Section 1 Short title
This Act may be cited as the “Mitigation Facilitation Act of 2015”.
Mitigation Facilitation Act of 2015
A BILL
To require the Secretary of the Army, acting through the Chief of Engineers, to establish a program to provide loans and loan guarantees to enable eligible public entities to purchase credits from mitigation banks or in-lieu fee programs or acquire interests in real property that are acquired pursuant to mitigation projects required under certain Federal Water Pollution Control Act permits, and for other purposes.
Sec. 2 Mitigation loan and loan guarantee program
Definitions— In this section:
Eligible public entity— The term eligible public entity means a political subdivision of a State, including—
a duly established town, township, or county;
an entity established for the purpose of regional governance;
a special purpose entity; and
a joint powers authority, or other entity certified by the Governor of a State, to have authority to implement a mitigation project required by the Secretary under a permit required by section 404 of the Federal Water Pollution Control Act (33 U.S.C. 1344).
Program— The term program means the mitigation loan and loan guarantee program established by the Secretary under subsection (b)(1).
Secretary— The term Secretary means the Secretary of the Army, acting through the Chief of Engineers.
Loan and loan guarantee program—
Establishment— As soon as practicable after the date of enactment of this Act, the Secretary shall establish a program to provide loans and loan guarantees to eligible public entities to enable the eligible public entities—
to purchase credits from mitigation banks or in-lieu fee programs; or
to acquire interests in real property that are acquired pursuant to a mitigation project required by the Secretary under a permit required by section 404 of the Federal Water Pollution Control Act (33 U.S.C. 1344).
Application; approval process—
Application—
In general— To be eligible to receive a loan or loan guarantee under the program, an eligible public entity shall submit to the Secretary an application at such time, in such form and manner, and including such information as the Secretary may require.
Solicitation of applications— On a rolling basis, the Secretary shall accept from eligible public entities applications for loans and loan guarantees in accordance with this section.
Approval by Secretary—
In general— Not later than 120 days after receipt of an application under subparagraph (A), the Secretary shall approve or disapprove the application.
Factors— In approving or disapproving an application of an eligible public entity under clause (i), the Secretary may consider—
whether the financial plan of the eligible public entity for use of the loan or loan guarantee is in compliance with any requirements set forth in the applicable permit;
whether the eligible public entity has the ability to repay a loan or meet the terms of a loan guarantee under the program; and
any other factor that the Secretary determines to be appropriate.
Administration of loans and loan guarantees— As soon as practicable after the date on which the Secretary approves an application under subparagraph (B), the Secretary shall—
establish the loan or loan guarantee with respect to the eligible public entity that is the subject of the application (including such terms and conditions as the Secretary may prescribe); and
carry out the administration of the loan or loan guarantee.
Authorization of appropriations— There are authorized to be appropriated to the Secretary to carry out this section such sums as are necessary.
Termination of authority— The authority under this section shall terminate on the date that is 10 years after the date of enactment of this Act.