Building and Renewing Infrastructure for Development and Growth in Employment Act
A BILL
To facilitate efficient investments and financing of infrastructure projects and new, long-term job creation through the establishment of an Infrastructure Financing Authority, and for other purposes.
Sec. 2 Purpose
The purpose of this Act is to facilitate investment in, and the long-term financing of, economically viable eligible infrastructure projects of regional or national significance that are in the public interest in a manner that complements existing Federal, State, local, and private funding sources for these projects and introduces a merit-based system for financing those projects, in order to mobilize significant private sector investment, create long-term jobs, and ensure United States competitiveness through a self-sustaining institution that limits the need for ongoing Federal funding.
Sec. 3 Definitions
In this Act:
Blind trust— The term blind trust means a trust in which the beneficiary has no knowledge of the specific holdings and no rights over how those holdings are managed by the fiduciary of the trust prior to the dissolution of the trust.
Board of Directors— The term Board of Directors means the Board of Directors of IFA.
Chairperson— The term Chairperson means the Chairperson of the Board of Directors of IFA.
Chief executive officer— The term Chief Executive Officer means the chief executive officer of IFA, appointed under section 103.
Cost— The term cost has the meaning given the term in section 502 of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a).
Direct loan— The term direct loan has the meaning given the term in section 502 of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a).
Eligible entity— The term eligible entity means—
an individual;
a corporation;
a partnership, including a public-private partnership;
a joint venture;
a trust;
a State or any other governmental entity, including a political subdivision or any other instrumentality of a State; or
a revolving fund.
Eligible infrastructure project—
In general— The term eligible infrastructure project means the construction, consolidation, alteration, or repair of the following sectors:
Intercity passenger or freight rail lines, intercity passenger rail facilities or equipment, and intercity freight rail facilities or equipment.
Intercity passenger bus facilities or equipment.
Public transportation facilities or equipment.
Highway facilities, including bridges and tunnels.
Airports and air traffic control systems.
Port or marine terminal facilities, including approaches to marine terminal facilities or inland port facilities, and port or marine equipment, including fixed equipment to serve approaches to marine terminals or inland ports.
Transmission or distribution pipelines.
Inland waterways.
Intermodal facilities or equipment related to 2 or more of the sectors described in clauses (i) through (viii).
Water treatment and solid waste disposal facilities.
Storm water management systems.
Dams and levees.
Facilities or equipment for energy transmission, distribution or storage.
Authority of the Board of Directors to modify sectors— The Board of Directors may make modifications, at the discretion of the Board, to any of the sectors described in subparagraph (A) by a vote of not fewer than 5 of the voting members of the Board of Directors.
IFA— The term IFA means the Infrastructure Financing Authority established under section 101.
Investment-grade rating— The term investment-grade rating means a rating of BBB minus, Baa3, or higher assigned to an eligible infrastructure project by a ratings agency.
Loan guarantee— The term loan guarantee has the meaning given the term in section 502 of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a).
OTRA— The term OTRA means the Office of Technical and Rural Assistance created pursuant to section 106.
Public-private partnership— The term public-private partnership means any eligible entity—
that is undertaking the development of all or part of an eligible infrastructure project that will have a measurable public benefit, pursuant to requirements established in one or more contracts between the entity and a State or an instrumentality of a State; or
the activities of which, with respect to such an eligible infrastructure project, are subject to regulation by a State or any instrumentality of a State;
that owns, leases, or operates or will own, lease, or operate, the project in whole or in part; and
the participants in which include not fewer than 1 nongovernmental entity with significant investment and some control over the project or entity sponsoring the project vehicle.
Rating agency— The term rating agency means a credit rating agency registered with the Securities and Exchange Commission as a nationally recognized statistical rating organization (as defined in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a))).
Regional infrastructure accelerator— The term regional infrastructure accelerator means an organization created by public sector agencies through a multijurisdictional or multistate agreement to provide technical assistance to local jurisdictions that will facilitate the implementation of innovative financing and procurement models to public infrastructure projects.
Rural infrastructure project— The term rural infrastructure project—
has the same meaning given the term in section 601(15) of title 23, United States Code; and
includes any eligible infrastructure project sector described in clauses (i) through (xvii) of paragraph (8)(A) located in any area other than a city with a population of more than 250,000 inhabitants within the city limits.
Secretary— The term Secretary means the Secretary of the Treasury or the designee of the Secretary of the Treasury.
Senior management— The term senior management means the chief financial officer, chief risk officer, chief compliance officer, general counsel, chief lending officer, and chief operations officer of IFA, and such other officers as the Board of Directors may, by majority vote, add to senior management.
State— The term State means—
each of the several States of the United States; and
the District of Columbia.
Task force— The term Task Force means the Project Delivery Task Force established under section 203.