,,ii  #aac? ,,congress  #b;d ,session   
,s4 #bcde  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,may #ae1 #bjad ,mr4   
,m55dez 7= himself & ,mr4 ,crapo7       
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to provide t !    
volume cap = private activity bonds %all
 n apply to bonds = facilities = !      
furni%+ ( wat] & sewage facilities4  #a4
 ,%ort title ,?is ,act may be cit$ z !  
,su/a9able ,wat] ,infra/ructure         
,inve/m5t ,act ( #bjac4  #b4 ,f9d+s &   
purpose  7a7 ,f9d+s ,congress f9ds !    
foll[+3  7#a7 ,our ,nation's wat] &     
wa/ewat] sy/ems are among ! be/ 9 ! _w1 
provid+ safe dr9k+ wat] & sanitation to 
our citiz5s4  7#b7 ,9 addition to       
protect+ ! heal? ( our citiz5s1         
community wat] sy/ems are ess5tial to   
our local economies1 enabl+ indu/ries to
 a*ieve gr[? & productivity t make      
,am]ica /rong & prosp]\s4  7#c7         
,regulat$ "u title ,,xiv ( ! ,public    

,heal? ,s]vice ,act 7#db ,u4,s4,c4      
#cjj;f et seq42 commonly kn[n z ! ,safe 
,dr9k+ ,wat] ,act7 & ! ,f$]al ,wat]     
,pollution ,control ,act 7#cc ,u4,s4,c4 
#abea et seq471 community dr9k+ wat]    
sy/ems & wa/ewat] collection & treatm5t 
facilities are critical elem5ts 9 !     
,nation's infra/ructure4  7#d7 ,wat] &  
wa/ewat] infra/ructure is compris$ ( a  
mixture ( old & new te*nology4 ,9 _m    
local communities across ! ,nation1 !   
old infra/ructure has det]iorat$ to     
critical conditions & is v co/ly to     
replace4 ,rec5t gov]nm5t /udies h       
e/imat$ co/s ( #ejj1jjj1jjj1jjj to      
#hjj1jjj1jjj1jjj ov] ! next #bj ye>s =  
ma9ta9+ & improv+ ! exi/+ inv5tory1     
build+ new infra/ructure1 & meet+ new   
wat] quality /&>ds4  7#e7 ,! hi/orical  
approa* ( fund+ infra/ructure is        
insuffici5t to meet ! inve/m5t ne$s ( ! 
future4  7#f7 ,! ,f$]al p>tn]%ip ) ,/ate
 & local communities has play$ a pivotal
 role 9 improv+ ! ,nation's wat] quality
 & dr9k+ wat] supplies4 ,f$]al assi/ance

 "u ?is p>tn]%ip has be5 ! l9*p9 ( ^!   
improvem5ts4  7#g7 ,9 light ( con/ra9$  
,f$]al budgets1 ! availability (        
exempt-facility f9anc+ repres5ts an     
important f9anc+ tool to help close !   
gap betwe5 funds curr5tly be+ inve/$ &  
wat] infra/ructure ne$s1 pres]v+ !      
,f$]al p>tn]%ip4  7#h7 ,provid+         
alt]native f9anc+ solutions1 su* z      
tax-exempt securities1 enc\rages        
inve/m5t 9 wat] & wa/ewat] infra/ructure
 t 9 turn creates local jobs & protects 
! heal? ( our citiz5s4  7#i7 ,f$]ally   
m&at$ ,/ate volume cap re/rictions 9    
conjunction ) o!r priorities h limit$ ! 
use ( tax-exempt securities on wat] &   
wa/ewat] infra/ructure inve/m5t4  7#aj7 
,removal ( ,/ate volume caps = wat] &   
wa/ewat] infra/ructure w accel]ate &    
increase ov]all inve/m5t 9 ! ,nation's  
critical wat] infra/ructure2 facilitate 
increas$ use ( innovative infra/ructure 
deliv]y me?ods support+ su/a9able wat]  
sy/ems ?r\gh public-private p>tn]%ips t 
optimize design1 f9anc+1 con/ruction1 & 

long-t]m managem5t1 ma9t5ance &         
viability2 & provide = m effective risk 
managem5t ( complex wat] infra/ructure  
projects by municipal utility & private 
sector p>tn]s4  7b7 ,purpose ,! purpose 
( ?is ,act is to provide alt]native     
f9anc+ = long-t]m infra/ructure capital 
inve/m5t programs1 & to re/ore !        
,nation's safe dr9k+ wat] & wa/ewat]    
infra/ructure capability & protect !    
heal? ( our citiz5s4  #c4               
,exempt-facility bonds = sewage & wat]  
supply facilities  7a7 ,bonds = wat] &  
sewage facilities exempt f volume cap on
 private activity bonds ,p>agraph 7#c7 (
 section #adf7;g7 ( ! ,int]nal ,rev5ue  
,code ( #aihf is am5d$ by ins]t+ 7#d71  
7#e71 aft] 7#b714  7b7 ,con=m+ *ange    
,p>agraphs 7#b7 & 7#c77;,b7 ( section   
#adf7k7 ( ! ,int]nal ,rev5ue ,code (    
#aihf are bo? am5d$ by /rik+ 7#d71 7#e71
 7#f71 & ins]t+ 7#f74  7c7 ,effective   
date ,! am5dm5ts made by ?is section    
%all apply to obligations issu$ aft] !  
date ( ! enactm5t ( ?is ,act4