,,ii  #aac? ,,congress  #a/ ,session    
,s4 #cce  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,febru>y #ad1 #bjac    
,mr4 ,m]kley 7= himself & ,mr4          
,laut5b]g7 introduc$ ! foll[+ bill2 :i* 
0 read twice & ref]r$ to ! ,committee on
 ,environm5t & ,public ,works  ,a ,,bill
  ,to provide f9anc+ assi/ance =        
qualifi$ wat] infra/ructure projects1 & 
= o!r purposes4  #a4 ,%ort title ,?is   
,act may be cit$ z ! ,wat]              
,infra/ructure ,f9ance & ,innovation    
,act ( #bjac4  #b4 ,f9d+s ,congress f9ds
 t--  7#a7 x is 9 ! national int]e/ to  
enc\rage ! timely & co/-effective       
rehabilitation & replacem5t ( ag+ wat] &
 sew] infra/ructure & to support        
inve/m5ts 9 innovative1 co/-effective1 &
 su/a9able infra/ructure approa*es to   
protect public heal? & clean wat]2  7#b7
 ! ,environm5tal ,protection ,ag5cy     
reports t1 9 ! #bj-ye> p]iod foll[+ !   
date ( enactm5t ( ?is ,act--  7,a7      
#ccd1hjj1jjj1jjj is ne$$ to inve/ 9     
infra/ructure improvem5ts to ensure !   

provision ( safe wat]2 &  7,b7          
#bih1ajj1jjj1jjj is ne$$ = publicly own$
 wa/ewat] sy/ems-relat$ infra/ructure2  
7#c7 cu/om] rates & local *>ges are & w 
rema9 ! prim>y means ( pay+ = wat]      
s]vice & infra/ructure 9 ! ,unit$       
,/ates2  7#d7 ! municipal bond m>ket &  
,/ate revolv+ fund programs are ! prim>y
 long-t]m means = f9anc+ wat]           
infra/ructure projects1 b upfront       
inve/m5t ne$s are too high to be met )  
^? traditional means alone2  7#e7 f9anc+
 con/ra9ts make x p>ticul>ly difficult =
 ,/ate revolv+ funds to support l>ge    
wat] infra/ructure projects ( regional &
 national significance2  7#f7 ! gr[+    
fund+ gap demon/rates ! ne$ to inve/ 9  
innovative & co/-effective approa*es su*
 z gre5 infra/ructure1 wat] effici5cy1 &
 s\rce wat] protection to obta9 !       
greate/ environm5tal & public heal?     
b5efits p] doll> inve/$2  7#g7 ?is ,act 
w sub/antially b5efit ! dr9k+ wat] &    
wa/ewat] sy/ems ( ! ,unit$ ,/ates by--  
7,a7 address+ ! gap 9 fund+ = l>ge1     

regionally & nationally significant     
projects by mak+ available direct loans 
& loan gu>antees to r$uce borr[+ co/s & 
accel]ate wat] infra/ructure inve/m5t2  
7,b7 enhanc+ ! capacity ( ,/ate revolv+ 
fund programs to assi/ o!r projects2 &  
7,c7 promot+ clean & safe wat] ?r\gh    
compliance ) ! ,f$]al ,wat] ,pollution  
,control ,act 7#cc ,u4,s4,c4 #abea et   
seq47 & ! ,safe ,dr9k+ ,wat] ,act 7#db  
,u4,s4,c4 #cjj;f et seq472  7#h7 s9ce ! 
hi/orical default rate on wat] & sew]   
bonds is #j4jd p]c5t1 ! risk ( default  
on ,f$]al assi/ance provid$ "u ?is ,act 
is m9imal2  7#i7 keep+ ! risk ( default 
on wat] & sew] bonds l[ requires !      
alignm5t ( infra/ructure inve/m5t )     
environm5tal su/a9ability2 &  7#aj7     
because loans1 loan gu>antees1 & o!r    
cr$it in/rum5ts only incur long-t]m co/s
 if subsidiz$ or 9 ! ev5t ( default1 ?is
 ,act c help to meet ! wat]             
infra/ructure ne$s ( ! ,unit$ ,/ates at 
m9imal long-t]m co/ to ! ,f$]al         
,gov]nm5t4  #c4 ,def9itions ,9 ?is ,act3

  7#a7 ,adm9i/rator ,! t]m ,adm9i/rator 
means ! ,adm9i/rator ( ! ,environm5tal  
,protection ,ag5cy4  7#b7 ,borr[] ,! t]m
 borr[] means an eligible entity t owes 
paym5ts ( int]e/ or pr9cipal on a cr$it 
in/rum5t4  7#c7 ,community wat] sy/em ,!
 t]m community wat] sy/em has ! mean+   
giv5 ! t]m 9 section #adja ( ! ,safe    
,dr9k+ ,wat] ,act 7#db ,u4,s4,c4        
#cjj;f74  7#d7 ,co/ ( a direct loan2 co/
 ( a loan gu>antee ,! t]ms co/ ( a      
direct loan & co/ ( a loan gu>antee mean
 ! co/ ( a direct loan & co/ ( a loan   
gu>antee1 respectively1 z ^? t]ms are   
us$ 9 section #ejb ( ! ,f$]al ,cr$it    
,re=m ,act ( #aiij 7#b ,u4,s4,c4        
#ffa;a74  7#e7 ,cr$it in/rum5t ,! t]m   
cr$it in/rum5t means--  7,a7 a direct   
loan made "u ?is ,act2 or  7,b7 a loan  
or o!r debt obligation t is subject to a
 loan gu>antee "u ?is ,act4  7#f7       
,direct loan  7,a7 ,9 g5]al ,! 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,b7 ,inclusions ,! t]m direct loan     
includes ! pur*ase ( a bond by ! ,f$]al 
,gov]nm5t4  7#g7 ,eligible entity  7,a7 
,9 g5]al ,! t]m eligible entity means-- 
7i7 an entity 7o!r ?an a ,/ate or local 
ag5cy ) jurisdiction ov] highways or    
roads7 t owns or op]ates a treatm5t     
works t s]ves ! g5]al public1 includ+ a 
municipal1 tribal1 or regional sep>ate  
/orm sew] sy/em managem5t ag5cy2  7ii7  
an entity1 includ+ an ,indian tribe1 t  
owns or op]ates a community wat] sy/em2 
7iii7 #a or m entities describ$ 9       
clauses 7i7 & 7ii7 t are coop]at+ on an 
eligible project2  7iv7 = an eligible   
project describ$ 9 p>agraph 7#h77;,b71 a
 ,/ate infra/ructure f9anc+ au?ority2   
7v7 any entity eligible to receive a    
loan or loan gu>antee "u a ,/ate wat]   
pollution control revolv+ fund e/abli%$ 
"u title ,,vi ( ! ,f$]al ,wat]          
,pollution ,control ,act 7#cc ,u4,s4,c4 
#acha et seq472 &  7vi7 any entity      
eligible to receive a loan or loan      
gu>antee "u a ,/ate dr9k+ wat] revolv+  

loan fund e/abli%$ "u section #adeb ( ! 
,safe ,dr9k+ ,wat] ,act 7#db ,u4,s4,c4  
#cjj;j-#ab74  7,b7 ,inclusions ,! t]m   
eligible entity includes a              
public-private p>tn]%ip1 except t only !
 public entity-own$ or inve/or-own$     
utility %all receive assi/ance "u ?is   
,act1 n ! private f9anc+ or developm5t  
p>tn]4  7#h7 ,eligible project ,! t]m   
eligible project means--  7,a7 a capital
 project--  7i7 to con/ruct1 replace1 or
 rehabilitate a treatm5t works or a     
community wat] sy/em2  7ii7 to r$uce !  
en]gy consumption ne$s ( a treatm5t     
works or a community wat] sy/em1 includ+
 ! implem5tation ( en]gy effici5t or    
r5ewable g5]ation te*nologies2  7iii7 to
 increase wat] effici5cy1 r$uce ! dem& =
 wat]1 or r$uce ! dem& = treatm5t works 
or community wat] sy/em capacity2  7iv7 
to manage or control /ormwat]2  7v7 to  
reuse municipal wa/ewat] or /ormwat]2   
7vi7 = ! consolidation ( #b or m        
treatm5t works or community wat] sy/ems2
  7vii7 to increase dr9k+ wat] s\rce    

protection = surface & gr\ndwat] s\rces2
  7viii7 = con/ruction activities       
involv+--  7,i7 ! repair1 replacem5t1 or
 upgrad+ ( a treatm5t works or sewage   
collection sy/em 9 a community t exi/s  
on ! date ( enactm5t ( ?is ,act to      
address an adv]se environm5tal condition
 exi/+ on t date ( enactm5t2  7,,ii7 !  
con/ruction ( an advanc$ dec5traliz$    
wa/ewat] treatm5t sy/em1 includ+ plann+1
 design1 associat$ precon/ruction plann+
 activities 7z def9$ 9 section #bab ( ! 
,f$]al ,wat] ,pollution ,control ,act   
7#cc ,u4,s4,c4 #abib772 &  7,,iii7      
implem5tation measures to control1      
manage1 r$uce1 treat1 infiltrate1 or    
reuse municipal /ormwat]1 ! prim>y      
purpose ( :i* is ! protection1          
pres]vation1 or enhancem5t ( wat]       
quality to support public purposes      
7includ+ dec5traliz$ or di/ribut$       
/ormwat] controls1 l[-impact developm5t 
te*nologies & non/ructural approa*es1   
/ream buff]s1 & wetl&s re/oration &     
enhancem5t1 ! procurem5t & use (        

equipm5t to support m9imum measures1 su*
 z /reet sweep+ & /orm dra9 sy/em       
clean+1 & acquisition ( o!r l& & int]e/s
 9 l& to meet ! ne$s ( exi/+ developm5t 
t are necess>y = ^? activities &        
measures72  7ix7 to implem5t a managem5t
 program e/abli%$ "u section #cai ( !   
,f$]al ,wat] ,pollution ,control ,act   
7#cc ,u4,s4,c4 #acbi72  7x7 to develop &
 implem5t a cons]vation & managem5t plan
 "u section #cbj ( ! ,f$]al ,wat]       
,pollution ,control ,act 7#cc ,u4,s4,c4 
#accj72  7xi7 to increase ! security (  
wa/ewat] treatm5t works or a community  
wat] sy/em 7exclud+ any exp5diture =    
op]ations or ma9t5ance72  7xii7 to c>ry 
out wat] cons]vation or effici5cy       
projects1 ! prim>y purpose ( :i* is !   
protection1 pres]vation1 or enhancem5t (
 wat] quality to support public         
purposes2  7xiii7 to implem5t measures  
to integrate wat] res\rce managem5t     
plann+ & implem5tation2  7xiv7 to c>ry  
out wat]1 ra9wat]1 & wa/ewat] reuse1    
reclamation1 recycl+1 & ra9wat] h>ve/+  

projects1 ! prim>y purpose ( :i* is !   
protection1 pres]vation1 or enhancem5t (
 wat] quality to support public         
purposes2 &  7xv7 = capital co/s        
associat$ ) monitor+ equipm5t = comb9$  
or sanit>y sew] ov]fl[s2  7,b7 a        
non-capital project t is--  7i7         
associat$ ) a capital project2 &  7ii7 !
 aim ( :i* is to promote ! use (        
environm5tally su/a9able projects1      
includ+ utility-back$ /ormwat] & wat]   
effici5cy retr(it programs2 &  7,c7 #b  
or m projects describ$ 9 subp>agraph    
7,a7 t are comb9$ to receive a s+le     
direct loan or loan gu>antee4  7#i7     
,indian tribe ,! t]m ,indian tribe has !
 mean+ giv5 ! t]m 9 section #d ( !      
,indian ,self-,det]m9ation & ,education 
,assi/ance ,act 7#be ,u4,s4,c4 #dej;b74 
7#aj7 ,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#aa7 ,/ate infra/ructure f9anc+        
au?ority ,! t]m ,/ate infra/ructure     

f9anc+ au?ority means ! ,/ate entity    
e/abli%$ or designat$ by ! ,gov]nor ( a 
,/ate to receive a capitalization grant 
provid$ "u1 or to o!rwise c>ry out !    
requirem5ts (1 title ,,vi ( ! ,f$]al    
,wat] ,pollution ,control ,act 7#cc     
,u4,s4,c4 #acha et seq47 or section     
#adeb ( ! ,safe ,dr9k+ ,wat] ,act 7#db  
,u4,s4,c4 #cjj;j-#ab74  7#ab7 ,treatm5t 
works ,! t]m treatm5t works has ! mean+ 
giv5 ! t]m 9 section #bab ( ,f$]al ,wat]
 ,pollution ,control ,act 7#cc ,u4,s4,c4
 #abib74  #d4 ,e/abli%m5t ,!            
,adm9i/rator may make a direct loan1    
includ+ a subord9at$ loan1 or a loan    
gu>antee to an eligible entity to c>ry  
out activities = an eligible project 9  
accordance ) ?is ,act4  #e4             
,applications  7a7 ,9 g5]al ,z a        
condition ( receiv+ assi/ance "u ?is    
,act1 an eligible entity %all submit to 
! ,adm9i/rator an application at su* "t1
 9 su* mann]1 & conta9+ su* in=mation z 
! ,adm9i/rator may require4  7b7 ,comb9$
 projects ,9 ! case ( an eligible       

project describ$ 9 section #c7h77;,c71 !
 ,adm9i/rator %all require f ! eligible 
entity a s+le application = ! gr\p (    
projects4  #f4 ,use ( assi/ance ,an     
eligible entity %all only use am\nts    
receiv$ "u ?is ,act = eligible          
projects--  7#a7 to c>ry out--  7,a7    
developm5t phase activities1 includ+    
plann+1 feasibility analysis1 rev5ue    
=eca/+1 environm5tal review1 p]mitt+1 & 
o!r precon/ruction eng9e]+ & design "w2 
7,b7 con/ruction1 recon/ruction1        
rehabilitation1 & replacem5t activities 
necess>y = ! project2 &  7,c7           
environm5tal mitigation & con/ruction   
cont+5cies2  7#b7 to acquire real       
prop]ty 7includ+ int]e/s 9 real prop]ty7
 & equipm5t2  7#c7 to provide = any     
fund+ me*anisms necess>y to meet m>ket  
or af=dability requirem5ts1 reasonably  
requir$ res]ve funds1 capitaliz$ int]e/ 
issuance exp5ses1 & o!r c>ry+ co/s dur+ 
con/ruction ( ! project2 &  7#d7 to     
ref9ance int]im con/ruction f9anc+1     
long-t]m project obligations1 or direct 

loans or loan gu>antees made "u ?is     
,act4  #g4 ,selection among eligible    
projects  7a7 ,9 g5]al ,! ,adm9i/rator  
%all select eligible projects to receive
 assi/ance "u ?is ,act bas$ on--  7#a7 !
 significance ( ! infra/ructure ne$s    
address$ by ! project1 includ+ !        
economic1 environm5tal1 & public heal?  
b5efits ( ! project2  7#b7 !            
cr$itwor?9ess ( ! project "u            
consid]ation1 includ+ ! t]ms1           
conditions1 f9ancial /ructure1 &        
security features mak+ up ! propos$     
f9anc+1 & ! f9ancial assumptions ^u :i* 
! project is bas$2  7#c7 ! ne$ = ,f$]al 
assi/ance1 includ+ ! likelihood t !     
provision ( assi/ance by ! ,adm9i/rator 
"u ?is ,act w cause ! project to proce$ 
m promptly & ) l[] co/s = f9anc+ ?an    
w\ld be ! case )\t ! assi/ance2  7#d7 ! 
degree to :i* ! project f9anc+ plan     
includes public or private f9anc+ 9     
addition to assi/ance "u ?is ,act2  7#e7
 ! co/ ( ! direct loan or loan gu>antee 
to ! ,f$]al ,gov]nm5t = ! project2  7#f7

 ! ext5t to :i* ! project is nationally 
or regionally significant2  7#g7 :e!r ! 
project1 to ! maximum ext5t practicable1
 incorporates environm5tally su/a9able  
approa*es1 includ+ cons]vation1         
effici5cy1 reuse1 s\rce wat] protection1
 en]gy effici5cy1 gre5 infra/ructure1 & 
o!r innovative te*niques2  7#h7 :e!r !  
project is consi/5t )--  7,a7 ! ,/ate   
priority sy/em e/abli%$ pursuant to     
section #fjc7;g7 ( ! ,f$]al ,wat]       
,pollution ,control ,act 7#cc ,u4,s4,c4 
#achc7;g772 &  7,b7 ! types ( projects  
describ$ 9 section #adeb7;b77#c7 ( !    
,safe ,dr9k+ ,wat] ,act 7#db ,u4,s4,c4  
#cjj;j-#ab7;b77#c772 &  7#i7 ! priority 
sy/em e/abli%$ "u subsection 7b74  7b7  
,priority sy/em ,! ,adm9i/rator %all    
e/abli% a priority sy/em t gives great] 
weight to an application = an eligible  
project t includes--  7#a7 an inv5tory (
 ! assets ( ! treatm5t works or         
community wat] sy/em1 includ+ a         
description ( ! condition ( ^? assets2  
7#b7 a s*$ule = replacem5t ( ! assets ( 

! treatm5t works or community wat]      
sy/em2  7#c7 a f9anc+ plan t factors 9  
all lifecycle co/s & describes ! s\rces 
( rev5ue f ratepay]s1 grants1 bonds1    
loans1 & o!r s\rces designat$ to meet ^?
 lifecycle co/s2  7#d7 a description (  
any options = re/ructur+ ! treatm5t     
works or community wat] sy/em2  7#e7 any
 new models or te*niques1 o!r ?an a     
traditional wa/ewat] model1 to treat or 
m9imize sewage or urban /ormwat]        
dis*>ges us+--  7,a7 dec5traliz$ or     
di/ribut$ /ormwat] controls2  7,b7      
advanc$ dec5traliz$ wa/ewat] treatm5t2  
7,c7 l[-impact developm5t te*nologies & 
non/ructural approa*es2  7,d7 /ream     
buff]s2  7,e7 wetl& re/oration &        
enhancem5t2  7,f7 actions to m9imize !  
quantity ( & direct connections to      
imp]vi\s surfaces2  7,g7 soil &         
vegetation or o!r p]meable mat]ials2 or 
7,h7 actions t increase effici5t wat]   
use1 wat] cons]vation1 or wat] or       
wa/ewat] reuse1 includ+ ra9wat] h>ve/+2 
7#f7 to ! maximum ext5t practicable1 !  

use ( wat] effici5cy & cons]vation      
te*niques to g5]ate co/-effective s\rces
 ( new wat] supply2 &  7#g7 a           
demon/ration ( consi/5cy ) ,/ate1       
regional1 & municipal wat]%$ plans1 wat]
 cons]vation & effici5cy plans1 or      
integrat$ wat] res\rce managem5t plans4 
7c7 ,special rule = comb9$ projects ,=  
an eligible project describ$ 9 section  
#c7h77;,c71 ! ,adm9i/rator %all consid] 
only ! crit]ia describ$ 9 p>agraphs     
7#a71 7#b71 7#c71 & 7#e7 ( subsection   
7a74  7d7 ,reasonable assurance ( paym5t
 ,! ,adm9i/rator may select an eligible 
project = assi/ance only if !           
,adm9i/rator f9ds t !re is a reasonable 
assurance t all paym5ts w be made on !  
cr$it in/rum5t4  #h4 ,cr$it evaluation  
7a7 ,9 g5]al ,! ,adm9i/rator %all       
develop & implem5t a cr$it evaluation   
process be=e provid+ any assi/ance "u   
?is ,act4  7b7 ,prelim9>y rat+ op9ion   
lett] ,= purposes ( det]m9+             
cr$itwor?9ess "u section #g7;a77#b71 !  
,adm9i/rator may--  7#a7 require an     

eligible entity to provide a prelim9>y  
rat+ op9ion lett] f at lea/ #a rat+     
ag5cy2 or  7#b7 use an alt]native       
7includ+ an int]nal7 cr$it rat+ process4
  7c7 ,rule = c]ta9 comb9$ projects ,=  
an eligible project describ$ 9 section  
#c7h77;,c7 = :i* a ,/ate infra/ructure  
f9anc+ au?ority is ! eligible entity1 9 
addition to ! cr$itwor?9ess consid]ation
 "u section #g7;a77#b71 ! ,adm9i/rator  
%all evaluate ! cr$itwor?9ess ( ea*     
entity repres5t$ by ! ,/ate             
infra/ructure f9anc+ au?ority t w be    
c>ry+ out any eligible project describ$ 
9 section #c7h77;,a7 t w be a "p ( !    
eligible project4  #i4 ,t]ms &          
conditions  7a7 ,9 g5]al ,ea* direct    
loan & loan gu>antee made "u ?is ,act   
%all be on su* t]ms & conditions &      
conta9 su* cov5ants1 repres5tations1    
w>ranties1 & requirem5ts 7includ+       
requirem5ts = audits7 z ! ,adm9i/rator  
may prescribe4  7b7 ,int]e/ rate  7#a7  
,9 g5]al ,! int]e/ rate applicable to a 
direct loan %all be ! rate t is set by  

ref]5ce to a b5*m>k int]e/ rate on      
m>ketable ,treasury securities ) a      
simil> maturity to t direct loan1 z ( ! 
date ( issuance ( ! direct loan4  7#b7  
,high] int]e/ rates ,! ,adm9i/rator may 
*>ge a high] int]e/ rate on a direct    
loan if ! ,adm9i/rator det]m9es t ! risk
 pr(ile ( ! eligible project indicates a
 high] int]e/ rate is necess>y to       
protect ! int]e/s ( ! ,unit$ ,/ates4    
7c7 ,t]m ( loan ,! ,adm9i/rator may     
provide assi/ance "u ?is ,act only )    
respect to a cr$it in/rum5t ! f9al      
maturity date ( :i* is n lat] ?an #ce   
ye>s aft] ! date on :i* funds are       
disburs$4  7d7 ,security features ,!    
,adm9i/rator %all require a borr[]      
receiv+ assi/ance "u ?is ,act to use a  
rate cov5ant1 cov]age requirem5t1 or    
simil> security feature support+ !      
project obligations to ensure repaym5t4 
7e7 ,direct loan repaym5ts  7#a7 ,s*$ule
 ,! ,adm9i/rator %all e/abli% a repaym5t
 s*$ule = ea* direct loan "u ?is ,act   
bas$ on ! project$ ca% fl[ f project    

repaym5t s\rces4  7#b7 ,comm5cem5t      
,s*$ul$ repaym5ts ( pr9cipal or int]e/  
on a direct loan made "u ?is ,act %all  
comm5ce n lat] ?an #e ye>s aft] ! date (
 sub/antial completion ( ! project1 z   
det]m9$ by ! ,adm9i/rator 9 a mann] set 
=? at ! "t ! direct loan is made4  7#c7 
,def]ral ( paym5ts  7,a7 ,9 g5]al ,if ! 
,adm9i/rator det]m9es t a borr[] lacks !
 res\rces to make s*$ul$ paym5ts on a   
direct loan made "u ?is ,act bas$ on    
circum/ances n =eseeable at ! "t !      
direct loan is made1 ! ,adm9i/rator may 
all[ = ! def]ral ( ! paym5ts4  7,b7     
,int]e/s ,any paym5t def]r$ "u          
subp>agraph 7,a7 %all--  7i7 cont9ue to 
accrue int]e/ until fully repaid2 &     
7ii7 be s*$ul$ to be amortiz$ ov] !     
rema9+ t]m ( ! direct loan4  7,c7       
,crit]ia ,any paym5t def]ral "u         
subp>agraph 7,a7 %all be cont+5t on !   
project meet+ crit]ia e/abli%$ by !     
,adm9i/rator1 :i* %all include /&>ds =  
reasonable assurance ( repaym5t4  7#d7  
,prepaym5t ,paym5ts on ! direct loan may

 be made 9 advance ) no p5alty4  7f7    
,special rules = loan gu>antees  7#a7   
,t]ms ,! t]ms ( a cr$it in/rum5t t is ! 
subject ( a loan gu>antee "u ?is ,act   
%all be consi/5t ) ! t]ms set =? 9 ?is  
,act = a direct loan1 except t ! int]e/ 
rate & any prepaym5t features on ! cr$it
 in/rum5t %all be negotiat$ betwe5 !    
borr[] & ! l5d]1 ) ! approval ( !       
,adm9i/rator4  7#b7 ,int]e/ rate ,!     
,adm9i/rator may make a loan gu>antee "u
 ?is ,act only if ! ,adm9i/rator        
det]m9es t ! int]e/ rate on ! cr$it     
in/rum5t t is subject to ! loan gu>antee
 is appropriate1 tak+ into acc\nt !     
prevail+ rate ( int]e/ 9 ! private      
sector = simil> obligations4  7#c7      
,eligible l5d] ,! ,adm9i/rator may n    
make a loan gu>antee "u ?is ,act unless 
! l5d] ( ! loan or pur*as] ( ! debt     
security t w be ! subject ( ! loan      
gu>antee is a non-,f$]al1 qualifi$      
in/itutional buy] 7z def9$ 9 section    
#bcj4add;,a7a7 ( title #ag1 ,code (     
,f$]al ,regulations 7or successor       

regulation771 includ+--  7,a7 a qualifi$
 retirem5t plan 7z def9$ 9 section      
#digd7;c7 ( ! ,int]nal ,rev5ue ,code (  
#aihf7 t is a non-,f$]al qualifi$       
in/itutional buy]2 &  7,b7 a gov]nm5tal 
plan 7z def9$ 9 section #dad7;d7 ( !    
,int]nal ,rev5ue ,code ( #aihf7 t is a  
non-,f$]al qualifi$ in/itutional buy]4  
7#d7 ,adequate s]vic+ provisions requir$
 ,no loan gu>antee may be made "u ?is   
,act = a loan unless ! ,adm9i/rator     
det]m9es t ! l5d] ) respect to ! loan is
 responsible & t adequate s]vic+        
provisions h be5 made = ! loan t is !   
subject ( ! loan gu>antee t are         
reasonable & protect ! f9ancial int]e/ (
 ! ,unit$ ,/ates4  #aj4 ,program        
adm9i/ration  7a7 ,9 g5]al ,!           
,adm9i/rator %all e/abli% a uni=m sy/em 
to s]vice ea* direct loan & loan        
gu>antee made "u ?is ,act4  7b7         
,assi/ance f exp]t firms ,! ,adm9i/rator
 may reta9 ! s]vices ( exp]t firms1     
includ+ c\nsel1 9 ! field ( municipal & 
project f9ance to assi/ 9 ! und]writ+ & 

s]vic+ ( a direct loan or loan gu>antee 
made "u ?is ,act4  7c7 ,fees =          
adm9i/rative exp5ses  7#a7 ,9 g5]al ,9  
provid+ assi/ance "u ?is ,act1 !        
,adm9i/rator may--  7,a7 collect fees = 
adm9i/rative exp5ses1 includ+ premiums =
 loan gu>antees1 at a level t is        
suffici5t to cov] ! co/s ( s]vices (    
exp]t firms & all or a portion ( ! co/s 
to ! ,f$]al ,gov]nm5t ( s]vic+ ! direct 
loans & loan gu>antees made "u ?is ,act2
 &  7,b7 z provid$ 9 advance 9          
appropriations acts1 use ! am\nts       
describ$ 9 subp>agraph 7,a7 to cov] !   
exp5ses describ$ 9 t subp>agraph4  7#b7 
,level ( fees ,! ,adm9i/rator %all set !
 fees describ$ 9 p>agraph 7#a7 at a     
level t w m9imize ! co/ to ! ,f$]al     
,gov]nm5t & maximize ! assi/ance t c be 
provid$ "u ?is ,act1 :ile provid+       
competitive cr$it t]ms to eligible      
projects1 9 ord] to r$uce borr[+ co/s & 
accel]ate wat] infra/ructure inve/m5t4  
#aa4 ,te*nical assi/ance ,! ,adm9i/rator
 may use am\nts made available to c>ry  

out ?is ,act to provide te*nical        
assi/ance to applicants & prospective   
applicants 9 creat+ f9anc+ packages t   
lev]age a mix ( public & private fund+  
s\rces4  #ab4 ,re/rictions  7a7         
,assi/ance ?re%old ,! ,adm9i/rator may  
provide assi/ance "u ?is ,act only )    
respect to a cr$it in/rum5t 9 an am\nt (
 n less ?an #bj1jjj1jjj4  7b7 ,ref9anc+ 
,! ,adm9i/rator %all make available to  
eligible entities = ref9anc+ activities 
describ$ 9 section #f7d7 n m ?an #ae    
p]c5t ( ! total am\nts made available to
 c>ry out ?is ,act4  #ac4 ,prevail+     
wages  7a7 ,9 g5]al ,not)/&+ any o!r    
provision ( law & 9 a mann] consi/5t )  
o!r provisions 9 ?is ,act1 all labor]s &
 me*anics employ$ by contractors &      
subcontractors on projects fund$        
directly by1 or assi/$ 9 :ole or 9 "p by
 & ?r\gh1 ! ,f$]al ,gov]nm5t pursuant to
 ?is ,act %all be paid wages at rates n 
less ?an ^? prevail+ on projects ( a "* 
simil> 9 ! locality z det]m9$ by !      
,secret>y ( ,labor 9 accordance )       

sub*apt] ,,iv ( *apt] #ca ( title #dj1  
,unit$ ,/ates ,code4  7b7 ,adm9i/ration 
,) respect to ! labor /&>ds specifi$ 9  
?is section1 ! ,secret>y ( ,labor %all h
 ! au?ority & functions set =? 9        
,reorganization ,plan ,numb]$ #ad (     
#aiej 7#fd ,/at4 #abfg2 #e ,u4,s4,c4    
,app47 & section #cade ( title #dj1     
,unit$ ,/ates ,code4  #ad4 ,use (       
,am]ican iron1 /eel1 & manufactur$ goods
  7a7 ,9 g5]al ,except z provid$ 9      
subsection 7b71 none ( ! am\nts made    
available "u ?is ,act may be us$ = a    
project = ! con/ruction1 alt]ation1     
ma9t5ance1 or repair ( a public build+  
or public "w unless all ( ! iron1 /eel1 
& manufactur$ goods us$ 9 ! project are 
produc$ 9 ! ,unit$ ,/ates4  7b7         
,exception ,subsection 7a7 %all n apply 
9 any case or category ( cases 9 :i* !  
head ( ! ,f$]al dep>tm5t or ag5cy       
involv$ f9ds t--  7#a7 apply+ subsection
 7a7 w\ld be inconsi/5t ) ! public      
int]e/2  7#b7 iron1 /eel1 & ! relevant  
manufactur$ goods are n produc$ 9 !     

,unit$ ,/ates 9 suffici5t & reasonably  
available quantities & ( a satisfactory 
quality2 or  7#c7 inclusion ( iron1     
/eel1 & manufactur$ goods produc$ 9 !   
,unit$ ,/ates w increase ! co/ ( !      
ov]all project by m ?an #be p]c5t4  7c7 
,public notice ,if ! head ( a ,f$]al    
dep>tm5t or ag5cy det]m9es t x is       
necess>y to waive ! application (       
subsection 7a7 bas$ on a f9d+ "u        
subsection 7b71 ! head ( ! dep>tm5t or  
ag5cy %all publi% 9 ! ,f$]al ,regi/] a  
detail$ writt5 ju/ification z to :y !   
provision is be+ waiv$4  7d7            
,int]national agreem5ts ,?is section    
%all be appli$ 9 a mann] consi/5t )     
,unit$ ,/ates obligations "u            
int]national agreem5ts4  #ae4 ,fund+    
7a7 ,au?orization ( appropriations  7#a7
 ,direct loans & loan gu>antees ,!re is 
au?oriz$ to be appropriat$ = ! co/ (    
provid+ direct loans & loan gu>antees "u
 ?is ,act su* sums z are necess>y4  7#b7
 ,adm9i/rative exp5ses  7,a7 ,9 g5]al   
,!re is au?oriz$ to be appropriat$ =    

adm9i/rative exp5ses "u ?is ,act an     
am\nt equal to ! am\nt ( fees collect$  
"u section #aj7;c74  7,b7 ,additional   
au?orization ( appropriations ,9        
addition to am\nts au?oriz$ to be       
appropriat$ "u subp>agraph 7,a71 !re are
 au?oriz$ to be appropriat$ =           
adm9i/rative exp5ses "u ?is ,act su*    
sums z are necess>y4  7b7 ,paym5t (     
subsidy co/ ,a borr[] may pay = ! co/ ( 
a direct loan or loan gu>antee "u ?is   
,act1 along ) ! appropriate am\nt (     
relat$ adm9i/rative exp5ses1 ) paym5t ! 
,adm9i/rator may use1 z provid$ 9       
advance 9 appropriations ,acts1 in/ead (
 us+ am\nts au?oriz$ "u subsection 7a71 
to make a direct loan or loan gu>antee  
to ! borr[]4