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SECTION 1. SHORT TITLE.

This Act may be cited as the ''Clean Renewable Water Supply Bond
Act of 2009''.

SEC. 2. CLEAN RENEWABLE WATER SUPPLY BONDS.

(a) In General.--Subpart I of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 is amended by adding at the end
the following new section:

''SEC. 54G. CLEAN RENEWABLE WATER SUPPLY BONDS.

''(a) Clean Renewable Water Supply Bonds.--For purposes of this
subpart, the term 'clean renewable water supply bond' means any bond
issued as part of an issue if--
''(1) 100 percent of the available project proceeds of such
issue are to be used for capital expenditures incurred by
qualified borrowers for 1 or more qualified projects,
''(2) the bond is issued by a qualified issuer,
''(3) the issuer designates such bond for purposes of this
section, and
''(4) in the case of a bond issued by a qualified issuer
before 2019, the bond is issued--
''(A) pursuant to an allocation by the Secretary to
such issuer of a portion of the national clean
renewable water supply bond limitation under subsection
(b), and
''(B) not later than 6 months after the date that
such qualified issuer receives an allocation under
subsection (b).
''Any allocation under subsection (b) not used within the 6-month
period described in paragraph (4)(B) shall be applied to increase the
national clean renewable water supply bond limitation for the next
succeeding application period under subsection (b)(2)(B).
''(b) National Limitation on Amount of Bonds Designated.--
''(1) In general.--There is a national clean renewable
water supply bond limitation for each calendar year before
2019. Such limitation is--
''(A) $0 for 2009,
''(B) $100,000,000 for 2010,
''(C) $150,000,000 for 2011,
''(D) $200,000,000 for 2012,
''(E) $250,000,000 for 2013,
''(F) $500,000,000 for 2014,
''(G) $750,000,000 for 2015,
''(H) $1,000,000,000 for 2016,
''(I) $1,500,000,000 for 2017, and
''(J) $1,750,000,000 for 2018.
''(2) Allocation of limitation.--
''(A) In general.--The limitation under paragraph
(1) shall be allocated by the Secretary among qualified
projects as provided in this paragraph.
''(B) Method of allocation.--For each calendar year
after 2009 for which there is a national clean
renewable water supply bond limitation, the Secretary
shall publish a notice soliciting applications by
qualified issuers for allocations of such limitation to
qualified projects. Such notice shall specify a 3-month
application period in the calendar year during which
the Secretary will accept such applications. Within 30
days after the end of such application period, and
subject to the requirements of subparagraph (C), the
Secretary shall allocate such limitation to qualified
projects on a first-come, first-served basis, based on
the order in which such applications are received from
qualified issuers.
''(C) Allocation requirements.--
''(i) Certifications regarding regulatory
approvals.--No portion of the national clean
renewable water supply bond limitation shall be
allocated to a qualified project unless the
qualified issuer has certified in its
application for such allocation that as of the
date of such application the qualified issuer
or qualified borrower has received all Federal
and State regulatory approvals necessary to
construct the qualified project.
''(ii) Restriction on allocations to large
projects or to individual projects.--
''(I) In general.--Except as
provided in subclause (III), for any
calendar year the Secretary shall not
allocate more than 60 percent of the
national clean renewable water supply
bond limitation to 1 or more large
projects, more than 18 percent of such
limitation to any single project that
is a large project, or more than 12
percent of such limitation to any
single project that is not a large
project.
''(II) Definition of large
project.--For purposes of subclause
(I), the term 'large project' means a
qualified project that is designed to
deliver more than 10,000,000 gallons of
water per day.
''(III) Exception to restriction.--
Subclause (I) shall not apply to the
extent its application would cause any
portion of the national clean renewable
water supply bond limitation for the
calendar year to remain unallocated,
based on applications for allocations
of such limitation received by the
Secretary during the application period
referred to in subparagraph (B).
''(3) Carryover of unused limitation.--If the clean
renewable water supply bond limitation for any calendar year
exceeds the aggregate amount allocated under paragraph (2) for
such year, such limitation for the succeeding calendar year
shall be increased by the amount of such excess.
''(c) Maturity Limitation.--
''(1) In general.--A bond shall not be treated as a clean
renewable water supply bond if the maturity of such bond
exceeds 20 years.
''(2) Coordination with section 54a.--The maturity
limitation in section 54A(d)(5) shall not apply to any clean
renewable water supply bond.
''(d) Refinancing Rules.--For purposes of paragraph (a)(1), a
qualified project may be refinanced with proceeds of a clean renewable
water supply bond only if the indebtedness being refinanced (including
any obligation directly or indirectly refinanced by such indebtedness)
was originally incurred by a qualified borrower after the date of the
enactment of this section.
''(e) Definitions.--For purposes of this section--
''(1) Governmental body.--The term 'governmental body'
means any State or Indian tribal government, or any political
subdivision thereof.
''(2) Local water company.--The term 'local water company'
means any entity responsible for providing water service to the
general public (including electric utility, industrial,
agricultural, commercial, or residential users) pursuant to
State or tribal law.
''(3) Qualified borrower.--The term 'qualified borrower'
means a governmental body or a local water company.
''(4) Qualified desalination facility.--The term 'qualified
desalination facility' means any facility that is used to
produce new water supplies by desalinating seawater,
groundwater, or surface water if the facility's source water
includes chlorides or total dissolved solids that, either
continuously or seasonally, exceed maximum permitted levels for
primary or secondary drinking water under Federal or State law
(as in effect on the date of issuance of the issue).
''(5) Qualified groundwater remediation facility.--The term
'qualified groundwater remediation facility' means any facility
that is used to reclaim contaminated or naturally impaired
groundwater for direct delivery for potable use if the
facility's source water includes constituents that exceed
maximum contaminant levels regulated under the Safe Drinking
Water Act (as in effect on the date of the enactment of this
section).
''(6) Qualified issuer.--The term 'qualified issuer'
means--
''(A) a governmental body, or
''(B) in the case of a State or political
subdivision thereof (as defined for purposes of section
103), any entity qualified to issue tax-exempt bonds
under section 103 on behalf of such State or political
subdivision.
''(7) Qualified project.--
''(A) In general.--The term 'qualified project'
means any facility owned by a qualified borrower which
is a--
''(i) qualified desalination facility,
''(ii) qualified recycled water facility,
''(iii) qualified groundwater remediation
facility, or
''(iv) facility that is functionally
related or subordinate to a facility described
in clause (i), (ii), or (iii).
''(B) Environmental impact.--A project shall not be
treated as a qualified project under subparagraph (A)
unless such project is designed to comply with
regulations issued under subsection (f) relating to the
minimization of the environmental impact of the
project.
''(8) Qualified recycled water facility.--
''(A) In general.--The term 'qualified recycled
water facility' means any wastewater treatment or
distribution facility which--
''(i) exceeds the requirements for the
treatment and disposal of wastewater under the
Clean Water Act and any other Federal or State
water pollution control standards for the
discharge and disposal of wastewater to surface
water, land, or groundwater (as such
requirements and standards are in effect on the
date of issuance of the issue), and
''(ii) except as provided in subparagraph
(B), is used to reclaim wastewater produced by
the general public (including electric utility,
industrial, agricultural, commercial, or
residential users) to the extent such reclaimed
wastewater is used for a beneficial use that
the issuer reasonably expects as of the date of
issuance of the issue otherwise would have been
satisfied with potable water supplies.
''(B) Impermissible uses.--Reclaimed wastewater is
not used for a use described in subparagraph (A)(ii) to
the extent such reclaimed wastewater is--
''(i) discharged into a waterway or used to
meet waterway discharge permit requirements and
not used to supplement potable water supplies,
''(ii) used to restore habitat,
''(iii) used to provide once-through
cooling for an electric generation facility, or
''(iv) intentionally introduced into the
groundwater and not used to supplement potable
water supplies.
''(f) Regulations.--The Secretary shall prescribe such regulations
as are necessary to carry out the purposes of this section, including
regulations promulgated in consultation with the Administrator of the
Environmental Protection Agency to ensure the environmental impact of
qualified facilities is minimized.''.
(b) Conforming Amendments.--
(1) Paragraph (1) of section 54A(d) of the Internal Revenue
Code of 1986 is amended by striking ''or'' at the end of
subparagraph (D), by inserting ''or'' at the end of
subparagraph (E), and by inserting after subparagraph (E) the
following new subparagraph:
''(F) a clean renewable water supply bond,''.
(2) Subparagraph (C) of section 54A(d)(2) of such Code is
amended by striking ''and'' at the end of clause (iv), by
striking the period at the end of clause (v) and inserting '',
and'', and by adding at the end the following new clause:
''(vi) in the case of a clean renewable
water supply bond, a purpose specified in
section 54G(a)(1).''.
(3) The table of sections for subpart I of part IV of
subchapter A of chapter 1 of such Code is amended by adding at
the end the following new item:

''Sec. 54G. Clean renewable water supply bonds.''.
(c) Effective Date.--The amendments made by this section shall
apply to obligations issued after December 31, 2008.
Clean Renewable Water Supply Bond Act of 2009 - Amends the Internal Revenue Code to provide for the issuance of tax-exempt clean renewable water supply bonds to finance certain water supply technologies, including water recycling, desalination, and groundwater remediation. Establishes a national limitation on the amount of bonds designated as clean renewable water supply bonds for each year between 2009 and 2019.