,,ii  #aac? ,,congress  #a/ ,session    
,s4 #abej  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,june #bg1 #bjac ,mr4  
,wyd5 7= himself & ,mr4 ,hoev57         
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to provide         
#ej1jjj1jjj1jjj 9 new transportation    
infra/ructure fund+ ?r\gh bond+ to emp[]
 ,/ates & local gov]nm5ts to complete   
significant infra/ructure projects      
across all modes ( transportation1      
includ+ roads1 bridges1 rail & transit  
sy/ems1 ports1 & inl& wat]ways1 & = o!r 
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,transportation & ,regional
 ,infra/ructure ,project ,bonds ,act (  
#bjac or ,,trip ,bonds ,act4  #b4 ,f9d+s
 & purpose  7a7 ,f9d+s ,congress f9ds ! 
foll[+3  7#a7 ,our ,nation's highways1  
transit sy/ems1 railroads1 ports1 & inl&
 wat]ways drive our economy1 enabl+ all 
indu/ries to a*ieve gr[? & productivity 
t makes ,am]ica /rong & prosp]\s4  7#b7 
,! e/abli%m5t1 ma9t5ance1 & improvem5t (

 ! national transportation network is a 
national priority1 = economic1          
environm5tal1 en]gy1 security1 & o!r    
reasons4  7#c7 ,! ability to move p &   
goods is critical to ma9ta9+ ,/ate1     
metropolitan1 rural1 & local economies4 
7#d7 ,! con/ruction ( infra/ructure     
requires comb9+ skills f num]\s         
occupations1 includ+ ^? 9 ! contract+1  
eng9e]+1 plann+ & design1 mat]ials      
supply1 manufactur+1 di/ribution1 &     
safety indu/ries4  7#e7 ,inve/+ 9       
transportation infra/ructure creates    
long-t]m capital assets = ! ,nation t w 
help ! ,unit$ ,/ates address its enorm\s
 infra/ructure ne$s & improve its       
economic productivity4  7#f7 ,inve/m5t 9
 transportation infra/ructure creates   
jobs & spurs economic activity to put p 
back to "w & /imulate ! economy4  7#g7  
,e billion doll>s 9 transportation      
inve/m5t has ! pot5tial to create up to 
#cj1jjj jobs4  7#h7 ,e doll> inve/$ 9 ! 
,nation's transportation infra/ructure  
yields at lea/ #e4gj 9 economic b5efits 

because ( r$uc$ delays1 improv$ safety1 
& r$uc$ vehicle op]at+ co/s4  7#i7      
,num]\s exp]ts h not$ t ! e/imat$ co/ to
 ma9ta9 & improve our ,nation's         
highways1 bridges1 & o!r critical       
transportation infra/ructure            
significantly exce$s :at is curr5tly be+
 provid$ by all levels ( gov]nm5t4  7b7 
,purpose ,! purpose ( ?is ,act is to    
provide f9anc+ = additional             
transportation infra/ructure capital    
inve/m5ts4  #c4 ,cr$it to hold]s (      
,,trip bonds  7a7 ,9 g5]al ,subp>t ,i ( 
"p ,,iv ( sub*apt] ,a ( *apt] #a ( !    
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+ new section3  
#ed;,g4 ,,trip bonds  7a7 ,,trip bond ,=
 purposes ( ?is subp>t1 ! t]m ,,trip    
bond means any bond issu$ z "p ( an     
issue if--  7#a7 #ajj p]c5t ( !         
available project proce$s ( su* issue   
are to be us$ = exp5ditures incurr$ aft]
 ! date ( ! enactm5t ( ?is section = #a 
or m qualifi$ projects pursuant to an   
allocation ( su* proce$s to su* project 

or projects by a ,/ate infra/ructure    
bank1  7#b7 ! bond is issu$ by or = !   
b5efit ( a ,/ate infra/ructure bank & is
 9 regi/]$ =m 7)9 ! mean+ ( section     
#adi7;a771  7#c7 ! ,/ate infra/ructure  
bank designates su* bond = purposes (   
?is section1  7#d7 ! t]m ( ea* bond :i* 
is "p ( su* issue does n exce$ #cj ye>s1
  7#e7 ! issue meets ! requirem5ts (    
subsection 7e71  7#f7 ! ,/ate           
infra/ructure bank c]tifies t ! ,/ate   
meets ! ,/ate contribution requirem5t ( 
subsection 7h71 z 9 effect on ! date (  
issuance1 &  7#g7 ! ,/ate infra/ructure 
bank c]tifies ! ,/ate meets ! requirem5t
 describ$ 9 subsection 7i74  7b7        
,qualifi$ project ,= purposes ( ?is     
section--  7#a7 ,9 g5]al ,! t]m qualifi$
 project means a capital transportation 
infra/ructure project ( any gov]nm5tal  
unit or o!r p]son1 includ+ roads1       
bridges1 rail & transit sy/ems1 ports1 &
 inl& wat]ways propos$ & approv$ by a   
,/ate infra/ructure bank1 b does n      
include co/s ( op]ations or ma9t5ance ) 

respect to su* project4  7#b7 ,c]ta9    
projects ,su* t]m also includes any     
flood damage risk r$uction project ) a  
complet$ ,report ( ! ,*ief ( ,eng9e]s1 )
 ! proce$s ( issu$ bonds available = a  
,/ate to provide to ! ,unit$ ,/ates     
,army ,corps ( ,eng9e]s 7"u section #e (
 ! ,act entitl$ ,an ,act au?oriz+ !     
con/ruction ( c]ta9 public works on     
riv]s & h>bors = flood control1 & = o!r 
purposes1 approv$ ,june #bb1 #aicf 7#cc 
,u4,s4,c4 #gja;h77 funds 9 excess ( any 
requir$ non-,f$]al co/ %>e = su*        
project4  7c7 ,applicable cr$it rate ,9 
lieu ( section #ed;,a7b77#c71 = purposes
 ( section #ed;,a7b77#b71 ! applicable  
cr$it rate ) respect to an issue "u ?is 
section is ! rate equal to an av]age    
m>ket yield 7z ( ! day be=e ! date (    
sale ( ! issue7 on out/&+ comp>able-t]m 
corporate debt obligations 7det]m9$ 9   
su* mann] z ! ,secret>y prescribes74    
7d7 ,limitation on am\nt ( bonds        
designat$  7#a7 ,9 g5]al ,! maximum     
aggregate face am\nt ( bonds :i* may be 

designat$ "u subsection 7a7 by any ,/ate
 infra/ructure bank %all n exce$ !      
,,trip bond limitation am\nt allocat$ to
 su* bank "u p>agraph 7#c74  7#b7       
,national limitation am\nt ,!re is a    
,,trip bond limitation am\nt = ea*      
cal5d> ye>4 ,su* limitation am\nt is--  
7,a7 #e1jjj1jjj1jjj = #bjad1  7,b7      
#e1jjj1jjj1jjj = #bjae1  7,c7           
#aj1jjj1jjj1jjj = #bjaf1  7,d7          
#aj1jjj1jjj1jjj = #bjag1  7,e7          
#aj1jjj1jjj1jjj = #bjah1  7,f7          
#aj1jjj1jjj1jjj = #bjai1 &  7,g7 except 
z provid$ 9 p>agraph 7#d71 z]o !reaft]4 
7#c7 ,allocations to ,/ates  7,a7 ,9    
g5]al ,! ,,trip bond limitation am\nt = 
ea* cal5d> ye> %all be allocat$ by !    
,secret>y among ! ,/ates su* t ea* ,/ate
 is allocat$ #b p]c5t ( su* am\nt4  7,b7
 ,return ( unus$ allocations ,any       
allocation to a ,/ate "u subp>agraph    
7,a7 :i* rema9s unus$ on ! la/ day ( !  
cal5d> ye> = :i* ! allocation 0 made    
%all be rel9qui%$ by ! ,/ate &          
reallocat$ by ! ,secret>y proportionally

 among p>ticipat+ ,/ates4  7#d7 ,c>ryov]
 ( unus$ issuance limitation ,if = any  
cal5d> ye> ! ,,trip bond limitation     
am\nt "u p>agraph 7#b7 exce$s ! am\nt ( 
,,trip bonds issu$ dur+ su* ye>1 su*    
excess %all be c>ri$ =w>d to #a or m    
succe$+ cal5d> ye>s z an addition to !  
,,trip bond limitation am\nt "u p>agraph
 7#b7 = su* succe$+ cal5d> ye> & until  
us$ by issuance ( ,,trip bonds4  7e7    
,special rules relat+ to exp5ditures    
7#a7 ,9 g5]al ,an issue %all be treat$ z
 meet+ ! requirem5ts ( ?is subsection   
if1 z ( ! date ( issuance1 ! ,/ate      
infra/ructure bank reasonably expects-- 
7,a7 at lea/ #ajj p]c5t ( ! available   
project proce$s ( su* issue are to be   
sp5t = #a or m qualifi$ projects )9 !   
#e-ye> exp5diture p]iod beg9n+ on su*   
date1  7,b7 )9 ! #ab-mon? p]iod beg9n+  
on su* date1 to incur a b9d+ commitm5t )
 a ?ird p>ty = su* ?ird p>ty--  7i7 to  
sp5d at lea/ #aj p]c5t ( ! proce$s ( su*
 issue )9 ! #ab-mon? p]iod foll[+ ! date
 ( ent]+ into su* commitm5t1 or  7ii7 to

 comm5ce con/ruction )9 ! #ab-mon? p]iod
 foll[+ ! date ( ent]+ into su*         
commitm5t ) respect to any qualifi$     
project or comb9ation ( qualifi$        
projects ! co/s ( :i* acc\nt = at lea/  
#aj p]c5t ( ! proce$s ( su* issue1 &    
7,c7 to proce$ ) due dilig5ce to        
complete su* projects & to sp5d !       
proce$s ( su* issue4  7#b7 ,rules reg>d+
 cont9u+ compliance aft] #e-ye>         
det]m9ation ,to ! ext5t t less ?an #ajj 
p]c5t ( ! available project proce$s (   
su* issue are exp5d$ by ! close ( !     
#e-ye> exp5diture p]iod beg9n+ on ! date
 ( issuance1 ! ,/ate infra/ructure bank 
%all r$eem all ( ! nonqualifi$ bonds )9 
#ij days aft] ! end ( su* p]iod4 ,=     
purposes ( ?is p>agraph1 ! am\nt ( !    
nonqualifi$ bonds requir$ to be r$eem$  
%all be det]m9$ 9 ! same mann] z "u     
section #adb4  7f7 ,recapture ( portion 
( cr$it :]e cessation ( compliance ,if  
any bond :i* :5 issu$ purport$ to be a  
,,trip bond ceases to be su* a bond1 !  
,/ate infra/ructure bank %all pay to !  

,unit$ ,/ates 7at ! "t requir$ by !     
,secret>y7 an am\nt equal to ! sum (--  
7#a7 ! aggregate ( ! cr$its all[able "u 
section #ed;,a ) respect to su* bond    
7det]m9$ )\t reg>d to section #ed;,a7c77
 = taxable ye>s end+ dur+ ! cal5d> ye> 9
 :i* su* cessation occurs & ea* succe$+ 
cal5d> ye> end+ ) ! cal5d> ye> 9 :i* su*
 bond is r$eem$ by ! bank1 &  7#b7      
int]e/ at ! und]paym5t rate "u section  
#ffba on ! am\nt det]m9$ "u p>agraph    
7#a7 = ea* cal5d> ye> = ! p]iod beg9n+  
on ! fir/ day ( su* cal5d> ye>4  7g7    
,,trip ,bonds ,tru/ ,acc\nts  7#a7 ,9   
g5]al ,! foll[+ am\nts %all be held 9 a 
,,trip ,bonds ,tru/ ,acc\nt 7includ+ #a 
or m subacc\nts7 by ea* ,/ate           
infra/ructure bank3  7,a7 ,! proce$s f !
 sale ( all bonds issu$ by or = ! b5efit
 ( su* bank "u ?is section4  7,b7 ,!    
am\nts describ$ 9 subsection 7h74  7,c7 
,any e>n+s on any am\nts describ$ 9     
subp>agraph 7,a7 or 7,b74  7#b7 ,use (  
funds ,am\nts 9 ea* ,,trip ,bonds ,tru/ 
,acc\nt may be us$ only to pay co/s (   

qualifi$ projects1 pay int]e/ 7if any7  
on ,,trip bonds1 & r$eem ,,trip bonds1  
except t am\nts )drawn f ! ,,trip ,bonds
 ,tru/ ,acc\nt to pay co/s ( qualifi$   
projects may n exce$ ! proce$s f ! sale 
( ,,trip bonds describ$ 9 subsection    
7a77#a74  7#c7 ,use ( rema9+ funds 9    
,,trip bonds tru/ acc\nt ,^u ! r$emption
 ( all ,,trip bonds issu$ by ! ,/ate    
infra/ructure bank "u ?is section1 any  
rema9+ am\nts 9 ! ,,trip ,bonds ,tru/   
,acc\nt held by su* bank %all be        
available to pay ! co/s ( any qualifi$  
project 9 su* ,/ate4  7#d7              
,applicability ( ,f$]al law ,!          
requirem5ts ( any ,f$]al law1 includ+   
titles #bc1 #dj1 & #di ( ! ,unit$ ,/ates
 ,code1 :i* w\ld o!rwise apply to       
projects to :i* ! ,unit$ ,/ates is a    
p>ty or to funds made available "u su*  
law & projects assi/$ ) ^? funds %all   
apply to--  7,a7 funds made available "u
 ea* ,,trip ,bonds ,tru/ ,acc\nt =      
simil> qualifi$ projects1 o!r ?an       
contributions requir$ "u subsection 7h71

 &  7,b7 simil> qualifi$ projects assi/$
 ?r\gh ! use ( su* funds4  7#e7         
,inve/m5t ,subject to subsections 7e7 & 
7f71 x %all be ! duty ( ! ,/ate         
infra/ructure bank to inve/ 9 inve/m5t  
grade obligations su* portion ( ! ,,trip
 ,bonds ,tru/ ,acc\nt held by su* ,bank 
z is n1 9 ! judgm5t ( su* bank1 requir$ 
to meet curr5t )drawals4 ,to ! ext5t    
co/-effective1 inve/m5ts %\ld be made 9 
securities t support infra/ructure      
inve/m5t at ! ,/ate & local level4  7h7 
,/ate contribution requirem5ts  7#a7 ,9 
g5]al ,= purposes ( subsection 7a77#f71 
! ,/ate contribution requirem5t ( ?is   
subsection is met if ! ,/ate            
infra/ructure bank has obta9$ a         
commitm5t1 n lat] ?an ! date ( issuance 
( ! bond1 = deposit into ! ,,trip ,bonds
 ,tru/ ,acc\nt equal annual in/allm5ts  
suffici5t1 toge!r ) e>n+s !reon1 to     
repay ! pr9cipal ( ! ,,trip bond at     
maturity4  7#b7 ,/ate contributions may 
n include ,f$]al funds ,= purposes ( ?is
 subsection1 ,/ate contributions %all n 

be d]iv$1 directly or indirectly1 f     
,f$]al funds1 includ+ any transf]s f !  
,highway ,tru/ ,fund "u section #iejc4  
7#c7 ,requirem5ts 9 lieu ( any o!r mat*+
 contribution requirem5ts ,= purposes ( 
subsection 7g77#d71 ! ,,trip bond       
proce$s may be appli$ t[>d any ,/ate    
mat*+ contribution requirem5t "u any o!r
 ,f$]al law4  7i7 ,utilization ( updat$ 
con/ruction te*nology = qualifi$        
projects ,= purposes ( subsection       
7a77#g71 ! requirem5t ( ?is subsection  
is met if ! appropriate ,/ate ag5cy     
relat+ to ! qualifi$ project is utiliz+ 
updat$ con/ruction te*nologies4  7j7    
,o!r def9itions & special rules ,=      
purposes ( ?is section--  7#a7 ,/ate    
infra/ructure bank  7,a7 ,9 g5]al ,! t]m
 ,/ate infra/ructure bank means a ,/ate 
infra/ructure bank e/abli%$ "u section  
#faj ( title #bc1 ,unit$ ,/ates ,code1 &
 includes a jo9t v5ture among #b or m   
,/ate infra/ructure banks4 ,su* t]m also
 includes1 ) respect to any ,/ate t has 
n e/abli%$ a ,/ate infra/ructure bank   

prior to ! date ( ! enactm5t ( ?is      
section1 ! ,/ate ,dep>tm5t (            
,transportation ( su* ,/ate1 or su* o!r 
public in/rum5tality designat$ by !     
,/ate to issue bonds "u ?is section4    
7,b7 ,special au?ority ,not)/&+ any o!r 
provision ( law1 a ,/ate infra/ructure  
bank %all be au?oriz$ to p]=m any ( !   
functions necess>y to c>ry out !        
purposes ( ?is section1 includ+ ! mak+ (
 direct grants to qualifi$ projects f   
available project proce$s ( ,,trip bonds
 issu$ by su* bank4  7#b7 ,prohibition  
on use ( highway tru/ fund ,not)/&+ any 
o!r provision ( law1 no funds d]iv$ f ! 
,highway ,tru/ ,fund e/abli%$ "u section
 #iejc %all be us$ to pay = cr$its "u   
?is section4  4  7b7 ,con=m+ am5dm5ts   
7#a7 ,p>agraph 7#a7 ( section #ed;,a7d7 
( ! ,int]nal ,rev5ue ,code ( #aihf is   
am5d$--  7,a7 by /rik+ or at ! end (    
subp>agraph 7,d71  7,b7 by ins]t+ or at 
! end ( subp>agraph 7,e71  7,c7 by      
ins]t+ aft] subp>agraph 7,e7 ! foll[+   
new subp>agraph3  7,f7 a ,,trip bond1  1

 &  7,d7 by ins]t+ 7p>agraphs 7#c71     
7#d71 & 7#f71 9 ! case ( a ,,trip bond7 
aft] & 7#f74  7#b7 ,subp>agraph 7,c7 (  
section #ed;,a7d77#b7 ( su* ,code is    
am5d$ by /rik+ & at ! end ( clause 7iv71
 by /rik+ ! p]iod at ! end ( clause 7v7 
& ins]t+ 1 &1 & by add+ at ! end !      
foll[+ new clause3  7vi7 9 ! case ( a   
,,trip bond1 a purpose specifi$ 9       
section #ed;,g7a77#a74  4  7c7 ,cl]ical 
am5dm5t ,! table ( sections = subp>t ,i 
( "p ,,iv ( sub*apt] ,a ( *apt] #a ( !  
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+ new item3     
,sec4 #ed;,g4 ,,trip bonds4  4  7d7     
,effective date ,! am5dm5ts made by ?is 
,act %all apply to bonds issu$ aft]     
,decemb] #ca1 #bjac4