Source: https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title23-section610&num=0&edition=prelim
Timestamp: 2020-06-02 12:27:50
Document Index: 720317560

Matched Legal Cases: ['§ 610', '§1602', '§190', '§610', '§1602', '§101', '§1519', '§1519', '§1519', '§1446', '§2001', '§2001', '§1519', '§1519', '§1446', '§1602']

[USC02] 23 USC 610: State infrastructure bank program
<< Previous TITLE 23 / CHAPTER 6 / § 610
23 USC 610: State infrastructure bank program Text contains those laws in effect on June 1, 2020
(1) Capital project.-The term "capital project" has the meaning such term has under section 5302 of title 49.
(2) Other forms of credit assistance.-The term "other forms of credit assistance" includes any use of funds in an infrastructure bank-
(3) State.-The term "State" has the meaning such term has under section 401.
(4) Capitalization.-The term "capitalization" means the process used for depositing funds as initial capital into a State infrastructure bank to establish the infrastructure bank.
(5) Cooperative agreement.-The term "cooperative agreement" means written consent between a State and the Secretary which sets forth the manner in which the infrastructure bank established by the State in accordance with this section will be administered.
(6) Loan.-The term "loan" means any form of direct financial assistance from a State infrastructure bank that is required to be repaid over a period of time and that is provided to a project sponsor for all or part of the costs of the project.
(7) Guarantee.-The term "guarantee" means a contract entered into by a State infrastructure bank in which the bank agrees to take responsibility for all or a portion of a project sponsor's financial obligations for a project under specified conditions.
(8) Initial assistance.-The term "initial assistance" means the first round of funds that are loaned or used for credit enhancement by a State infrastructure bank for projects eligible for assistance under this section.
(9) Leverage.-The term "leverage" means a financial structure used to increase funds in a State infrastructure bank through the issuance of debt instruments.
(10) Leveraged.-The term "leveraged", as used with respect to a State infrastructure bank, means that the bank has total potential liabilities that exceed the capital of the bank.
(11) Rural infrastructure project.-The term "rural infrastructure project" has the meaning given the term in section 601.
(12) Rural projects fund.-The term "rural projects fund" has the meaning given the term in section 601.
(b) Cooperative Agreements.-Subject to the provisions of this section, the Secretary may enter into cooperative agreements with States for the establishment of State infrastructure banks for making loans and providing other forms of credit assistance to public and private entities carrying out or proposing to carry out projects eligible for assistance under this section.
(c) Interstate Compacts.-
(1) In general.-Congress grants consent to two or more of the States, entering into a cooperative agreement under subsection (a) with the Secretary for the establishment by such States of a multistate infrastructure bank in accordance with this section, to enter into an interstate compact establishing such bank in accordance with this section.
(d) Funding.-
(1) Highway account.-Subject to subsection (j), the Secretary may permit a State entering into a cooperative agreement under this section to establish a State infrastructure bank to deposit into the highway account of the bank not to exceed-
(2) Transit account.-Subject to subsection (j), the Secretary may permit a State entering into a cooperative agreement under this section to establish a State infrastructure bank, and any other recipient of Federal assistance under section 5307, 5309, or 5311 of title 49, to deposit into the transit account of the bank not to exceed 10 percent of the funds made available to the State or other recipient in each of fiscal years 2016 through 2020 for capital projects under each of such sections.
(3) Rail account.-Subject to subsection (j), the Secretary may permit a State entering into a cooperative agreement under this section to establish a State infrastructure bank, and any other recipient of Federal assistance under subtitle V of title 49, to deposit into the rail account of the bank funds made available to the State or other recipient in each of fiscal years 2016 through 2020 for capital projects under such subtitle.
(4) Rural projects fund.-Subject to subsection (j), the Secretary may permit a State entering into a cooperative agreement under this section to establish a State infrastructure bank to deposit into the rural projects fund of the bank the proceeds of a secured loan made to the bank in accordance with sections 602 and 603.
(5) Capital grants.-
(A) Highway account.-Federal funds deposited into a highway account of a State infrastructure bank under paragraph (1) shall constitute for purposes of this section a capitalization grant for the highway account of the bank.
(B) Transit account.-Federal funds deposited into a transit account of a State infrastructure bank under paragraph (2) shall constitute for purposes of this section a capitalization grant for the transit account of the bank.
(C) Rail account.-Federal funds deposited into a rail account of a State infrastructure bank under paragraph 3 shall constitute for purposes of this section a capitalization grant for the rail account of the bank.
(6) Special rule for urbanized areas of over 200,000.-Funds in a State infrastructure bank that are attributed to urbanized areas of a State with urbanized populations of over 200,000 under section 133(d)(1)(A)(i) may be used to provide assistance with respect to a project only if the metropolitan planning organization designated for such area concurs, in writing, with the provision of such assistance.
(7) Discontinuance of funding.-If the Secretary determines that a State is not implementing the State's infrastructure bank in accordance with a cooperative agreement entered into under subsection (b), the Secretary may prohibit the State from contributing additional Federal funds to the bank.
(e) Forms of Assistance From State Infrastructure Banks.-
(1) In general.-A State infrastructure bank established under this section may-
(2) Subordination of loan.-The amount of a loan or other form of credit assistance provided for a project described in paragraph (1) may be subordinated to any other debt financing for the project.
(3) Maximum amount of assistance.-A State infrastructure bank established under this section may-
(4) Initial assistance.-Initial assistance provided with respect to a project from Federal funds deposited into a State infrastructure bank under this section may not be made in the form of a grant.
(f) Eligible Projects.-Subject to subsection (e), funds in an infrastructure bank established under this section may be used only to provide assistance for projects eligible for assistance under this title and capital projects defined in section 5302 of title 49, and any other projects relating to surface transportation that the Secretary determines to be appropriate.
(g) Infrastructure Bank Requirements.-In order to establish an infrastructure bank under this section, the State establishing the bank shall-
(3) ensure that investment income derived from funds deposited to an account of the bank are-
(h) Applicability of Federal Law.-
(1) In general.-The requirements of this title and title 49 that would otherwise apply to funds made available under this title or such title and projects assisted with those funds shall apply to-
(2) Repayments.-The requirements of this title and title 49 shall apply to repayments from non-Federal sources to an infrastructure bank from projects assisted by the bank. Such a repayment shall be considered to be Federal funds.
(i) United States not Obligated.-The deposit of Federal funds into an infrastructure bank established under this section shall not be construed as a commitment, guarantee, or obligation on the part of the United States to any third party, nor shall any third party have any right against the United States for payment solely by virtue of the contribution. Any security or debt-financing instrument issued by the infrastructure bank shall expressly state that the security or instrument does not constitute a commitment, guarantee, or obligation of the United States.
(j) Management of Federal Funds.-Sections 3335 and 6503 of title 31 shall not apply to funds deposited into an infrastructure bank under this section.
(k) Program Administration.-For each of fiscal years 2016 through 2020, a State may expend not to exceed 2 percent of the Federal funds contributed to an infrastructure bank established by the State under this section to pay the reasonable costs of administering the bank.
(Added Pub. L. 109–59, title I, §1602(a), Aug. 10, 2005, 119 Stat. 1243 , §190; renumbered §610, Pub. L. 109–59, title I, §1602(d), Aug. 10, 2005, 119 Stat. 1247 , as amended Pub. L. 110–244, title I, §101(f), June 6, 2008, 122 Stat. 1574 ; Pub. L. 112–141, div. A, title I, §1519(c)(11), formerly §1519(c)(12), July 6, 2012, 126 Stat. 577 , renumbered §1519(c)(11), Pub. L. 114–94, div. A, title I, §1446(d)(5)(B), Dec. 4, 2015, 129 Stat. 1438 ; Pub. L. 114–94, div. A, title II, §2001(i), Dec. 4, 2015, 129 Stat. 1444 .)
2015-Subsec. (a)(11), (12). Pub. L. 114–94, §2001(i)(1), added pars. (11) and (12).
2012-Subsec. (d)(1)(B). Pub. L. 112–141, §1519(c)(11), formerly §1519(c)(12), as renumbered by Pub. L. 114–94, §1446(d)(5)(B), struck out "under section 105" before period at end.
2008-Pub. L. 110–244 amended Pub. L. 109–59, §1602(d). See 2005 Amendment note below.
2005-Pub. L. 109–59, as amended by Pub. L. 110–244, renumbered section 190 of this title as this section.