled loan pay-
ments of principal or interest on a loan shall com-
mence not later than 5 years after the date of sub-
stantial completion of the project. 
(3) DEFERRED PAYMENTS.— 
(A) IN GENERAL.—If, at any time after 
the date of substantial completion of a project, 
the Executive Director determines that dedi-
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cated revenue sources of an eligible borrower 
are insufficient to make the scheduled loan re-
payments of principal and interest on a loan 
made under this section, the Executive Director 
may, subject to criteria established by the Exec-
utive Director and the Board, allow the eligible 
borrower to add unpaid principal and interest 
to the outstanding balance of the loan. 
(B) TREATMENT
OF
DEFERRED
PAY-
MENTS.—Any payment deferred under this sec-
tion shall— 
(i) continue to accrue interest until 
fully repaid; and 
(ii) be scheduled to be amortized over 
the remaining term of the loan. 
(d) FEES.—The Board is authorized to establish fees 
at a level sufficient to cover all or a portion of the costs 
to the Federal Government of making a loan under this 
section. 
(e) PAYMENT OF LOSSES.— 
(1) DEFAULT.—If, as a result of a default by 
a borrower under a guaranteed loan made under this 
section, after the holder of the loan has made such 
further collection efforts and instituted such enforce-
ment proceedings as the Executive Director and 
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Board may require, the Board determines that the 
holder has suffered a loss, the Board shall pay up 
to such holder amounts specified in the guarantee 
contract. Upon making any such payment, the 
Board shall be subrogated to all the rights of the re-
cipient of the payment. The Board shall be entitled 
to recover from the borrower the amount of any pay-
ments made pursuant to any guarantee entered into 
under this section. 
(2) ENFORCEMENT.—The Attorney General 
shall take such action as may be appropriate to en-
force any right accruing to the United States as a 
result of the issuance of any guarantee under this 
section. 
(3) FORBEARANCE.—Nothing in this section 
shall be construed to preclude any forbearance for 
the benefit of the borrower which may be agreed 
upon by the parties to the guaranteed loan and ap-
proved by the Board, provided that budget authority 
for any resulting subsidy costs as defined under the 
Federal Credit Reform Act of 1990 is available. 
(4) RIGHT OF DISPOSITION.—Notwithstanding 
any other provision of law relating to the acquisition, 
handling, or disposal of property by the United 
States, the Board shall have the right in its discre-
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tion to complete, recondition, reconstruct, renovate, 
repair, maintain, operate, or sell any property ac-
quired by him pursuant to the provisions of this 
title. 
(f) TERMS
AND CONDITIONS
OF GRANTS.—The 
Board is authorized to make grants according to the cri-
teria set forth under section 105. A grant under this sec-
tion shall constitute no more than 20 percent of the total 
value of a infrastructure project. 
SEC. 108. AUTHORIZATION OF APPROPRIATION. 
There 
are 
authorized 
to 
be 
appropriated 
$5,000,000,000 for each fiscal year through 2015 to the 
Bank for cost of direct loans and loan guarantees made 
by the Bank and administrative expenses of the Bank. Of 
amounts appropriated, not more than 15 percent shall be 
available for forgiveness of loan principal or negative inter-
est rate loans. 
SEC. 109. ADMINISTRATIVE PROVISIONS. 
(a) INSPECTOR GENERAL.— 
(1) IN GENERAL.—Section 11 of the Inspector 
General Act of 1978 (5 U.S.C. App.) is amended— 
(A) in paragraph (1), by inserting ‘‘the 
Chairperson of the National Infrastructure 
Bank;’’ after ‘‘the Chairperson of the Federal 
Deposit Insurance Corporation;’’; and 
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