,,ii  #aac? ,,congress  #a/ ,session    
,s4 #agaf  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,novemb] #ad1 #bjac,mr4
 ,w>n] 7= himself1 ,mr4 ,blunt1 ,mr4    
,graham1 ,mrs4 ,gillibr&1 ,mr4 ,hell]1  
,mr4 ,coons1 ,ms4 ,klobu*>1 ,mr4 ,wick]1
 ,mrs4 ,mc,caskill1 & ,mr4 ,kirk7       
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,comm]ce1 ,sci5ce1 & ,transportation  ,a
 ,,bill  ,to facilitate effici5t        
inve/m5ts & f9anc+ ( infra/ructure      
projects & new long-t]m job creation    
?r\gh ! e/abli%m5t ( an ,infra/ructure  
,f9anc+ ,au?ority1 & = o!r purposes4    
#a4 ,%ort title2 table ( cont5ts  7a7   
,%ort title ,?is ,act may be cit$ z !   
,build+ & ,r5ew+ ,infra/ructure =       
,developm5t & ,gr[? 9 ,employm5t ,act or
 ! ,,bridge ,act4  7b7 ,table ( cont5ts 
,! table ( cont5ts = ?is ,act is z      
foll[s3 ,sec4 #a4 ,%ort title2 table (  
cont5ts4,sec4 #b4 ,f9d+s & purpose4,sec4
 #c4 ,def9itions4,,title                
,i--,infra/ructure ,f9anc+              

,authority,sec4 #aja4 ,e/abli%m5t &     
g5]al au?ority ( ,,ifa4,sec4 #ajb4 ,vot+
 memb]s ( ! ,bo>d ( ,directors4,sec4    
#ajc4 ,*ief executive (fic] (           
,,ifa4,sec4 #ajd4 ,p[]s & duties ( !    
,bo>d ( ,directors4,sec4 #aje4 ,s5ior   
managem5t4,sec4 #ajf4 ,(fice ( ,te*nical
 & ,rural ,assi/ance4,sec4 #ajg4        
,special ,inspector ,g5]al = ,,ifa4,sec4
 #ajh4 ,o!r p]sonnel4,sec4 #aji4        
,compliance4,,title ,,ii--,t]ms &       
limitations on direct loans & loan      
guarantees,sec4 #bja4 ,eligibility      
crit]ia = assi/ance f ,,ifa & t]ms &    
limitations ( loans4,sec4 #bjb4 ,loan   
t]ms & repaym5t4,sec4 #bjc4 ,compliance 
& en=cem5t4,sec4 #bjd4 ,audits2 reports 
to ! ,presid5t & ,congress4,sec4 #bje4  
,effect on o!r laws4,,title             
,,iii--,fund+ ( ,i,f,a,sec4 #cja4       
,fees4,sec4 #cjb4 ,self-suffici5cy (    
,,ifa4,sec4 #cjc4 ,fund+4,sec4 #cjd4    
,contract au?ority4,sec4 #cje4          
,limitation on au?ority4,,title         
,,iv--,budget>y effects,sec4 #dja4      

,budget>y effects4  #b4 ,f9d+s & purpose
  7a7 ,f9d+s ,congress f9ds t-- 7#a7    
infra/ructure has always be5 a vital    
elem5t ( ! economic /r5g? ( ! ,unit$    
,/ates & a key indicator ( !            
int]national lead]%ip ( ! ,unit$ ,/ates2
  7#b7 ! ,erie ,canal1 ! ,hoov] ,dam1 ! 
railroads1 & ! int]/ate highway sy/em   
are all te/am5ts to ! +5uity ( ! ,unit$ 
,/ates & h help$ propel & ma9ta9 !      
,unit$ ,/ates z ! l>ge/ economy 9 ! _w2 
7#c7 accord+ to ! ,_w ,economic ,=um's  
,global ,competitiv5ess ,report1 !      
,unit$ ,/ates fell to fif? place 9      
#bjaa1 & dropp$ to sev5? place ov]all 9 
#bjab1 h[ev]1 9 ! ,quality ( ov]all     
infra/ructure category ( ! same report1 
! ,unit$ ,/ates rank$ #be? 9 ! _w2  7#d7
 accord+ to ! ,_w ,bank's #bjab ,logi/ic
 ,p]=mance ,index1 ! capacity ( c\ntries
 to effici5tly move goods & connect     
manufactur]s & consum]s ) int]national  
m>kets is improv+ ar\nd ! _w1 & ! ,unit$
 ,/ates n[ ranks n9? 9 ! _w 9           
logi/ics-relat$ infra/ructure beh9d     

c\ntries f bo? ,europe & ,asia2  7#e7   
accord+ to a ,janu>y #bjji report f !   
,univ]sity ( ,massa*usetts_/,alliance = 
,am]ican ,manufactur+ entitl$           
,employm5t1 ,productivity & ,gr[?1      
infra/ructure inve/m5t is a highly      
effective eng9e ( job creation su* t    
#a1jjj1jjj1jjj 9 new inve/m5t 9         
infra/ructure results 9 #ah1jjj total   
long-t]m jobs2  7#f7 accord+ to !       
,am]ican ,society ( ,civil ,eng9e]s1 !  
curr5t condition ( ! infra/ructure 9 !  
,unit$ ,/ates e>ns a grade po9t av]age (
 ,d1 & an e/imat$ #a1fjj1jjj1jjj1jjj (  
additional inve/m5t is ne$$ ov] ! next  
#g ye>s to br+ ! infra/ructure ( !      
,unit$ ,/ates up to adequate condition2 
7#g7 accord+ to ! ,national ,surface    
,transportation ,policy & ,rev5ue ,/udy 
,commission1 #bbe1jjj1jjj1jjj is ne$$   
annually f all s\rces = ! next #ej ye>s 
to upgrade ! ,unit$ ,/ates surface      
transportation sy/em to a /ate ( good   
repair & create a m advanc$ sy/em2  7#h7
 ! curr5t infra/ructure f9anc+ me*anisms

 ( ! ,unit$ ,/ates1 bo? on ! ,f$]al &   
,/ate level1 w fail to meet curr5t &    
=eseeable dem&s & w create l>ge fund+   
gaps2  7#i7 publi%$ reports /ate t !re  
may n be en\gh dem& = municipal bonds to
 ma9ta9 ! same level ( borr[+ at ! same 
rates1 result+ 9 significantly decreas$ 
infra/ructure inve/m5t at ! ,/ate &     
local level2  7#aj7 curr5t fund+        
me*anisms are n readily scalable & d n--
 7,a7 s]ve l>ge 9-,/ate or              
cross-jurisdictional infra/ructure      
projects1 projects ( regional or        
national significance1 or projects t    
cross sector silos2  7,b7 suffici5tly   
catalyze private sector inve/m5t2 or    
7,c7 ensure ! optimal return on public  
res\rces2  7#aa7 al?\gh grant programs (
 ! ,f$]al ,gov]nm5t mu/ cont9ue to play 
a c5tral role 9 f9anc+ ! infra/ructure  
ne$s ( ! ,unit$ ,/ates1 curr5t &        
=eseeable dem&s on exi/+ ,f$]al1 ,/ate1 
& local fund+ = infra/ructure expansion 
cle>ly exce$ ! res\rces to support ^?   
programs by m>g9s wide en\gh to prompt  

s]i\s conc]ns ab\t ! ability ( ! ,unit$ 
,/ates to su/a9 long-t]m economic       
developm5t1 productivity1 & int]national
 competitiv5ess2  7#ab7 ! capital       
m>kets1 includ+ p5sion funds1 private   
equity funds1 mutual funds1 sov]eign    
weal? funds1 & o!r inve/ors1 h a gr[+   
int]e/ 9 infra/ructure inve/m5t &       
repres5t hundr$s ( billions ( doll>s (  
pot5tial inve/m5t2 &  7#ac7 ! e/abli%m5t
 ( a f$]ally own$1 indep5d5t1           
pr(essionally manag$ in/itution t c\ld  
provide cr$it support to qualifi$       
infra/ructure projects ( regional &     
national significance1 mak+ transp>5t   
m]it-bas$ inve/m5t decisions bas$ on !  
comm]cial viability ( infra/ructure     
projects1 w\ld catalyze ! p>ticipation (
 significant private inve/m5t capital4  
7b7 ,purpose ,! purpose ( ?is ,act is to
 facilitate inve/m5t 91 & ! long-t]m    
f9anc+ (1 economically viable eligible  
infra/ructure projects ( regional or    
national significance t are 9 ! public  
int]e/ 9 a mann] t complem5ts exi/+     

,f$]al1 ,/ate1 local1 & private fund+   
s\rces = ^! projects & introduces a     
m]it-bas$ sy/em = f9anc+ ^? projects1 9 
ord] to mobilize significant private    
sector inve/m5t1 create long-t]m jobs1 &
 ensure ,unit$ ,/ates competitiv5ess    
?r\gh a self-su/a9+ in/itution t limits 
! ne$ = ongo+ ,f$]al fund+4  #c4        
,def9itions ,9 ?is ,act3 7#a7 ,bl9d tru/
 ,! t]m bl9d tru/ means a tru/ 9 :i* !  
b5efici>y has no k ( ! specific hold+s &
 no rights ov] h[ ^? hold+s are manag$  
by ! fiduci>y ( ! tru/ prior to !       
dissolution ( ! tru/4  7#b7 ,bo>d (     
,directors ,! t]m ,bo>d ( ,directors    
means ! ,bo>d ( ,directors ( ,,ifa4     
7#c7 ,*airp]son ,! t]m ,*airp]son means 
! ,*airp]son ( ! ,bo>d ( ,directors (   
,,ifa4  7#d7 ,*ief executive (fic] ,!   
t]m *ief executive (fic] means ! *ief   
executive (fic] ( ,,ifa1 appo9t$ "u     
section #ajc4  7#e7 ,co/ ,! t]m co/ has 
! mean+ giv5 ! t]m 9 section #ejb ( !   
,f$]al ,cr$it ,re=m ,act ( #aiij 7#b    
,u4,s4,c4 #ffa;a74  7#f7 ,direct loan ,!

 t]m direct loan has ! mean+ giv5 ! t]m 
9 section #ejb ( ! ,f$]al ,cr$it ,re=m  
,act ( #aiij 7#b ,u4,s4,c4 #ffa;a74     
7#g7 ,eligible entity ,! t]m eligible   
entity means-- 7,a7 an individual2  7,b7
 a corporation2  7,c7 a p>tn]%ip1       
includ+ a public-private p>tn]%ip2  7,d7
 a jo9t v5ture2  7,e7 a tru/2  7,f7 a   
,/ate or any o!r gov]nm5tal entity1     
includ+ a political subdivision or any  
o!r in/rum5tality ( a ,/ate2 or  7,g7 a 
revolv+ fund4  7#h7 ,eligible           
infra/ructure project  7,a7 ,9 g5]al ,! 
t]m eligible infra/ructure project means
 ! con/ruction1 consolidation1          
alt]ation1 or repair ( ! foll[+ sectors3
 7i7 ,int]city pass5g] or freight rail  
l9es4  7ii7 ,int]city pass5g] rail      
facilities or equipm5t4  7iii7 ,int]city
 freight rail facilities or equipm5t4   
7iv7 ,int]city pass5g] bus facilities or
 equipm5t4  7v7 ,public transportation  
facilities or equipm5t4  7vi7 ,highway  
facilities1 includ+ bridges & tunnels4  
7vii7 ,airports4  7viii7 ,air traffic   

control sy/ems4  7ix7 ,port or m>9e     
t]m9al facilities1 includ+ approa*es to 
m>9e t]m9al facilities or inl& port     
facilities4  7x7 ,port or m>9e equipm5t1
 includ+ fix$ equipm5t to s]ve approa*es
 to m>9e t]m9als or inl& ports4  7xi7   
,transmission or di/ribution pipel9es4  
7xii7 ,inl& wat]ways4  7xiii7 ,int]modal
 facilities or equipm5t relat$ to #b or 
m ( ! sectors describ$ 9 clauses 7i7    
?r\gh 7xii74  7xiv7 ,wat] treatm5t &    
solid wa/e disposal facilities1 includ+ 
dr9k+ wat] facilities4  7xv7 ,/orm wat] 
managem5t sy/ems4  7xvi7 ,dams & levees4
  7xvii7 ,facilities or equipm5t = en]gy
 transmission1 di/ribution or /orage4   
7,b7 ,au?ority ( ! ,bo>d ( ,directors to
 modify sectors ,! ,bo>d ( ,directors   
may make modifications1 at ! discretion 
( ! ,bo>d1 to any ( ! sectors describ$ 9
 subp>agraph 7,a7 by a vote ( n few] ?an
 #e ( ! vot+ memb]s ( ! ,bo>d (         
,directors4  7#i7 ,,ifa ,! t]m ,,ifa    
means ! ,infra/ructure ,f9anc+ ,au?ority
 e/abli%$ by ?is ,act4  7#aj7           

,inve/m5t-grade rat+ ,! t]m             
inve/m5t-grade rat+ means a rat+ ( ,,bbb
 m9us1 ,baa#c1 or high] assign$ to an   
eligible infra/ructure project by a     
rat+s ag5cy4  7#aa7 ,loan gu>antee ,!   
t]m loan gu>antee has ! mean+ giv5 ! t]m
 9 section #ejb ( ! ,f$]al ,cr$it ,re=m 
,act ( #aiij 7#b ,u4,s4,c4 #ffa;a74     
7#ab7 ,public-private p>tn]%ip ,! t]m   
public-private p>tn]%ip means any       
eligible entity-- 7,a7 7i7 t is und]tak+
 ! developm5t ( all or "p ( an eligible 
infra/ructure project t w h a measurable
 public b5efit1 pursuant to requirem5ts 
e/abli%$ 9 #a or m contracts betwe5 !   
entity & a ,/ate or an in/rum5tality ( a
 ,/ate2 or  7ii7 ! activities ( :i*1 )  
respect to su* an eligible infra/ructure
 project1 are subject to regulation by a
 ,/ate or any in/rum5tality ( a ,/ate2  
7,b7 t owns1 leases1 or op]ates or w    
own1 lease1 or op]ate1 ! project 9 :ole 
or 9 "p2 &  7,c7 ! p>ticipants 9 :i*    
include n few] ?an #a nongov]nm5tal     
entity ) significant inve/m5t & "s      

control ov] ! project or entity sponsor+
 ! project vehicle4  7#ac7 ,rat+ ag5cy  
,! t]m rat+ ag5cy means a cr$it rat+    
ag5cy regi/]$ ) ! ,securities & ,ex*ange
 ,commission z a nationally recogniz$   
/ati/ical rat+ organization 7z def9$ 9  
section #c7;a7 ( ! ,securities ,ex*ange 
,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a7774 
7#ad7 ,rural infra/ructure project ,!   
t]m rural infra/ructure project-- 7,a7  
has ! same mean+ giv5 ! t]m 9 section   
#fja7ae7 ( title #bc1 ,unit$ ,/ates     
,code2 &  7,b7 includes any eligible    
infra/ructure project locat$ 9 an area  
describ$ 9 su* section #fja7ae74  7#ae7 
,secret>y ,! t]m ,secret>y means !      
,secret>y ( ! ,treasury or ! designee ( 
! ,secret>y ( ! ,treasury4  7#af7 ,s5ior
 managem5t ,! t]m s5ior managem5t means 
! *ief f9ancial (fic]1 *ief risk (fic]1 
*ief compliance (fic]1 g5]al c\nsel1    
*ief l5d+ (fic]1 & *ief op]ations (fic] 
( ,,ifa1 & su* o!r (fic]s z ! ,bo>d (   
,directors may1 by majority vote1 add to
 s5ior managem5t4  7#ag7 ,/ate ,! t]m   

,/ate means-- 7,a7 ea* ( ! sev]al ,/ates
 ( ! ,unit$ ,/ates2 &  7,b7 ! ,di/rict (
 ,columbia4  ,i ,infra/ructure ,f9anc+  
,au?ority  #aja4 ,e/abli%m5t & g5]al    
au?ority ( ,,ifa  7a7 ,e/abli%m5t (     
,,ifa ,! ,infra/ructure ,f9anc+         
,au?ority is e/abli%$ z a :olly own$    
,gov]nm5t corporation4  7b7 ,g5]al      
au?ority ( ,,ifa ,,ifa %all-- 7#a7      
provide direct loans & loan gu>antees to
 facilitate eligible infra/ructure      
projects t are economically viable1 9 ! 
public int]e/1 & ( regional or national 
significance2 &  7#b7 c>ry out any o!r  
activities & duties au?oriz$ "u ?is     
,act4  7c7 ,incorporation  7#a7 ,9 g5]al
 ,! ,bo>d ( ,directors fir/ appo9t$ %all
 be deem$ ! incorporator ( ,,ifa1 & !   
incorporation %all be held to h be5     
effect$ f ! date ( ! fir/ meet+ ( !     
,bo>d ( ,directors4  7#b7 ,corporate    
(fice ,,ifa %all-- 7,a7 ma9ta9 an (fice 
9 ,wa%+ton1 ,,dc2 &  7,b7 = purposes (  
v5ue 9 civil actions1 be consid]$ to be 
a resid5t ( ,wa%+ton1 ,,dc4  7d7        

,responsibility ( ! ,secret>y ,!        
,secret>y %all take su* action z may be 
necess>y to assi/ 9 implem5t+ ,,ifa & 9 
c>ry+ out ! purpose ( ?is ,act4  7e7    
,rule ( ,con/ruction ,*apt] #ia ( title 
#ca1 ,unit$ ,/ates ,code1 does n apply  
to ,,ifa1 unless o!rwise specifically   
provid$ 9 ?is ,act4  #ajb4 ,vot+ memb]s 
( ! ,bo>d ( ,directors  7a7 ,vot+       
,memb]%ip ( ! bo>d ( directors  7#a7 ,9 
g5]al ,,ifa %all h a ,bo>d ( ,directors 
consi/+ ( #g vot+ memb]s appo9t$ by !   
,presid5t1 by & ) ! advice & cons5t ( ! 
,s5ate1 n m ?an #d ( :om %all be f !    
same political p>ty4  7#b7 ,*airp]son   
,"o ( ! vot+ memb]s ( ! ,bo>d (         
,directors %all be designat$ by !       
,presid5t1 by & ) ! advice & cons5t ( ! 
,s5ate1 to s]ve z ,*airp]son ( ! ,bo>d (
 ,directors4  7#c7 ,congressional       
recomm5dations ,n lat] ?an #cj days aft]
 ! date ( enactm5t ( ?is ,act1 !        
majority lead] ( ! ,s5ate1 ! m9ority    
lead] ( ! ,s5ate1 ! ,speak] ( ! ,h\se ( 
,repres5tatives1 & ! m9ority lead] ( !  

,h\se ( ,repres5tatives %all ea* submit 
a recomm5dation to ! ,presid5t =        
appo9tm5t ( a memb] ( ! ,bo>d (         
,directors1 aft] consultation ) !       
appropriate committees ( ,congress4     
7#d7 ,special consid]ation ( rural      
int]e/s & geographic div]sity ,9 mak+ an
 appo9tm5t "u ?is subsection1 !         
,presid5t %all give consid]ation to !   
geographic areas ( ! ,unit$ ,/ates 9 :i*
 ! memb]s ( ! ,bo>d ( ,directors live & 
"w1 p>ticul>ly to ensure t !            
infra/ructure priorities & conc]ns ( ea*
 region ( ! c\ntry1 includ+ rural areas 
& small communities1 are repres5t$ on ! 
,bo>d ( ,directors4  7b7 ,vot+ rights   
,ea* vot+ memb] ( ! ,bo>d ( ,directors  
%all h an equal vote 9 all decisions ( !
 ,bo>d ( ,directors4  7c7               
,qualifications ( vot+ memb]s ,ea* vot+ 
memb] ( ! ,bo>d ( ,directors %all-- 7#a7
 be a citiz5 ( ! ,unit$ ,/ates2 &  7#b7 
h significant demon/rat$ exp]tise 9--   
7,a7 ! managem5t & adm9i/ration ( a     
f9ancial in/itution relevant to !       

op]ation ( ,,ifa2 or  7,b7 ! f9anc+1    
developm5t1 or op]ation ( infra/ructure 
projects1 includ+ 9 ! evaluation &      
selection ( eligible infra/ructure      
projects bas$ on ! purposes1 goals1 &   
objectives ( ?is ,act4  7d7 ,t]ms  7#a7 
,9 g5]al ,except z o!rwise provid$ 9 ?is
 ,act1 ea* vot+ memb] ( ! ,bo>d (       
,directors %all be appo9t$ = a t]m ( #e 
ye>s4  7#b7 ,initial /agg]$ t]ms ,( !   
vot+ memb]s fir/ appo9t$ to ! ,bo>d (   
,directors-- 7,a7 ! initial ,*airp]son &
 #c ( ! o!r vot+ memb] %all ea* be      
appo9t$ = a t]m ( #e ye>s2 &  7,b7 !    
rema9+ #c vot+ memb]s %all ea* be       
appo9t$ = a t]m ( #b ye>s4  7#c7 ,date (
 initial nom9ations ,! initial          
nom9ations = ! appo9tm5t ( all vot+     
memb]s ( ! ,bo>d ( ,directors %all be   
made n lat] ?an #fj days aft] ! date (  
enactm5t ( ?is ,act4  7#d7 ,beg9n+ ( t]m
 ,! t]m ( ea* ( ! initial vot+ memb]s   
appo9t$ "u ?is section %all comm5ce     
imm$iately ^u ! date ( appo9tm5t1 except
 t1 = purposes ( calculat+ ! t]m limits 

specifi$ 9 ?is subsection1 ! initial    
t]ms %all ea* be con/ru$ z beg9n+ on    
,janu>y #bb ( ! ye> foll[+ ! date ( !   
initial appo9tm5t4  7#e7 ,vacancies     
7,a7 ,9 g5]al ,a vacancy 9 ! position ( 
a vot+ memb] ( ! ,bo>d ( ,directors %all
 be fill$ by ! ,presid5t1 by & ) !      
advice & cons5t ( ! ,s5ate4  7,b7 ,t]m  
,a memb] appo9t$ to fill a vacancy on ! 
,bo>d ( ,directors occurr+ be=e !       
expiration ( ! t]m = :i* ! pr$ecessor 0 
appo9t$ %all be appo9t$ only = ! rema9d]
 ( t t]m4  7e7 ,meet+s  7#a7 ,op5 to !  
public2 notice ,except z provid$ 9      
p>agraph 7#c71 all meet+s ( ! ,bo>d (   
,directors %all be-- 7,a7 op5 to !      
public2 &  7,b7 prec$$ by reasonable    
public notice4  7#b7 ,frequ5cy ,! ,bo>d 
( ,directors %all meet-- 7,a7 n lat] ?an
 #fj days aft] ! date on :i* all memb]s 
( ! ,bo>d ( ,directors are fir/ appo9t$2
  7,b7 at lea/ qu>t]ly aft] ! date      
describ$ 9 subp>agraph 7,a72 &  7,c7 at 
! call ( ! ,*airp]son or #c vot+ memb]s 
( ! ,bo>d ( ,directors4  7#c7 ,exception

 = clos$ meet+s  7,a7 ,9 g5]al ,! vot+  
memb]s ( ! ,bo>d ( ,directors may1 by   
majority vote1 close a meet+ to ! public
 if1 dur+ ! meet+ to be clos$1 !re is   
likely to be disclos$ propriet>y or     
s5sitive in=mation reg>d+ an eligible   
infra/ructure project "u consid]ation = 
assi/ance "u ?is ,act4  7,b7            
,availability ( m9utes ,! ,bo>d (       
,directors %all prep>e m9utes ( any     
meet+ t is clos$ to ! public1 :i* m9utes
 %all be made available z soon z        
practicable1 b n lat] ?an #a ye> aft] ! 
date ( ! clos$ meet+1 ) any necess>y    
r$actions to protect any propriet>y or  
s5sitive in=mation4  7#d7 ,quorum ,=    
purposes ( meet+s ( ! ,bo>d (           
,directors1 #e vot+ memb]s ( ! ,bo>d (  
,directors %all con/itute a quorum4  7f7
 ,comp5sation ( memb]s ,ea* vot+ memb] (
 ! ,bo>d ( ,directors %all be comp5sat$ 
at a rate equal to ! daily equival5t ( !
 annual rate ( basic pay prescrib$ =    
level ,,iii ( ! ,executive ,s*$ule "u   
section #ecad ( title #e1 ,unit$ ,/ates 

,code1 = ea* day 7includ+ travel "t7    
dur+ :i* ! memb] is engag$ 9 ! p]=mance 
( ! duties ( ! ,bo>d ( ,directors4  7g7 
,conflicts ( int]e/ ,a vot+ memb] ( !   
,bo>d ( ,directors may n p>ticipate 9   
any review or decision affect+ an       
eligible infra/ructure project "u       
consid]ation = assi/ance "u ?is ,act1 if
 ! memb] has or is affiliat$ ) an entity
 :o has a f9ancial int]e/ 9 t project4  
#ajc4 ,*ief executive (fic] ( ,,ifa  7a7
 ,9 g5]al ,! *ief executive (fic] (     
,,ifa %all-- 7#a7 be a nonvot+ memb] ( !
 ,bo>d ( ,directors2  7#b7 be           
responsible = all activities ( ,,ifa2 & 
7#c7 support ! ,bo>d ( ,directors 9     
accordance ) ?is ,act & z ! ,bo>d (     
,directors det]m9es to be necess>y4  7b7
 ,appo9tm5t & t5ure ( ! *ief executive  
(fic]  7#a7 ,9 g5]al ,! ,presid5t %all  
appo9t ! *ief executive (fic]1 by & ) ! 
advice & cons5t ( ! ,s5ate4  7#b7 ,t]m  
,! *ief executive (fic] %all be appo9t$ 
= a t]m ( #f ye>s4  7#c7 ,vacancies     
7,a7 ,9 g5]al ,any vacancy 9 ! (fice ( !

 *ief executive (fic] %all be fill$ by !
 ,presid5t1 by & ) ! advice & cons5t ( !
 ,s5ate4  7,b7 ,t]m ,! p]son appo9t$ to 
fill a vacancy 9 ! *ief executive (fic] 
position t occurs be=e ! expiration ( ! 
t]m = :i* ! pr$ecessor 0 appo9t$ %all be
 appo9t$ only = ! rema9d] ( t t]m4  7c7 
,qualifications ,! *ief executive       
(fic]-- 7#a7 %all h significant exp]tise
 9 managem5t & adm9i/ration ( a f9ancial
 in/itution1 or significant exp]tise 9 !
 f9anc+ & developm5t ( infra/ructure    
projects2 &  7#b7 may n-- 7,a7 hold any 
o!r public (fice2  7,b7 h any f9ancial  
int]e/ 9 an eligible infra/ructure      
project !n be+ consid]$ by ! ,bo>d (    
,directors1 unless t int]e/ is plac$ 9 a
 bl9d tru/2 or  7,c7 h any f9ancial     
int]e/ 9 an inve/m5t in/itution or its  
affiliates or any o!r entity seek+ or   
likely to seek f9ancial assi/ance = any 
eligible infra/ructure project f ,,ifa1 
unless any su* int]e/ is plac$ 9 a bl9d 
tru/ = ! t5ure ( ! s]vice ( ! *ief      
executive (fic] plus #b additional ye>s4

  7d7 ,responsibilities ,! *ief         
executive (fic] %all h su* executive    
functions1 p[]s1 & duties z may be      
prescrib$ by ?is ,act1 ! bylaws ( ,,ifa1
 or ! ,bo>d ( ,directors1 includ+-- 7#a7
 responsibility = ! developm5t &        
implem5tation ( ! /rategy ( ,,ifa1      
includ+-- 7,a7 ! developm5t & submission
 to ! ,bo>d ( ,directors ( ! annual     
bus9ess plans & budget2  7,b7 !         
developm5t & submission to ! ,bo>d (    
,directors ( a long-t]m /rategic plan2 &
  7,c7 ! developm5t1 revision1 &        
submission to ! ,bo>d ( ,directors (    
int]nal policies2 &  7#b7 responsibility
 = ! managem5t & ov]sight ( ! daily     
activities1 decisions1 op]ations1 &     
p]sonnel ( ,,ifa4  7e7 ,comp5sation     
7#a7 ,9 g5]al ,any comp5sation assessm5t
 or recomm5dation by ! *ief executive   
(fic] "u ?is section %all be )\t reg>d  
to ! provisions ( *apt] #ea or sub*apt] 
,,iii ( *apt] #ec ( title #e1 ,unit$    
,/ates ,code4  7#b7 ,consid]ations ,!   
comp5sation assessm5t or recomm5dation  

requir$ "u ?is subsection %all take into
 acc\nt m]it pr9ciples1 :]e applicable1 
z well z ! education1 exp]i5ce1 level ( 
responsibility1 geographic diff]5ces1 & 
ret5tion & recruitm5t ne$s 9 det]m9+    
comp5sation ( p]sonnel4  #ajd4 ,p[]s &  
duties ( ! ,bo>d ( ,directors ,! ,bo>d (
 ,directors %all-- 7#a7 z soon z        
practicable aft] ! date on :i* all      
memb]s are appo9t$1 approve or          
disapprove s5ior managem5t appo9t$ by ! 
*ief executive (fic]2  7#b7 n lat] ?an  
#ahj days aft] ! date on :i* all memb]s 
are appo9t$-- 7,a7 develop & approve !  
bylaws ( ,,ifa1 includ+ bylaws = !      
regulation ( ! affairs & conduct ( !    
bus9ess ( ,,ifa1 consi/5t ) ! purpose1  
goals1 objectives1 & policies set =? 9  
?is ,act2  7,b7 e/abli% subcommittees1  
includ+ an audit committee t is compos$ 
solely ( memb]s ( ! ,bo>d ( ,directors1 
o!r ?an ! *ief executive (fic]2  7,c7   
develop & approve1 9 consultation )     
s5ior managem5t1 a conflict-(-int]e/    
policy = ! ,bo>d ( ,directors & = s5ior 

managem5t2  7,d7 approve or disapprove  
int]nal policies t ! *ief executive     
(fic] %all submit to ! ,bo>d (          
,directors1 includ+-- 7i7 policies      
reg>d+ ! loan application & approval    
process1 includ+ application proc$ures &
 project approval processes2  7ii7      
op]ational guidel9es2 &  7,e7 approve or
 disapprove a #a-ye> bus9ess plan &     
budget = ,,ifa2  7#c7 ensure t ,,ifa is 
at all times op]at$ 9 a mann] t is      
consi/5t ) ?is ,act1 by-- 7,a7 monitor+ 
& assess+ ! effectiv5ess ( ,,ifa 9      
a*iev+ its /rategic goals2  7,b7 review+
 & approv+ int]nal policies1 annual     
bus9ess plans1 annual budgets1 &        
long-t]m /rategies submitt$ by ! *ief   
executive (fic]2  7,c7 review+ & approv+
 annual reports submitt$ by ! *ief      
executive (fic]2  7,d7 engag+ #a or m   
ext]nal auditors1 z set =? 9 ?is ,act2 &
  7,e7 review+ & approv+ all *anges to !
 organization ( s5ior managem5t2  7#d7  
appo9t & fix1 by a vote ( n less ?an #e 
( ! #g vot+ memb]s ( ! ,bo>d (          

,directors1 & )\t reg>d to ! provisions 
( *apt] #ea or sub*apt] ,,iii ( *apt]   
#ec ( title #e1 ,unit$ ,sates ,code1 !  
comp5sation & adju/m5ts to comp5sation (
 all ,,ifa p]sonnel1 provid$ t 9 appo9t+
 & fix+ any comp5sation or adju/m5ts to 
comp5sation "u ?is p>agraph1 ! ,bo>d    
%all-- 7,a7 consult )1 & seek to ma9ta9 
comp>ability )1 o!r comp>able ,f$]al    
p]sonnel1 z ! ,bo>d ( ,directors may    
det]m9e to be appropriate2  7,b7 consult
 ) ! ,(fice ( ,p]sonnel ,managem5t2 &   
7,c7 c>ry out ^? duties consi/5t ) m]it 
pr9ciples1 :]e applicable1 z well z !   
education1 exp]i5ce1 level (            
responsibility1 geographic diff]5ces1   
comp>ability to private sector          
positions1 & ret5tion & recruitm5t ne$s 
9 det]m9+ comp5sation ( p]sonnel2  7#e7 
s]ve z ! prim>y liaison = ,,ifa 9       
int]actions ) ,congress1 ! ,secret>y (  
,transportation & o!r ,executive ,bran* 
(ficials1 & ,/ate & local gov]nm5ts1 &  
to repres5t ! int]e/s ( ,,ifa 9 ^?      
int]actions & o!rs2  7#f7 approve by a  

vote ( n less ?an #e ( ! #g vot+ memb]s 
( ! ,bo>d ( ,directors any *anges to !  
bylaws or int]nal policies ( ,,ifa2     
7#g7 h ! au?ority & responsibility--    
7,a7 to ov]see ent]+ into & c>ry+ out   
su* contracts1 leases1 coop]ative       
agreem5ts1 or o!r transactions z are    
necess>y to c>ry out ?is ,act2  7,b7 to 
approve ( ! acquisition1 lease1 pl$ge1  
ex*ange1 & disposal ( real & p]sonal    
prop]ty by ,,ifa & o!rwise approve !    
ex]cise by ,,ifa ( all ( ! usual        
incid5ts ( own]%ip ( prop]ty1 to ! ext5t
 t ! ex]cise ( ^? p[]s is appropriate to
 & consi/5t ) ! purposes ( ,,ifa2  7,c7 
to det]m9e ! "* (1 & ! necessity =1 !   
obligations & exp5ditures ( ,,ifa1 & !  
mann] 9 :i* ! obligations & exp5ditures 
w be incurr$1 all[$1 & paid1 subject to 
?is ,act & o!r ,f$]al law specifically  
applicable to :olly own$ ,f$]al         
corporations2  7,d7 to execute1 9       
accordance ) applicable bylaws &        
regulations1 appropriate in/rum5ts2     
7,e7 to approve o!r =ms ( cr$it         

enhancem5t t ,,ifa may provide to       
eligible projects1 z long z ! =ms (     
cr$it enhancem5ts are consi/5t ) !      
purposes ( ?is ,act & t]ms set =? 9     
title ,,ii2  7,f7 to ex]cise all o!r    
lawful p[]s :i* are necess>y or         
appropriate to c>ry out1 & are consi/5t 
)1 ! purposes ( ,,ifa2  7,g7 to sue or  
be su$ 9 ! corporate capacity ( ,,ifa 9 
any c\rt ( compet5t jurisdiction2  7,h7 
to indemnify ! memb]s ( ! ,bo>d (       
,directors & (fic]s ( ,,ifa = any       
liabilities aris+ out ( ! actions ( !   
memb]s & (fic]s 9 t capacity1 9         
accordance )1 & subject to ! limitations
 conta9$ 9 ?is ,act2  7,i7 to review all
 f9ancial assi/ance packages to all     
eligible infra/ructure projects1 z      
submitt$ by ! *ief executive (fic] & to 
approve1 po/pone1 or d5y ! same by      
majority vote2  7,j7 to review all      
re/ructur+ proposals submitt$ by ! *ief 
executive (fic]1 includ+ assignation1   
pl$g+1 or disposal ( ! int]e/ ( ,,ifa 9 
a project1 includ+ paym5t or income f   

any int]e/ own$ or held by ,,ifa1 & to  
approve1 po/pone1 or d5y ! same by      
majority vote2  7,k7 to ent] into b9d+  
commitm5ts1 z specifi$ 9 approv$        
f9ancial assi/ance packages2  7,l7 to   
det]m9e :e!r-- 7i7 to obta9 a li5 on !  
assets ( an eligible entity t receives  
assi/ance "u ?is ,act2 &  7ii7 to       
subord9ate a li5 "u clause 7i7 to any   
o!r li5 secur+ project obligations2 &   
7,m7 to ensure a measurable public      
b5efit 9 ! selection ( eligible         
infra/ructure projects & to provide =   
reasonable public input 9 ! selection ( 
su* projects2  7#h7 delegate to ! *ief  
executive (fic] ^? duties t ! ,bo>d (   
,directors det]m9es to be appropriate1  
to bett] c>ry out ! p[]s & purposes ( ! 
,bo>d ( ,directors "u ?is section2 &    
7#i7 to approve a maximum aggregate     
am\nt ( pr9cipal exposure ( ,,ifa at any
 giv5 "t4  #aje4 ,s5ior managem5t  7a7  
,9 g5]al ,s5ior managem5t %all support !
 *ief executive (fic] 9 ! dis*>ge ( !   
responsibilities ( ! *ief executive     

(fic]4  7b7 ,appo9tm5t ( s5ior managem5t
 ,! *ief executive (fic] %all appo9t su*
 s5ior manag]s z are necess>y to c>ry   
out ! purposes ( ,,ifa1 z approv$ by a  
majority vote ( ! vot+ memb]s ( ! ,bo>d 
( ,directors1 includ+ a *ief compliance 
(fic]1 g5]al c\nsel1 *ief op]at+ (fic]1 
*ief l5d+ (fic]1 & o!r positions z      
det]m9$ to be appropriate by ! *ief     
executive (fic] & ,bo>d ( ,directors4   
7c7 ,t]m ,ea* memb] ( s5ior managem5t   
%all s]ve at ! pleasure ( ! *ief        
executive (fic] & ! ,bo>d ( ,directors4 
7d7 ,removal ( s5ior managem5t ,any     
memb] ( s5ior managem5t may be remov$-- 
7#a7 by a majority ( ! vot+ memb]s ( !  
,bo>d ( ,directors at ! reque/ ( ! *ief 
executive (fic]2 or  7#b7 by a vote ( n 
few] ?an #e vot+ memb]s ( ! ,bo>d (     
,directors4  7e7 ,s5ior managem5t  7#a7 
,9 g5]al ,ea* memb] ( s5ior managem5t   
%all report directly to ! *ief executive
 (fic]1 o!r ?an ! *ief risk (fic]1 :o   
%all report directly to ! ,bo>d (       
,directors4  7#b7 ,*ief risk (fic] ,!   

*ief risk (fic] %all be responsible =   
all functions ( ,,ifa relat+ to-- 7,a7 !
 creation ( f9ancial1 cr$it1 &          
op]ational risk managem5t guidel9es &   
policies2  7,b7 ! e/abli%m5t ( guidel9es
 to ensure div]sification ( l5d+        
activities by region1 infra/ructure     
project type1 & project size2  7,c7 !   
creation ( con=m+ /&>ds = infra/ructure 
f9ance agreem5ts2  7,d7 ! monitor+ ( !  
f9ancial1 cr$it1 & op]ational exposure (
 ,,ifa2 &  7,e7 risk managem5t &        
mitigation actions1 includ+ by report+  
^? actions1 or recomm5dations ( actions 
to be tak51 directly to ! ,bo>d (       
,directors4  7f7 ,conflicts ( int]e/ ,no
 individual appo9t$ to s5ior managem5t  
may-- 7#a7 hold any o!r public (fice2   
7#b7 h any f9ancial int]e/ 9 an eligible
 infra/ructure project !n be+ consid]$  
by ! ,bo>d ( ,directors1 unless t int]e/
 is plac$ 9 a bl9d tru/2 or  7#c7 h any 
f9ancial int]e/ 9 an inve/m5t in/itution
 or its affiliates1 ,,ifa or its        
affiliates1 or o!r entity !n seek+ or   

likely to seek f9ancial assi/ance = any 
eligible infra/ructure project f ,,ifa1 
unless any su* int]e/ is plac$ 9 a bl9d 
tru/ dur+ ! t]m ( s]vice ( t individual 
9 a s5ior managem5t position1 & = a     
p]iod ( #b ye>s !reaft]4  #ajf4 ,(fice (
 ,te*nical & ,rural ,assi/ance  7a7 ,9  
g5]al ,! *ief executive (fic] %all      
create & manage )9 ,,ifa an (fice1 to be
 kn[n z ! ,(fice ( ,te*nical & ,rural   
,assi/ance4  7b7 ,duties ,! ,(fice (    
,te*nical & ,rural ,assi/ance %all--    
7#a7 9 consultation ) ! ,secret>y1 !    
,secret>y ( ,transportation1 & ! heads (
 o!r relevant ,f$]al ag5cies1 z det]m9$ 
by ! *ief executive (fic]1 provide      
te*nical assi/ance to ,/ate & local     
gov]nm5ts & p>ties 9 public-private     
p>tn]%ips 9 ! developm5t & f9anc+ (     
eligible infra/ructure projects1 includ+
 rural infra/ructure projects2  7#b7    
assi/ ! entities describ$ 9 p>agraph    
7#a7 ) coord9at+ loan & loan gu>antee   
programs available ?r\gh ,f$]al ag5cies1
 includ+ ! ,dep>tm5t ( ,transportation &

 o!r ,f$]al ag5cies z appropriate2 &    
7#c7 "w ) ! entities describ$ 9 p>agraph
 7#a7 to id5tify & develop a pipel9e (  
projects suitable = f9anc+ ?r\gh        
innovative project f9anc+ & p]=mance    
bas$ project deliv]y1 includ+ ^?        
projects ) ! pot5tial = f9anc+ ?r\gh    
,,ifa4  #ajg4 ,special ,inspector ,g5]al
 = ,,ifa  7a7 ,9 g5]al  7#a7 ,initial   
p]iod ,= ! #e-ye> p]iod beg9n+ on ! date
 ( enactm5t ( ?is ,act1 ! ,inspector    
,g5]al ( ! ,dep>tm5t ( ,treasury %all   
s]ve z ! ,special ,inspector ,g5]al =   
,,ifa 9 addition to ! exi/+ duties ( !  
,inspector ,g5]al ( ! ,dep>tm5t (       
,treasury4  7#b7 ,(fice ( ! ,special    
,inspector ,g5]al ,effective beg9n+ on !
 day t is #e ye>s aft] ! date ( enactm5t
 ( ?is ,act1 !re is e/abli%$ ! ,(fice ( 
! ,special ,inspector ,g5]al = ,,ifa4   
7b7 ,appo9tm5t ( ,inspector ,g5]al2     
removal  7#a7 ,head ( ,(fice ,! head ( !
 ,(fice ( ! ,special ,inspector ,g5]al =
 ,,ifa %all be ! ,special ,inspector    
,g5]al = ,,ifa 7ref]r$ to 9 ?is ,act z !

 ,special ,inspector ,g5]al71 :o %all be
 appo9t$ by ! ,presid5t1 by & ) ! advice
 & cons5t ( ! ,s5ate4  7#b7 ,basis (    
appo9tm5t ,! appo9tm5t ( ! ,special     
,inspector ,g5]al %all be made on !     
basis ( integrity & demon/rat$ ability 9
 acc\nt+1 audit+1 f9ancial analysis1    
law1 managem5t analysis1 public         
adm9i/ration1 or inve/igations4  7#c7   
,tim+ ( nom9ation ,! nom9ation ( an     
individual z ,special ,inspector ,g5]al 
%all be made z soon z practicable aft] !
 date ( enactm5t ( ?is ,act4  7#d7      
,removal ,! ,special ,inspector ,g5]al  
%all be removable f (fice 9 accordance )
 ! provisions ( section #c7;b7 ( !      
,inspector ,g5]al ,act ( #aigh 7#e      
,u4,s4,c4 ,app474  7#e7 ,rule (         
con/ruction ,= purposes ( section #gcbd 
( title #e1 ,unit$ ,/ates ,code1 !      
,special ,inspector ,g5]al %all n be    
consid]$ an employee :o det]m9es        
policies to be pursu$ by ! ,unit$ ,/ates
 9 ! nationwide adm9i/ration ( ,f$]al   
law4  7#f7 ,rate ( pay ,! annual rate ( 

basic pay ( ! ,special ,inspector ,g5]al
 %all be ! annual rate ( basic pay = an 
,inspector ,g5]al "u section #c7;e7 ( ! 
,inspector ,g5]al ,act ( #aigh 7#e      
,u4,s4,c4 ,app474  7c7 ,duties ,!       
,special ,inspector ,g5]al %all-- 7#a7  
conduct1 sup]vise1 & coord9ate audits & 
inve/igations ( ! bus9ess activities (  
,,ifa2  7#b7 e/abli%1 ma9ta91 & ov]see  
su* sy/ems1 proc$ures1 & controls z !   
,special ,inspector ,g5]al consid]s     
appropriate to dis*>ge ! duty "u        
p>agraph 7#a72 &  7#c7 c>ry out any o!r 
duties & responsibilities ( inspectors  
g5]al "u ! ,inspector ,g5]al ,act (     
#aigh 7#e ,u4,s4,c4 ,app474  7d7 ,p[]s &
 au?orities  7#a7 ,9 g5]al ,9 c>ry+ out 
! duties specifi$ 9 subsection 7c71 !   
,special ,inspector ,g5]al %all h !     
au?orities provid$ 9 section #f ( !     
,inspector ,g5]al ,act ( #aigh 7#e      
,u4,s4,c4 ,app474  7#b7 ,additional     
au?ority ,! ,special ,inspector ,g5]al  
%all c>ry out ! duties specifi$ 9       
subsection 7c77#a7 9 accordance )       

section #d7;b77#a7 ( ! ,inspector ,g5]al
 ,act ( #aigh 7#e ,u4,s4,c4 ,app474  7e7
 ,p]sonnel1 facilities1 & o!r res\rces  
7#a7 ,additional (fic]s  7,a7 ,9 g5]al  
,! ,special ,inspector ,g5]al may       
select1 appo9t1 & employ su* (fic]s &   
employees z may be necess>y = c>ry+ out 
! duties ( ! ,special ,inspector ,g5]al1
 subject to ! provisions ( title #e1    
,unit$ ,/ates ,code1 gov]n+ appo9tm5ts 9
 ! competitive s]vice1 & ! provisions ( 
*apt] #ea & sub*apt] ,,iii ( *apt] #ec (
 su* title1 relat+ to classification &  
,g5]al ,s*$ule pay rates4  7,b7         
,employm5t & comp5sation ,! ,special    
,inspector ,g5]al may ex]cise !         
au?orities ( subsections 7b7 ?r\gh 7i7 (
 section #cafa ( title #e1 ,unit$ ,/ates
 ,code 7)\t reg>d to subsection 7a7 ( t 
section74  7#b7 ,ret5tion ( s]vices ,!  
,special ,inspector ,g5]al may obta9    
s]vices z au?oriz$ by section #caji (   
title #e1 ,unit$ ,/ates ,code1 at daily 
rates n to exce$ ! equival5t rate       
prescrib$ = grade ,,gs-#ae ( ! ,g5]al   

,s*$ule by section #eccb ( su* title4   
7#c7 ,ability to contract = audits1     
/udies1 & o!r s]vices ,! ,special       
,inspector ,g5]al may ent] into         
contracts & o!r arrangem5ts = audits1   
/udies1 analyses1 & o!r s]vices ) public
 ag5cies & ) private p]sons1 & make su* 
paym5ts z may be necess>y to c>ry out ! 
duties ( ! ,special ,inspector ,g5]al4  
7#d7 ,reque/ = in=mation  7,a7 ,9 g5]al 
,^u reque/ ( ! ,special ,inspector      
,g5]al = in=mation or assi/ance f any   
dep>tm5t1 ag5cy1 or o!r entity ( !      
,f$]al ,gov]nm5t1 ! head ( t entity     
%all1 ins(> z is practicable & n 9      
contrav5tion ( any exi/+ law1 furni% !  
in=mation or assi/ance to ! ,special    
,inspector ,g5]al or an au?oriz$        
designee4  7,b7 ,refusal to comply ,if  
in=mation or assi/ance reque/$ by !     
,special ,inspector ,g5]al is1 9 !      
judgm5t ( ! ,special ,inspector ,g5]al1 
unreasonably refus$ or n provid$1 !     
,special ,inspector ,g5]al %all report !
 circum/ances to ! ,secret>y1 )\t delay4

  7f7 ,reports  7#a7 ,annual report ,n  
lat] ?an #a ye> aft] ! date on :i* !    
,special ,inspector ,g5]al is confirm$1 
& e cal5d> ye> !reaft]1 ! ,special      
,inspector ,g5]al %all submit to !      
,presid5t & appropriate committees (    
,congress a report summ>iz+ ! activities
 ( ! ,special ,inspector ,g5]al dur+ !  
previ\s #a-ye> p]iod end+ on ! date ( t 
report4  7#b7 ,public disclosures ,no?+ 
9 ?is subsection au?orizes ! public     
disclosure ( in=mation t is-- 7,a7      
specifically prohibit$ f disclosure by  
any o!r provision ( law2  7,b7          
specifically requir$ by ,executive ord] 
to be protect$ f disclosure 9 ! int]e/ (
 national def5se or national security or
 9 ! conduct ( =eign affairs2 or  7,c7 a
 "p ( an ongo+ crim9al inve/igation4    
#ajh4 ,o!r p]sonnel  7a7 ,appo9tm5t1    
removal1 & def9ition ( duties ,except z 
o!rwise provid$ 9 ! bylaws ( ,,ifa1 !   
*ief executive (fic]1 9 consultation ) !
 ,bo>d ( ,directors1 %all appo9t1       
remove1 & def9e ! duties ( su* qualifi$ 

p]sonnel z are necess>y to c>ry out !   
p[]s1 duties1 & purpose ( ,,ifa1 o!r ?an
 s5ior managem5t1 :o %all be appo9t$ 9  
accordance ) section #aje4  7b7         
,coord9ation 9 id5tify+ qualifications &
 exp]tise ,9 appo9t+ qualifi$ p]sonnel  
pursuant to subsection 7a71 ! *ief      
executive (fic] %all coord9ate )1 & seek
 assi/ance f1 ! ,secret>y (             
,transportation 9 id5tify+ ! appropriate
 qualifications & exp]tise 9            
infra/ructure project f9ance4  #aji4    
,compliance ,! provision ( assi/ance by 
,,ifa pursuant to ?is ,act does n       
sup]s$e any provision ( ,/ate law or    
regulation o!rwise applicable to an     
eligible infra/ructure project4  ,,ii   
,t]ms & limitations on direct loans &   
loan gu>antees  #bja4 ,eligibility      
crit]ia = assi/ance f ,,ifa & t]ms &    
limitations ( loans  7a7 ,public b5efit 
requir$  7#a7 ,9 g5]al ,any project !   
use or purpose ( :i* is private & = :i* 
no public b5efit is creat$1 z det]m9$ by
 ! ,bo>d ( ,directors1 %all n be        

eligible = f9ancial assi/ance f ,,ifa "u
 ?is ,act4  7#b7 ,crit]ia ,f9ancial     
assi/ance "u ?is ,act %all only be made 
available if ! applicant = assi/ance has
 demon/rat$ to ! satisfaction ( ! ,bo>d 
( ,directors t-- 7,a7 ! eligible        
infra/ructure project = :i* assi/ance is
 be+ s\ght-- 7i7 is n = ! ref9anc+ ( an 
exi/+ infra/ructure project2 &  7ii7    
meets-- 7,i7 any p]t95t requirem5ts set 
=? 9 ?is ,act2  7,,ii7 any crit]ia      
e/abli%$ by ! ,bo>d ( ,directors or *ief
 executive (fic] 9 accordance ) ?is     
,act2 &  7,,iii7 ! def9ition ( an       
eligible infra/ructure project2 &  7,b7 
= projects involv+ public-private       
p>tn]%ips1 ! project has receiv$        
contribut$ capital or commitm5ts =      
contribut$ capital equal to n less ?an  
#aj p]c5t ( ! total co/ ( ! eligible    
infra/ructure project = :i* assi/ance is
 be+ s\ght1 :]e su* contribut$ capital  
includes #a or m ( ! foll[+-- 7i7       
equity2  7ii7 deeply subord9ate loans or
 o!r cr$it & debt in/rum5ts1 :i* %all be

 junior to any ,,ifa assi/ance provid$ =
 ! project2  7iii7 appropriat$ funds or 
grants f gov]nm5tal s\rces o!r ?an !    
,f$]al ,gov]nm5t2 or  7iv7 irrevocable  
private contributions ( funds1 grants1  
prop]ty 7includ+ rights-( way71 & o!r   
assets t directly r$uce or (fset project
 co/s4  7b7 ,consid]ations ,! crit]ia   
e/abli%$ by ! ,bo>d ( ,directors        
pursuant to ?is ,act %all provide       
adequate consid]ation (-- 7#a7 !        
economic1 f9ancial1 te*nical1           
environm5tal1 & public b5efits & co/s ( 
ea* eligible infra/ructure project "u   
consid]ation = f9ancial assi/ance "u ?is
 ,act1 prioritiz+ eligible infra/ructure
 projects t-- 7,a7 demon/rate a cle> &  
measurable public b5efit2  7,b7 (f]     
value = money to taxpay]s2  7,c7        
contribute to regional or national      
economic gr[?2  7,d7 lead to long-t]m   
job creation2 &  7,e7 mitigate          
environm5tal conc]ns2  7#b7 ! means by  
:i* developm5t ( ! eligible             
infra/ructure project "u consid]ation is

 be+ f9anc$1 includ+-- 7,a7 ! t]ms1     
conditions1 & /ructure ( ! propos$      
f9anc+2  7,b7 ! cr$itwor?9ess & /&+ ( ! 
project sponsors1 provid]s ( equity1 &  
c(9anci]s2  7,c7 ! f9ancial assumptions 
& projections on :i* ! eligible         
infra/ructure project is bas$2 &  7,d7  
:e!r !re is suffici5t ,/ate or municipal
 political support = ! successful       
completion ( ! eligible infra/ructure   
project2  7#c7 ! likelihood t !         
provision ( assi/ance by ,,ifa w cause !
 developm5t to proce$ m promptly & ) l[]
 co/s = f9anc+ ?an w\ld be ! case )\t   
,,ifa assi/ance2  7#d7 ! ext5t to :i* ! 
provision ( assi/ance by ,,ifa maximizes
 ! level ( private inve/m5t 9 ! eligible
 infra/ructure project or supports a    
public-private p>tn]%ip1 :ile provid+ a 
significant public b5efit2  7#e7 ! ext5t
 to :i* ! provision ( assi/ance by ,,ifa
 c mobilize ! p>ticipation ( o!r f9anc+ 
p>tn]s 9 ! eligible infra/ructure       
project2  7#f7 ! te*nical & op]ational  
viability ( ! eligible infra/ructure    

project2  7#g7 ! proportion ( f9ancial  
assi/ance f ,,ifa2  7#h7 ! geographical 
location ( ! project1 prioritiz+        
geographical div]sity ( projects fund$  
by ,,ifa2  7#i7 ! size ( ! project & !  
impact ( ! project on ! res\rces (      
,,ifa2 &  7#aj7 ! infra/ructure sector (
 ! project1 prioritiz+ projects f m ?an 
#a sector fund$ by ,,ifa4  7c7          
,application  7#a7 ,9 g5]al ,any        
eligible entity seek+ assi/ance f ,,ifa 
"u ?is ,act = an eligible infra/ructure 
project %all submit an application to   
,,ifa at su* "t1 9 su* mann]1 & conta9+ 
su* in=mation z ! ,bo>d ( ,directors or 
! *ief executive (fic] may require4     
7#b7 ,review ( applications  7,a7 ,9    
g5]al ,,ifa %all review applications =  
assi/ance "u ?is ,act on an ongo+ basis4
  7,b7 ,prep>ation ,! *ief executive    
(fic]1 9 coop]ation ) ! s5ior managem5t1
 %all prep>e eligible infra/ructure     
projects = review & approval by ! ,bo>d 
( ,directors4  7#c7 ,d$icat$ rev5ue     
s\rces ,! ,f$]al cr$it in/rum5t %all be 

repayable1 9 :ole or 9 "p1 f tolls1 us] 
fees1 or o!r d$icat$ rev5ue s\rces d]iv$
 f us]s or b5efici>ies t also secure !  
eligible infra/ructure project          
obligations4  7d7 ,eligible             
infra/ructure project co/s  7#a7 ,9     
g5]al ,except z provid$ 9 p>agraph 7#b71
 to be eligible = assi/ance "u ?is ,act1
 an eligible infra/ructure project %all 
h project co/s t are reasonably         
anticipat$ to equal or exce$            
#ej1jjj1jjj4  7#b7 ,rural infra/ructure 
projects ,to be eligible = assi/ance "u 
?is ,act a rural infra/ructure project  
%all h project co/s t are reasonably    
anticipat$ to equal or exce$            
#aj1jjj1jjj4  7e7 ,loan eligibility &   
maximum am\nts  7#a7 ,9 g5]al ,! am\nt (
 a direct loan or loan gu>antee "u ?is  
,act %all n exce$ ! less] (-- 7,a7 #di  
p]c5t ( ! reasonably anticipat$ eligible
 infra/ructure project co/s2 &  7,b7 !  
am\nt ( ! s5ior project obligations1 if 
! direct loan or loan gu>antee does n   
receive an inve/m5t grade rat+4  7#b7   

,maximum annual loan & loan gu>antee    
volume ,! aggregate am\nt ( direct loans
 & loan gu>antees made by ,,ifa %all n  
exce$-- 7,a7 dur+ ! fir/ #b fiscal ye>s 
( ! op]ations ( ,,ifa1 #aj1jjj1jjj1jjj  
p] ye>2  7,b7 dur+ fiscal ye>s #c ?r\gh 
#i ( ! op]ations ( ,,ifa1               
#bj1jjj1jjj1jjj p] ye>2 &  7,c7 dur+ any
 fiscal ye> !reaft]1 #ej1jjj1jjj1jjj4   
#bjb4 ,loan t]ms & repaym5t  7a7 ,9     
g5]al ,a direct loan or loan gu>antee "u
 ?is ,act ) respect to an eligible      
infra/ructure project %all be on su*    
t]ms1 subject to su* conditions1 &      
conta9 su* cov5ants1 repres5tations1    
w>ranties1 & requirem5ts 7includ+       
requirem5ts = audits7 z ! *ief executive
 (fic] det]m9es appropriate4  7b7 ,t]ms 
,a direct loan or loan gu>antee "u ?is  
,act-- 7#a7 %all-- 7,a7 be payable1 9   
:ole or 9 "p1 f tolls1 us] fees1 or o!r 
d$icat$ rev5ue s\rces d]iv$ f us]s or   
b5efici>ies2 &  7,b7 include a rate     
cov5ant1 cov]age requirem5t1 or simil>  
security feature support+ ! project     

obligations2 &  7#b7 may be secur$ by a 
li5-- 7,a7 on ! assets ( ! obligor1     
includ+ rev5ues describ$ 9 p>agraph     
7#a72 &  7,b7 :i* may be subord9at$ to  
any o!r li5 secur+ project obligations4 
7c7 ,base int]e/ rate ,! base int]e/    
rate on a direct loan "u ?is ,act %all  
be n less ?an ! yield on ,treasury      
obligations ( a simil> maturity to !    
maturity ( ! direct loan on ! date (    
execution ( ! loan agreem5t4  7d7 ,risk 
assessm5t ,be=e ent]+ into an agreem5t =
 assi/ance "u ?is ,act1 ! *ief executive
 (fic]1 9 consultation ) ! ,director ( !
 ,(fice ( ,managem5t & ,budget & ea*    
rat+ ag5cy provid+ a prelim9>y rat+     
op9ion lett] "u ?is section1 %all       
det]m9e an appropriate ,f$]al cr$it     
subsidy am\nt = ea* direct loan & loan  
gu>antee1 tak+ into acc\nt t prelim9>y  
rat+ op9ion lett]1 z well z any         
comp>able m>ket rates available = su* a 
loan or loan gu>antee1 %\ld any exi/4   
7e7 ,cr$it fee  7#a7 ,9 g5]al ,) respect
 to ea* agreem5t = assi/ance "u ?is     

,act1 ! *ief executive (fic] %all *>ge a
 cr$it fee to ! recipi5t ( t assi/ance  
to pay =1 ov] "t1 all or a portion ( !  
,f$]al cr$it subsidy det]m9$ "u         
subsection 7d71 ) ! rema9d] paid by !   
acc\nt e/abli%$ = ,,ifa4  7#b7 ,direct  
loans ,9 ! case ( a direct loan1 ! cr$it
 fee describ$ 9 p>agraph 7#a7 %all be 9 
addition to ! base int]e/ rate e/abli%$ 
"u subsection 7c74  7f7 ,maturity date  
,! f9al maturity date ( a direct loan or
 loan gu>ante$ by ,,ifa "u ?is ,act %all
 be n lat] ?an #ce ye>s aft] ! date (   
sub/antial completion ( ! eligible      
infra/ructure project1 z det]m9$ by !   
*ief executive (fic]4  7g7 ,prelim9>y   
rat+ op9ion lett]  7#a7 ,9 g5]al ,! *ief
 executive (fic] %all require ea*       
applicant = assi/ance "u ?is ,act to    
provide a prelim9>y rat+ op9ion lett] f 
at lea/ #a rat+ ag5cy1 indicat+ t !     
s5ior obligations ( ! eligible          
infra/ructure project1 :i* may be !     
,f$]al cr$it in/rum5t1 h ! pot5tial to  
a*ieve an inve/m5t-grade rat+4  7#b7    

,rural infra/ructure projects ,) respect
 to a rural infra/ructure project1 a    
rat+ ag5cy op9ion lett] describ$ 9      
p>agraph 7#a7 %all n be requir$1 except 
t ! loan or loan gu>antee %all receive  
an int]nal rat+ score1 us+ me?ods simil>
 to ! rat+ ag5cies g5]at$ by ,,ifa1     
measur+ ! propos$ direct loan or loan   
gu>antee aga9/ comp>able direct loans or
 loan gu>antees ( simil> cr$it quality 9
 a simil> sector4  7h7 ,inve/m5t-,grade 
rat+ requirem5t  7#a7 ,loans & loan     
gu>antees ,! execution ( a direct loan  
or loan gu>antee "u ?is ,act %all be    
cont+5t on ! s5ior obligations ( !      
eligible infra/ructure project receiv+  
an inve/m5t-grade rat+4  7#b7 ,rat+ (   
,,ifa ov]all portfolio ,! av]age rat+ ( 
! ov]all portfolio ( ,,ifa %all be n    
less ?an inve/m5t grade aft] #e ye>s (  
op]ation4  7i7 ,t]ms & ,repaym5t (      
direct loans  7#a7 ,s*$ule ,! *ief      
executive (fic] %all e/abli% a repaym5t 
s*$ule = ea* direct loan "u ?is ,act1   
bas$ on ! project$ ca% fl[ f eligible   

infra/ructure project rev5ues & o!r     
repaym5t s\rces4  7#b7 ,comm5cem5t      
,s*$ul$ loan repaym5ts ( pr9cipal or    
int]e/ on a direct loan "u ?is ,act %all
 comm5ce n lat] ?an #e ye>s aft] ! date 
( sub/antial completion ( ! eligible    
infra/ructure project1 z det]m9$ by !   
*ief executive (fic] ( ,,ifa4  7#c7     
,def]r$ paym5ts ( direct loans  7,a7    
,au?orization ,if1 at any "t aft] ! date
 ( sub/antial completion ( an eligible  
infra/ructure project assi/$ "u ?is     
,act1 ! eligible infra/ructure project  
is unable to g5]ate suffici5t rev5ues to
 pay ! s*$ul$ loan repaym5ts ( pr9cipal 
& int]e/ on ! direct loan "u ?is ,act1 !
 *ief executive (fic] may all[ ! obligor
 to add unpaid pr9cipal & int]e/ to !   
out/&+ balance ( ! direct loan1 if !    
result w\ld b5efit ! taxpay]4  7,b7     
,int]e/ ,any paym5t def]r$ "u           
subp>agraph 7,a7 %all-- 7i7 cont9ue to  
accrue int]e/1 9 accordance ) ! t]ms ( !
 obligation1 until fully repaid2 &  7ii7
 be s*$ul$ to be amortiz$ ov] ! rema9+  

t]m ( ! loan4  7,c7 ,crit]ia  7i7 ,9    
g5]al ,any paym5t def]ral "u subp>agraph
 7,a7 %all be cont+5t on ! eligible     
infra/ructure project meet+ crit]ia     
e/abli%$ by ! ,bo>d ( ,directors4  7ii7 
,repaym5t /&>ds ,! crit]ia e/abli%$ "u  
clause 7i7 %all include /&>ds =         
reasonable assurance ( repaym5t4  7#d7  
,prepaym5t ( direct loans  7,a7 ,use (  
excess rev5ues ,any excess rev5ues t    
rema9 aft] satisfy+ s*$ul$ debt s]vice  
requirem5ts on ! eligible infra/ructure 
project obligations & direct loan & all 
deposit requirem5ts "u ! t]ms ( any tru/
 agreem5t1 bond resolution1 or simil>   
agreem5t secur+ project obligations "u  
?is ,act may be appli$ annually to      
prepay ! direct loan1 )\t p5alty4  7,b7 
,use ( proce$s ( ref9anc+ ,a direct loan
 "u ?is ,act may be prepaid at any "t1  
)\t p5alty1 f ! proce$s ( ref9anc+ f    
non-,f$]al fund+ s\rces4  7j7 ,loan     
gu>antees ,! t]ms ( a loan gu>ante$ by  
,,ifa "u ?is ,act %all be consi/5t ) !  
t]ms set =? 9 ?is section = a direct    

loan1 except t ! rate on ! gu>ante$ loan
 & any paym5t1 prepaym5t1 or ref9anc+   
features %all be negotiat$ betwe5 !     
obligor & ! l5d] 7z def9$ 9 section     
#fja7;a7 ( title #bc1 ,unit$ ,/ates     
,code7 ) ! cons5t ( ! *ief executive    
(fic]4  7k7 ,compliance ) ,,fcra  7#a7  
,9 g5]al ,except z provid$ 9 p>agraph   
7#b71 direct loans & loan gu>antees     
au?oriz$ by ?is ,act %all be subject to 
! provisions ( ! ,f$]al ,cr$it ,re=m    
,act ( #aiij 7#b ,u4,s4,c4 #ffa et      
seq474  7#b7 ,exception ,section        
#ejd7;b7 ( ! ,f$]al ,cr$it ,re=m ,act ( 
#aiij 7#b ,u4,s4,c4 #ffa;c7b77 %all n   
apply to a loan or loan gu>antee "u ?is 
,act4  7l7 ,policy ( ,congress ,x is !  
policy ( ,congress t ,,ifa %all only    
make a direct loan or loan gu>antee "u  
?is ,act if ,,ifa det]m9es t ,,ifa is   
reasonably expect$ to recov] ! full     
am\nt ( ! direct loan or loan gu>antee4 
#bjc4 ,compliance & en=cem5t  7a7 ,cr$it
 agreem5t ,not)/&+ any o!r provision (  
law1 ea* eligible entity t receives     

assi/ance "u ?is ,act %all ent] into a  
cr$it agreem5t t requires su* entity to 
comply ) all applicable policies &      
proc$ures ( ,,ifa1 9 addition to all o!r
 provisions ( ! loan agreem5t4  7b7     
,applicability ( ,f$]al laws ,ea*       
eligible entity t receives assi/ance "u 
?is ,act %all provide writt5 assurance1 
9 su* =m & mann] & conta9+ su* t]ms z   
are to be prescrib$ by ,,ifa1 t !       
eligible infra/ructure project w be     
p]=m$ 9 compliance ) ! requirem5ts ( all
 ,f$]al laws t w\ld o!rwise apply to    
simil> projects to :i* ! ,unit$ ,/ates  
is a p>ty1 or f9anc$ 9 :ole or 9 "p f   
,f$]al funds or 9 accordance ) gu>antees
 ( a ,f$]al ag5cy or f9anc$ f funds     
obta9$ by pl$ge ( any contract ( a      
,f$]al ag5cy to make a loan1 grant1 or  
annual contribution4  7c7 ,,ifa au?ority
 on noncompliance ,9 any case 9 :i* an  
eligible entity t receives assi/ance "u 
?is ,act is mat]ially out ( compliance )
 ! loan agreem5t1 or any applicable     
policy or proc$ure ( ,,ifa1 ! ,bo>d (   

,directors may take action-- 7#a7 to    
cancel unus$ loan am\nts2 or  7#b7 to   
accel]ate ! repaym5t t]ms ( any out/&+  
obligation4  #bjd4 ,audits2 reports to !
 ,presid5t & ,congress  7a7 ,acc\nt+ ,! 
books ( acc\nt ( ,,ifa %all be-- 7#a7   
ma9ta9$ 9 accordance ) g5]ally accept$  
acc\nt+ pr9ciples2 &  7#b7 subject to an
 annual audit by indep5d5t public       
acc\ntants ( nationally recogniz$ /&+   
appo9t$ by ! ,bo>d ( ,directors4  7b7   
,reports  7#a7 ,bo>d ( ,directors ,n    
lat] ?an #ij days aft] ! la/ day ( ea*  
fiscal ye>1 ! ,bo>d ( ,directors %all   
submit to ! ,presid5t & ,congress a     
complete & detail$ report ) respect to !
 prec$+ fiscal ye>1 sett+ =?-- 7,a7 a   
summ>y ( ! op]ations ( ,,ifa = t fiscal 
ye>2  7,b7 a s*$ule ( ! obligations (   
,,ifa & capital securities out/&+ at !  
end ( t fiscal ye>1 ) a /atem5t ( !     
am\nts issu$ & r$eem$ or paid dur+ t    
fiscal ye>2  7,c7 ! /atus ( eligible    
infra/ructure projects receiv+ fund+ or 
o!r assi/ance pursuant to ?is ,act dur+ 

t fiscal ye>1 includ+-- 7i7 all nonp]=m+
 loans2 &  7ii7 disclosure ( all        
entities ) a developm5t1 own]%ip1 or    
op]ational int]e/ 9 ^? eligible         
infra/ructure projects2  7,d7 a         
description ( ! successes & *all5ges    
enc\nt]$ 9 l5d+ to rural communities1   
includ+ ! role ( ! ,(fice ( ,te*nical & 
,rural ,assi/ance e/abli%$ "u ?is ,act2 
&  7,e7 an assessm5t ( ! risks ( !      
portfolio ( ,,ifa1 :i* %all be prep>$ by
 an indep5d5t s\rce4  7#b7 ,,gao        
evaluation ,n lat] ?an #e ye>s aft] !   
date ( enactm5t ( ?is ,act1 !           
,comptroll] ,g5]al ( ! ,unit$ ,/ates    
%all conduct an evaluation (1 & submit  
to ! ,committee on ,comm]ce1 ,sci5ce1 & 
,transportation ( ! ,s5ate & to !       
,committees on ,transportation &        
,infra/ructure & ,en]gy & ,comm]ce ( !  
,h\se ( ,repres5tatives a report on !   
activities ( ,,ifa = ! fiscal ye>s cov]$
 by ! report t includes-- 7,a7 an       
assessm5t ( ! impact & b5efits ( ea*    
fund$ eligible infra/ructure project1   

includ+ a review ( h[ effectively ea*   
eligible infra/ructure project          
accompli%$ ! goals prioritiz$ by !      
eligible infra/ructure project crit]ia (
 ,,ifa2 &  7,b7 an evaluation ( !       
effectiv5ess (1 & *all5ges fac+1 loan   
programs at ! ,dep>tm5t (               
,transportation & ,dep>tm5t ( ,en]gy1 & 
an analysis ( ! advisability (          
consolidat+ ^? programs )9 ,,ifa4  7#c7 
,,gao /udy & report ,n lat] ?an #aj ye>s
 aft] ! date ( enactm5t ( ?is ,act1 !   
,comptroll] ,g5]al ( ! ,unit$ ,/ates    
%all conduct a /udy & submit to !       
,committee on ,comm]ce1 ,sci5ce1 &      
,transportation ( ! ,s5ate & to !       
,committees on ,transportation &        
,infra/ructure & ,en]gy & ,comm]ce ( !  
,h\se ( ,repres5tatives a report on !   
/atus ( actions tak5 to make ,,ifa a    
self-su/a9+ entity1 includ+ provid+     
recomm5dations = su* legislative or     
adm9i/rative actions z ! ,comptroll]    
,g5]al consid]s necess>y = ,,ifa to     
a*ieve self-su/a9+ /atus or to promote a

 great] likelihood ( a*iev+ su* /atus4  
7c7 ,books & ,records  7#a7 ,9 g5]al    
,,ifa %all ma9ta9 adequate books &      
records to support ! f9ancial           
transactions ( ,,ifa1 ) a description ( 
f9ancial transactions & eligible        
infra/ructure projects receiv+ fund+1 & 
! am\nt ( fund+ = ea* project ma9ta9$ on
 a publically accessible database4  7#b7
 ,audits by ! ,secret>y & ,,gao ,! books
 & records ( ,,ifa %all at all times be 
op5 to inspection by ! ,secret>y1 !     
,special ,inspector ,g5]al1 & !         
,comptroll] ,g5]al ( ! ,unit$ ,/ates4   
#bje4 ,effect on o!r laws ,no?+ 9 ?is   
,act affects or alt]s ! responsibility (
 an eligible entity t receives assi/ance
 "u ?is ,act to comply ) applicable     
,f$]al & ,/ate laws 7includ+            
regulations7 relat+ to an eligible      
infra/ructure project4  ,,iii ,fund+ (  
,,ifa  #cja4 ,fees ,! *ief executive    
(fic] %all e/abli% fees ) respect to    
loans & loan gu>antees "u ?is ,act t--  
7#a7 are suffici5t to cov] all !        

adm9i/rative co/s to ! ,f$]al ,gov]nm5t 
= ! op]ations ( ,,ifa2  7#b7 may be 9 ! 
=m ( an application or transaction fee1 
or int]e/ rate adju/m5t2 &  7#c7 may be 
bas$ on ! risk premium associat$ ) !    
loan or loan gu>antee1 tak+ into        
consid]ation-- 7,a7 ! price ( ,treasury 
obligations ( a simil> maturity2  7,b7  
prevail+ m>ket conditions2  7,c7 !      
ability ( ! eligible infra/ructure      
project to support ! loan or loan       
gu>antee2 &  7,d7 ! total am\nt ( ! loan
 or loan gu>antee4  #cjb4               
,self-suffici5cy ( ,,ifa ,! *ief        
executive (fic] %all1 to ! ext5t        
practicable1 take actions consi/5t ) ?is
 ,act to make ,,ifa a self-su/a9+       
entity1 ) adm9i/rative co/s & ,f$]al    
cr$it subsidy co/s fully fund$ by fees &
 risk premiums on loans & loan          
gu>antees4  #cjc4 ,fund+  7a7 ,9 g5]al  
,!re is au?oriz$ to be appropriat$ to   
,,ifa to make direct loans & loan       
gu>antees "u ?is ,act #aj1jjj1jjj1jjj1  
to rema9 available until exp5d$1 ( :i* n

 m ?an #be1jjj1jjj = ea* ( fiscal ye>s  
#bjad ?r\gh #bjae1 & n m ?an #ej1jjj1jjj
 = fiscal ye> #bjaf may be us$ =        
adm9i/rative co/s ( ,,ifa4  7b7 ,int]e/ 
,! am\nts made available to ,,ifa "u ?is
 ,act %all be plac$ 9 int]e/-be>+       
acc\nts4  7c7 ,rural infra/ructure      
projects ,( ! am\nts made available to  
,,ifa "u ?is ,act1 n less ?an #e p]c5t  
%all be us$ to (fset subsidy co/s       
associat$ ) rural infra/ructure         
projects4  #cjd4 ,contract au?ority     
,not)/&+ any o!r provision ( law1       
approval by ! ,bo>d ( ,directors ( a    
,f$]al cr$it in/rum5t t uses funds made 
available "u ?is ,act %all impose ^u !  
,unit$ ,/ates a contractual obligation  
to fund ! ,f$]al cr$it inve/m5t4  #cje4 
,limitation on au?ority ,,ifa %all n h !
 au?ority to issue debt 9 its own "n4   
,,iv ,budget>y effects  #dja4 ,budget>y 
effects ,! budget>y effects ( ?is ,act1 
= ! purpose ( comply+ ) ! ,/atutory     
,pay-,z-,y-,g ,act ( #bjaj1 %all be     
det]m9$ by ref]5ce to ! late/ /atem5t   

titl$ ,budget>y ,effects ( ,,paygo      
,legislation = ?is ,act1 submitt$ =     
pr9t+ 9 ! ,congressional ,record by !   
,*airman ( ! ,s5ate ,budget ,committee1 
provid$ t su* /atem5t has be5 submitt$  
prior to ! vote on passage4