,i #aacth ,,congress #b;d ,session ,h4 ,r4 #ebei ,,in ,,the ,,house ,,of ,,representatives ,july #cj1 #bjad ,mr4 ,huffman introduced the following bill2 which was referred to the ,committee on ,education and the ,workforce ,a ,,bill ,to establish ,state infrastructure banks for education4 #a4 ,short title ,this ,act may be cited as the ,investing for ,tomorrow's ,schools ,act of #bjad4 #b4 ,state infrastructure bank pilot program 7a7 ,establishment 7#a7 ,cooperative agreements ,subject to the provisions of this section1 the ,secretary of the ,treasury1 in consultation with the ,secretary of ,education1 may enter into cooperative agreements with ,states for the establishment of ,state infrastructure banks and multistate infrastructure banks for making loans-- 7,a7 to local educational agencies for building or repairing elementary or secondary schools which provide free public education 7as such terms are defined in section #adaja of the ,elementary and ,secondary ,education ,act of #aife 7#bj ,u4,s4,c4 #hhja772 7,b7 to public libraries for building or repairing library facilities2 7,c7 to eligible charter school entities for use for the objective described in section #ebbd7b7 of such ,act 7#bj ,u4,s4,c4 #gbbc;c7#b77 consistent with subpart #b of part ,b of title ,v of such ,act 7#bj ,u4,s4,c4 #gbbc et seq472 and 7,d7 to community learning centers to connect and improve broadband services4 7#b7 ,interstate compacts ,congress grants consent to two or more of the ,states1 entering into a cooperative agreement under paragraph 7#a7 with the ,secretary of the ,treasury for the establishment of a multistate infrastructure bank1 to enter into an interstate compact establishing such bank in accordance with this section4 7b7 ,funding ,the ,secretary of the ,treasury1 in consultation with the ,secretary of ,education1 shall make grants to ,state infrastructure banks and multistate infrastructure banks in a ,state in a cooperative agreement under subsection 7a77#a7 to provide initial capital for loans provided under this section4 ,each bank shall apply repayments of principal and interest on loans to the making of additional loans4 ,the ,secretary shall take final action on an application for a grant under this subsection within #ij days of the date of the submission of such application4 7c7 ,infrastructure bank requirements ,in order to establish an infrastructure bank under this section1 each ,state establishing the bank shall-- 7#a7 contribute1 at a minimum1 in each account of the bank from non-,federal sources an amount equal to #be percent of the amount of each capitalization grant made to the ,state and contributed to the bank under subsection 7b72 7#b7 identify an operating entity of the ,state as recipient of the grant if the entity has the capacity to manage loan funds and issue debt instruments of the ,state for purposes of leveraging the funds2 7#c7 allow such funds to be used as reserve for debt issued by the ,state so long as proceeds are deposited in the fund for loan purposes2 7#d7 ensure that investment income generated by funds contributed to an account of the bank will be-- 7,a7 credited to the account2 7,b7 available for use in providing loans to projects eligible for assistance from the account2 and 7,c7 invested in ,united ,states ,treasury securities1 bank deposits1 or such other financing instruments as the ,secretary may approve to earn interest to enhance the leveraging of projects assisted by the bank2 7#e7 ensure that any loan from the bank to an eligible charter school entity1 local educational agency1 public library1 or community learning center will bear interest at or below the lowest interest rates being offered for bonds the income from which is exempt from ,federal taxation1 as determined by the ,state1 to make the project that is the subject of the loan feasible2 7#f7 ensure that repayment of any loan from the bank to an eligible charter school entity1 local educational agency1 public library1 or community learning center will commence not later than #a year after the project has been completed2 7#g7 ensure that the term for repaying any loan to an eligible charter school entity1 local educational agency1 public library1 or community learning center will not exceed #cj years after the date of the first payment on the loan under paragraph 7#e72 7#h7 ensure that the funds loaned annually that are used under subsection 7a77#a77;,c7 are limited to a percentage of the total funds loaned that does not exceed the percentage of elementary and secondary school students in the ,state enrolled in charter schools during the most recent school year for which enrollment data are available2 7#i7 ensure that the funds loaned annually under subsection 7a77#a77;,d7 are used exclusively to connect and improve broadband services2 and 7#aj7 require the bank to make an annual report to the ,secretary on its status and make such other reports as the ,secretary may require by guidelines4 7d7 ,forms of assistance from infrastructure banks 7#a7 ,in general ,an infrastructure bank established under this section may make loans in an amount equal to all or part of the cost of carrying out a project eligible for assistance under this section4 7#b7 ,applications for loans ,an application to an infrastructure bank for a loan shall include-- 7,a7 in the case of a renovation project1 a description of each architectural1 civil1 structural1 mechanical1 or electrical deficiency to be corrected with funds under a loan and the priorities to be applied2 7,b7 a description of the criteria used by the applicant to determine the type of corrective action necessary for the renovation of a facility2 7,c7 a description of improvements to be made and a cost estimate for the improvements2 7,d7 a description of how work undertaken with the loan will promote the conservation of energy1 water1 or waste2 and 7,e7 such other information as the infrastructure bank may require4 ,an infrastructure bank shall take final action on a completed application submitted to it within #ij days after the date of its submission4 7#c7 ,criteria for loans ,in considering applications for a loan to an eligible charter school entity1 local educational agency1 public library1 or community learning center1 an infrastructure bank shall consider-- 7,a7 the extent to which the eligible charter school entity1 local educational agency1 public library1 or community learning center involved lacks the fiscal capacity1 including the ability to raise funds through the full use of such agency's bonding capacity and otherwise1 to undertake the project for which the loan would be used without the loan2 7,b7 in the case of a local educational agency1 the threat that the condition of the physical plant in the project poses to the safety and well-being of students2 7,c7 the demonstrated need for the construction1 reconstruction1 or renovation based on the condition of the facility in the project2 7,d7 the age of such facility2 and 7,e7 demonstrated need to connect and improve broadband services in the local community4 7e7 ,qualifying projects 7#a7 ,in general ,subject to subsection 7a77#a71 a project is eligible for a loan from an infrastructure bank if it is a project that consists of-- 7,a7 the construction of new elementary or secondary schools to meet the needs imposed by enrollment growth2 7,b7 the repair1 rebuilding1 or upgrading of classrooms or structures related to academic learning1 including the repair of leaking roofs1 crumbling walls1 inadequate plumbing1 poor ventilation equipment1 and inadequate heating or light equipment2 7,c7 an activity to increase physical safety at the educational facility involved2 7,d7 an activity to enhance the educational facility involved to provide access for students1 teachers1 and other individuals with disabilities2 7,e7 an activity to address environmental or health hazards at the educational facility involved1 such as poor ventilation1 indoor air quality1 or lighting2 7,f7 the provision of basic infrastructure that facilitates educational technology1 such as communications outlets1 electrical systems1 power outlets1 or a communication closet2 7,g7 work that will bring an educational facility into conformity with the requirements of-- 7i7 environmental protection or health and safety programs mandated by ,federal1 ,state1 or local law if such requirements were not in effect when the facility was initially constructed2 and 7ii7 hazardous waste disposal1 treatment1 and storage requirements mandated by the ,resource ,conservation and ,recovery ,act of #aigf or similar ,state laws2 7,h7 work that will enable efficient use of available energy resources2 7,i7 work that will reduce reliance on fossil fuels and expand use of solar power1 wind power1 and other renewable energy resources2 7,j7 work to detect1 remove1 or otherwise contain asbestos hazards in educational facilities2 7,k7 work to construct new public library facilities or repair or upgrade existing public library facilities2 7,l7 work to connect entities described in subsection 7a77#a7 to broadband services1 and to improve such connections for such entities2 or 7,m7 measures designed to reduce or eliminate human exposure to classroom noise and environmental noise pollution4 7#b7 ,davis-bacon ,the wage requirements of the ,act of ,march #c1 #aica 7referred to as the ,davis-,bacon ,act1 #dj ,u4,s4,c4 #bgf;a et seq47 shall apply with respect to individuals employed on the projects described in paragraph 7#a74 7#c7 ,green practices ,an entity using a loan under this section to fund a new construction or renovation project described in paragraph 7#a7 shall ensure that the project is certified1 verified1 or consistent with ,state laws1 regulations1 and any applicable provisions of-- 7,a7 the ,,leed ,green ,building ,rating ,system2 7,b7 ,living ,building ,challenge2 7,c7 the ,,chps green building rating program developed by the ,collaborative for ,high ,performance ,schools2 or 7,d7 a program that-- 7i7 has equivalent or more stringent standards2 7ii7 is adopted by the ,state or another jurisdiction with authority over the entity2 and 7iii7 includes a verifiable method to demonstrate compliance with such program4 7f7 ,supplementation ,any loan made by an infrastructure bank shall be used to supplement and not supplant other ,federal1 ,state1 and local funds available4 7g7 ,limitation on repayments ,notwithstanding any other provision of law1 the repayment of a loan from an infrastructure bank under this section may not be credited towards the non-,federal share of the cost of any project4 7h7 ,secretarial requirements ,in administering this section1 the ,secretary of the ,treasury shall specify procedures and guidelines for establishing1 operating1 and providing assistance from an infrastructure bank4 7i7 ,united ,states not obligated ,the contribution of ,federal funds into an infrastructure bank established under this section shall not be construed as a commitment1 guarantee1 or obligation on the part of the ,united ,states to any third party1 nor shall any third party have any right against the ,united ,states for payment solely by virtue of the contribution4 ,any security or debt financing instrument issued by the infrastructure bank shall expressly state that the security or instrument does not constitute a commitment1 guarantee1 or obligation of the ,united ,states4 7j7 ,management of ,federal funds ,sections #ccce and #fejc of title #ca1 ,united ,states ,code1 shall not apply to funds contributed under this section4 7k7 ,program administration ,for each of fiscal years #bjae through #bjai1 a ,state may expend not to exceed #b percent of the ,federal funds contributed to an infrastructure bank established by the ,state under this section to pay the reasonable costs of administering the bank4 7l7 ,secretarial review ,the ,secretary of the ,treasury shall review the financial condition of each infrastructure bank established under this section and transmit to ,congress a report on the results of such review not later than #ij days after the completion of the review4 7m7 ,authorization of appropriations ,for grants to ,states for the initial capitalization of infrastructure banks there are authorized to be appropriated #ejj1jjj1jjj for fiscal year #bjae and for each of the #d succeeding fiscal years4 #c4 ,definitions ,for purposes of this ,act3 7#a7 ,community learning center ,the term community learning center has the meaning given such term in section #dbja7;b77#a7 of the ,elementary and ,secondary ,education ,act of #aife 7#bj ,u4,s4,c4 #gaga7;b77#a774 7#b7 ,eligible charter school entity ,the term eligible charter school entity means-- 7,a7 a charter school 7as defined in section #ebaj of the ,elementary and ,secondary ,education ,act of #aife 7#bj ,u4,s4,c4 #gbba;i772 or 7,b7 a developer 7as so defined7 that has applied to an authorized public chartering agency 7as so defined7 to operate a charter school4 7#c7 ,local educational agency 7,a7 ,the term local educational agency means a public board of education or other public authority legally constituted within a ,state for either administrative control or direction of1 or to perform a service function for1 public elementary or secondary schools in a city1 county1 township1 school district1 or other political subdivision of a ,state1 or for such combination of school districts or counties as are recognized in a ,state as an administrative agency for its public elementary or secondary schools4 7,b7 ,the term includes any other public institution or agency having administrative control and direction of a public elementary or secondary school4 7,c7 ,the term includes an elementary or secondary school funded by the ,bureau of ,indian ,affairs but only to the extent that such inclusion makes such school eligible for programs for which specific eligibility is not provided to such school in another provision of law and such school does not have a student population that is smaller than the student population of the local educational agency receiving assistance under this ,act with the smallest student population1 except that such school shall not be subject to the jurisdiction of any ,state educational agency other than the ,bureau of ,indian ,affairs4 7#d7 ,outlying area ,the term outlying area means the ,virgin ,islands1 ,guam1 ,american ,samoa1 the ,commonwealth of the ,northern ,mariana ,islands1 the ,republic of the ,marshall ,islands1 the ,federated ,states of ,micronesia1 and the ,republic of ,palau4 7#e7 ,public library ,the term public library means a library that serves free of charge all residents of a community1 district1 or region1 and receives its financial support in whole or in part from public funds4 ,such term also includes a research library1 which1 for the purposes of this sentence1 means a library that-- 7,a7 makes its services available to the public free of charge2 7,b7 has extensive collections of books1 manuscripts1 and other materials suitable for scholarly research which are not available to the public through public libraries2 7,c7 engages in the dissemination of humanistic knowledge through services to readers1 fellowships1 educational and cultural programs1 publication of significant research1 and other activities2 and 7,d7 is not an integral part of an institution of higher education4 7#f7 ,state ,the term ,state means each of the #ej ,states1 the ,district of ,columbia1 the ,commonwealth of ,puerto ,rico1 and each of the outlying areas4