,,ii #aacth ,,congress #ast ,session ,s4 #chg ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,february #bf1 #bjac ,mr4 ,rockefeller 7for himself and ,mr4 ,lautenberg7 introduced the following bill2 which was read twice and referred to the ,committee on ,commerce1 ,science1 and ,transportation ,a ,,bill ,to establish the ,american ,infrastructure ,investment ,fund and other activities to facilitate investments in infrastructure projects that significantly enhance the economic competitiveness of the ,united ,states by improving economic output1 productivity1 or competitive commercial advantage1 and for other purposes4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,american ,infrastructure ,investment ,fund ,act4 7b7 ,table of contents ,the table of contents of this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4 ,sec4 #b4 ,american infrastructure investment fund4 ,sec4 #c4 ,national infrastructure investment grants4 #b4 ,american infrastructure investment fund 7a7 ,establishment of ,fund ,chapter #c of title #di1 ,united ,states ,code1 is amended-- 7#a7 in the table of sections1 by adding at the end the following3 ,,subchapter ,,iv--,american ,infrastructure ,investment ,fund #cfa4 ,definitions4 #cfb4 ,establishment of ,fund4 #cfc4 ,organizational structure and duties4 #cfd4 ,fund authorities and assistance4 #cfe4 ,studies and reports4 2 and 7#b7 by adding at the end the following3 ,,iv ,american ,infrastructure ,investment ,fund #cfa4 ,definitions ,in this subchapter3 7#a7 ,board ,the term ,board means the ,board of ,directors of the ,fund appointed pursuant to section #cfc7;b74 7#b7 ,direct ,loan ,the term direct loan has the meaning given the term under section #ejb7a7 of the ,congressional ,budget ,act of #aigd 7#b ,u4,s4,c4 #ffa;a7#a774 7#c7 ,economic competitiveness ,the term economic competitiveness means the ability of the economy to more efficiently produce goods and deliver services1 including-- 7,a7 reductions in travel time of goods and people1 including reductions in average delay or the uncertainty of travel time2 and 7,b7 net benefits to society through economic benefits attributable to improving the spatial clustering of economic activity4 7#d7 ,eligible project ,the term eligible project means a capital project that-- 7,a7 advances the objectives of this subchapter2 7,b7 is comprised of activities included in a regional1 ,state1 or national plan1 either at the time of submission of the application or before the obligation of funds from the ,fund2 7,c7 has eligible project costs related to a single project1 or has aggregate eligible project costs related to a program of projects that are coordinated to achieve a unified improvement2 and 7,d7 is a transportation-related project4 7#e7 ,eligible funding recipient ,the term eligible funding recipient-- 7,a7 means an entity that has received a financing award from the ,fund2 7,b7 shall be-- 7i7 a non-,federal governmental entity1 agency1 or instrumentality2 or 7ii7 a nongovernmental entity1 such as a corporation1 partnership1 joint venture1 or other instrumentality1 that seeks funding for an eligible project2 and 7,c7 shall have a non-,federal governmental cosponsor of the project if it is a non-governmental entity4 7#f7 ,eligible project cost ,the term eligible project cost-- 7,a7 includes costs associated with development phase planning and design activities1 construction1 acquisition1 rehabilitation1 environmental remediation1 interest expense during construction or reconstruction1 and reasonable required reserves2 and 7,b7 excludes operating costs1 research and development costs1 and any other costs not otherwise specifically provided for in subparagraph 7,a74 7#g7 ,executive director ,the term ,executive ,director means the ,executive ,director of the ,fund appointed pursuant to section #cfc7;a77#a74 7#h7 ,fund ,the term ,fund means the ,american ,infrastructure ,investment ,fund of the ,department of ,transportation established under section #cfb4 7#i7 ,investment plan ,the term investment plan means a written mutual agreement between the ,fund and an applicant that outlines the prospective terms of financial assistance to be invested by the ,fund4 7#aj7 ,line of credit ,the term line of credit means an agreement entered into between the ,fund and an eligible funding recipient to provide a direct loan at a future date upon the occurrence of certain events4 7#aa7 ,loan guarantee ,the term loan guarantee has the meaning given the term under section #ejb7c7 of the ,congressional ,budget ,act of #aigd 7#b ,u4,s4,c4 #ffa;a7#c774 7#ab7 ,operating guidance ,the term ,operating ,guidance means the detailed description of the ,fund's operating policies and procedures that has been published in accordance with this subchapter4 7#ac7 ,qualified application ,the term ,qualified ,application means an application that the ,executive ,director has certified to have met eligibility and qualification standards under this subchapter4 7#ad7 ,rural ,the term rural means all population and territory that are not within an ,urbanized ,area 7as such term is defined in the most recent decennial ,united ,states census74 7#ae7 ,secretary ,except as otherwise specified1 the term ,secretary means the ,secretary of ,transportation4 7#af7 ,transportation-related project ,the term transportation-related project means a project that is part of1 or related to1 a transportation improvement1 including projects related to the construction or improvement of-- 7,a7 a passenger or freight rail line2 7,b7 a highway2 7,c7 a bridge2 7,d7 an airport2 7,e7 an air traffic control system2 7,f7 a port or marine facility2 7,g7 an inland waterway2 7,h7 a transmission or distribution pipeline2 7,i7 public transportation facilities or systems2 7,j7 intercity passenger bus or passenger rail facilities or equipment2 or 7,k7 freight rail facilities or equipment4 #cfb4 ,establishment of ,fund 7a7 ,establishment ,there is established in the ,department of ,transportation an entity to be known as the ,american ,infrastructure ,investment ,fund4 7b7 ,objectives ,the primary objective of the ,fund shall be-- 7#a7 to invest in infrastructure projects that provide measurable improvements to the economic competitiveness of all or part of the ,united ,states by increasing or otherwise improving economic output1 productivity1 or competitive commercial advantage2 7#b7 to provide funding for projects that face significant funding barriers due to problems associated with the need to combine resources across multiple jurisdictions or modes of transportation2 7#c7 to improve the efficiency or throughput of a national or regional transportation network by-- 7,a7 improving the integration between networks2 or 7,b7 improving the condition1 performance1 or long-term cost structure of existing infrastructure2 7#d7 to improve the safety of transportation facilities and systems1 as measured by the reduction in risk of transportation-related crashes1 injuries1 or deaths2 and 7#e7 to improve the environmental sustainability of a national or regional transportation network1 as measured by-- 7,a7 improvement in energy efficiency2 7,b7 reduction in greenhouse gas and other harmful emissions2 7,c7 conservation of natural resources2 7,d7 improvement in water quality2 7,e7 improvement in infrastructure resilience to environmental hazards and natural disasters2 and 7,f7 other beneficial environmental impacts4 7c7 ,strategy 7#a7 ,in general ,the ,fund shall advance the objectives set forth in subsection 7b7 by providing financial assistance for individual projects or programs of related projects identified in ,state1 regional1 or national plans and designed to significantly improve national or regional economic competitiveness4 7#b7 ,project portfolio ,the ,fund shall-- 7,a7 target projects or programs of related projects with a demonstrated difficulty in obtaining complete financing through other available public or private sources of funds1 for reasons including project complexity1 modes1 or other comparable transactional barriers2 7,b7 seek to identify appropriate ,investment ,plans for selected projects and programs of projects2 and 7,c7 use ,fund resources to build a portfolio of transformational investments that-- 7i7 promotes greater efficiency in the movement of freight or the provision of services2 7ii7 promotes greater efficiency in the movement of people2 7iii7 integrates multiple transportation modes in the movement of passengers or freight2 7iv7 promotes the use of innovation and best practices in the planning1 design1 development1 and delivery of projects1 including practices that promote performance-based decision making to achieve national1 ,state1 or regional objectives2 7v7 promotes cross-jurisdictional infrastructure planning and coinvestment among a broad range of participants1 including ,states1 tribal governments1 municipalities1 and public and private investors2 and 7vi7 integrates transportation infrastructure investment planning1 such as regional transportation plans1 with land-use economic development and other infrastructure ,investment ,plans4 7#c7 ,investment prospectus 7,a7 ,publication ,not later than #a year after the date of enactment of the ,american ,infrastructure ,investment ,fund ,act1 the ,fund shall publish a detailed description of its strategy in an ,investment ,prospectus that-- 7i7 specifies what will be considered significant to the economic competitiveness of all or part of the ,united ,states in a manner consistent with the primary objective set forth in subsection 7b77#a72 7ii7 specifies the priorities and strategic focus of the ,fund in-- 7,i7 reaching the objectives set forth in subsection 7b72 and 7,,ii7 carrying out the ,fund strategy described in this subsection2 7iii7 describes in detail-- 7,i7 the framework and methodology for calculating the qualification score assigned under section #cfd7;f77#c72 7,,ii7 the data to be requested from applicants2 and 7,,iii7 the formula to be applied to such data to calculate the qualification score2 7iv7 describes how selection criteria will be applied by the ,fund to determine the competitiveness of an application and its qualification score relative to other current applications and previously funded applications2 and 7v7 describes how the qualification score methodology and project selection framework are consistent with maximizing the ,fund's goals in urban and rural areas4 7,b7 ,updates ,not later than #b years after the original publication of the ,investment ,prospectus1 and biennially thereafter1 the ,fund shall publish an updated ,investment ,prospectus4 7,c7 ,approval ,the ,fund may not publish the ,investment ,prospectus or any subsequent updates under subparagraph 7,b7 until the ,board has approved the ,investment ,prospectus by a majority vote4 7#d7 ,operating guidance 7,a7 ,publication ,not later than #a year after the date of enactment of the ,american ,infrastructure ,investment ,fund ,act1 the ,fund shall establish and publish its ,operating ,guidance for the management of the ,fund1 which shall-- 7i7 establish general operating procedures to be followed by the ,fund in carrying out its authorities under this subchapter2 7ii7 establish criteria1 requirements1 and standards regarding the provisions of various forms of assistance authorized under this subchapter1 including the various forms and terms of credit assistance that are consistent with the requirements under this subchapter2 7iii7 establish an application and award process for ,planning and ,feasibility ,loans in accordance with the provisions under this subchapter2 7iv7 establish disclosure and application procedures for nominating or otherwise proposing applications for project assistance1 either solicited or unsolicited1 that are consistent with the requirements under this subchapter2 7v7 describe in detail the form and timing of data and other information required of applicants in conjunction with consideration of an application for financial assistance under this subchapter2 and 7vi7 establish a schedule of regular time intervals for the submission for consideration of sets of #a or more ,investment ,plans to the ,board4 7,b7 ,review and update ,the ,fund shall periodically review1 and may update1 the ,operating ,guidance published under subparagraph 7,a74 7#e7 ,rulemaking ,paragraphs 7#c7 and 7#d7 shall be carried out in accordance with the rulemaking procedures set forth in section #eec of title #e1 ,united ,states ,code4 #cfc4 ,organizational structure and duties 7a7 ,executive ,director 7#a7 ,appointment2 authority ,the ,president shall appoint1 by and with the advice and consent of the ,senate1 an ,executive ,director1 who shall be the chief executive officer of the ,fund1 and shall have such executive functions1 powers1 and duties as set forth in this subchapter or prescribed by the ,board4 7#b7 ,supervision ,the ,executive ,director shall be subject to the supervision and direction of the ,secretary of ,transportation1 consistent with the ,executive ,director's duties under this subchapter and other requirements set forth in the ,operating ,guidance referred to in section #cfb7;c77#d74 7#c7 ,qualifications ,the ,executive ,director shall have demonstrated expertise in at least #b of the following #c areas3 7,a7 ,economic analysis4 7,b7 ,project1 public1 or corporate finance4 7,c7 ,organizational management4 7#d7 ,term of service2 vacancy ,the ,executive ,director shall serve a #e-year term1 which may be renewed in accordance with paragraph 7#a74 ,a vacancy in the position of ,executive ,director shall be filled as expeditiously as possible in the manner in which the original appointment was made4 7#e7 ,duties ,in addition to the other activities required to carry out the authorities and purposes of the ,fund under this subchapter1 the ,executive ,director shall-- 7,a7 be responsible for the day-to-day operations of the ,fund2 7,b7 establish and approve the ,operating ,guidance in accordance with section #cfb7;c77#d72 7,c7 establish and maintain a project application origination capability at the ,fund that consists of a staff of qualified transportation infrastructure planning professionals2 7,d7 establish and maintain an analysis capability at the ,fund that consists of a staff of qualified economics professionals directed to collect application data1 analyze that data1 and report to the ,executive ,director on qualification scores and ranges1 measures of uncertainty1 and other analyses of applications2 7,e7 establish and maintain an investment planning process capability at the ,fund that consists of a staff of qualified project finance professionals directed to review qualified applications and to structure ,investment ,plans2 and 7,f7 establish and maintain a technical assistance capability at the ,fund that consists of a staff of qualified project management professionals directed to assist those entities receiving funding from the ,fund in the successful execution of their ,investment ,plans and to otherwise implement the funding decisions of the ,secretary4 7#f7 ,other authority ,the ,executive ,director shall have the authority to hire contractors to establish and maintain the expertise as described in paragraph 7#e74 7#g7 ,compensation ,the ,executive ,director shall be a position compensated on the ,general ,executive ,schedule4 7b7 ,board of ,directors 7#a7 ,establishment ,there is established within the ,fund a deliberative body to be known as the ,board of ,directors4 7#b7 ,membership ,the ,board shall be composed of #h members1 including-- 7,a7 the ,secretary of the ,treasury1 the ,secretary of ,commerce1 the ,secretary of ,energy1 the ,secretary of ,housing and ,urban ,development1 and the ,administrator of the ,environmental ,protection ,agency1 who shall serve as permanent members2 and 7,b7 #c executives of the ,department of ,transportation appointed by the ,secretary1 of whom-- 7i7 not more than #a shall serve concurrently as-- 7,i7 the ,deputy ,secretary2 7,,ii7 the ,under ,secretary of ,transportation for ,policy2 7,,iii7 the ,general ,counsel2 7,,iv7 the ,chief ,financial ,officer2 7,v7 the ,assistant ,secretary of ,transportation for ,policy2 or 7,,vi7 the ,assistant ,secretary of ,transportation for ,aviation and ,international ,affairs2 and 7ii7 not more than #b shall serve for not longer than #b years1 while concurrently serving as-- 7,i7 the ,administrator of the ,federal ,aviation ,administration2 7,,ii7 the ,administrator of the ,federal ,highway ,administration2 7,,iii7 the ,administrator of the ,federal ,railroad ,administration2 7,,iv7 the ,administrator of the ,federal ,transit ,administration2 7,v7 the ,administrator of the ,maritime ,administration2 7,,vi7 the ,administrator of the ,pipeline and ,hazardous ,materials ,safety ,administration2 or 7,,vii7 the ,administrator of the ,federal ,motor ,carrier ,safety ,administration4 7#c7 ,duties ,the ,board shall-- 7,a7 not later than #ahj days after the date of enactment of the ,american ,infrastructure ,investment ,fund ,act1 establish and approve the ,investment ,prospectus1 in consultation with the ,fund ,advisory ,committee2 7,b7 on each biennial anniversary of its original publication1 update the ,investment ,prospectus1 in consultation with the ,fund ,advisory ,committee2 7,c7 review ,investment ,plans1 related application materials1 and other analyses provided to the ,board by the ,executive ,director2 7,d7 determine by majority vote whether or not to recommend ,investment ,plans submitted by the ,executive ,director to the ,secretary2 and 7,e7 certify reports to ,congress and other publications of the ,fund4 7#d7 ,majority vote required ,each action or decision by the ,board shall be by majority vote of all members1 whether in person or in absentia4 ,each member shall be provided a reasonable opportunity to vote on all matters before the ,board4 7c7 ,fund ,advisory ,committee 7#a7 ,establishment ,not later than #ahj days after the date of enactment of the ,american ,infrastructure ,investment ,fund ,act1 the ,president shall establish an advisory committee1 to be known as the ,fund ,advisory ,committee4 7#b7 ,membership 7,a7 ,appointment ,the ,president shall appoint not fewer than #e people and not more than #g people to serve #c-year terms as members of the ,fund ,advisory ,committee1 including #a member to serve as ,chair of the ,committee4 7,b7 ,qualifications ,each member shall have expertise in-- 7i7 economics and economic analysis2 7ii7 project or fund management2 7iii7 portfolio or fund management2 7iv7 organized labor interests2 7v7 environmental interests2 7vi7 ,american business and trade interests2 7vii7 rural community and economic development2 7viii7 metropolitan economic development and clustering of economic development2 7ix7 ,state ,department of ,transportation or ,metropolitan ,planning ,organization policies and priorities2 or 7x7 other infrastructure planning1 redevelopment1 and development-related codes and policies4 7,c7 ,representation ,the ,president shall ensure that the membership of the ,fund ,advisory ,committee-- 7i7 is bipartisan2 7ii7 is geographically and economically balanced2 and 7iii7 is balanced in terms of the functions to be performed by the ,fund ,advisory ,committee4 7#c7 ,advice ,the ,fund ,advisory ,committee shall advise the ,board and the ,secretary with respect to-- 7,a7 the alignment of the ,investment ,prospectus with the primary and secondary objectives1 and other elements of the ,fund strategy described in section #cfb7;c72 7,b7 the alignment of the framework and methodology used to determine qualification scores and uncertainty estimates with the primary objective1 secondary objectives1 and the ,fund strategy2 7,c7 the consistency of the calculation of qualification scores and uncertainty estimates with academic standards for analytical rigor and data quality typically applied to peer-reviewed research2 7,d7 the alignment of investment decision mechanics and outcomes with the ,investment ,prospectus and the requirements under this subchapter2 7,e7 the integrity and effectiveness of ,fund operations and performance1 including application evaluation processes1 ,investment ,plan processes and determinations1 and the optimization of the ,fund's performance as a portfolio2 and 7,f7 prospects for the extension of the ,fund's activities to nontransportation infrastructure sectors likely to benefit the ,united ,states1 including renewable energy generation1 energy transmission and storage1 energy efficiency1 drinking water and wastewater systems1 and telecommunications4 7#d7 ,applicability of ,,faca ,the ,fund ,advisory ,committee shall be subject to the ,federal ,advisory ,committee ,act 7#e ,u4,s4,c4 ,app474 #cfd4 ,fund authorities and assistance 7a7 ,agreements with other organizations ,the ,fund may-- 7#a7 enter into an agreement with any organization within the ,department of ,transportation to obtain necessary technical expertise and assistance2 and 7#b7 request any ,federal agency to detail employees to the ,fund for purposes of carrying out its duties under this subchapter4 7b7 ,fees for services 7#a7 ,administrative fees ,the ,fund may establish and collect fees from eligible funding recipients1 including application and processing fees and other fees associated with the costs of loan servicing1 at a level sufficient to cover all or a portion of the administrative costs to the ,federal ,government of providing funding assistance and servicing the credit instruments entered into under this subchapter4 7#b7 ,other fees ,the ,fund may establish and collect fees from eligible funding recipients at a level sufficient to cover all or a portion of the costs of expert firms1 including counsel in the field of municipal and project finance1 and financial advisors to assist with underwriting1 credit analysis1 or other independent reviews1 as appropriate4 7#c7 ,limitation ,the ,fund may not collect fees under paragraph 7#a7 or 7#b7 that originate as a loan or a debt obligation guaranteed by the ,federal ,government4 7#d7 ,availability of amounts ,amounts collected under paragraphs 7#a7 and 7#b7 shall be available to be expended to carry out the duties under this subchapter4 7c7 ,planning and feasibility loans 7#a7 ,in general ,the ,fund may provide loans1 which may be forgivable1 to eligible funding recipients to fund activities related to the planning1 preparation1 or design of an eligible project proposal1 including costs associated with-- 7,a7 planning and formulating optimal project design2 7,b7 assessing project technical feasibility2 and 7,c7 assessing potential project performance4 7#b7 ,loan program criteria ,in providing loans under this subsection1 the ,fund shall give priority to activities that are likely to lead to projects that-- 7,a7 advance the objectives set forth in section #cfb7;b72 and 7,b7 are consistent with the strategy described in section #cfb7;c74 7#c7 ,federal share ,the ,fund may enter into a loan agreement with an eligible recipient in which the ,fund agrees to pay up to #ajj percent of eligible planning and feasibility costs of an eligible project under this subsection4 7#d7 ,eligible costs ,loan amounts received under this subsection may be used for-- 7,a7 any activity reasonably necessary to obtain ,federal1 ,state1 and local permits1 licenses1 and approvals for an eligible project1 including-- 7i7 concept development and preliminary design2 7ii7 economic and environmental analyses2 and 7iii7 application1 licensing1 and permit fees2 or 7,b7 the preparation of financial analyses and other economic analyses that are reasonably necessary to secure funding to implement an eligible project4 7#e7 ,alignment with investment prospectus ,the ,fund may not provide a loan for a project under this subsection unless the application materials demonstrate that the eligible project is aligned with the strategy outlined in the ,investment ,prospectus4 7#f7 ,designation for receipt of certain funds ,if a non-,federal governmental entity1 agency1 or instrumentality is carrying out the planning and feasibility activities1 the eligible funding recipient may designate such entity1 agency1 or instrumentality to receive loan amounts for such activities directly from the ,fund4 7d7 ,direct loans and loan guarantees 7#a7 ,direct loans 7,a7 ,agreements ,the ,fund is authorized to make direct loans to eligible funding recipients for eligible projects on such terms and conditions1 and containing such covenants1 representations1 warranties1 and requirements1 including required audits1 as the ,fund determines appropriate1 in accordance with the provisions under this subchapter1 the ,operating ,guidance1 and all other statutory and regulatory requirements4 7,b7 ,approved investment plan ,direct loans made under this paragraph-- 7i7 may only be used to fund eligible project costs covered in an ,investment ,plan approved by the ,secretary2 and 7ii7 are subject to the terms and conditions of the approved ,investment ,plan4 7,c7 ,terms1 conditions1 and limitations ,direct loans made under this paragraph will be on such terms1 conditions1 and limitations as the ,executive ,director may prescribe1 except that-- 7i7 the ,fund may not provide credit assistance to any prospective borrower unless such assistance-- 7,i7 is necessary-- 7aa7 to alleviate a credit market imperfection2 or 7bb7 to achieve specified ,federal objectives by providing credit assistance2 and 7,,ii7 is the most efficient way to meet such objectives on a borrower-by-borrower basis2 7ii7 loans made under this paragraph may not be subordinated to other debt contracted by the borrower or any other claims against the borrower in case of default unless such subordination is necessary to achieve ,federal objectives1 consistent with the criteria and policies set forth in the ,operating ,guidance2 7iii7 direct loans or interest supplements on loan guarantees shall be at an interest rate that is set by reference to a benchmark interest rate 7yield7 on marketable ,treasury securities with a similar maturity to the direct loans being made or the non-,federal loans being guaranteed1 and includes any necessary credit risk premium at a level consistent with the interest rate policy set forth in the ,operating ,guidance2 7iv7 the ,executive ,director-- 7,i7 shall prescribe explicit standards for use in periodically assessing the credit risk of new and existing direct loans and guaranteed loans2 and 7,,ii7 may not extend credit assistance without determining that there is a reasonable assurance of repayment2 7v7 new direct loans may not be obligated and new loan guarantees may not be committed except to the extent that appropriations of budget authority to cover their costs are made in advance1 as required under section #ejd of the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa;c72 7vi7 the total principal amount of the direct loan or loan guarantee may not exceed-- 7,i7 the lower of #gj percent of total eligible project cost less the percentage of eligible project costs that are otherwise funded by the ,fund2 or 7,,ii7 another level prescribed in the ,operating ,guidance2 and 7vii7 notwithstanding any other provision of law relating to the acquisition1 handling1 or disposal of property by the ,federal ,government1 the ,fund may complete1 recondition1 reconstruct1 renovate1 repair1 maintain1 operate1 or sell any property acquired by the ,fund under this subchapter4 7,d7 ,repayment 7i7 ,policies ,the ,fund shall-- 7,i7 adhere to the policies set forth in the ,operating ,guidance concerning repayment terms2 and 7,,ii7 establish repayment terms for each direct loan based on the projected cash flow from project revenues or other repayment sources4 7ii7 ,maturity date ,the final maturity date of a direct loan under this paragraph-- 7,i7 shall not exceed #ij percent of the estimated useful economic life of the asset being financed1 except under conditions set forth in the ,operating ,guidance2 and 7,,ii7 may not be later than the estimated useful economic life of the asset being financed4 7,e7 ,risk assessment ,before entering in any agreement under this section1 the ,executive ,director shall complete a risk assessment of the project to be funded4 ,requirements for risk assessment shall be outlined in the ,operating ,guidance4 7#b7 ,loan guarantees 7,a7 ,in general ,the ,fund is authorized to provide loan guarantees to eligible funding recipients on such terms and conditions and containing such covenants1 representations1 warranties1 and requirements 7including required audits7 as the ,fund determines appropriate1 in accordance with the provisions under this subchapter1 the ,operating ,guidance1 and all other statutory and regulatory requirements4 7,b7 ,approved investment plan ,loan guarantees provided under this paragraph-- 7i7 may only cover eligible project costs in an approved ,investment ,plan2 and 7ii7 are subject to the terms and conditions of the approved ,investment ,plan4 7,c7 ,terms1 conditions1 and limitations 7i7 ,in general ,the terms1 conditions1 and limitations of a guaranteed loan shall comply with the terms1 conditions1 and limitations set forth in paragraph 7#a7 for a direct loan1 including maximum ,fund share requirements1 except that the interest rate on the guaranteed loan and any repayment features shall be negotiated between the eligible funding recipient and the lender in accordance with the policies set forth in the ,operating ,guidance1 and with the consent of the ,secretary4 7ii7 ,income excluded ,a loan may not be guaranteed under this paragraph if-- 7,i7 the income from such loan is excluded from gross income for the purposes of chapter #a of the ,internal ,revenue ,code of #aihf2 or 7,,ii7 the guarantee provides significant collateral or security1 as determined by the ,executive ,director1 for other obligations generating income that is similarly excluded4 7iii7 ,fees ,fees or premiums for a loan guarantee or insurance coverage shall be set at levels that minimize the cost to the ,government 7as defined in section #ejb7e7 of the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa;a7#e777 of such coverage1 while supporting achievement of the program's objectives1 in accordance with policies set forth in the ,operating ,guidance4 7iv7 ,percent guaranteed ,a loan guarantee under this paragraph may not exceed #hj percent of the loss of the loan4 ,borrowers who pose less of a risk shall receive a lower guarantee as a percentage of the loan amount4 7v7 ,criteria ,a loan may not be guaranteed under this paragraph unless the ,executive ,director determines that-- 7,i7 the lender is responsible2 and 7,,ii7 adequate provision is made for servicing the loan on reasonable terms4 7vi7 ,conclusive evidence ,any guarantee shall be conclusive evidence that-- 7,i7 such guarantee has been properly obtained2 7,,ii7 the underlying loan qualified for such guarantee2 and 7,,iii7 such guarantee is presumed to be valid1 legal1 and enforceable1 unless such guarantee was obtained through fraud or material misrepresentation by the holder4 7vii7 ,effect of default ,if1 as a result of a default by a borrower under a guaranteed loan1 after the holder of the loan has made such further collection efforts and instituted such enforcement proceedings as the ,executive ,director may require1 the ,executive ,director determines that the holder has suffered a loss1 the ,executive ,director-- 7,i7 shall pay to the holder not more than #hj percent of such loss1 as specified in the guarantee contract2 7,,ii7 upon making such payment1 shall be subrogated to all the rights of the recipient of the payment2 and 7,,iii7 shall be entitled to recover from the borrower the amount of any payments made pursuant to any guarantee entered into under this paragraph4 7viii7 ,enforcement ,the ,attorney ,general shall take such action as may be appropriate to enforce any right accruing to the ,united ,states as a result of the issuance of any loan guarantee under this paragraph4 7ix7 ,savings provision ,nothing in this paragraph may be construed to preclude any forbearance for the benefit of the borrower1 which may be agreed upon by the ,executive ,director1 if budget authority for any resulting modification cost 7as defined under section #ejb of the ,congressional ,budget ,act of #aigd 7#b ,u4,s4,c4 #ffa;a77 is available4 7,d7 ,repayment ,the ,fund shall adhere to policies set forth in the ,operating ,guidance concerning repayment terms and shall establish repayment terms for each direct loan based on the projected cash flow from project revenues or other repayment sources4 7,e7 ,risk assessment ,requirements for risk assessment shall be outlined in the ,operating ,guidance4 7e7 ,application evaluation and qualification 7#a7 ,application eligibility standard ,an application for financial assistance from the ,fund may not be considered unless-- 7,a7 funding recipient or recipients1 project or program of related projects1 and associated project costs identified in the application are eligible for such funding under this subchapter2 7,b7 eligible project costs identified in the application-- 7i7 are greater than #ej1jjj1jjj2 or 7ii7 if the application is for a project or program of related projects located entirely in a rural area1 are greater than #aj1jjj1jjj2 7,c7 the application identifies financial assistance from sources outside of the ,fund equal to at least #cj percent of the total eligible project costs2 7,d7 the application identifies project benefits that are distributed broadly1 either at a national or a regional level2 and 7,e7 the applicant is not ineligible to receive ,federal loans1 loan guarantees1 or insurance due to a delinquency on ,federal tax or non-tax debts1 including judgment liens against property for a debt to the ,federal ,government4 7#b7 ,resolution of debts ,the ,fund shall use credit bureaus as a screening tool and ask applicants about delinquencies described in paragraph 7#a77;,e7 on the application form4 ,an application from an applicant that is delinquent on a debt to the ,federal ,government may not be processed until after the applicant satisfactorily resolves the debts in compliance with section #cgbj;,b of title #ca1 ,united ,states ,code1 and section #bhe4ac of title #ca1 ,code of ,federal ,regulations4 7#c7 ,qualification score 7,a7 ,assignment ,the ,fund shall assign to each eligible application a single numerical factor1 which shall be-- 7i7 based upon an evaluation of the information and data collected from the applicant or otherwise obtained in the course of due diligence on the application2 7ii7 referred to as the #8qualification score'2 and 7iii7 equal to the ratio between the present value of benefits to the present value of costs reasonably expected to result from the funding of the project or projects proposed in the application4 7,b7 ,calculation ,the calculation of the qualification score shall be determined through a consistently and transparently applied analytic and systematic framework4 ,in order to indicate the potential uncertainty of the qualification score1 the ,fund shall use a measure of the uncertainty of expected project benefits and costs to derive a range of ratio values with the qualification score as the midpoint of that range4 7,c7 ,methodology ,the methodology used to calculate the qualification score and uncertainty measures shall-- 7i7 apply equal weighting to all measures of the net present value of benefits and costs2 7ii7 include standardized measures of the expected uncertainty in both total and specific benefits and costs associated with the project2 and 7iii7 include a descriptive statement delineating the significant factors and analysis that went into determination of the score and the range4 7,d7 ,publication 7i7 ,investment prospectus ,the methodology of the framework for calculating the qualification score1 including the specific mechanics of its calculation1 shall be published in the ,investment ,prospectus4 7ii7 ,methodology ,the quantification score1 the methodology used to calculate the qualification score1 the calculation of the qualification score1 and the measure of uncertainty shall be-- 7,i7 provided to the applicant not later than #ae days after their final determination2 and 7,,ii7 published on the ,fund's website not later than #cj days after their final determination4 7#d7 ,application certification ,the ,executive ,director may not certify an application as qualified for financial assistance on the basis of an evaluation of the information and data collected from the applicant unless the ,executive ,director determines that the application's qualification score-- 7,a7 has been calculated on the basis of data1 estimates1 and assumptions that are defensible according to accepted standards of economic analysis2 7,b7 appears valid based on efforts by the ,fund to conduct due diligence and verification2 7,c7 is greater than the threshold for qualification published in the ,investment ,prospectus2 and 7,d7 is competitive with scores issued to applications currently under consideration and scores issued to applications previously funded under this section1 after taking into account the extent to which the application under consideration1 in order of priority-- 7i7 advances the objectives of the ,fund set forth in section #cfb7;b72 7ii7 addresses a special infrastructure investment challenge due to cost1 complexity1 cross-jurisdictional scope1 multi-modal features1 or the use of innovative technologies2 7iii7 provides a cost-effective approach to achieving the benefits described in the application relative to alternative approaches to achieving comparable benefits1 after taking into account the estimated uncertainty in measures of costs and benefits associated with the project2 7iv7 combines amounts received from the ,fund with other revenue sources to leverage substantial co-investment from non-,federal sources2 7v7 delivers revenue streams from public or private sources dedicated to pay debt service1 meet ongoing operating expenses1 or provide for needed maintenance and capital renewal over the life cycle of the funded asset2 and 7vi7 encourages the use of innovative procurement1 asset management1 or financing to optimize the all-in-life-cycle cost-effectiveness of a project4 7f7 ,investment plans 7#a7 ,qualified application requirement ,after an application is certified by the ,executive ,director as qualified under subsection 7e77#d71 the ,executive ,director and the applicant shall enter a process for producing a mutually agreeable ,investment ,plan4 ,financial assistance may not be provided to an applicant under this section unless the applicant's ,investment ,plan has been recommended by the ,board and approved by the ,secretary4 7#b7 ,investment planning process ,the ,fund shall establish an investment planning process for determining the level1 form1 and terms of financial assistance to be offered by the ,fund1 including a mutually agreeable financing package that-- 7,a7 is adequate to fund the project or projects included in the application2 7,b7 maximizes total expected project benefits relative to total expected costs2 and 7,c7 considers the portion of total costs to be financed by the ,fund4 7#c7 ,considerations ,when considering the appropriate level and form of ,fund resources to include in an ,investment ,plan1 the ,fund shall-- 7,a7 consider the qualification score achieved by the application relative to other current applications and previously funded applications2 7,b7 strive to make investment plan decisions on the basis of maximizing total net benefits relative to cost2 and 7,c7 consider-- 7i7 the amount of ,fund budgetary resources required to complete a financing package2 7ii7 the percentage of ,federal resources included in the ,investment ,plan in the form of grants2 7iii7 the level of certainty of the proposed net benefits1 including the risks to the ,federal taxpayer and the project sponsor in the event of project cost overrun or failure2 and 7iv7 the percentage of eligible project costs to be funded through non-,federal resources pledged by the applicant to complete a financing package4 7#d7 ,investment plans ,as part of the investment planning process-- 7,a7 the ,fund shall have the sole discretion to determine the terms of assistance to be offered to applicants1 subject to the provisions under this subchapter1 the availability of funding1 and any other statutory and regulatory requirements2 7,b7 if the ,fund and the applicant are able to reach mutually agreeable terms1 the ,fund shall record the determination on ,fund assistance and the details of the complete financing package in an ,investment ,plan2 7,c7 the ,fund may not approve an ,investment ,plan that does not identify a complete financing package2 and 7,d7 the ,fund is not required or compelled to reach agreement on an ,investment ,plan4 7#e7 ,submission to ,board ,the ,executive ,director shall advance ,investment ,plans for qualified applications to the ,board at regular submission intervals1 as set forth in the ,operating ,guidance4 7#f7 ,conflict of interest protections ,the ,secretary of ,transportation and the ,fund shall jointly establish1 in operating procedures and in the ,operating ,guidance1 communications practices and compliance procedures that protect professional staff of the ,fund who are responsible for negotiating ,investment ,plans from outside or otherwise inappropriate influence1 and conflicts of interest1 including necessary restrictions on communications between staff of the ,fund who are responsible for the investment planning process and individuals and organizations within and outside the ,department of ,transportation1 including-- 7,a7 the ,board2 7,b7 the ,office of the ,secretary2 7,c7 the ,secretary2 and 7,d7 others needed to safeguard the ability of the ,fund to fairly and independently formulate ,investment ,plans under this subsection4 7g7 ,funding decisions 7#a7 ,investment plan submission requirement ,the ,board may not consider recommending an application for funding before receiving an ,investment ,plan from the ,executive ,director4 7#b7 ,application funding recommendation ,not later than #ae days after receiving an ,investment ,plan from the ,executive ,director1 the ,board shall-- 7,a7 vote on whether to recommend funding for the ,investment ,plan2 7,b7 notify the ,secretary of the outcome of such vote2 and 7,c7 if funding is recommended1 forward the ,investment ,plan to the ,secretary for approval4 7#c7 ,no modification ,neither the ,board nor the ,secretary may modify any ,investment ,plan4 7#d7 ,funding consideration 7,a7 ,determination ,after considering an ,investment ,plan recommended by the ,board1 the ,secretary shall approve or reject the ,investment ,plan4 7,b7 ,approval ,if the ,investment ,plan is approved by the ,secretary1 it shall be funded in accordance with the provisions of the ,investment ,plan4 7,c7 ,rejection ,if the ,investment ,plan is rejected by the ,secretary1 the ,investment ,plan-- 7i7 shall be returned to the ,executive ,director with a detailed justification for rejecting the ,investment ,plan1 which shall be forwarded to the applicant2 and 7ii7 may be reconsidered by the ,fund not earlier than #a year after such date of return4 7h7 ,project sponsorship2 public benefit analysis2 legal compliance 7#a7 ,compliance with applicable laws 7,a7 ,in general ,subject to subparagraphs 7,b7 and 7,c71 the ,fund shall determine which requirements under this title or title #bc shall be applicable to projects receiving financial assistance under this subchapter that would otherwise be eligible for financial assistance under such titles4 7,b7 ,labor standards 7i7 ,in general ,all laborers and mechanics employed on projects assisted in whole or in part by and through the ,fund pursuant to this subchapter shall be paid wages at rates not less than those prevailing on projects of a character similar in the locality as determined by the ,secretary of ,labor in accordance with subchapter ,,iv of chapter #ca of title #dj4 7ii7 ,authority2 functions ,with respect to the labor standards specified in this subparagraph1 the ,secretary of ,labor shall have the authority and functions set forth in ,reorganization ,plan ,numbered #ad of #aiej 7#fd ,stat4 #abfg2 #e ,u4,s4,c4 ,app47 and section #cade of title #dj1 ,united ,states ,code4 7iii7 ,requirements ,projects funded directly by or assisted in whole or in part by and through the ,fund pursuant to this subchapter shall be subject to the requirements of section #eccc7;b7 of title #di1 ,united ,states ,code4 7,c7 ,planning and environmental laws ,a project that receives financial assistance under this subchapter shall comply with-- 7i7 the applicable planning and programming requirements under section #acd and #ace of title #bc2 and 7ii7 all applicable environmental laws and requirements1 including the ,national ,environmental ,policy ,act of #aifi 7#db ,u4,s4,c4 #dcba et seq47 and the ,national ,historic ,preservation ,act of #aiff 7#af ,u4,s4,c4 #dgj et seq474 7#b7 ,lead agency 7,a7 ,in general ,the ,department of ,transportation shall be the ,federal lead agency in the environmental review process for a project that receives financial assistance under this subchapter4 ,subject to subparagraphs 7,b7 through 7,d71 the ,secretary of ,transportation may delegate this responsibility to an operating administration4 7,b7 ,joint lead ,federal agency ,nothing in this paragraph precludes another ,federal agency from being a joint lead agency in accordance with the regulations adopted by the ,president's ,council on ,environmental ,quality4 7,c7 ,joint lead ,state agency ,a non-,federal government entity1 agency1 or instrumentality receiving funds under this subchapter may-- 7i7 serve as a joint lead agency with the ,department of ,transportation under the ,national ,environmental ,policy ,act of #aifi 7#db ,u4,s4,c4 #dcba et seq472 and 7ii7 at the discretion of the lead ,federal agency1 prepare any environmental document required in support of the project if the lead ,federal agency-- 7,i7 furnishes guidance in such preparation2 and 7,,ii7 independently evaluates1 approves1 and adopts the ,state or local government's environmental documentation before taking any action on the project4 7,d7 ,nongovernmental funding recipients ,if a project is undertaken by a nongovernmental entity1 the non-,federal government entity1 agency1 or instrumentality cosponsor of the project shall-- 7i7 serve as a joint lead agency with the ,department of ,transportation2 and 7i7 have the authority to prepare the environmental documents described in subparagraph 7,c77ii74 7#c7 ,determination of applicable modal requirements ,if a project has cross-modal components1 the ,fund may designate the specific requirements that shall apply to the project4 7#d7 ,use of ,american iron1 steel1 and manufactured goods 7,a7 ,in general ,none of the funds made available under this subchapter may be used for a project for the construction1 alteration1 maintenance1 or repair of a public building or public work unless all of the iron1 steel1 and manufactured goods used in the project are produced in the ,united ,states4 7,b7 ,exception ,subparagraph 7,a7 shall not apply in any case or category of cases in which the ,secretary finds that-- 7i7 applying subparagraph 7,a7 would be inconsistent with the public interest2 7ii7 iron1 steel1 and the relevant manufactured goods are not produced in the ,united ,states in sufficient and reasonably available quantities and of a satisfactory quality2 or 7iii7 inclusion of iron1 steel1 and manufactured goods produced in the ,united ,states will increase the cost of the overall project by more than #be percent4 7,c7 ,publication of waivers ,if the ,secretary determines that it is necessary to waive the application of subparagraph 7,a7 based on a finding under subparagraph 7,b71 the head of the department or agency shall publish in the ,federal ,register a detailed written justification as to why the provision is being waived4 7,d7 ,international agreements ,this paragraph shall be applied in a manner consistent with ,united ,states obligations under international agreements4 7i7 ,investment-,grade rating requirement ,the ,fund shall maintain a portfolio of projects whose average rating is not less than investment grade4 #cfe4 ,studies and reports 7a7 ,annual financial audits 7#a7 ,in general ,the ,fund shall be subject to an annual financial audit by an independent public accounting firm selected by the ,board to ensure that its operations meet generally accepted accounting principles4 7#b7 ,dissemination ,the ,fund shall-- 7,a7 submit the results of each audit under paragraph 7#a7 to the ,committee on ,commerce1 ,science1 and ,transportation of the ,senate and the ,committee on ,transportation and ,infrastructure of the ,house of ,representatives2 and 7,b7 post such audit results on the ,fund's website4 7b7 ,comptroller ,general ,report 7#a7 ,in general ,not later than #e years after the date of enactment of the ,american ,infrastructure ,investment ,fund ,act1 the ,comptroller ,general of the ,united ,states shall prepare and submit to the ,committee on ,commerce1 ,science1 and ,transportation of the ,senate and the ,committee on ,transportation and ,infrastructure in the ,house of ,representatives a report that evaluates the operations of the ,fund and assesses the effectiveness of the ,fund at facilitating and financing infrastructure projects4 ,the ,comptroller ,general shall provide periodic oversight and monitoring of the ,fund as it is established and report on such oversight1 as agreed to with the appropriate congressional committees4 7#b7 ,contents 7,a7 ,in general ,the ,comptroller ,general shall review and include in the report under paragraph 7#a71 at minimum1 the following3 7i7 ,the type of projects selected and financing used4 7ii7 ,the level of ,federal funding provided to support the ,fund and the projects selected for funding4 7iii7 ,the level of private sector funds that were contributed to specific projects4 7iv7 ,the process1 criteria1 and analysis used to select projects and how the process1 criteria1 and analysis could be improved4 7v7 ,the monitoring and evaluation processes the ,fund uses to determine if an individual project is meeting its objectives4 7,b7 ,considerations ,the ,government ,accountability ,office shall-- 7i7 analyze current trends in the financing infrastructure in the ,united ,states2 7ii7 identify lessons the analysis under clause 7i7 may imply for improvements or modifications to the structure or operations of the ,fund2 7iii7 analyze the experiences of other industrialized countries that have developed alternative forms of financing public infrastructure2 and 7iv7 identify lessons that the foreign experiences under clause 7iii7 may have for the operations and efficiency of the ,fund4 7c7 ,biennial report 7#a7 ,in general ,every #b years after the date of the enactment of the ,american ,infrastructure ,investment ,fund ,act1 the ,board1 in consultation with the ,director of the ,office of ,management and ,budget and the ,fund ,advisory ,committee-- 7,a7 shall prepare a report that-- 7i7 evaluates the ,fund's performance2 and 7ii7 includes an assessment of the ,fund as a model for infrastructure investment2 and 7,b7 may include a recommendation in the report under subparagraph 7,a7 on whether to extend the ,fund's activities to nontransportation infrastructure sectors likely to benefit the ,united ,states1 including-- 7i7 renewable energy generation2 7ii7 energy transmission and storage2 7iii7 energy efficiency2 7iv7 drinking water and wastewater systems2 7v7 telecommunications2 and 7vi7 other infrastructure activities4 7#b7 ,dissemination ,the ,board shall-- 7,a7 submit the report prepared under paragraph 7#a7 to the ,committee on ,commerce1 ,science1 and ,transportation of the ,senate and the ,committee on ,transportation and ,infrastructure of the ,house of ,representatives2 and 7,b7 post the report on the ,fund's website4 7d7 ,investment plan and decisions ,not later than #ij days after the ,board's decision on an ,investment ,plan1 the ,fund ,advisory ,committee shall post a report on the ,fund's website that assesses-- 7#a7 the adherence of each funding decision to the requirements of the ,investment ,prospectus1 ,operating ,guidance1 and this subchapter2 7#b7 the consistency of funded applications with the primary objective1 the secondary objectives1 the ,fund strategy1 and the requirements under this subchapter2 7#c7 the validity of the qualification certification of each funded application2 7#d7 the return on ,federal investment likely to result from each funded ,investment ,plan2 and 7#e7 the return on total investment likely to result from each funded ,investment ,plan4 4 7b7 ,authorization of appropriations 7#a7 ,amounts authorized 7,a7 ,in general ,there is authorized to be appropriated to carry out subchapter ,,iv of chapter #c of title #di1 ,united ,states ,code1 as added by subsection 7a71 #e1jjj1jjj1jjj for each of fiscal years #bjad and #bjae4 7,b7 ,availability of funds ,amounts made available under subparagraph 7,a7 shall remain available until expended4 7#b7 ,administrative expenses ,of the amounts appropriated under paragraph 7#a71 the ,fund may expend1 to pay the reasonable costs of administering such subchapter ,,iv1 inclusive of any fees collected under such subchapter-- 7,a7 not more than #ej1jjj1jjj in fiscal year #bjad2 and 7,b7 not more than #ea1jjj1jjj in fiscal year #bjae4 #c4 ,national infrastructure investment grants 7a7 ,establishment of program ,chapter #ee of title #di1 ,united ,states ,code1 is amended by adding at the end the following3 ,,iii ,financial ,assistance #eeha4 ,national infrastructure investment grants 7a7 ,establishment of program ,the ,secretary of ,transportation shall establish a competitive grant program to provide financial assistance for projects that will have a significant impact on the ,nation1 a metropolitan area1 or a region4 7b7 ,eligible projects ,an applicant is eligible for a grant under this section for a project that is part of1 or related to1 a transportation improvement1 including projects related to the construction or improvement of-- 7#a7 a passenger or freight rail line2 7#b7 a highway2 7#c7 a bridge2 7#d7 an airport2 7#e7 an air traffic control system2 7#f7 a port or marine facility2 7#g7 an inland waterway2 7#h7 a transmission or distribution pipeline2 7#i7 public transportation facilities or systems2 7#aj7 intercity passenger bus or passenger rail facilities or equipment2 7#aa7 freight rail facilities or equipment2 or 7#ab7 planning1 preparation1 or design of any project described in paragraphs 7#a7 through 7#aa74 7c7 ,project selection criteria ,in determining whether to award a grant to an eligible applicant under this section1 the ,secretary shall consider the extent to which the project-- 7#a7 leverages ,federal investment by encouraging non-,federal contributions to the project1 including contributions from public-private partnerships2 7#b7 improves the mobility of people1 goods1 and commodities2 7#c7 incorporates new and innovative technologies1 including intelligent transportation systems2 7#d7 improves energy efficiency or reduces greenhouse gas emissions2 7#e7 helps maintain or protect the environment1 including reducing air and water pollution2 7#f7 reduces congestion2 7#g7 improves the condition of transportation infrastructure1 including bringing it into a state of good repair2 7#h7 improves safety1 including reducing transportation accidents1 injuries1 and fatalities2 7#i7 demonstrates that the proposed project cannot be readily and efficiently realized without ,federal support and participation2 and 7#aj7 enhances national or regional economic development1 growth1 and competitiveness4 7d7 ,priority ,the ,secretary shall give priority to projects that have the highest system performance improvement relative to their benefit-cost analysis4 7e7 ,letters of intent 7#a7 ,in general ,the ,secretary may issue a letter of intent to an applicant announcing an intention to obligate1 for a major capital project under this subsection1 an amount from future available budget authority specified in law that is not more than the amount stipulated as the financial participation of the ,secretary in the project4 7#b7 ,notification ,not later than #cj days before issuing a letter under paragraph 7#a71 the ,secretary shall submit written notification of the proposed letter or agreement to the ,committee on ,commerce1 ,science1 and ,transportation of the ,senate and the ,committee on ,transportation and ,infrastructure of the ,house of ,representatives1 which shall include-- 7,a7 a copy of the proposed letter or agreement2 7,b7 the criteria used under subsection 7c7 for selecting the project for a grant award2 and 7,c7 a description of how the project meets such criteria4 7#c7 ,commitment ,an obligation or administrative commitment may be made only when amounts are made available4 ,the letter of intent shall state that the contingent commitment is not an obligation of the ,federal ,government1 and is subject to the availability of funds under ,federal law and to ,federal laws in force or enacted after the date of the contingent commitment4 7f7 ,federal share of net project cost 7#a7 ,in general ,the ,federal share of a grant for the project shall not exceed #hj percent of the project net capital cost4 7#b7 ,estimate ,the ,secretary shall estimate the net project cost based on engineering studies1 studies of economic feasibility1 and information on the expected use of equipment or facilities4 7#c7 ,priority ,the ,secretary shall give priority in allocating future obligations and contingent commitments to incur obligations to grant requests seeking a lower ,federal share of the project net capital cost4 7g7 ,cooperative agreements 7#a7 ,in general ,an applicant may enter into an agreement with any public1 private1 or nonprofit entity to cooperatively implement any project funded with a grant under this subchapter4 7#b7 ,forms of participation ,participation by an entity under paragraph 7#a7 may consist of-- 7,a7 ownership or operation of any land1 facility1 vehicle1 or other physical asset associated with the project2 7,b7 cost-sharing of any project expense or non-,federal share of the project cost1 including in-kind contributions2 7,c7 carrying out administration1 construction management1 project management1 project operation1 or any other management or operational duty associated with the project2 and 7,d7 any other form of participation approved by the ,secretary4 7h7 ,oversight program 7#a7 ,establishment 7,a7 ,in general ,the ,secretary shall establish an oversight program to monitor the effective and efficient use of funds authorized to carry out this section4 7,b7 ,minimum requirement ,at a minimum1 the program shall be responsive to all areas relating to financial integrity and project delivery4 7#b7 ,financial integrity 7,a7 ,financial management systems ,the ,secretary shall perform annual reviews that address elements of the applicant's financial management systems that affect projects approved under subsection 7a74 7,b7 ,project costs ,the ,secretary shall develop minimum standards for estimating project costs and shall periodically evaluate the practices of applicants for estimating project costs1 awarding contracts1 and reducing project costs4 7#c7 ,project delivery ,the ,secretary shall perform annual reviews that address elements of the project delivery system of an applicant1 which elements include one or more activities that are involved in the life cycle of a project from conception to completion of the project4 7#d7 ,responsibility of the applicants 7,a7 ,in general ,each applicant shall submit to the ,secretary for approval such plans1 specifications1 and estimates for each proposed project as the ,secretary may require4 7,b7 ,applicant subrecipients ,the applicant shall be responsible for determining that a subrecipient of ,federal funds under this section has-- 7i7 adequate project delivery systems for projects approved under this section2 and 7ii7 sufficient accounting controls to properly manage such ,federal funds4 7,c7 ,periodic review ,the ,secretary shall periodically review the monitoring of subrecipients by the applicant4 7#e7 ,specific oversight responsibilities ,nothing in this section shall affect or discharge any oversight responsibility of the ,secretary specifically provided for under this title or other ,federal law4 7i7 ,major ,projects 7#a7 ,in general ,a recipient of a grant for a project under this section with an estimated total cost of #ejj1jjj1jjj or more1 and a recipient for such other projects as may be identified by the ,secretary1 shall submit to the ,secretary for each project-- 7,a7 a project management plan2 and 7,b7 an annual financial plan4 7#b7 ,project management plan ,a project management plan shall document-- 7,a7 the procedures and processes that are in effect to provide timely information to the project decision makers to effectively manage the scope1 costs1 schedules1 and quality of1 and the ,federal requirements applicable to1 the project2 and 7,b7 the role of the agency leadership and management team in the delivery of the project4 7#c7 ,financial plan ,a financial plan shall-- 7,a7 be based on detailed estimates of the cost to complete the project2 and 7,b7 provide for the annual submission of updates to the ,secretary that are based on reasonable assumptions1 as determined by the ,secretary1 of future increases in the cost to complete the project4 7j7 ,other ,projects ,a recipient of ,federal financial assistance for a project under this section with an estimated total cost of #ajj1jjj1jjj or more that is not covered by subsection 7i7 shall prepare an annual financial plan4 ,annual financial plans prepared under this subsection shall be made available to the ,secretary for review upon the request of the ,secretary4 7k7 ,other ,terms and ,conditions ,the ,secretary shall determine what additional grant terms and conditions are necessary and appropriate to meet the requirements of this section4 7l7 ,regulations ,not later than #a year after the date of enactment of the ,american ,infrastructure ,investment ,fund ,act1 the ,secretary shall prescribe regulations to implement this section4 7m7 ,applicant ,defined ,in this subchapter1 the term applicant includes a ,state1 a political subdivision of a ,state1 government-sponsored authorities and corporations1 and the ,district of ,columbia4 7n7 ,secretarial ,oversight 7#a7 ,construction management contracts ,the ,secretary may use not more than #a percent of amounts made available in a fiscal year for capital projects under this subchapter to enter into contracts to oversee the construction of such projects4 7#b7 ,compliance reviews ,the ,secretary may use amounts available under paragraph 7#a7 to make contracts for safety1 procurement1 management1 and financial compliance reviews and audits of a recipient of amounts under paragraph 7#a74 7#c7 ,federal costs ,the ,federal ,government shall pay the entire cost of carrying out a contract under this subsection4 7o7 ,compliance with applicable laws 7#a7 ,labor standards ,the provisions of subchapter ,,iv of chapter #ca of title #dj1 shall apply to funds made available under this subchapter4 7#b7 ,planning and environmental laws ,a project that receives financial assistance under this subchapter shall comply with-- 7,a7 the applicable planning and programming requirements under sections #acd and #ace of title #bc2 and 7,b7 all applicable environmental laws and requirements1 including the ,national ,environmental ,policy ,act of #aifi 7#db ,u4,s4,c4 #dcba et seq47 and the ,national ,historic ,preservation ,act of #aiff 7#af ,u4,s4,c4 #dgj et seq474 7p7 ,user of ,american iron1 steel1 and manufactured goods 7#a7 ,in general ,none of the funds made available under this subchapter may be used for a project for the construction1 alteration1 maintenance1 or repair of a public building or public work unless all of the iron1 steel1 and manufactured goods used in the project are produced in the ,united ,states4 7#b7 ,exception ,paragraph 7#a7 shall not apply in any case or category of cases in which the ,secretary finds that-- 7,a7 applying paragraph 7#a7 would be inconsistent with the public interest2 7,b7 iron1 steel1 and the relevant manufactured goods are not produced in the ,united ,states in sufficient and reasonably available quantities and of a satisfactory quality2 or 7,c7 inclusion of iron1 steel1 and manufactured goods produced in the ,united ,states will increase the cost of the overall project by more than #be percent4 7#c7 ,publication of waivers ,if the ,secretary determines that it is necessary to waive the application of paragraph 7#a7 based on a finding under paragraph 7#b71 the head of the department or agency shall publish in the ,federal ,register a detailed written justification as to why the provision is being waived4 7#d7 ,international agreements ,this subsection shall be applied in a manner consistent with ,united ,states obligations under international agreements4 7q7 ,performance evaluation 7#a7 ,annual reports 7,a7 ,in general ,the ,comptroller ,general of the ,united ,states shall conduct an annual assessment to evaluate the overall performance of grants made under the program established under subsection 7a74 7,b7 ,dissemination ,the ,comptroller ,general shall submit a report containing the results of the evaluation under subparagraph 7,a7 to the ,committee on ,commerce1 ,science1 and ,transportation of the ,senate and the ,committee on ,transportation and ,infrastructure of the ,house of ,representatives4 7#b7 ,biannual report ,not later than #a year after the date of enactment of the ,american ,infrastructure ,investment ,fund ,act1 and every #f months thereafter1 the ,secretary of ,transportation shall submit a report to the congressional committees set forth in paragraph 7#a77;,b7 that documents-- 7,a7 the number of applications received under this section2 7,b7 the status of such applications2 7,c7 the outcome of application evaluations2 and 7,d7 the status of grants awarded under the program established under subsection 7a74 7r7 ,authorization of appropriations ,there is authorized to be appropriated to the ,secretary #fjj1jjj1jjj for each of fiscal years #bjad and #bjae to carry out this section4 4 7b7 ,conforming amendment ,the table of sections for chapter #ee of title #di1 ,united ,states ,code1 is amended by adding at the end the following3 ,,subchapter ,,iii--,financial ,assistance #eeha4 ,national infrastructure investment grants4 4