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: 117-hr-2979
Sponsor: full_name: Rep. Garamendi, John [D-CA-3]
Introduced: 2021-05-04
Policy area: Water Resources Development
Latest action: action_date: 2021-05-05
text: Referred to the Subcommittee on Environment and Climate Change.

Summaries:
action_date: 2021-05-04
action_desc: Introduced in House
text: <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 for this type of loan is 35 years from the project's substantial completion.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 2979 IN THE HOUSE OF REPRESENTATIVES May 4, 2021 Mr. Garamendi (for himself 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. 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. .