WIFIA Improvement Act of 2020

Bill: 116-hr-8217
Sponsor: full_name: Rep. Garamendi, John [D-CA-3]
Introduced: 2020-09-11
Policy area: Water Resources Development
Subjects: Government lending and loan guarantees

State and local finance

Water resources funding
Latest action: action_date: 2020-09-14
text: Referred to the Subcommittee on Water Resources and Environment.

Summaries:
action_date: 2020-09-11
action_desc: Introduced in House
text: <p><b>WIFIA Improvement Act of 2020</b></p> <p>This bill allows certain federal water infrastructure loans to have maturity dates of up to 55 years. </p> <p>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 of for this type of loan is 35 years from the project's substantial completion.</p>

tv_txt: I 116th CONGRESS 2d Session H. R. 8217 IN THE HOUSE OF REPRESENTATIVES September 11, 2020 Mr. Garamendi (for himself, Mr. Cox of California , Mr. Costa , Mr. LaMalfa , Mr. Harder of California , and Mr. Newhouse ) introduced the following bill; which was referred to the Committee on Transportation and Infrastructure , and in addition to the Committee on Energy and Commerce , for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL 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.

1. Short title This Act may be cited as the WIFIA Improvement Act of 2020 . 2. 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 Notwithstanding subparagraph (A), for a 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. . 3. Budgetary treatment of certain amounts of financial assistance Subtitle C of title V of the Water Infrastructure Finance and Innovation Act of 2014 ( 33 U.S.C. 3901 et seq.) is amended by adding at the end the following: 5036. Budgetary treatment of certain amounts of financial assistance If the recipient of financial assistance for a project under this subtitle is an eligible entity other than a Federal entity, agency, or instrumentality, and the dedicated sources of repayment of that financial assistance are non-Federal revenue sources, such financial assistance shall, for purposes of budgetary treatment under the Federal Credit Reform Act of 1990 ( 2 U.S.C. 661 et seq.)— (1) be deemed to be non-Federal; and (2) be treated as a direct loan or loan guarantee (as such terms are defined, respectively, in such Act). .