To amend the Water Infrastructure Finance and Innovation Act of 2014 to establish payment and performance security requirements for projects, and for other purposes.

Bill: 118-hr-1740
Sponsor: full_name: Rep. Bost, Mike [R-IL-12]
Introduced: 2023-03-23
Policy area: Water Resources Development
Latest action: action_date: 2023-03-31
text: Referred to the Subcommittee on Environment, Manufacturing, and Critical Materials.

Summaries:
action_date: 2023-03-23
action_desc: Introduced in House
text: <p>This bill establishes bonding requirements for the recipient of a water infrastructure construction loan under the Water Infrastructure Finance and Innovation Act. A borrower must secure the financed project with payment and performance bonds in minimum amounts set out in the bill.<br> </p>

tv_txt: I 118th CONGRESS 1st Session H. R. 1740 IN THE HOUSE OF REPRESENTATIVES March 23, 2023 Mr. Bost (for himself, Mr. Pappas , Mr. Balderson , and Mr. Lynch ) 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 to establish payment and performance security requirements for projects, and for other purposes.

1. Federal requirements for WIFIA eligibility and project selection Section 5028(a)(1)(C) of the Water Infrastructure Finance and Innovation Act of 2014 ( 33 U.S.C. 3907 ) is amended— (1) by striking The Secretary and inserting the following: (i) Financing security features The Secretary ; and (2) by adding at the end the following: (ii) Construction payment and performance security (I) In general The Secretary or the Administrator, as applicable, shall ensure that the construction of a project carried out with assistance under this subtitle shall have payment and performance security. (II) Use of State or local requirements With respect to the construction of a project for which payment and performance security is required to be furnished by applicable State or local law, the Secretary or the Administrator, as applicable, shall accept such payment and performance security requirements for purposes of subclause (I), except that the amount of any payment and performance security accepted shall not be less than 50 percent of the total construction contract amount. (III) Use of other requirements With respect to the construction of a project for which no State or local payment and performance security requirements are applicable, the payment and performance security described in paragraphs (1) and (2) of section 3131(b) of title 40, United States Code, shall be required for purposes of subclause (I). .