TASK DEFINITION: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
PROBLEM: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Federal Ocean Acidification Research 
And Monitoring Act of 2009'' or the ``FOARAM Act''.

SEC. 2. PURPOSES.

    (a) Purposes.--The purposes of this Act are to provide for--
            (1) development and coordination of a comprehensive 
        interagency plan to--
                    (A) monitor and conduct research on the processes 
                and consequences of ocean acidification on marine 
                organisms and ecosystems; and
                    (B) establish an interagency research and 
                monitoring program on ocean acidification;
            (2) establishment of an ocean acidification program within 
        the National Oceanic and Atmospheric Administration;
            (3) assessment and consideration of regional and national 
        ecosystem and socioeconomic impacts of increased ocean 
        acidification; and
            (4) research adaptation strategies and techniques for 
        effectively conserving marine ecosystems as they cope with 
        increased ocean acidification.

SEC. 3. DEFINITIONS.

    In this Act:
            (1) Ocean acidification.--The term ``ocean acidification'' 
        means the decrease in pH of the Earth's oceans and changes in 
        ocean chemistry caused by chemical inputs from the atmosphere, 
        including carbon dioxide.
            (2) Secretary.--The term ``Secretary'' means the Secretary 
        of Commerce, acting through the Administrator of the National 
        Oceanic and Atmospheric Administration.
            (3) Subcommittee.--The term ``Subcommittee'' means the 
        Joint Subcommittee on Ocean Science and Technology of the 
        National Science and Technology Council.

SEC. 4. INTERAGENCY SUBCOMMITTEE.

    (a) Designation.--
            (1) In general.--The Joint Subcommittee on Ocean Science 
        and Technology of the National Science and Technology Council 
        shall coordinate Federal activities on ocean acidification and 
        establish an interagency working group.
            (2) Membership.--The interagency working group on ocean 
        acidification shall be comprised of senior representatives from 
        the National Oceanic and Atmospheric Administration, the 
        National Science Foundation, the National Aeronautics and Space 
        Administration, the United States Geological Survey, the United 
        States Fish and Wildlife Service, and such other Federal 
        agencies as appropriate.
            (3) Chairman.--The interagency working group shall be 
        chaired by the representative from the National Oceanic and 
        Atmospheric Administration.
    (b) Duties.--The Subcommittee shall--
            (1) develop the strategic research and monitoring plan to 
        guide Federal research on ocean acidification required under 
        section 5 of this Act and oversee the implementation of the 
        plan;
            (2) oversee the development of--
                    (A) an assessment of the potential impacts of ocean 
                acidification on marine organisms and marine 
                ecosystems; and
                    (B) adaptation and mitigation strategies to 
                conserve marine organisms and ecosystems exposed to 
                ocean acidification;
            (3) facilitate communication and outreach opportunities 
        with nongovernmental organizations and members of the 
        stakeholder community with interests in marine resources;
            (4) coordinate the United States Federal research and 
        monitoring program with research and monitoring programs and 
        scientists from other nations; and
            (5) establish or designate an Ocean Acidification 
        Information Exchange to make information on ocean acidification 
        developed through or utilized by the interagency ocean 
        acidification program accessible through electronic means, 
        including information which would be useful to policymakers, 
        researchers, and other stakeholders in mitigating or adapting 
        to the impacts of ocean acidification.
    (c) Reports to Congress.--
            (1) Initial report.--Not later than 1 year after the date 
        of enactment of this Act, the Subcommittee shall transmit a 
        report to the Committee on Commerce, Science, and 
        Transportation of the Senate and the Committee on Science and 
        Technology and the Committee on Natural Resources of the House 
        of Representatives that--
                    (A) includes a summary of federally funded ocean 
                acidification research and monitoring activities, 
                including the budget for each of these activities; and
                    (B) describes the progress in developing the plan 
                required under section 5 of this Act.
            (2) Biennial report.--Not later than 2 years after the 
        delivery of the initial report under paragraph (1) and every 2 
        years thereafter, the Subcommittee shall transmit a report to 
        the Committee on Commerce, Science, and Transportation of the 
        Senate and the Committee on Science and Technology and the 
        Committee on Natural Resources of the House of Representatives 
        that includes--
                    (A) a summary of federally funded ocean 
                acidification research and monitoring activities, 
                including the budget for each of these activities; and
                    (B) an analysis of the progress made toward 
                achieving the goals and priorities for the interagency 
                research plan developed by the Subcommittee under 
                section 5.
            (3) Strategic research plan.--Not later than 2 years after 
        the date of enactment of this Act, the Subcommittee shall 
        transmit the strategic research plan developed under section 5 
        to the Committee on Commerce, Science, and Transportation of 
        the Senate and the Committee on Science and Technology and the 
        Committee on Natural Resources of the House of Representatives. 
        A revised plan shall be submitted at least once every 5 years 
        thereafter.

SEC. 5. STRATEGIC RESEARCH PLAN.

    (a) In General.--Not later than 2 years after the date of enactment 
of this Act, the Subcommittee shall develop a strategic plan for 
Federal research and monitoring on ocean acidification that will 
provide for an assessment of the impacts of ocean acidification on 
marine organisms and marine ecosystems and the development of 
adaptation and mitigation strategies to conserve marine organisms and 
marine ecosystems. In developing the plan, the Subcommittee shall 
consider and use information, reports, and studies of ocean 
acidification that have identified research and monitoring needed to 
better understand ocean acidification and its potential impacts, and 
recommendations made by the National Academy of Sciences in the review 
of the plan required under subsection (d).
    (b) Contents of the Plan.--The plan shall--
            (1) provide for interdisciplinary research among the ocean 
        sciences, and coordinated research and activities to improve 
        the understanding of ocean chemistry that will affect marine 
        ecosystems;
            (2) establish, for the 10-year period beginning in the year 
        the plan is submitted, the goals and priorities for Federal 
        research and monitoring which will--
                    (A) advance understanding of ocean acidification 
                and its physical, chemical, and biological impacts on 
                marine organisms and marine ecosystems;
                    (B) improve the ability to assess the socioeconomic 
                impacts of ocean acidification; and
                    (C) provide information for the development of 
                adaptation and mitigation strategies to conserve marine 
                organisms and marine ecosystems;
            (3) describe specific activities, including--
                    (A) efforts to determine user needs;
                    (B) research activities;
                    (C) monitoring activities;
                    (D) technology and methods development;
                    (E) data collection;
                    (F) database development;
                    (G) modeling activities;
                    (H) assessment of ocean acidification impacts; and
                    (I) participation in international research 
                efforts;
            (4) identify relevant programs and activities of the 
        Federal agencies that contribute to the interagency program 
        directly and indirectly and set forth the role of each Federal 
        agency in implementing the plan;
            (5) consider and utilize, as appropriate, reports and 
        studies conducted by Federal agencies, the National Research 
        Council, or other entities;
            (6) make recommendations for the coordination of the ocean 
        acidification research and monitoring activities of the United 
        States with such activities of other nations and international 
        organizations;
            (7) outline budget requirements for Federal ocean 
        acidification research and monitoring and assessment activities 
        to be conducted by each agency under the plan;
            (8) identify the monitoring systems and sampling programs 
        currently employed in collecting data relevant to ocean 
        acidification and prioritize additional monitoring systems that 
        may be needed to ensure adequate data collection and monitoring 
        of ocean acidification and its impacts; and
            (9) describe specific activities designed to facilitate 
        outreach and data and information exchange with stakeholder 
        communities.
    (c) Program Elements.--The plan shall include at a minimum the 
following program elements:
            (1) Monitoring of ocean chemistry and biological impacts 
        associated with ocean acidification at selected coastal and 
        open-ocean monitoring stations, including satellite-based 
        monitoring to characterize--
                    (A) marine ecosystems;
                    (B) changes in marine productivity; and
                    (C) changes in surface ocean chemistry.
            (2) Research to understand the species specific 
        physiological responses of marine organisms to ocean 
        acidification, impacts on marine food webs of ocean 
        acidification, and to develop environmental and ecological 
        indices that track marine ecosystem responses to ocean 
        acidification.
            (3) Modeling to predict changes in the ocean carbon cycle 
        as a function of carbon dioxide and atmosphere-induced changes 
        in temperature, ocean circulation, biogeochemistry, ecosystem 
        and terrestrial input, and modeling to determine impacts on 
        marine ecosystems and individual marine organisms.
            (4) Technology development and standardization of carbonate 
        chemistry measurements on moorings and autonomous floats.
            (5) Assessment of socioeconomic impacts of ocean 
        acidification and development of adaptation and mitigation 
        strategies to conserve marine organisms and marine ecosystems.
    (d) National Academy of Sciences Evaluation.--The Secretary shall 
enter into an agreement with the National Academy of Sciences to review 
the plan.
    (e) Public Participation.--In developing the plan, the Subcommittee 
shall consult with representatives of academic, State, industry and 
environmental groups. Not later than 90 days before the plan, or any 
revision thereof, is submitted to the Congress, the plan shall be 
published in the Federal Register for a public comment period of not 
less than 60 days.

SEC. 6. NOAA OCEAN ACIDIFICATION ACTIVITIES.

    (a) In General.--The Secretary shall establish and maintain an 
ocean acidification program within the National Oceanic and Atmospheric 
Administration to conduct research, monitoring, and other activities 
consistent with the strategic research and implementation plan 
developed by the Subcommittee under section 5 that--
            (1) includes--
                    (A) interdisciplinary research among the ocean and 
                atmospheric sciences, and coordinated research and 
                activities to improve understanding of ocean 
                acidification;
                    (B) the establishment of a long-term monitoring 
                program of ocean acidification utilizing existing 
                global and national ocean observing assets, and adding 
                instrumentation and sampling stations as appropriate to 
                the aims of the research program;
                    (C) research to identify and develop adaptation 
                strategies and techniques for effectively conserving 
                marine ecosystems as they cope with increased ocean 
                acidification;
                    (D) as an integral part of the research programs 
                described in this Act, educational opportunities that 
                encourage an interdisciplinary and international 
                approach to exploring the impacts of ocean 
                acidification;
                    (E) as an integral part of the research programs 
                described in this Act, national public outreach 
                activities to improve the understanding of current 
                scientific knowledge of ocean acidification and its 
                impacts on marine resources; and
                    (F) coordination of ocean acidification monitoring 
                and impacts research with other appropriate 
                international ocean science bodies such as the 
                International Oceanographic Commission, the 
                International Council for the Exploration of the Sea, 
                the North Pacific Marine Science Organization, and 
                others;
            (2) provides grants for critical research projects that 
        explore the effects of ocean acidification on ecosystems and 
        the socioeconomic impacts of increased ocean acidification that 
        are relevant to the goals and priorities of the strategic 
        research plan; and
            (3) incorporates a competitive merit-based process for 
        awarding grants that may be conducted jointly with other 
        participating agencies or under the National Oceanographic 
        Partnership Program under section 7901 of title 10, United 
        States Code.
    (b) Additional Authority.--In conducting the Program, the Secretary 
may enter into and perform such contracts, leases, grants, or 
cooperative agreements as may be necessary to carry out the purposes of 
this Act on such terms as the Secretary considers appropriate.

SEC. 7. NSF OCEAN ACIDIFICATION ACTIVITIES.

    (a) Research Activities.--The Director of the National Science 
Foundation shall continue to carry out research activities on ocean 
acidification which shall support competitive, merit-based, peer-
reviewed proposals for research and monitoring of ocean acidification 
and its impacts, including--
            (1) impacts on marine organisms and marine ecosystems;
            (2) impacts on ocean, coastal, and estuarine 
        biogeochemistry; and
            (3) the development of methodologies and technologies to 
        evaluate ocean acidification and its impacts.
    (b) Consistency.--The research activities shall be consistent with 
the strategic research plan developed by the Subcommittee under section 
5.
    (c) Coordination.--The Director shall encourage coordination of the 
Foundation's ocean acidification activities with such activities of 
other nations and international organizations.

SEC. 8. NASA OCEAN ACIDIFICATION ACTIVITIES.

    (a) Ocean Acidification Activities.--The Administrator of the 
National Aeronautics and Space Administration, in coordination with 
other relevant agencies, shall ensure that space-based monitoring 
assets are used in as productive a manner as possible for monitoring of 
ocean acidification and its impacts.
    (b) Program Consistency.--The Administrator shall ensure that the 
Agency's research and monitoring activities on ocean acidification are 
carried out in a manner consistent with the strategic research plan 
developed by the Subcommittee under section 5.
    (c) Coordination.--The Administrator shall encourage coordination 
of the Agency's ocean acidification activities with such activities of 
other nations and international organizations.

SEC. 9. AUTHORIZATION OF APPROPRIATIONS.

    (a) NOAA.--There are authorized to be appropriated to the National 
Oceanic and Atmospheric Administration to carry out the purposes of 
this Act--
            (1) $8,000,000 for fiscal year 2009;
            (2) $12,000,000 for fiscal year 2010;
            (3) $15,000,000 for fiscal year 2011; and
            (4) $20,000,000 for fiscal year 2012.
    (b) NSF.--There are authorized to be appropriated to the National 
Science Foundation to carry out the purposes of this Act--
            (1) $6,000,000 for fiscal year 2009;
            (2) $8,000,000 for fiscal year 2010;
            (3) $12,000,000 for fiscal year 2011; and
            (4) $15,000,000 for fiscal year 2012.

SOLUTION: Federal Ocean Acidification Research And Monitoring Act of 2009 or FOARAM Act - Defines "ocean acidification," for this Act, as the decrease in pH of the Earth's oceans and changes in ocean chemistry caused by chemical inputs from the atmosphere, including carbon dioxide.

Requires that the Joint Subcommittee on Ocean Science and Technology of the National Science and Technology Council coordinate federal activities on ocean acidification and establish an interagency working group.

Requires the Subcommittee to develop a strategic plan for federal ocean acidification research and monitoring that provides, among other things, for the development of adaptation and mitigation strategies. Directs the Secretary of Commerce, through the National Oceanic and Atmospheric Administration (NOAA), to enter into an agreement with the National Academy of Sciences (NAS) to review the plan.

Directs the Secretary to establish and maintain an ocean acidification program in NOAA to conduct research, monitoring, and other activities, including: (1) providing grants for critical research projects exploring the ecosystem and socioeconomic impacts of ocean acidification; and (2) incorporating a competitive merit-based process for awarding grants that may be conducted jointly with other participating agencies or under the National Oceanographic Partnership Program.

Requires the National Science Foundation (NSF) director to continue to carry out ocean acidification research supporting competitive, merit-based, peer-reviewed proposals for research and monitoring of ocean acidification and its impacts.

Requires the administrator of the National Aeronautics and Space Administration (NASA) to ensure that space-based monitoring assets are used in as productive a manner as possible for the monitoring of ocean acidification and its impacts.

PROBLEM: SECTION 1. SHORT TITLE.

    This Act may be cited as ``Medicaid/SCHIP Optional Coverage for 
Young Adults Act of 2003''.

SEC. 2. PROVIDING STATE OPTION FOR SCHIP AND MEDICAID COVERAGE OF YOUNG 
              ADULTS UP TO AGE 23.

    (a) In General.--
            (1) Medicaid.--(A) Section 1902(l)(1)(D) of the Social 
        Security Act (42 U.S.C. 1396a(l)(1)(D)) is amended by inserting 
        ``(or, at the option of the State, who have not attained 20, 
        21, or 22 years of age, as the State may elect)'' after ``have 
        not attained 19 years of age''.
            (B) Clause (i) of section 1905(a) of the Social Security 
        Act (42 U.S.C. 1396d(a)) is amended by striking ``under the age 
        of 21, or, at the option of the State, under the age of 20, 19, 
        or 18 as the State may choose'' and inserting ``under the age 
        of 23, or, at the option of the State, under the age of 22, 21, 
        20, 19, or 18 as the State may elect''.
            (2) SCHIP.--Section 2110(c)(1) of such Act (42 U.S.C. 
        1397jj(c)(1)) is amended by inserting after ``19 years of age'' 
        the following: ``(or, at the option of the State and subject to 
        the availability of additional allotments under section 
        2104(d), 20, 21, 22, or 23 years of age)''.
    (b) Availability of Enhanced Matching Funds.--
            (1) Under medicaid.--Section 1905 of the Social Security 
        Act (42 U.S.C. 1396d) is amended--
                    (A) in the fourth sentence of subsection (b), by 
                striking ``or subsection (u)(3)'' and inserting ``, 
                (u)(3), or (u)(4)(A)''; and
                    (B) in subsection (u)--
                            (i) by adding at the end of paragraph (1) 
                        the following new subparagraph:
            ``(C) Only with respect to expenditures described in 
        paragraph (4)(A), if the State is providing for benefits under 
        its State child health plan under title XXI for children under 
        19 years of age exclusively through benefits under its State 
        plan under this title, the State is also providing under such 
        plan the benefits for individuals over 18 years of age who are 
        eligible for such benefits only because of an election referred 
        to in such paragraph.'';
                            (ii) by redesignating paragraph (4) as 
                        paragraph (5); and
                            (iii) by inserting after paragraph (3) the 
                        following new paragraph:
    ``(4) For purposes of the fourth sentence of subsection (b) and 
section 2105(a), the expenditures described in this paragraph are 
expenditures for medical assistance for individuals who are over 18 
(and less than 23) years of age and who are eligible for such medical 
assistance because of an election by the State under section 
1902(l)(1)(D) or clause (i) of section 1905(a).''.
            (2) Additional allotments for providing coverage of 
        optional young adults.--
                    (A) In general.--Section 2104 of such Act (42 
                U.S.C. 1397dd) is amended by inserting after subsection 
                (c) the following:
    ``(d) Additional Allotments for the Provision of Coverage to 
Optional Young Adults.--
            ``(1) Appropriation; total allotment.--For the purpose of 
        providing additional allotments to States under this title, 
        there is appropriated, out of any money in the Treasury not 
        otherwise appropriated, for each of fiscal years 2004 through 
        2007, $200,000,000.
            ``(2) State and territorial allotments.--In addition to the 
        allotments provided under subsections (b) and (c), subject to 
        paragraph (3), of the amount available for the additional 
        allotments under paragraph (1) for a fiscal year, the Secretary 
        shall allot to each State with a State child health plan 
        approved under this title--
                    ``(A) in the case of such a State other than a 
                commonwealth or territory described in subparagraph 
                (B), the same proportion as the proportion of the 
                State's allotment under subsection (b) (determined 
                without regard to subsection (f)) to the total amount 
                of the allotments under subsection (b) for such States 
                eligible for an allotment under this paragraph for such 
                fiscal year; and
                    ``(B) in the case of a commonwealth or territory 
                described in subsection (c)(3), the same proportion as 
                the proportion of the commonwealth's or territory's 
                allotment under subsection (c) (determined without 
                regard to subsection (f)) to the total amount of the 
                allotments under subsection (c) for commonwealths and 
                territories eligible for an allotment under this 
                paragraph for such fiscal year.
            ``(3) Use of additional allotment.--Additional allotments 
        provided under this subsection are not available for amounts 
        expended before October 1, 2003. Such amounts are available for 
        amounts expended on or after such date only for--
                    ``(A) expenditures described in section 
                1905(u)(4)(A); and
                    ``(B) child health assistance for individuals who 
                are targeted low-income children and over 18 years of 
                age and who are low-income children only because of an 
                election by the State under section 2110(c)(1).''.
                    (B) Conforming amendments.--Section 2104 of the 
                Social Security Act (42 U.S.C. 1397dd) is amended--
                            (i) in subsection (a), in the matter 
                        preceding paragraph (1), by inserting ``subject 
                        to subsection (d),'' after ``under this 
                        section,'';
                            (ii) in subsection (b)(1), by inserting 
                        ``and subsection (d)'' after ``Subject to 
                        paragraph (4)''; and
                            (iii) in subsection (c)(1), by inserting 
                        ``subject to subsection (d),'' after ``for a 
                        fiscal year,''.
    (c) Effective Date.--The amendments made by this section apply to 
items and services furnished on or after October 1, 2003, without 
regard to whether regulations implementing such amendments have been 
promulgated.

SEC. 3. GRANTS TO IMPLEMENT MEDICAID AND SCHIP EXPANSIONS.

    (a) In General.--The Secretary of Health and Human Services shall 
provide for grants to small and rural States (as defined by the 
Secretary) in order to enable such States to implement expansions of 
eligibility for children and young adults their State medicaid plans 
under title XIX of the Social Security Act and State child health plans 
under title XXI of such Act. Such grants shall be available for 
planning, implementation, and outreach with respect to such expanded 
eligibility populations.
    (b) Terms and Conditions.--Grants under this section shall be made 
available under such terms and conditions, including the approval of a 
grant application, as the Secretary shall specify.
    (c) Authorization of Appropriations.--There are authorized to be 
appropriated such sums as may be necessary to provide for grants under 
this section.

SOLUTION: Medicaid/SCHIP Optional Coverage for Young Adults Act of 2003 - Amends titles XIX (Medicaid) and XXI (State Children's Health Insurance) (SCHIP) of the Social Security Act to give States the option of providing SCHIP and Medicaid coverage, with an enhanced matching rate, to low-income youth up to age 23.

Directs the Secretary to provide for grants to small and rural States in order to enable them to implement expansions of eligibility for children and young adults under SSA titles XIX and XXI.

PROBLEM: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Clean Renewable Energy for Public 
Power Act of 2007''.

SEC. 2. MODIFICATIONS RELATING TO CLEAN RENEWABLE ENERGY BONDS.

    (a) Clean Renewable Energy Bond.--Paragraph (1) of section 54(d) of 
the Internal Revenue Code of 1986 (defining clean renewable energy 
bond) is amended--
            (1) in subparagraph (A) by striking ``pursuant'' and all 
        that follows through ``subsection (f)(2)'',
            (2) in subparagraph (B) by striking ``95 percent or more of 
        the proceeds'' and inserting ``90 percent or more of the net 
        proceeds'', and
            (3) in subparagraph (D) by striking ``subsection (h)'' and 
        inserting ``subsection (g)''.
    (b) Qualified Project.--Subparagraph (A) of section 54(d)(2) of 
such Code (defining qualified project) is amended to read as follows:
                    ``(A) In general.--The term `qualified project' 
                means any qualified facility (as determined under 
                section 45(d) without regard to paragraphs (8) and (10) 
                thereof and to any placed in service requirement) owned 
                by a qualified borrower and also without regard to the 
                following--
                            ``(i) in the case of a qualified facility 
                        described in section 45(d)(9) (regarding 
                        incremental hydropower production), any 
                        determination of incremental hydropower 
                        production and related calculations shall be 
                        determined by the qualified borrower based on a 
                        methodology that meets Federal Energy 
                        Regulatory Commission standards; and
                            ``(ii) in the case of a qualified facility 
                        described in section 45(d)(9) (regarding non-
                        hydropower production), the facility need not 
                        be licensed by the Federal Energy Regulation 
                        Commission if the facility, when constructed, 
                        will meet Federal Energy Regulatory Commission 
                        licensing requirements and other applicable 
                        environmental, licensing, and regulatory 
                        requirements.''.
    (c) Reimbursement.--Subparagraph (C) of section 54(d)(2) of such 
Code (relating to reimbursement) is amended to read as follows:
                    ``(C) Reimbursement.--For purposes of paragraph 
                (1)(B), proceeds of a clean renewable energy bond may 
                be issued to reimburse a qualified borrower for amounts 
                paid after the date of the enactment of this section in 
                the same manner as proceeds of State and local 
                government obligations the interest upon which is 
                exempt from tax under section 103.''.
    (d) Change in Use.--Subparagraph (D) of section 54(d)(2) of such 
Code (relating to treatment of changes in use) is amended by striking 
``or qualified issuer''.
    (e) Maximum Term.--Paragraph (2) of section 54(e) of such Code 
(relating to maximum term) is amended by striking ``without regard to 
the requirements of subsection (1)(6) and''.
    (f) Repeal of Limitation on Amount of Bonds Designated.--Section 54 
of such Code is amended by striking subsection (f) (relating to repeal 
of limitation on amount of bonds designated).
    (g) Special Rules Relating to Expenditures.--Subsection (h) of 
section 54 of such Code (relating to special rules relating to 
expenditures) is amended--
            (1) in paragraph (1)(A) by striking ``95 percent of the 
        proceeds'' and inserting ``90 percent of the net proceeds'',
            (2) in paragraph (1)(B)--
                    (A) by striking ``10 percent of the proceeds'' and 
                inserting ``5 percent of the net proceeds'', and
                    (B) by striking ``the 6-month period beginning on'' 
                both places it appears and inserting ``1 year of'', and
            (3) in paragraph (1)(C) by inserting ``net'' before 
        ``proceeds'',
            (4) in paragraph (3) by striking ``95 percent of the 
        proceeds'' and inserting ``90 percent of the net proceeds''.
    (h) Repeal of Special Rules Relating to Arbitrage.--Section 54 of 
such Code is amended by striking subsection (i) (relating to repeal of 
special rules relating to arbitrage).
    (i) Public Power Entity.--Subsection (j) of section 54 of such Code 
(defining Cooperative electric company; qualified energy tax credit 
bond lender; governmental body; qualified borrower) is amended--
            (1) by redesignating paragraphs (4) and (5) as paragraph 
        (5) and (6) and by inserting after paragraph (3) the following 
        new paragraph:
            ``(4) Public power entity.--The term `public power entity' 
        means a State utility with a service obligation, as such terms 
        are defined in section 217 of the Federal Power Act (as in 
        effect on the date of enactment of this paragraph).'',
            (2) in paragraph (5), as so redesignated, by striking 
        ``or'' at the end of subparagraph (B), by striking the period 
        at the end of subparagraph (C) and inserting ``, or'', and by 
        adding at the end the following:
                    ``(D) a public power entity.'', and
            (3) in paragraph (6), as so redesignated, by striking 
        ``or'' at the end of subparagraph (A), by striking the period 
        at the end of subparagraph (B) and inserting ``, or'', and by 
        adding at the end the following:
                    ``(C) a public power entity.''.
    (j) Repeal of Ratable Principal Amortization Requirement.--
Subsection (l) of section 54 of such Code (relating to other 
definitions and special rules) is amended by striking paragraph (5) and 
redesignating paragraph (6) as paragraph (5).
    (k) Net Proceeds.--Subsection (i) of section 54 of such Code 
(relating to other definitions and special rules), as amended by 
subsection (j), is amended by redesignating paragraphs (2), (3), (4), 
and (5) as paragraphs (4), (5), (6), and (7), respectively, and by 
inserting after paragraph (1) the following new paragraphs:
            ``(2) Net proceeds.--The term `net proceeds' means, with 
        respect to an issue, the proceeds of such issue reduced by 
        amounts in a reasonably required reserve or replacement fund.
            ``(3) Limitation on amount in reserve or replacement fund 
        which may be financed by issue.--A bond issued as part of an 
        issue shall not be treated as a clean renewable energy bond if 
        the amount of the proceeds from the sale of such issue which is 
        part of any reserve or replacement fund exceeds 10 percent of 
        the proceeds of the issue (or such higher amount which the 
        issuer establishes is necessary to the satisfaction of the 
        Secretary).''.
    (l) Other Special Rules.--Subsection (i) of section 54 of such Code 
((relating to other definitions and special rules), as amended by 
subsections (j) and (k)) is amended by adding at the end the following 
new paragraphs:
            ``(8) Credits may be separated.--There may be a separation 
        (including at issuance) of the ownership of a clean renewable 
        energy bond and the entitlement to the credit under this 
        section with respect to such bond. In case of any such 
        separation, the credit under this section shall be allowed to 
        the person who on the credit allowance date holds the 
        instrument evidencing the entitlement to the credit and not to 
        the holder of the bond.
            ``(9) Treatment for estimated tax purposes.--Solely for the 
        purposes of sections 6654 and 6655, the credit allowed by this 
        section to a taxpayer by reason of holding a qualified energy 
        tax credit bond on a credit allowance date (or the credit in 
        the case of a separation as provided in paragraph (8)) shall be 
        treated as if it were a payment of estimated tax made by the 
        taxpayer on such date.
            ``(10) Carryback and carryforward of unused credits.--If 
        the sum of the credit exceeds the limitation imposed by 
        subsection (c) for any taxable year, any credits may be applied 
        in a manner similar to the rules set forth in section 39.''.
    (m) Termination.--Subsection (m) of section 54 of such Code 
(relating to termination) is amended by striking ``2008'' and inserting 
``2013''.
    (n) Clerical Redesignations.--Section 54 of such Code, as amended 
by the preceding provisions of this section, is amended by 
redesignating subsections (g), (h), (j), (k), (l), and (m) as 
subsections (f), (g), (h), (i), (j), and (k), respectively.
    (o) Effective Date.--The amendments made by this section shall 
apply to obligations issued after the date of the enactment of this 
Act.

SOLUTION:
Clean Renewable Energy for Public Power Act of 2007 - Amends Internal Revenue Code provisions allowing a tax credit for holders of clean renewable energy bonds (CREBs) to: (1) eliminate allocation limitations on such bonds; (2) reduce from 95 to 90% the amount of CREB proceeds required for capital expenditures; (3) redefine "qualified project" and "public power entity" for CREB purposes; (4) repeal the national limitation on CREBs and arbitrage rules applicable to such bonds; and (5) extend through 2013 the authority for issuing CREBs.