To amend the Water Infrastructure Finance and Innovation Act of 2014 with respect to the final maturity date of certain loans, and for other purposes.
Bill: H.R.2979 | Sponsor: Rep. Garamendi, John (D-CA)
Policy area: Water Resources Development

Summary:
This bill allows certain federal water infrastructure loans to have maturity dates of up to 55 years.
For a secured loan for a water infrastructure project with a useful life of more than 35 years, the final maturity date of the loan shall be no later than the earlier of (1) 55 years after the project's substantial completion, or (2) the useful life of the project. Currently, the latest possible maturity date for this type of loan is 35 years from the project's substantial completion.

To amend the Water Infrastructure Finance and Innovation Act of 2014 
with respect to the final maturity date of certain loans, 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. MATURITY DATE.

    Section 5029(b)(5) of the Water Infrastructure Finance and 
Innovation Act of 2014 (33 U.S.C. 3908(b)(5)) is amended--
            (1) in subparagraph (B), by striking ``The final maturity 
        date'' and inserting ``Notwithstanding subparagraphs (A) and 
        (B), the final maturity date'';
            (2) by redesignating subparagraph (B) as subparagraph (C); 
        and
            (3) by inserting after subparagraph (A) the following:
                    ``(B) Projects with a useful life of more than 35 
                years.--
                            ``(i) In general.--Notwithstanding 
                        subparagraph (A), for a covered project with a 
                        useful life of more than 35 years (as 
                        determined by the Secretary or the 
                        Administrator, as applicable), the final 
                        maturity date of a secured loan under this 
                        section shall be not later than the earlier 
                        of--
                                    ``(I) the date that is 55 years 
                                after the date of substantial 
                                completion of the relevant project (as 
                                determined by the Secretary or the 
                                Administrator, as applicable); and
                                    ``(II) if the useful life of the 
                                project is less than 55 years, the 
                                useful life of the project.
                            ``(ii) Covered projects.--In this 
                        subparagraph, the term `covered project' means 
                        a project with respect to which--
                                    ``(I) an application for assistance 
                                under this subtitle has not been 
                                submitted before the date of enactment 
                                of this clause; and
                                    ``(II) an agreement is entered into 
                                under this section on or after such 
                                date of enactment for a project carried 
                                out using funds specifically provided 
                                for such purposes in advance in 
                                subsequent appropriations Acts.''.
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