--- kind: "section" citation: "33 U.S.C. § 3901" title: "33" title_heading: "Navigation and Navigable Waters" number: "3901" heading: "Definitions" release: "119-102" date: "2026-07-12" url: "https://uscodex.org/usc/33/3901" units: - "Chapter 52 — Water Infrastructure Finance and Innovation" --- # §3901. Definitions In this chapter: - (1) **Administrator—** The term “Administrator” means the Administrator of the Environmental Protection Agency. - (2) **Community water system—** The term “community water system” has the meaning given the term in [section 300f of title 42](/usc/42/300f.md). - (3) **Federal credit instrument—** The term “Federal credit instrument” means a [secured loan](#10) or [loan guarantee](#6) authorized to be made available under this chapter with respect to a project. - (4) **Investment-grade rating—** The term “investment-grade rating” means a rating of BBB minus, Baa3, bbb minus, BBB (low), or higher assigned by a [rating agency](#9) to [project obligations](#8-A). - (5) **Lender—** - (A) **In general—** The term “lender” means any non-Federal qualified institutional buyer (as defined in section 230.144A(a) of title 17, Code of Federal Regulations (or a successor regulation), known as Rule 144A(a) of the Securities and Exchange Commission and issued under the Securities Act of 1933 ([15 U.S.C. 77a](/usc/15/77a.md) et seq.)). - (B) **Inclusions—** The term “[lender](#5-A)” includes— - (i) a qualified retirement plan (as defined in [section 4974(c) of title 26](/usc/26/4974.md?p=c)) that is a qualified institutional buyer; and - (ii) a governmental plan (as defined in [section 414(d) of title 26](/usc/26/414.md?p=d)) that is a qualified institutional buyer. - (6) **Loan guarantee—** The term “loan guarantee” means any guarantee or other pledge by the [Secretary](/usc/33/426h–1.md?p=2) or the [Administrator](#1) to pay all or part of the principal of, and interest on, a loan or other debt obligation issued by an [obligor](#7) and funded by a [lender](#5-A). - (7) **Obligor—** The term “obligor” means an eligible entity that is primarily liable for payment of the principal of, or interest on, a [Federal credit instrument](#3). - (8) **Project obligation—** - (A) **In general—** The term “project obligation” means any note, bond, debenture, or other debt obligation issued by an [obligor](#7) in connection with the financing of a project. - (B) **Exclusion—** The term “[project obligation](#8-A)” does not include a [Federal credit instrument](#3). - (9) **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 78c(a) of title 15](/usc/15/78c.md?p=a)). - (10) **Secured loan—** The term “secured loan” means a direct loan or other debt obligation issued by an [obligor](#7) and funded by the [Secretary](/usc/33/426h–1.md?p=2) or [Administrator](#1), as applicable, in connection with the financing of a project under [section 3908 of this title](/usc/33/3908.md). - (11) **State—** The term “State” means— - (A) a [State](#11); - (B) the District of Columbia; - (C) the Commonwealth of Puerto Rico; and - (D) any other territory or possession of the United States. - (12) **State infrastructure financing authority—** The term “State infrastructure financing authority” means the [State](#11) entity established or designated by the Governor of a [State](#11) to receive a capitalization grant provided by, or otherwise carry out the requirements of, title VI of the Federal Water Pollution Control Act ([33 U.S.C. 1381](/usc/33/1381.md) et.[^1] seq.) or [section 300j–12 of title 42](/usc/42/300j–12.md). - (13) **Subsidy amount—** The term “subsidy amount” means the amount of budget authority sufficient to cover the estimated long-term cost to the Federal Government of a [Federal credit instrument](#3), as calculated on a net present value basis, excluding administrative costs and any incidental effects on governmental receipts or outlays in accordance with the Federal Credit Reform Act of 1990 ([2 U.S.C. 661](/usc/2/661.md) et seq.). - (14) **Substantial completion—** The term “substantial completion”, with respect to a project, means the earliest date on which a project is considered to perform the functions for which the project is designed. - (15) **Treatment works—** The term “treatment works” has the meaning given the term in section 212 of the Federal Water Pollution Control Act ([33 U.S.C. 1292](/usc/33/1292.md)). ## Footnotes [^1]: So in original. The period probably should not appear. ## Source credit (Pub. L. 113–121, title V, § 5022, June 10, 2014, 128 Stat. 1332.) ## Notes ### Editorial Notes ### References in Text The Securities Act of 1933, referred to in par. (5)(A), is title I of act May 27, 1933, ch. 38, 48 Stat. 74, which is classified generally to subchapter I (§ 77a et seq.) of chapter 2A of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 77a of Title 15 and Tables. The Federal Water Pollution Control Act, referred to in par. (12), is act June 30, 1948, ch. 758, as amended generally by Pub. L. 92–500, § 2, Oct. 18, 1972, 86 Stat. 816, which is classified generally to chapter 26 (§ 1251 et seq.) of this title. Title VI of the Act is classified generally to subchapter VI (§ 1381 et seq.) of chapter 26 of this title. For complete classification of this Act to the Code, see Short Title note set out under section 1251 of this title and Tables. The Federal Credit Reform Act of 1990, referred to in par. (13), is title V of Pub. L. 93–344, as added by Pub. L. 101–508, title XIII, § 13201(a), Nov. 5, 1990, 104 Stat. 1388–609, which is classified generally to subchapter III (§ 661 et seq.) of chapter 17A of Title 2, The Congress. For complete classification of this Act to the Code, see Short Title note set out under section 621 of Title 2 and Tables. ### Statutory Notes and Related Subsidiaries ### Short Title Pub. L. 113–121, title V, § 5021, June 10, 2014, 128 Stat. 1332, provided that: “This subtitle [subtitle C (§§ 5021–5035) of title V of Pub. L. 113–121, enacting this chapter] may be cited as the ‘Water Infrastructure Finance and Innovation Act of 2014’.” ### “Secretary” Defined Secretary means the Secretary of the Army, see section 2 of Pub. L. 113–121, set out as a note under section 2201 of this title.