REPAIR Act
Bill: S.1499 | Sponsor: Sen. Warner, Mark R. (D-VA)
Policy area: Transportation and Public Works

Summary:
Reinventing Economic Partnerships And Infrastructure Redevelopment Act or the REPAIR Act
This bill addresses the financing of infrastructure projects through the establishment of the Infrastructure Financing Authority (IFA) and increases the national limitation on the amount of tax-exempt highway or surface freight transfer facility bonds.
Specifically, the bill

To facilitate efficient investments and financing of infrastructure 
 projects and new, long-term job creation through the establishment of 
     an Infrastructure Financing Authority, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLES; TABLE OF CONTENTS.

    (a) Short Titles.--This Act may be cited as the ``Reinventing 
Economic Partnerships And Infrastructure Redevelopment Act'' or the 
``REPAIR Act''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Purpose.
Sec. 3. Definitions.
              TITLE I--INFRASTRUCTURE FINANCING AUTHORITY

Sec. 101. Establishment and general authority of IFA.
Sec. 102. Voting members of the Board of Directors.
Sec. 103. Chief Executive Officer.
Sec. 104. Powers and duties of the Board of Directors.
Sec. 105. Senior management.
Sec. 106. Office of Technical and Rural Assistance.
Sec. 107. Special Inspector General for IFA.
Sec. 108. Other personnel.
Sec. 109. Compliance.
  TITLE II--TERMS AND LIMITATIONS ON DIRECT LOANS AND LOAN GUARANTEES

Sec. 201. Eligibility criteria for assistance from IFA and terms and 
                            limitations of loans.
Sec. 202. Loan terms and repayment.
Sec. 203. Project Delivery Task Force.
Sec. 204. Compliance and enforcement.
Sec. 205. Audits; reports to the President and Congress.
Sec. 206. Effect on other laws.
                       TITLE III--FUNDING OF IFA

Sec. 301. Fees.
Sec. 302. Self-sufficiency of IFA.
Sec. 303. Funding.
Sec. 304. Contract authority.
Sec. 305. Limitation on authority.
     TITLE IV--TAX EXEMPTION REQUIREMENTS FOR STATE AND LOCAL BONDS

Sec. 401. National limitation on amount of tax-exempt financing for 
                            facilities.
                       TITLE V--BUDGETARY EFFECTS

Sec. 501. Budgetary effects.

SEC. 2. PURPOSE.

    The purpose of this Act is to facilitate investment in, and the 
long-term financing of, economically viable eligible infrastructure 
projects of regional or national significance that are in the public 
interest in a manner that complements existing Federal, State, local, 
and private funding sources for these projects and introduces a merit-
based system for financing those projects, in order to mobilize 
significant private sector investment, create long-term jobs, and 
ensure United States competitiveness through a self-sustaining 
institution that limits the need for ongoing Federal funding.

SEC. 3. DEFINITIONS.

    In this Act:
            (1) Blind trust.--The term ``blind trust'' means a trust in 
        which the beneficiary has no knowledge of the specific holdings 
        and no rights over how those holdings are managed by the 
        fiduciary of the trust prior to the dissolution of the trust.
            (2) Board of directors.--The term ``Board of Directors'' 
        means the Board of Directors of IFA.
            (3) Chairperson.--The term ``Chairperson'' means the 
        Chairperson of the Board of Directors of IFA.
            (4) Chief executive officer.--The term ``Chief Executive 
        Officer'' means the chief executive officer of IFA, appointed 
        under section 103.
            (5) Cost.--The term ``cost'' has the meaning given the term 
        in section 502 of the Federal Credit Reform Act of 1990 (2 
        U.S.C. 661a).
            (6) Direct loan.--The term ``direct loan'' has the meaning 
        given the term in section 502 of the Federal Credit Reform Act 
        of 1990 (2 U.S.C. 661a).
            (7) Eligible entity.--The term ``eligible entity'' means--
                    (A) an individual;
                    (B) a corporation;
                    (C) a partnership, including a public-private 
                partnership;
                    (D) a joint venture;
                    (E) a trust;
                    (F) a State or any other governmental entity, 
                including a political subdivision or any other 
                instrumentality of a State; or
                    (G) a revolving fund.
            (8) Eligible infrastructure project.--
                    (A) In general.--The term ``eligible infrastructure 
                project'' means the construction, consolidation, 
                alteration, or repair of any of the following sectors:
                            (i) Intercity passenger or freight rail 
                        lines, intercity passenger rail facilities or 
                        equipment, and intercity freight rail 
                        facilities or equipment.
                            (ii) Intercity passenger bus facilities or 
                        equipment.
                            (iii) Public transportation facilities or 
                        equipment.
                            (iv) Highway facilities, including bridges 
                        and tunnels.
                            (v) Airports and air traffic control 
                        systems.
                            (vi) Port or marine terminal facilities, 
                        including approaches to marine terminal 
                        facilities or inland port facilities, and port 
                        or marine equipment, including fixed equipment 
                        to serve approaches to marine terminals or 
                        inland ports.
                            (vii) Transmission or distribution 
                        pipelines.
                            (viii) Inland waterways.
                            (ix) Intermodal facilities or equipment 
                        related to 2 or more of the sectors described 
                        in clauses (i) through (viii).
                            (x) Water treatment and solid waste 
                        disposal facilities.
                            (xi) Storm water management systems.
                            (xii) Dams and levees.
                            (xiii) Facilities or equipment for energy 
                        transmission, distribution or storage.
                    (B) Authority of the board of directors to modify 
                sectors.--The Board of Directors may make 
                modifications, at the discretion of the Board, to any 
                of the sectors described in subparagraph (A) by a vote 
                of not fewer than 5 of the voting members of the Board 
                of Directors.
            (9) IFA.--The term ``IFA'' means the Infrastructure 
        Financing Authority established under section 101.
            (10) Investment-grade rating.--The term ``investment-grade 
        rating'' means a rating of BBB minus, Baa3, or higher assigned 
        to an eligible infrastructure project by a ratings agency.
            (11) Loan guarantee.--The term ``loan guarantee'' has the 
        meaning given the term in section 502 of the Federal Credit 
        Reform Act of 1990 (2 U.S.C. 661a).
            (12) OTRA.--The term ``OTRA'' means the Office of Technical 
        and Rural Assistance created pursuant to section 106.
            (13) Public-private partnership.--The term ``public-private 
        partnership'' means any eligible entity--
                    (A)(i) that is undertaking the development of all 
                or part of an eligible infrastructure project that will 
                have a measurable public benefit, pursuant to 
                requirements established in 1 or more contracts between 
                the entity and a State or an instrumentality of a 
                State; or
                    (ii) the activities of which, with respect to such 
                an eligible infrastructure project, are subject to 
                regulation by a State or any instrumentality of a 
                State;
                    (B) that owns, leases, or operates or will own, 
                lease, or operate, the project in whole or in part; and
                    (C) the participants in which include not fewer 
                than 1 nongovernmental entity with significant 
                investment and some control over the project or entity 
                sponsoring the project vehicle.
            (14) Rating agency.--The term ``rating agency'' means a 
        credit rating agency registered with the Securities and 
        Exchange Commission as a nationally recognized statistical 
        rating organization (as defined in section 3(a) of the 
        Securities Exchange Act of 1934 (15 U.S.C. 78c(a))).
            (15) Regional infrastructure accelerator.--The term 
        ``regional infrastructure accelerator'' means an organization 
        created by public sector agencies through a multijurisdictional 
        or multistate agreement to provide technical assistance to 
        local jurisdictions that will facilitate the implementation of 
        innovative financing and procurement models to public 
        infrastructure projects.
            (16) Rural infrastructure project.--The term ``rural 
        infrastructure project''--
                    (A) has the same meaning given the term in section 
                601(15) of title 23, United States Code; and
                    (B) includes any eligible infrastructure project 
                sector described in clauses (i) through (xvii) of 
                paragraph (8)(A) located in any area other than a city 
                with a population of more than 250,000 inhabitants 
                within the city limits.
            (17) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury or the designee of the Secretary of the 
        Treasury.
            (18) Senior management.--The term ``senior management'' 
        means the chief financial officer, chief risk officer, chief 
        compliance officer, general counsel, chief lending officer, and 
        chief operations officer of IFA, and such other officers as the 
        Board of Directors may, by majority vote, add to senior 
        management.
            (19) State.--The term ``State'' means--
                    (A) each of the several States of the United 
                States; and
                    (B) the District of Columbia.
            (20) Task force.--The term ``Task Force'' means the Project 
        Delivery Task Force established under section 203.

              TITLE I--INFRASTRUCTURE FINANCING AUTHORITY

SEC. 101. ESTABLISHMENT AND GENERAL AUTHORITY OF IFA.

    (a) Establishment of IFA.--The Infrastructure Financing Authority 
is established as a wholly owned Government corporation.
    (b) General Authority of IFA.--IFA shall--
            (1) provide direct loans and loan guarantees to facilitate 
        eligible infrastructure projects that are economically viable, 
        in the public interest, and of regional or national 
        significance; and
            (2) carry out any other activities and duties authorized 
        under this Act.
    (c) Incorporation.--
            (1) In general.--The Board of Directors first appointed 
        shall be deemed the incorporator of IFA, and the incorporation 
        shall be held to have been effected on the date of the first 
        meeting of the Board of Directors.
            (2) Corporate office.--IFA shall--
                    (A) maintain an office in Washington, DC; and
                    (B) for purposes of venue in civil actions, be 
                considered to be a resident of Washington, DC.
    (d) Responsibility of the Secretary.--The Secretary shall take such 
action as may be necessary to assist in implementing IFA and in 
carrying out the purpose of this Act.
    (e) Rule of Construction.--Chapter 91 of title 31, United States 
Code, does not apply to IFA, unless otherwise specifically provided in 
this Act.

SEC. 102. VOTING MEMBERS OF THE BOARD OF DIRECTORS.

    (a) Voting Membership of the Board of Directors.--
            (1) In general.--IFA shall have a Board of Directors 
        consisting of 7 voting members, who shall be appointed by the 
        President, by and with the advice and consent of the Senate. 
        Not more than 4 of the members may belong to the same political 
        party.
            (2) Chairperson.--One of the voting members of the Board of 
        Directors shall be designated by the President, by and with the 
        advice and consent of the Senate, to serve as Chairperson of 
        the Board of Directors.
            (3) Congressional recommendations.--Not later than 30 days 
        after the date of the enactment of this Act, the majority 
        leader of the Senate, the minority leader of the Senate, the 
        Speaker of the House of Representatives, and the minority 
        leader of the House of Representatives, after consultation with 
        the appropriate committees of Congress, shall each submit a 
        recommendation to the President of a person to be appointed as 
        a member of the Board of Directors.
            (4) Special consideration of rural interests and geographic 
        diversity.--In making an appointment under this subsection, the 
        President shall give consideration to the geographic areas of 
        the United States in which the members of the Board of 
        Directors live and work, particularly to ensure that the 
        infrastructure priorities and concerns of each region of the 
        country, including rural areas and small communities, are 
        represented on the Board of Directors.
    (b) Voting Rights.--Each voting member of the Board of Directors 
shall have an equal vote in all decisions of the Board of Directors.
    (c) Qualifications of Voting Members.--Each voting member of the 
Board of Directors shall--
            (1) be a citizen of the United States; and
            (2) have significant demonstrated expertise in--
                    (A) the management and administration of a 
                financial institution relevant to the operation of IFA; 
                or
                    (B) the financing, development, or operation of 
                infrastructure projects, including in the evaluation 
                and selection of eligible infrastructure projects based 
                on the purposes, goals, and objectives of this Act.
    (d) Terms.--
            (1) In general.--Except as otherwise provided in this Act, 
        each voting member of the Board of Directors shall be appointed 
        for a term of 5 years.
            (2) Initial staggered terms.--Of the voting members first 
        appointed to the Board of Directors--
                    (A) the initial Chairperson and 3 of the other 
                voting members shall each be appointed for a term of 5 
                years; and
                    (B) the remaining 3 voting members shall each be 
                appointed for a term of 2 years.
            (3) Date of initial nominations.--The initial nominations 
        for the appointment of all voting members of the Board of 
        Directors shall be made not later than 60 days after the date 
        of the enactment of this Act.
            (4) Beginning of term.--The term of each of the initial 
        voting members appointed under this section shall commence 
        immediately upon the date of appointment, except that, for 
        purposes of calculating the term limits specified in this 
        subsection, the initial terms shall each be construed as 
        beginning on January 22 of the year following the date of the 
        initial appointment.
            (5) Vacancies.--
                    (A) In general.--A vacancy in the position of a 
                voting member of the Board of Directors shall be filled 
                by the President, by and with the advice and consent of 
                the Senate.
                    (B) Term.--A member appointed to fill a vacancy on 
                the Board of Directors occurring before the expiration 
                of the term for which the predecessor was appointed 
                shall be appointed only for the remainder of that term.
    (e) Meetings.--
            (1) Open to the public; notice.--Except as provided in 
        paragraph (3), all meetings of the Board of Directors shall 
        be--
                    (A) open to the public; and
                    (B) preceded by reasonable public notice.
            (2) Frequency.--The Board of Directors shall meet--
                    (A) not later than 60 days after the date on which 
                all members of the Board of Directors are first 
                appointed;
                    (B) at least quarterly after the date described in 
                subparagraph (A); and
                    (C) at the call of the Chairperson or 3 voting 
                members of the Board of Directors.
            (3) Exception for closed meetings.--
                    (A) In general.--The voting members of the Board of 
                Directors may, by majority vote, close a meeting to the 
                public if, during the meeting to be closed, there is 
                likely to be disclosed proprietary or sensitive 
                information regarding an eligible infrastructure 
                project under consideration for assistance under this 
                Act.
                    (B) Availability of minutes.--The Board of 
                Directors shall prepare minutes of any meeting that is 
                closed to the public, which minutes shall be made 
                available as soon as practicable, but not later than 1 
                year after the date of the closed meeting, with any 
                necessary redactions to protect any proprietary or 
                sensitive information.
            (4) Quorum.--For purposes of meetings of the Board of 
        Directors, 5 voting members of the Board of Directors shall 
        constitute a quorum.
    (f) Compensation of Members.--Each voting member of the Board of 
Directors shall be compensated at a rate equal to the daily equivalent 
of the annual rate of basic pay prescribed for level III of the 
Executive Schedule under section 5314 of title 5, United States Code, 
for each day (including travel time) during which the member is engaged 
in the performance of the duties of the Board of Directors.
    (g) Conflicts of Interest.--A voting member of the Board of 
Directors may not participate in any review or decision affecting an 
eligible infrastructure project under consideration for assistance 
under this Act, if the member has or is affiliated with an entity who 
has a financial interest in that project.

SEC. 103. CHIEF EXECUTIVE OFFICER.

    (a) In General.--The Chief Executive Officer shall--
            (1) be a nonvoting member of the Board of Directors;
            (2) be responsible for all IFA activities; and
            (3) support the Board of Directors in accordance with this 
        Act and as the Board of Directors determines to be necessary.
    (b) Appointment and Tenure of the Chief Executive Officer.--
            (1) In general.--The President shall appoint the Chief 
        Executive Officer, by and with the advice and consent of the 
        Senate.
            (2) Term.--The Chief Executive Officer shall be appointed 
        for a term of 6 years.
            (3) Vacancies.--
                    (A) In general.--Any vacancy in the office of the 
                Chief Executive Officer shall be filled by the 
                President, by and with the advice and consent of the 
                Senate.
                    (B) Term.--The person appointed to fill a vacancy 
                in the Chief Executive Officer position that occurs 
                before the expiration of the term for which the 
                predecessor was appointed shall be appointed only for 
                the remainder of that term.
    (c) Qualifications.--The Chief Executive Officer--
            (1) shall have significant expertise in management and 
        administration of a financial institution, or significant 
        expertise in the financing and development of infrastructure 
        projects; and
            (2) may not--
                    (A) hold any other public office;
                    (B) have any financial interest in an eligible 
                infrastructure project then being considered by the 
                Board of Directors, unless that interest is placed in a 
                blind trust; or
                    (C) have any financial interest in an investment 
                institution or its affiliates or any other entity 
                seeking or likely to seek financial assistance for any 
                eligible infrastructure project from IFA, unless any 
                such interest is placed in a blind trust for a term 
                equal to the tenure of the service of the Chief 
                Executive Officer plus 2 additional years.
    (d) Responsibilities.--The Chief Executive Officer shall have such 
executive functions, powers, and duties as may be prescribed by this 
Act, the bylaws of IFA, or the Board of Directors, including--
            (1) responsibility for the development and implementation 
        of the strategy of IFA, including--
                    (A) the development and submission to the Board of 
                Directors of the annual business plans and budget;
                    (B) the development and submission to the Board of 
                Directors of a long-term strategic plan; and
                    (C) the development, revision, and submission to 
                the Board of Directors of internal policies; and
            (2) responsibility for the management and oversight of the 
        daily activities, decisions, operations, and personnel of IFA.
    (e) Compensation.--
            (1) In general.--Any compensation assessment or 
        recommendation by the Chief Executive Officer under this 
        section shall be without regard to the provisions of chapter 51 
        or subchapter III of chapter 53 of title 5, United States Code.
            (2) Considerations.--The compensation assessment or 
        recommendation required under this subsection shall take into 
        account merit principles, where applicable, as well as the 
        education, experience, level of responsibility, geographic 
        differences, and retention and recruitment needs in determining 
        compensation of personnel.

SEC. 104. POWERS AND DUTIES OF THE BOARD OF DIRECTORS.

    The Board of Directors shall--
            (1) as soon as practicable after the date on which all 
        members are appointed, approve or disapprove senior management 
        appointed by the Chief Executive Officer;
            (2) not later than 180 days after the date on which all 
        members are appointed--
                    (A) develop and approve the IFA bylaws, including 
                bylaws for the regulation of the affairs and conduct of 
                the IFA business, consistent with the purpose, goals, 
                objectives, and policies set forth in this Act;
                    (B) establish subcommittees, including an audit 
                committee that is composed solely of members of the 
                Board of Directors, other than the Chief Executive 
                Officer;
                    (C) develop and approve, in consultation with 
                senior management, a conflict-of-interest policy for 
                the Board of Directors and for senior management;
                    (D) approve or disapprove internal policies that 
                the Chief Executive Officer shall submit to the Board 
                of Directors, including--
                            (i) policies regarding the loan application 
                        and approval process, including application 
                        procedures and project approval processes; and
                            (ii) operational guidelines; and
                    (E) approve or disapprove a 1-year business plan 
                and budget for IFA;
            (3) ensure that IFA is at all times operated in a manner 
        that is consistent with this Act--
                    (A) by monitoring and assessing the effectiveness 
                of IFA in achieving its strategic goals;
                    (B) by reviewing and approving internal policies, 
                annual business plans, annual budgets, and long-term 
                strategies submitted by the Chief Executive Officer;
                    (C) by reviewing and approving annual reports 
                submitted by the Chief Executive Officer;
                    (D) by engaging 1 or more external auditors, as set 
                forth in this Act; and
                    (E) by reviewing and approving all changes to the 
                organization of senior management;
            (4) appoint and fix, by a vote of not less than 5 of the 7 
        voting members of the Board of Directors, and without regard to 
        the provisions of chapter 51 or subchapter III of chapter 53 of 
        title 5, United States Code, the compensation and adjustments 
        to compensation of all IFA personnel, provided that in 
        appointing and fixing any compensation or adjustments to 
        compensation under this paragraph, the Board shall--
                    (A) consult with, and seek to maintain 
                comparability with, other comparable Federal personnel, 
                as the Board of Directors may determine to be 
                appropriate;
                    (B) consult with the Office of Personnel 
                Management; and
                    (C) carry out those duties consistent with merit 
                principles, where applicable, as well as the education, 
                experience, level of responsibility, geographic 
                differences, comparability to private sector positions, 
                and retention and recruitment needs in determining 
                compensation of personnel;
            (5) serve as the primary liaison for IFA in interactions 
        with Congress, the Secretary of Transportation and other 
        executive branch officials, and State and local governments, 
        and to represent the interests of IFA in those interactions and 
        others;
            (6) approve by a vote of not less than 5 of the 7 voting 
        members of the Board of Directors any changes to the bylaws or 
        internal policies of IFA;
            (7) have the authority and responsibility--
                    (A) to oversee entering into and carrying out such 
                contracts, leases, cooperative agreements, or other 
                transactions as are necessary to carry out this Act;
                    (B) to approve of the acquisition, lease, pledge, 
                exchange, and disposal of real and personal property by 
                IFA and otherwise approve the exercise by IFA of all of 
                the usual incidents of ownership of property, to the 
                extent that the exercise of those powers is appropriate 
                to and consistent with the purposes of IFA;
                    (C) to determine the character of, and the 
                necessity for, the obligations and expenditures of IFA, 
                and the manner in which the obligations and 
                expenditures will be incurred, allowed, and paid, 
                subject to this Act and other Federal law specifically 
                applicable to wholly owned Federal corporations;
                    (D) to execute, in accordance with applicable 
                bylaws and regulations, appropriate instruments;
                    (E) to approve other forms of credit enhancement 
                that IFA may provide to eligible projects, as long as 
                the forms of credit enhancements are consistent with 
                the purposes of this Act and terms set forth in title 
                II;
                    (F) to exercise all other lawful powers which are 
                necessary or appropriate to carry out, and are 
                consistent with, the purposes of IFA;
                    (G) to sue or be sued in the corporate capacity of 
                IFA in any court of competent jurisdiction;
                    (H) to indemnify the members of the Board of 
                Directors and officers of IFA for any liabilities 
                arising out of the actions of the members and officers 
                in that capacity, in accordance with, and subject to 
                the limitations contained in this Act;
                    (I) to review all financial assistance packages to 
                all eligible infrastructure projects, as submitted by 
                the Chief Executive Officer and to approve, postpone, 
                or deny the same by majority vote;
                    (J) to review all restructuring proposals submitted 
                by the Chief Executive Officer, including assignation, 
                pledging, or disposal of the interest of IFA in a 
                project, including payment or income from any interest 
                owned or held by IFA, and to approve, postpone, or deny 
                the same by majority vote;
                    (K) to enter into binding commitments, as specified 
                in approved financial assistance packages;
                    (L) to determine whether--
                            (i) to obtain a lien on the assets of an 
                        eligible entity that receives assistance under 
                        this Act; and
                            (ii) to subordinate a lien under clause (i) 
                        to any other lien securing project obligations; 
                        and
                    (M) to ensure a measurable public benefit in the 
                selection of eligible infrastructure projects and to 
                provide for reasonable public input in the selection of 
                such projects;
            (8) delegate to the Chief Executive Officer those duties 
        that the Board of Directors determines to be appropriate, to 
        better carry out the powers and purposes of the Board of 
        Directors under this section; and
            (9) approve a maximum aggregate amount of principal 
        exposure of IFA at any given time.

SEC. 105. SENIOR MANAGEMENT.

    (a) In General.--Senior management shall support the Chief 
Executive Officer in the discharge of the responsibilities of the Chief 
Executive Officer.
    (b) Appointment of Senior Management.--The Chief Executive Officer 
shall appoint such senior managers as are necessary to carry out the 
purposes of IFA, as approved by a majority vote of the voting members 
of the Board of Directors, including a chief compliance officer, 
general counsel, chief operating officer, chief lending officer, and 
other positions as determined to be appropriate by the Chief Executive 
Officer and the Board of Directors.
    (c) Term.--Each member of senior management shall serve at the 
pleasure of the Chief Executive Officer and the Board of Directors.
    (d) Removal of Senior Management.--Any member of senior management 
may be removed--
            (1) by a majority of the voting members of the Board of 
        Directors at the request of the Chief Executive Officer; or
            (2) by a vote of not fewer than 5 voting members of the 
        Board of Directors.
    (e) Senior Management.--
            (1) In general.--Each member of senior management shall 
        report directly to the Chief Executive Officer, other than the 
        chief risk officer, who shall report directly to the Board of 
        Directors.
            (2) Chief risk officer.--The chief risk officer shall be 
        responsible for all functions of IFA relating to--
                    (A) the creation of financial, credit, and 
                operational risk management guidelines and policies;
                    (B) the establishment of guidelines to ensure 
                diversification of lending activities by region, 
                infrastructure project type, and project size;
                    (C) the creation of conforming standards for 
                infrastructure finance agreements;
                    (D) the monitoring of the financial, credit, and 
                operational exposure of IFA; and
                    (E) risk management and mitigation actions, 
                including by reporting those actions, or 
                recommendations of actions to be taken, directly to the 
                Board of Directors.
    (f) Conflicts of Interest.--No individual appointed to senior 
management may--
            (1) hold any other public office;
            (2) have any financial interest in an eligible 
        infrastructure project then being considered by the Board of 
        Directors, unless that interest is placed in a blind trust; or
            (3) have any financial interest in an investment 
        institution or its affiliates, IFA or its affiliates, or other 
        entity then seeking or likely to seek financial assistance for 
        any eligible infrastructure project from IFA, unless any such 
        interest is placed in a blind trust during the term of service 
        of that individual in a senior management position, and for a 
        period of 2 years thereafter.

SEC. 106. OFFICE OF TECHNICAL AND RURAL ASSISTANCE.

    (a) In General.--The Chief Executive Officer shall create and 
manage the Office of Technical and Rural Assistance within IFA.
    (b) Duties.--The OTRA shall--
            (1) in consultation with the Secretary of Transportation 
        and the heads of other relevant Federal agencies, as determined 
        by the Chief Executive Officer, provide technical assistance to 
        State and local governments and parties in public-private 
        partnerships in the development and financing of eligible 
        infrastructure projects, including rural infrastructure 
        projects;
            (2) assist the entities described in paragraph (1) with 
        coordinating loan and loan guarantee programs available through 
        Federal agencies, including the Department of Transportation 
        and other Federal agencies, as appropriate;
            (3) work with the entities described in paragraph (1) to 
        identify and develop a pipeline of projects suitable for 
        financing through innovative project financing and performance 
        based project delivery, including those projects with the 
        potential for financing through IFA; and
            (4) establish a regional infrastructure accelerator 
        demonstration program to assist the entities described in 
        paragraph (1) in developing improved infrastructure priorities 
        and financing strategies, for the accelerated development of 
        covered infrastructure projects, including those projects with 
        the potential for financing through IFA.
    (c) Designation of Regional Infrastructure Accelerators.--In 
carrying out the program established pursuant to subsection (b)(4), the 
OTRA is authorized to designate regional infrastructure accelerators 
that shall--
            (1) serve a defined geographic area; and
            (2) act as a resource in such area to entities described in 
        subsection (b)(1), in accordance with this subsection.
    (d) Application Process.--To be eligible for a designation under 
subsection (c), regional infrastructure accelerators shall submit a 
proposal to the OTRA at such time, in such form, and containing such 
information as the OTRA determines is appropriate.
    (e) Considerations.--In evaluating proposals submitted pursuant to 
subsection (d), the OTRA shall consider--
            (1) the need for geographic diversity among regional 
        infrastructure accelerators; and
            (2) promoting investment in covered infrastructure 
        projects, which shall include a plan--
                    (A) to evaluate and promote innovative financing 
                methods for local projects, including the use of IFA;
                    (B) to build capacity of governments to evaluate 
                and structure projects involving the investment of 
                private capital;
                    (C) to provide technical assistance and information 
                on best practices with respect to financing such 
                projects;
                    (D) to increase transparency with respect to 
                infrastructure project analysis and utilizing 
                innovative financing for public infrastructure 
                projects;
                    (E) to deploy predevelopment capital programs 
                designed to facilitate the creation of a pipeline of 
                infrastructure projects available for investment;
                    (F) to bundle smaller-scale and rural projects into 
                larger proposals that may be more attractive for 
                investment; and
                    (G) to reduce transaction costs for public project 
                sponsors.
    (f) Annual Report.--The OTRA shall submit an annual report to 
Congress that describes the findings and effectiveness of the 
infrastructure accelerator demonstration program.

SEC. 107. SPECIAL INSPECTOR GENERAL FOR IFA.

    (a) In General.--
            (1) Initial period.--During the 5-year period beginning on 
        the date of the enactment of this Act, the Inspector General of 
        the Department of the Treasury shall serve as the Special 
        Inspector General for IFA in addition to the existing duties of 
        the Inspector General of the Department of the Treasury.
            (2) Office of the special inspector general.--Beginning on 
        the day that is 5 years after the date of the enactment of this 
        Act, there is established the Office of the Special Inspector 
        General for IFA.
    (b) Appointment of Inspector General; Removal.--
            (1) Head of office.--The head of the Office of the Special 
        Inspector General for IFA shall be the Special Inspector 
        General for IFA (referred to in this Act as the ``Special 
        Inspector General''), who shall be appointed by the President, 
        by and with the advice and consent of the Senate.
            (2) Basis of appointment.--The appointment of the Special 
        Inspector General shall be made on the basis of integrity and 
        demonstrated ability in accounting, auditing, financial 
        analysis, law, management analysis, public administration, or 
        investigations.
            (3) Timing of nomination.--The nomination of an individual 
        as Special Inspector General shall be made as soon as 
        practicable after the date of enactment of this Act.
            (4) Removal.--The Special Inspector General shall be 
        removable from office in accordance with the provisions of 
        section 3(b) of the Inspector General Act of 1978 (5 U.S.C. 
        App.).
            (5) Rule of construction.--For purposes of section 7324 of 
        title 5, United States Code, the Special Inspector General 
        shall not be considered an employee who determines policies to 
        be pursued by the United States in the nationwide 
        administration of Federal law.
            (6) Rate of pay.--The annual rate of basic pay of the 
        Special Inspector General shall be the annual rate of basic pay 
        for an Inspector General under section 3(e) of the Inspector 
        General Act of 1978 (5 U.S.C. App.).
    (c) Duties.--The Special Inspector General shall--
            (1) conduct, supervise, and coordinate audits and 
        investigations of the business activities of IFA;
            (2) establish, maintain, and oversee such systems, 
        procedures, and controls as the Special Inspector General 
        considers appropriate to discharge the duty under paragraph 
        (1); and
            (3) carry out any other duties and responsibilities of 
        inspectors general under the Inspector General Act of 1978 (5 
        U.S.C. App.).
    (d) Powers and Authorities.--
            (1) In general.--In carrying out the duties specified in 
        subsection (c), the Special Inspector General shall have the 
        authorities provided in section 6 of the Inspector General Act 
        of 1978 (5 U.S.C. App.).
            (2) Additional authority.--The Special Inspector General 
        shall carry out the duties specified in subsection (c)(1) in 
        accordance with section 4(b)(1) of the Inspector General Act of 
        1978 (5 U.S.C. App.).
    (e) Personnel, Facilities, and Other Resources.--
            (1) Additional officers.--
                    (A) In general.--The Special Inspector General may 
                select, appoint, and employ such officers and employees 
                as may be necessary for carrying out the duties of the 
                Special Inspector General, subject to the provisions of 
                title 5, United States Code, governing appointments in 
                the competitive service, and the provisions of chapter 
                51 and subchapter III of chapter 53 of such title, 
                relating to classification and General Schedule pay 
                rates.
                    (B) Employment and compensation.--The Special 
                Inspector General may exercise the authorities of 
                subsections (b) through (i) of section 3161 of title 5, 
                United States Code (without regard to subsection (a) of 
                that section).
            (2) Retention of services.--The Special Inspector General 
        may obtain services as authorized by section 3109 of title 5, 
        United States Code, at daily rates not to exceed the equivalent 
        rate prescribed for grade GS-15 of the General Schedule by 
        section 5332 of such title.
            (3) Ability to contract for audits, studies, and other 
        services.--The Special Inspector General may enter into 
        contracts and other arrangements for audits, studies, analyses, 
        and other services with public agencies and with private 
        persons, and make such payments as may be necessary to carry 
        out the duties of the Special Inspector General.
            (4) Request for information.--
                    (A) In general.--Upon request of the Special 
                Inspector General for information or assistance from 
                any department, agency, or other entity of the Federal 
                Government, the head of that entity shall, insofar as 
                is practicable and not in contravention of any existing 
                law, furnish the information or assistance to the 
                Special Inspector General or an authorized designee.
                    (B) Refusal to comply.--If information or 
                assistance requested by the Special Inspector General 
                is, in the judgment of the Special Inspector General, 
                unreasonably refused or not provided, the Special 
                Inspector General shall report the circumstances to the 
                Secretary, without delay.
    (f) Reports.--
            (1) Annual report.--Not later than 1 year after the date on 
        which the Special Inspector General is confirmed, and every 
        calendar year thereafter, the Special Inspector General shall 
        submit a report to the President and appropriate committees of 
        Congress that summarizes the activities of the Special 
        Inspector General during the 1-year period immediately 
        preceding the submission of the report.
            (2) Public disclosures.--Nothing in this subsection may be 
        construed as authorizing the public disclosure of information 
        that is--
                    (A) specifically prohibited from disclosure by any 
                other provision of law;
                    (B) specifically required by Executive order to be 
                protected from disclosure in the interest of national 
                defense or national security or in the conduct of 
                foreign affairs; or
                    (C) a part of an ongoing criminal investigation.

SEC. 108. OTHER PERSONNEL.

    (a) Appointment, Removal, and Definition of Duties.--Except as 
otherwise provided in the IFA bylaws, the Chief Executive Officer, in 
consultation with the Board of Directors, shall appoint, remove, and 
define the duties of such qualified personnel as are necessary to carry 
out the powers, duties, and purpose of IFA, other than senior 
management, who shall be appointed in accordance with section 105.
    (b) Coordination in Identifying Qualifications and Expertise.--In 
appointing qualified personnel pursuant to subsection (a), the Chief 
Executive Officer shall coordinate with, and seek assistance from, the 
Secretary of Transportation in identifying the appropriate 
qualifications and expertise in infrastructure project finance.

SEC. 109. COMPLIANCE.

    The provision of assistance by IFA pursuant to this Act does not 
supersede any provision of State law or regulation otherwise applicable 
to an eligible infrastructure project.

  TITLE II--TERMS AND LIMITATIONS ON DIRECT LOANS AND LOAN GUARANTEES

SEC. 201. ELIGIBILITY CRITERIA FOR ASSISTANCE FROM IFA AND TERMS AND 
              LIMITATIONS OF LOANS.

    (a) Public Benefit; Financeability.--A project is not be eligible 
for financial assistance from IFA under this Act if--
            (1) the use or purpose of such project is private or such 
        project does not create a public benefit, as determined by the 
        Board of Directors; or
            (2) the applicant is unable to demonstrate, to the 
        satisfaction of the Board of Directors, a sufficient revenue 
        stream to finance the loan that will be used to pay for such 
        project.
    (b) Financial Criteria.--If the project meets the requirements 
under subsection (a), an applicant for financial assistance under this 
Act shall demonstrate, to the satisfaction of the Board of Directors, 
that--
            (1) for public-private partnerships, the project has 
        received contributed capital or commitments for contributed 
        capital equal to not less than 10 percent of the total cost of 
        the eligible infrastructure project for which assistance is 
        being sought if such contributed capital includes--
                    (A) equity;
                    (B) deeply subordinate loans or other credit and 
                debt instruments, which shall be junior to any IFA 
                assistance provided for the project;
                    (C) appropriated funds or grants from governmental 
                sources other than the Federal Government; or
                    (D) irrevocable private contributions of funds, 
                grants, property (including rights-of-way), and other 
                assets that directly reduce or offset project costs; 
                and
            (2) the eligible infrastructure project for which 
        assistance is being sought--
                    (A) is not for the refinancing of an existing 
                infrastructure project; and
                    (B) meets--
                            (i) any pertinent requirements set forth in 
                        this Act;
                            (ii) any criteria established by the Board 
                        of Directors under subsection (c) or by the 
                        Chief Executive Officer in accordance with this 
                        Act; and
                            (iii) the definition of an eligible 
                        infrastructure project.
    (c) Considerations.--The criteria established by the Board of 
Directors under this subsection shall provide adequate consideration 
of--
            (1) the economic, financial, technical, environmental, and 
        public benefits and costs of each eligible infrastructure 
        project under consideration for financial assistance under this 
        Act, prioritizing eligible infrastructure projects that--
                    (A) demonstrate a clear and measurable public 
                benefit;
                    (B) offer value for money to taxpayers;
                    (C) contribute to regional or national economic 
                growth;
                    (D) lead to long-term job creation; and
                    (E) mitigate environmental concerns;
            (2) the means by which development of the eligible 
        infrastructure project under consideration is being financed, 
        including--
                    (A) the terms, conditions, and structure of the 
                proposed financing;
                    (B) the creditworthiness and standing of the 
                project sponsors, providers of equity, and 
                cofinanciers;
                    (C) the financial assumptions and projections on 
                which the eligible infrastructure project is based; and
                    (D) whether there is sufficient State or municipal 
                political support for the successful completion of the 
                eligible infrastructure project;
            (3) the likelihood that the provision of assistance by IFA 
        will cause the development to proceed more promptly and with 
        lower costs for financing than would be the case without IFA 
        assistance;
            (4) the extent to which the provision of assistance by IFA 
        maximizes the level of private investment in the eligible 
        infrastructure project or supports a public-private 
        partnership, while providing a significant public benefit;
            (5) the extent to which the provision of assistance by IFA 
        can mobilize the participation of other financing partners in 
        the eligible infrastructure project;
            (6) the technical and operational viability of the eligible 
        infrastructure project;
            (7) the proportion of financial assistance from IFA;
            (8) the geographical location of the project, prioritizing 
        geographical diversity of projects funded by IFA;
            (9) the size of the project and the impact of the project 
        on the resources of IFA; and
            (10) the infrastructure sector of the project, prioritizing 
        projects from more than 1 sector funded by IFA.
    (d) Application.--
            (1) In general.--Any eligible entity seeking assistance 
        from IFA under this Act for an eligible infrastructure project 
        shall submit an application to IFA at such time, in such 
        manner, and containing such information as the Board of 
        Directors or the Chief Executive Officer may require.
            (2) Review of applications.--
                    (A) In general.--IFA shall review applications for 
                assistance under this Act on an ongoing basis.
                    (B) Preparation.--The Chief Executive Officer, in 
                cooperation with the senior management, shall prepare 
                eligible infrastructure projects for review and 
                approval by the Board of Directors.
            (3) Dedicated revenue sources.--The Federal credit 
        instrument shall be repayable, in whole or in part, from tolls, 
        user fees, or other dedicated revenue sources derived from 
        users or beneficiaries that also secure the eligible 
        infrastructure project obligations.
    (e) Eligible Infrastructure Project Costs.--
            (1) In general.--Except as provided in paragraph (2), to be 
        eligible for assistance under this Act, an eligible 
        infrastructure project shall have project costs that are 
        reasonably anticipated to equal or exceed $50,000,000.
            (2) Rural infrastructure projects.--To be eligible for 
        assistance under this Act a rural infrastructure project shall 
        have project costs that are reasonably anticipated to equal or 
        exceed $10,000,000.
    (f) Loan Eligibility and Maximum Amounts.--
            (1) In general.--The amount of a direct loan or loan 
        guarantee under this Act shall not exceed the lesser of--
                    (A) 49 percent of the reasonably anticipated 
                eligible infrastructure project costs; and
                    (B) the amount of the senior project obligations, 
                if the direct loan or loan guarantee does not receive 
                an investment grade rating.
            (2) Maximum annual loan and loan guarantee volume.--The 
        aggregate amount of direct loans and loan guarantees made by 
        IFA shall not exceed--
                    (A) during the first 2 fiscal years of the 
                operations of IFA, $10,000,000,000 per year;
                    (B) during fiscal years 3 through 9 of the 
                operations of IFA, $20,000,000,000 per year; and
                    (C) during any fiscal year thereafter, 
                $50,000,000,000.

SEC. 202. LOAN TERMS AND REPAYMENT.

    (a) In General.--A direct loan or loan guarantee under this Act 
with respect to an eligible infrastructure project shall be on such 
terms, subject to such conditions, and contain such covenants, 
representations, warranties, and requirements (including requirements 
for audits) as the Chief Executive Officer determines appropriate.
    (b) Terms.--A direct loan or loan guarantee under this Act--
            (1) shall--
                    (A) be payable, in whole or in part, from tolls, 
                user fees, or other dedicated revenue sources derived 
                from users or beneficiaries; and
                    (B) include a rate covenant, coverage requirement, 
                or similar security feature supporting the project 
                obligations; and
            (2) may be secured by a lien--
                    (A) on the assets of the obligor, including 
                revenues described in paragraph (1); and
                    (B) which may be subordinated to any other lien 
                securing project obligations.
    (c) Base Interest Rate.--The base interest rate on a direct loan 
under this Act shall be not less than the yield on Treasury obligations 
of a similar maturity to the maturity of the direct loan on the date of 
execution of the loan agreement.
    (d) Risk Assessment.--Before entering into an agreement for 
assistance under this Act, the Chief Executive Officer, in consultation 
with the Director of the Office of Management and Budget and each 
rating agency providing a preliminary rating opinion letter under this 
section, shall determine an appropriate Federal credit subsidy amount 
for each direct loan and loan guarantee, taking into account that 
preliminary rating opinion letter and any comparable market rates 
available for such a loan or loan guarantee, should any exist.
    (e) Credit Fee.--
            (1) In general.--With respect to each agreement for 
        assistance under this Act, the Chief Executive Officer shall 
        charge a credit fee to the recipient of that assistance to pay 
        for, over time, all or a portion of the Federal credit subsidy 
        determined under subsection (d), with the remainder paid by the 
        account established for IFA.
            (2) Direct loans.--In the case of a direct loan, the credit 
        fee described in paragraph (1) shall be in addition to the base 
        interest rate established under subsection (c).
    (f) Maturity Date.--The final maturity date of a direct loan or 
loan guaranteed by IFA under this Act shall be not later than 35 years 
after the date of substantial completion of the eligible infrastructure 
project, as determined by the Chief Executive Officer.
    (g) Preliminary Rating Opinion Letter.--
            (1) In general.--The Chief Executive Officer shall require 
        each applicant for assistance under this Act to provide a 
        preliminary rating opinion letter from at least 1 rating 
        agency, indicating that the senior obligations of the eligible 
        infrastructure project, which may be the Federal credit 
        instrument, have the potential to achieve an investment-grade 
        rating.
            (2) Rural infrastructure projects.--With respect to a rural 
        infrastructure project, a rating agency opinion letter 
        described in paragraph (1) shall not be required, except that 
        the loan or loan guarantee shall receive an internal rating 
        score, using methods similar to the rating agencies generated 
        by IFA, measuring the proposed direct loan or loan guarantee 
        against comparable direct loans or loan guarantees of similar 
        credit quality in a similar sector.
    (h) Investment-Grade Rating Requirement.--
            (1) Loans and loan guarantees.--The execution of a direct 
        loan or loan guarantee under this Act shall be contingent on 
        the senior obligations of the eligible infrastructure project 
        receiving an investment-grade rating.
            (2) Rating of ifa overall portfolio.--The average rating of 
        the overall portfolio of IFA shall be not less than investment 
        grade after 5 years of operation.
    (i) Terms and Repayment of Direct Loans.--
            (1) Schedule.--The Chief Executive Officer shall establish 
        a repayment schedule for each direct loan under this Act, based 
        on the projected cash flow from eligible infrastructure project 
        revenues and other repayment sources.
            (2) Commencement.--Scheduled loan repayments of principal 
        or interest on a direct loan under this Act shall commence not 
        later than 5 years after the date of substantial completion of 
        the eligible infrastructure project, as determined by the Chief 
        Executive Officer of IFA.
            (3) Deferred payments of direct loans.--
                    (A) Authorization.--If, at any time after the date 
                of substantial completion of an eligible infrastructure 
                project assisted under this Act, the eligible 
                infrastructure project is unable to generate sufficient 
                revenues to pay the scheduled loan repayments of 
                principal and interest on the direct loan under this 
                Act, the Chief Executive Officer may allow the obligor 
                to add unpaid principal and interest to the outstanding 
                balance of the direct loan, if the result would benefit 
                the taxpayer.
                    (B) Interest.--Any payment deferred under 
                subparagraph (A) shall--
                            (i) continue to accrue interest, in 
                        accordance with the terms of the obligation, 
                        until fully repaid; and
                            (ii) be scheduled to be amortized over the 
                        remaining term of the loan.
                    (C) Criteria.--
                            (i) In general.--Any payment deferral under 
                        subparagraph (A) shall be contingent on the 
                        eligible infrastructure project meeting 
                        criteria established by the Board of Directors.
                            (ii) Repayment standards.--The criteria 
                        established under clause (i) shall include 
                        standards for reasonable assurance of 
                        repayment.
            (4) Prepayment of direct loans.--
                    (A) Use of excess revenues.--Any excess revenues 
                that remain after satisfying scheduled debt service 
                requirements on the eligible infrastructure project 
                obligations and direct loan and all deposit 
                requirements under the terms of any trust agreement, 
                bond resolution, or similar agreement securing project 
                obligations under this Act may be applied annually to 
                prepay the direct loan, without penalty.
                    (B) Use of proceeds of refinancing.--A direct loan 
                under this Act may be prepaid at any time, without 
                penalty, from the proceeds of refinancing from non-
                Federal funding sources.
    (j) Loan Guarantees.--The terms of a loan guaranteed by IFA under 
this Act shall be consistent with the terms set forth in this section 
for a direct loan, except that the rate on the guaranteed loan and any 
payment, prepayment, or refinancing features shall be negotiated 
between the obligor and the lender (as defined in section 601(a) of 
title 23, United States Code) with the consent of the Chief Executive 
Officer.
    (k) Compliance With Federal Credit Reform Act of 1990.--
            (1) In general.--Except as provided in paragraph (2), 
        direct loans and loan guarantees authorized by this Act shall 
        be subject to the provisions of the Federal Credit Reform Act 
        of 1990 (2 U.S.C. 661 et seq.).
            (2) Exception.--Section 504(b) of the Federal Credit Reform 
        Act of 1990 (2 U.S.C. 661c(b)) shall not apply to a loan or 
        loan guarantee under this Act.
    (l) Statement of Policy.--It is the policy of Congress for IFA to 
make a direct loan or loan guarantee under this Act only if IFA 
reasonably expects to recover the full amount of the direct loan or 
loan guarantee.

SEC. 203. PROJECT DELIVERY TASK FORCE.

    (a) Establishment.--There is established within IFA the Project 
Delivery Task Force, which shall be overseen by the Chief Executive 
Officer.
    (b) Functions.--If an eligible infrastructure project receives 
financing from IFA, or the Chief Executive Officer, after reviewing an 
application for such financing, determines that such a project will be 
approved, the Task Force, in close consultation with appropriate 
permitting agencies, shall--
            (1) establish or update a permitting timetable for the 
        proposed project, which ensures that the environmental review 
        process is completed as soon as practicable;
            (2) coordinate concurrent permitting reviews by all 
        necessary agencies; and
            (3) coordinate with relevant State agencies and regional 
        infrastructure development agencies to ensure--
                    (A) adequate participation; and
                    (B) the timely provision of necessary documentation 
                to allow any State review to proceed without delay.
    (c) Concurrent Reviews.--Each agency, to the greatest extent 
permitted by law, shall--
            (1) carry out the obligations of the agency under other 
        applicable law concurrently, and in conjunction with other 
        reviews being conducted by other participating agencies, 
        including environmental reviews required under the National 
        Environmental Policy Act (42 U.S.C. 4321 et seq.), unless such 
        concurrent reviews would impair the ability of the agency to 
        carry out its statutory obligations; and
            (2) formulate and implement administrative, policy, and 
        procedural mechanisms to enable the agency to ensure the 
        completion of the environmental review process in a timely, 
        coordinated, and environmentally responsible manner.

SEC. 204. COMPLIANCE AND ENFORCEMENT.

    (a) Credit Agreement.--Notwithstanding any other provision of law, 
each eligible entity that receives assistance under this Act shall 
enter into a credit agreement that requires such entity to comply with 
all applicable policies and procedures of IFA, in addition to all other 
provisions of the loan agreement.
    (b) Applicability of Federal Laws.--Each eligible entity that 
receives assistance under this Act shall provide written assurance, in 
such form and manner and containing such terms as are to be prescribed 
by IFA, that the eligible infrastructure project will be performed in 
compliance with the requirements of all Federal laws that would 
otherwise apply to similar projects to which the United States is a 
party, or financed in whole or in part from Federal funds or in 
accordance with guarantees of a Federal agency or financed from funds 
obtained by pledge of any contract of a Federal agency to make a loan, 
grant, or annual contribution (except where a different meaning is 
expressly indicated).
    (c) IFA Authority on Noncompliance.--In any case in which an 
eligible entity that receives assistance under this Act is materially 
out of compliance with the loan agreement, or any applicable policy or 
procedure of IFA, the Board of Directors may take action--
            (1) to cancel unused loan amounts; or
            (2) to accelerate the repayment terms of any outstanding 
        obligation.

SEC. 205. AUDITS; REPORTS TO THE PRESIDENT AND CONGRESS.

    (a) Accounting.--The IFA books of account shall be--
            (1) maintained in accordance with generally accepted 
        accounting principles; and
            (2) subject to an annual audit by independent public 
        accountants of nationally recognized standing appointed by the 
        Board of Directors.
    (b) Reports.--
            (1) Board of directors.--Not later than 90 days after the 
        last day of each fiscal year, the Board of Directors shall 
        submit, to the President and Congress, a complete and detailed 
        report with respect to the preceding fiscal year, setting 
        forth--
                    (A) a summary of the operations of IFA for that 
                fiscal year;
                    (B) a schedule of the obligations of IFA and 
                capital securities outstanding at the end of that 
                fiscal year, with a statement of the amounts issued and 
                redeemed or paid during that fiscal year;
                    (C) the status of eligible infrastructure projects 
                receiving funding or other assistance pursuant to this 
                Act during that fiscal year, including--
                            (i) all nonperforming loans; and
                            (ii) disclosure of all entities with a 
                        development, ownership, or operational interest 
                        in those eligible infrastructure projects;
                    (D) a description of the successes and challenges 
                encountered in lending to rural communities, including 
                the role of the Office of Technical and Rural 
                Assistance established under this Act; and
                    (E) an assessment of the risks of the portfolio of 
                IFA, which shall be prepared by an independent source.
            (2) GAO.--Not later than 5 years after the date of the 
        enactment of this Act, the Comptroller General of the United 
        States shall conduct an evaluation of, and submit a report to 
        the Committee on Commerce, Science, and Transportation of the 
        Senate, the Committee on Transportation and Infrastructure of 
        the House of Representatives, and the Committee on Energy and 
        Commerce of the House of Representatives that describes the 
        activities of IFA for the fiscal years covered by the report, 
        including--
                    (A) an assessment of the impact and benefits of 
                each funded eligible infrastructure project, including 
                a review of how effectively each eligible 
                infrastructure project accomplished the goals 
                prioritized by the eligible infrastructure project 
                criteria of IFA; and
                    (B) an evaluation of the effectiveness of, and 
                challenges facing, loan programs at the Department of 
                Transportation and the Department of Energy, and an 
                analysis of the advisability of consolidating those 
                programs within IFA.
    (c) Books and Records.--
            (1) In general.--IFA shall maintain adequate books and 
        records to support the financial transactions of IFA, with a 
        description of financial transactions and eligible 
        infrastructure projects receiving funding, and the amount of 
        funding for each project maintained on a publicly accessible 
        database.
            (2) Audits by the secretary and gao.--The books and records 
        of IFA shall at all times be open to inspection by the 
        Secretary, the Special Inspector General, and the Comptroller 
        General of the United States.

SEC. 206. EFFECT ON OTHER LAWS.

    Nothing in this Act may be construed to affect or alter the 
responsibility of an eligible entity that receives assistance under 
this Act to comply with applicable Federal and State laws (including 
regulations) relating to an eligible infrastructure project.

                       TITLE III--FUNDING OF IFA

SEC. 301. FEES.

    The Chief Executive Officer shall establish fees with respect to 
loans and loan guarantees under this Act that--
            (1) are sufficient to cover all the administrative costs to 
        the Federal Government for the operations of IFA;
            (2) may be in the form of an application or transaction 
        fee, or interest rate adjustment; and
            (3) may be based on the risk premium associated with the 
        loan or loan guarantee, taking into consideration--
                    (A) the price of Treasury obligations of a similar 
                maturity;
                    (B) prevailing market conditions;
                    (C) the ability of the eligible infrastructure 
                project to support the loan or loan guarantee; and
                    (D) the total amount of the loan or loan guarantee.

SEC. 302. SELF-SUFFICIENCY OF IFA.

    The Chief Executive Officer, to the extent practicable, shall take 
actions consistent with this Act to make IFA a self-sustaining entity, 
with administrative costs and Federal credit subsidy costs fully funded 
by fees and risk premiums on loans and loan guarantees.

SEC. 303. FUNDING.

    (a) Authorization of Appropriations.--
            (1) In general.--There is authorized to be appropriated to 
        IFA to make direct loans and loan guarantees under this Act 
        $10,000,000,000, which shall remain available until expended.
            (2) Administrative costs.--Of the amounts appropriated 
        pursuant to paragraph (1), IFA may expend, for administrative 
        costs, not more than--
                    (A) $25,000,000 for each of the fiscal years 2021 
                and 2022; and
                    (B) not more than $50,000,000 for fiscal year 2023.
    (b) Interest.--The amounts made available to IFA pursuant to 
subsection (a) shall be placed in interest-bearing accounts.
    (c) Rural Infrastructure Projects.--Of the amounts made available 
to IFA under this section, not less than 5 percent shall be used to 
offset subsidy costs associated with rural infrastructure projects.

SEC. 304. CONTRACT AUTHORITY.

    Notwithstanding any other provision of law, approval by the Board 
of Directors of a Federal credit instrument that uses funds made 
available under this Act shall impose upon the United States a 
contractual obligation to fund the Federal credit investment.

SEC. 305. LIMITATION ON AUTHORITY.

    IFA shall not have the authority to issue debt in its own name.

     TITLE IV--TAX EXEMPTION REQUIREMENTS FOR STATE AND LOCAL BONDS

SEC. 401. NATIONAL LIMITATION ON AMOUNT OF TAX-EXEMPT FINANCING FOR 
              FACILITIES.

    Section 142(m)(2)(A) of the Internal Revenue Code of 1986 is 
amended by striking ``$15,000,000,000'' and inserting 
``$16,000,000,000''.

                       TITLE V--BUDGETARY EFFECTS

SEC. 501. BUDGETARY EFFECTS.

    The budgetary effects of this Act, for the purpose of complying 
with the Statutory Pay-As-You-Go Act of 2010, shall be determined by 
reference to the latest statement titled ``Budgetary Effects of PAYGO 
Legislation'' for this Act, submitted for printing in the Congressional 
Record by the Chairman of the Senate Budget Committee, provided that 
such statement has been submitted prior to the vote on passage.
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