I
104TH CONGRESS
2D SESSION
H. R. 3469
To improve economic productivity and create thousands of jobs by establishing
an infrastructure reinvestment fund which will provide immediate,
upfront funding of intermodal surface transportation programs, and for
other purposes.
IN THE HOUSE OF REPRESENTATIVES
MAY 16, 1996
Mr. BORSKI (for himself, Mr. OBERSTAR, Mr. LIPINSKI, Mr. BREWSTER, and
Ms. DELAURO) introduced the following bill; which was referred to the
Committee on Transportation and Infrastructure, and in addition to the
Committees on the Budget, and Ways and Means, for a period to be sub-
sequently determined by the Speaker, in each case for consideration of
such provisions as fall within the jurisdiction of the committee concerned
A BILL
To improve economic productivity and create thousands of
jobs by establishing an infrastructure reinvestment fund
which will provide immediate, upfront funding of inter-
modal surface transportation programs, and for other
purposes.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Infrastructure Rein-
vestment and Economic Revitalization Act of 1996’’.
SEC. 2. FINDINGS AND PURPOSES.
(a) FINDINGS.—Congress finds that—
(1) the quality of our Nation’s transportation
infrastructure and the efficient movement of people
and goods are directly linked to our Nation’s eco-
nomic productivity and competitiveness;
(2) our Nation’s trading partners, with whom
we compete in the global economy, have invested
substantial amounts of their resources into capital
infrastructure investment and currently enjoy pro-
ductivity growth rates that are more than triple the
United States growth rate;
(3) to compete in the global marketplace of the
1990’s, the United States must substantially in-
crease its level of infrastructure investment as soon
as possible;
(4) by allowing infrastructure investment to
drop from 2.4 percent of the gross national product
in the late 1960’s to less than 0.3 percent in the
1980’s, our Nation has neglected the foundation of
economic growth; and
(5) without a substantial influx of new capital,
infrastructure investment will not be able to keep
pace with the rapid rate of infrastructure decay that
will result in crumbling roads, increasing traffic con-
gestion, higher costs, and inadequate transit sys-
tems.
(b) PURPOSES.—The purposes of this Act are as fol-
lows:
(1) Issuance of bonds to finance massive capital
infrastructure reinvestment immediately.
(2) Creation of thousands of productive new
jobs by initiating new rehabilitation and construction
projects.
(3) Stimulation of the economy and creation of
economic growth by increasing the efficiency of our
Nation’s infrastructure and investment in its long-
term maintenance.
(4) Complementing the purposes of the Inter-
modal Surface Transportation Efficiency Act of
1991 by creating a new financing mechanism to pro-
vide a more immediate source of funds.
SEC. 3. INFRASTRUCTURE REINVESTMENT FUND.
(a) REVENUES FROM HIGHWAY TRUST FUND.—
Subsection (c) of section 9503 of the Internal Revenue
Code of 1986 (relating to Highway Trust Fund) is amend-
ed by adding at the end thereof the following new para-
graph:
‘‘(7) 
INFRASTRUCTURE
REINVESTMENT
FUND.—The Secretary shall pay from time to time
from the Highway Trust Fund into the Infrastruc-
ture Reinvestment Fund amounts (as determined by
him) equivalent to 4.3 cents per gallon of the taxes
imposed by sections 4041(a) and 4081 which are re-
ceived after September 30, 1996, and before October
1, 2026.’’.
(b) INFRASTRUCTURE REINVESTMENT FUND.—
(1) IN GENERAL.—Subchapter A of chapter 98
of such Code (relating to trust fund code) is amend-
ed by adding at the end thereof the following new
section:
‘‘SEC. 9512. INFRASTRUCTURE REINVESTMENT FUND.
‘‘(a) CREATION OF FUND.—There is established in
the Treasury of the United States a trust fund to be
known as the ‘Infrastructure Reinvestment Fund’, consist-
ing of such amounts as may be appropriated or credited
to such Fund as provided in this section, section
9503(c)(7), or section 9602(b).
‘‘(b) EXPENDITURES FROM FUND.—Amounts in the
Infrastructure Reinvestment Fund shall be available, as
provided in appropriation Acts, only for purposes of carry-
ing out section 5 of the Infrastructure Reinvestment and
Economic Revitalization Act of 1996.
‘‘(c) INFRASTRUCTURE BONDS.—
‘‘(1) IN GENERAL.—There are authorized to be
appropriated to the Infrastructure Reinvestment
Fund, as repayable advances, the maximum amount
(less an appropriate reserve) which the Secretary es-
timates may be fully amortized before October 1,
2026, based on an amortization schedule comparable
to a 30-year bond issued as part of the public debt.
‘‘(2) REPAYMENT
OF
ADVANCES.—Advances
made to the Infrastructure Reinvestment Fund shall
be repaid, and interest on such advances shall be
paid, under such terms and conditions as the Sec-
retary shall prescribe.
‘‘(3) FINAL REPAYMENT.—No advance shall be
made to the Infrastructure Reinvestment Fund after
September 30, 2026, and all advances made to such
Fund shall be repaid on or before such date.
‘‘(4) RATE
OF
INTEREST.—Interest on ad-
vances made pursuant to this subsection shall be de-
termined 
in 
accordance 
with 
section
9509(d)(3)(C).’’.
(2) CLERICAL AMENDMENT.—The table of sec-
tions for such subchapter A is amended by adding
at the end thereof the following new item:
‘‘Sec. 9512. Infrastructure Reinvestment Fund.’’.
SEC. 4. OFF-BUDGET STATUS OF FUND.
Notwithstanding any other provision of law, the re-
ceipts and disbursements of the Infrastructure Reinvest-
ment Fund shall not be counted as new budget authority,
outlays, receipts, or deficit or surplus for purposes of—
(1) the budget of the United States Govern-
ment as submitted by the President,
(2) the congressional budget, or
(3) the Balanced Budget and Emergency Defi-
cit Control Act of 1985.
SEC. 5. INFRASTRUCTURE REINVESTMENT PROGRAM.
(a) AUTHORIZATION
OF APPROPRIATIONS.—There
shall be available, out of the Infrastructure Reinvestment
Fund, for fiscal year 1997 to the Secretary for carrying
out surface transportation programs an amount equal to
the aggregate amount advanced to such Fund under sec-
tion 9512(d) of the Internal Revenue Code of 1986 plus
interest thereon. Such sums shall remain available until
expended.
(b) ALLOCATION OF FUNDS AMONG PROGRAMS.—
From the funds made available by subsection (a), the Sec-
retary shall make available to carry out a surface trans-
portation program an amount determined by multiply-
ing—
(1) the amount of funds made available by sub-
section (a), and
(2) the quotient of the amount of funds made
available for such program for fiscal year 1996 di-
vided by the aggregate of all funds made available
for all such programs for fiscal year 1996.
(c) APPLICABILITY OF APPORTIONMENT FORMULAS
AND OTHER PROVISIONS.—
(1) IN
GENERAL.—Except as otherwise pro-
vided by this Act, funds made available to a surface
transportation program under subsection (b) shall be
subject to apportionment, Federal share, planning,
design, period of availability, and other requirements
in the same manner and to the same extent as if
such funds were made available, out of the Highway
Trust Fund, for such program.
(2) OBLIGATION
LIMITATION.—Funds made
available by subsection (a) shall not be subject to
any obligation limitation.
(d) CONTRACT AUTHORITY.—Approval by the Sec-
retary of a grant, project, or contract with funds made
available by subsection (a) shall be deemed a contractual
obligation of the United States for payment of the Federal
share of the cost of the grant, project, or contract.
SEC. 6. DEFINITIONS.
In this Act, the following definitions apply:
(1) SECRETARY.—The term ‘‘Secretary’’ means
the Secretary of Transportation.
(2) SURFACE
TRANSPORTATION
PROGRAM.—
The term ‘‘surface transportation program’’ means
any program or project for which funds are made
available for fiscal year 1997 by or under the Inter-
modal Surface Transportation Efficiency Act of
1991 and any Act amended by the Intermodal Sur-
face Transportation Efficiency Act of 1991, includ-
ing title 23, United States Code, chapter 53 of title
49, United States Code, and the Surface Transpor-
tation Assistance Act of 1982. Such term shall not
include—
(A) any project described in section 1103,
1104, 1105, 1106, 1107, or 1108 of the Inter-
modal Surface Transportation Efficiency Act of
1991; and
(B) the national recreation trails funding
program under part B of title I of such Act.
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