Section 1 Short title
This Act may be cited as the “WIFIA Improvement Act of 2020”.
WIFIA Improvement Act of 2020
A BILL
To amend the Water Infrastructure Finance and Innovation Act of 2014 with respect to the final maturity date of certain loans, and for other purposes.
Sec. 2 Maturity date
Section 5029(b)(5) of the Water Infrastructure Finance and Innovation Act of 2014 (33 U.S.C. 3908(b)(5)) is amended—
in subparagraph (B), by striking “The final maturity date” and inserting “Notwithstanding subparagraphs (A) and (B), the final maturity date”;
by redesignating subparagraph (B) as subparagraph (C); and
by inserting after subparagraph (A) the following:
“(B) Projects with a useful life of more than 35 years—Notwithstanding subparagraph (A), for a project with a useful life of more than 35 years (as determined by the Secretary or the Administrator, as applicable), the final maturity date of a secured loan under this section shall be not later than the earlier of—
“(i) the date that is 55 years after the date of substantial completion of the relevant project (as determined by the Secretary or the Administrator, as applicable); and
“(ii) if the useful life of the project is less than 55 years, the useful life of the project.”
Sec. 3 Budgetary treatment of certain amounts of financial assistance
Subtitle C of title V of the Water Infrastructure Finance and Innovation Act of 2014 (33 U.S.C. 3901 et seq.) is amended by adding at the end the following:
“5036. Budgetary treatment of certain amounts of financial assistance
“If the recipient of financial assistance for a project under this subtitle is an eligible entity other than a Federal entity, agency, or instrumentality, and the dedicated sources of repayment of that financial assistance are non-Federal revenue sources, such financial assistance shall, for purposes of budgetary treatment under the Federal Credit Reform Act of 1990 (2 U.S.C. 661 et seq.)—
“(1) be deemed to be non-Federal; and
“(2) be treated as a direct loan or loan guarantee (as such terms are defined, respectively, in such Act).”