,i #aae? ,,congress #a/ ,session ,h4 ,r4 #dcd ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,janu>y #aa1 #bjag,mr4 ,d5ham 7= himself1 ,mr4 ,la,malfa1 ,mr4 ,ne:\se1 ,mr4 ,calv]t1 ,mr4 ,co/a1 & ,mr4 ,g>am5di7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,natural ,res\rces ,a ,,bill ,to au?orize a pilot project = an innovative wat] project f9anc+ program1 & = o!r purposes4 #a4 ,%ort title2 table ( cont5ts 7a7 ,%ort title ,?is ,act may be cit$ z ! ,new ,wat] ,available ,to ,e ,reclamation ,/ate ,act or ! ,new ,,wat] ,act4 7b7 ,table ( cont5ts ,! table ( cont5ts ( ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title2 table ( cont5ts4 ,sec4 #b4 ,purposes4 ,sec4 #c4 ,au?ority to provide assi/ance4 ,sec4 #d4 ,applications4 ,sec4 #e4 ,eligibility = assi/ance4 ,sec4 #f4 ,selection crit]ia4 ,sec4 #g4 ,f$]al requirem5ts4 ,sec4 #h4 ,secur$ loans4 ,sec4 #i4 ,program adm9i/ration4 ,sec4 #aj4 ,/ate1 tribal1 & local p]mits4 ,sec4 #aa4 ,regulations4 ,sec4 #ab4 ,fund+4 ,sec4 #ac4 ,report to ,congress on pilot project implem5tation4 ,sec4 #ad4 ,def9itions4 #b4 ,purposes ,! purposes ( ?is ,act are-- 7#a7 to promote increas$ developm5t ( critical wat] res\rces infra/ructure by e/abli%+ additional opportunities = f9anc+ wat] res\rces projects2 7#b7 to attract new inve/m5t capital to infra/ructure projects t are capable ( g5]at+ rev5ue /reams ?r\gh us] fees or o!r d$icat$ fund+ s\rces2 & 7#c7 to lev]age private inve/m5t 9 wat] res\rces infra/ructure4 #c4 ,au?ority to provide assi/ance 7a7 ,9 g5]al ,= #ae ye>s aft] ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y may provide f9ancial assi/ance "u ?is ,act to c>ry eligible projects )9-- 7#a7 any ,reclamation ,/ate2 7#b7 any o!r ,/ate 9 :i* ! ,bureau ( ,reclamation is au?oriz$ to provide project assi/ance2 & 7#c7 ! ,/ates ( ,alaska & ,hawaii4 7b7 ,selection ,9 select+ projects to receive f9ancial assi/ance "u subsection 7a71 ! ,secret>y %all ensure div]sity ) respect to-- 7#a7 project types2 & 7#b7 geographical locations4 #d4 ,applications ,to be eligible to receive assi/ance "u ?is ,act1 an eligible entity %all submit to ! ,secret>y an application at su* "t1 9 su* mann]1 & conta9+ su* in=mation z ! ,secret>y may require4 #e4 ,eligibility = assi/ance 7a7 ,eligible projects ,! foll[+ projects may be c>ri$ out us+ assi/ance made available "u ?is ,act3 7#a7 ,any non-,f$]al wat] infra/ructure project t-- 7,a7 ! ,secret>y det]m9es1 ?r\gh ! completion ( an appraisal inve/igation & feasibility /udy1 w\ld contribute to a safe1 adequate wat] supply = dome/ic1 agricultural1 environm5tal1 or municipal & indu/rial use2 & 7,b7 is o!rwise eligible = assi/ance "u ?is ,act4 7#b7 ,a project = enhanc$ en]gy effici5cy 9 ! op]ation ( a wat] sy/em4 7#c7 ,a project = accel]at$ repair & replacem5t ( an ag+ wat] di/ribution facility4 7#d7 ,a bracki% or sea wat] desal9ation project4 7#e7 ,acquisition ( real prop]ty or an int]e/ 9 real prop]ty = wat] /orage1 reclaim$ or recycl$ wat]1 or wa/ewat]1 if ! acquisition is integral to a project describ$ 9 p>agraphs 7#a7 ?r\gh 7#e74 7#f7 ,a comb9ation ( projects1 ea* ( :i* is eligible "u p>agraphs 7#a7 ?r\gh 7#f71 = :i* an eligible entity or gr\p ( eligible entities submits a s+le application4 7b7 ,eligible co/s ,assi/ance made available "u ?is ,act 7z paid by or = ! acc\nt ( an obligor7 may be us$ to cov] ! foll[+ co/s ) respect to an eligible project3 7#a7 ,developm5t-phase activities1 includ+ plann+1 feasibility analysis1 rev5ue =eca/+1 environm5tal review1 p]mitt+1 prelim9>y eng9e]+ & design "w1 & o!r precon/ruction activities4 7#b7 ,con/ruction1 recon/ruction1 rehabilitation1 & replacem5t activities4 7#c7 ,acquisition ( real prop]ty 7includ+ wat] rights1 l& relat+ to ! project1 & improvem5ts to l&71 environm5tal mitigation1 con/ruction cont+5cies1 & acquisition ( equipm5t4 7#d7 ,capitaliz$ int]e/ necess>y to meet m>ket requirem5ts1 reasonably requir$ res]ve funds1 capital issuance exp5ses1 & o!r c>ry+ co/s dur+ con/ruction4 7#e7 ,ref9anc+ int]im con/ruction fund+1 exi/+ long-t]m project obligations1 or a secur$ loan or loan gu>antee made "u ?is ,act4 7c7 ,additional eligibility requirem5ts ,to be eligible to receive f9ancial assi/ance "u ?is ,act1 a project %all meet ! foll[+ crit]ia1 z det]m9$ by ! ,secret>y3 7#a7 ,cr$itwor?9ess 7,a7 ,9 g5]al ,subject to subp>agraph 7,b71 ! project %all be cr$itwor?y1 z det]m9$ by ! ,secret>y1 :o %all ensure t any f9anc+ = ! project has appropriate security features1 su* z a rate cov5ant1 if applicable1 & adequate cov]age requirem5ts1 to ensure repaym5t4 7,b7 ,op9ion lett] 7i7 ,prelim9>y rat+ op9ion lett] ,! ,secret>y %all require ea* applicant to provide a prelim9>y rat+ op9ion lett] f at lea/ "o rat+ ag5cy indicat+ t ! s5ior obligations ( ! project 7:i* may be ! ,f$]al cr$it in/rum5t7 h ! pot5tial to a*ieve an inve/m5t-grade rat+4 7ii7 ,f9al rat+ op9ion lett]s ,! ,secret>y or ! ,adm9i/rator1 z applicable1 %all require ea* project applicant to provide1 prior to f9al acceptance & f9anc+ ( ! project1 f9al rat+ op9ion lett]s f at lea/ "o rat+ ag5cy indicat+ t ! s5ior obligations ( ! project h an inve/m5t-grade rat+4 7#b7 ,eligible project co/s ,! eligible project co/s ( a project %all be reasonably anticipat$ to be n less ?an #bj1jjj1jjj4 7#c7 ,d$icat$ rev5ue s\rces ,! ,f$]al cr$it in/rum5t = ! project %all be repayable1 9 :ole or 9 "p1 f d$icat$ rev5ue s\rces t also secure or fund ! project obligations4 7#d7 ,public sponsor%ip ( private entities ,9 ! case ( a project c>ri$ out by an entity t is n a ,/ate or local gov]nm5t or an ag5cy or in/rum5tality ( a ,/ate or local gov]nm5t1 ! project %all be publicly sponsor$ z demon/rat$ by c]tification ( ! same by an ag5cy ( ! relevant ,/ate1 inclusion 9 ! relevant ,/ate's (ficial improvem5t plan or by o!r means acceptable to ! ,secret>y4 7d7 ,receipt ( o!r ,f$]al fund+ ,receipt ( a ,f$]al grant or contract or o!r ,f$]al fund+ to support an eligible project %all n preclude ! project f be+ eligible = assi/ance "u ?is ,act4 #f4 ,selection crit]ia 7a7 ,e/abli%m5t ,! ,secret>y %all e/abli% crit]ia = ! selection ( "o or m projects t meet ! eligibility requirem5ts section #e 9 accordance ) p>agraph 7#b74 ,! ,secret>y may ent] into a ma/] cr$it agreem5t = a projects secur$ by a common security pl$ge on t]ms acceptable to ! ,secret>y4 7b7 ,crit]ia ,! selection crit]ia %all include ! foll[+3 7#a7 ,! ext5t to :i* ! project is nationally or regionally significant4 7#b7 ,! ext5t to :i* assi/ance "u ?is section w\ld fo/] innovative public-private p>tn]%ips & attract private debt or equity inve/m5t4 7#c7 ,! likelihood t assi/ance "u ?is section w\ld enable ! project to proce$ at an e>li] date ?an ! project w\ld o!rwise be able to proce$4 7#d7 ,! ext5t to :i* ! project uses new or innovative approa*es4 7#e7 ,! am\nt ( budget au?ority requir$ to fund ! ,f$]al cr$it in/rum5t made available "u ?is ,act4 7#f7 ,! ext5t to :i* ! project helps ma9ta9 or protect ! environm5t4 #g4 ,f$]al requirem5ts 7a7 ,effect ( section ,no?+ 9 ?is section sup]s$es ! applicability ( o!r requirem5ts ( ,f$]al law 7includ+ regulations74 7b7 ,,nepa ,a ,f$]al action c>ri$ out reg>d+ a loan or loan gu>antee provid$ "u ?is ,act %all n be consid]$ to be a ,f$]al action = purposes ( ! ,national ,environm5tal ,policy ,act ( #aifi 7#db ,u4,s4,c4 #dcba et seq474 #h4 ,secur$ loans 7a7 ,agreem5ts 7#a7 ,9 g5]al ,subject to p>agraphs 7#b7 ?r\gh 7#d71 ! ,secret>y may ent] into agreem5ts ) "o or m obligors to make secur$ loans1 ! proce$s ( :i* %all be us$-- 7,a7 to f9ance eligible project co/s ( any project select$ "u section #f2 7,b7 to ref9ance int]im con/ruction f9anc+ ( eligible project co/s ( any project select$ "u section #f2 or 7,c7 to ref9ance long-t]m project obligations or ,f$]al cr$it in/rum5ts1 if t ref9anc+ provides additional fund+ capacity = ! completion1 enhancem5t1 or expansion ( any project t is select$ "u section #f4 7#b7 ,limitation on ref9anc+ ( int]im con/ruction f9anc+ ,a secur$ loan "u p>agraph 7#a7 %all n be us$ to ref9ance int]im con/ruction f9anc+ "u p>agraph 7#a77;,b7-- 7,a7 if ! maturity ( su* int]im con/ruction f9anc+ is lat] ?an #a ye> aft] ! sub/antial completion ( ! project2 & 7,b7 lat] ?an #a ye> aft] ! date ( sub/antial completion ( ! applicable project4 7#c7 ,risk assessm5t ,be=e ent]+ into an agreem5t "u ?is subsection = a secur$ loan1 ! ,secret>y1 9 consultation ) ! ,director ( ! ,(fice ( ,managem5t & ,budget %all det]m9e an appropriate capital res]ve subsidy am\nt = ! secur$ loan1 tak+ into acc\nt ea* su* prelim9>y rat+ op9ion lett]4 7#d7 ,inve/m5t-grade rat+ requirem5t ,! execution ( a secur$ loan "u ?is section %all be cont+5t on receipt by ! s5ior obligations ( ! project secur$ by ! same rev5ue pl$ge ( an inve/m5t-grade rat+ f at lea/ "o rat+ ag5cy4 7b7 ,t]ms & limitations 7#a7 ,9 g5]al ,a secur$ loan provid$ = a project "u ?is section %all be subject to su* t]ms & conditions1 & conta9 su* cov5ants1 repres5tations1 w>ranties1 & requirem5ts 7includ+ requirem5ts = audits71 z ! ,secret>y det]m9es to be appropriate4 7#b7 ,maximum am\nt ,! am\nt ( a secur$ loan "u ?is section %all n exce$ ! less] (-- 7,a7 an am\nt equal to #di p]c5t ( ! reasonably anticipat$ eligible project co/s2 & 7,b7 if ! secur$ loan does n receive an inve/m5t-grade rat+1 ! am\nt ( ! s5ior project obligations ( ! project4 7#c7 ,paym5t ,a secur$ loan "u ?is section-- 7,a7 %all be payable1 9 :ole or 9 "p1 f ,/ate or local taxes1 us] fees1 or o!r d$icat$ rev5ue s\rces t also secure ! s5ior project obligations ( ! relevant project2 7,b7 %all include a rate cov5ant1 cov]age requirem5t1 or simil> security feature support+ ! project obligations2 & 7,c7 may h a li5 on rev5ues describ$ 9 subp>agraph 7,a71 subject to any li5 secur+ project obligations4 7#d7 ,int]e/ rate ,! int]e/ rate on a secur$ loan "u ?is section %all n be less ?an a rate equal to ! yield on ,unit$ ,/ates ,treasury securities ( a simil> maturity to ! maturity ( ! secur$ loan on ! date ( execution ( ! loan agreem5t4 7#e7 ,maturity date ,! f9al maturity date ( a secur$ loan "u ?is section %all be n lat] ?an ! e>li] (-- 7,a7 #ce ye>s aft] ! date ( sub/antial completion ( ! relevant project2 & 7,b7 ! f9al day ( ! useful life ( ! capital asset be+ f9anc$4 7#f7 ,nonsubord9ation ,a secur$ loan "u ?is section %all n be subord9at$ to ! claims ( any hold] ( project obligations 9 ! ev5t ( bankruptcy1 insolv5cy1 or liquidation ( ! obligor4 7#g7 ,fees ,! ,secret>y may e/abli% fees1 z provid$ = 9 section #aj7;b71 at a level suffici5t to cov] all or a portion ( ! co/s to ! ,f$]al ,gov]nm5t ( mak+ a secur$ loan "u ?is section4 7#h7 ,non-f$]al %>e ,! proce$s ( a secur$ loan "u ?is section may be us$ to pay any non-,f$]al %>e ( project co/s requir$ if ! loan is repayable f non-,f$]al funds4 7#i7 ,maximum f$]al involvem5t ,= ea* project = :i* assi/ance is provid$ "u ?is ,act1 ! total am\nt ( ,f$]al assi/ance f all s\rces1 includ+ ! assi/ance provid$ "u ?is ,act1 %all n exce$ #hj p]c5t ( ! total project co/4 7c7 ,repaym5t 7#a7 ,s*$ule ,! ,secret>y %all e/abli% a repaym5t s*$ule = ea* secur$ loan provid$ "u ?is section1 bas$ on ! project$ ca% fl[ f project rev5ues1 o!r repaym5t s\rces1 & ! useful life ( ! project4 7#b7 ,comm5cem5t ,s*$ul$ loan repaym5t ( pr9cipal or int]e/ on a secur$ loan "u ?is section %all comm5ce n lat] ?an #e ye>s aft] ! date ( sub/antial completion ( ! project4 7#c7 ,def]r$ paym5ts 7,a7 ,au?orization ,if1 at any "t aft] ! date ( sub/antial completion ( a project = :i* a secur$ loan is provid$ "u ?is section1 ! project is unable to g5]ate suffici5t rev5ues to pay ! s*$ul$ loan repaym5ts ( pr9cipal & int]e/ on ! secur$ loan1 ! ,secret>y may all[ ! obligor1 subject to subp>agraph 7,c71 to add unpaid pr9cipal & int]e/ to ! out/&+ balance ( ! secur$ loan4 7,b7 ,int]e/ ,any paym5t def]r$ "u subp>agraph 7,a7 %all-- 7i7 cont9ue to accrue int]e/ 9 accordance ) subsection 7b77#d7 until fully repaid2 & 7ii7 be s*$ul$ to be amortiz$ ov] ! rema9+ t]m ( ! secur$ loan4 7,c7 ,crit]ia 7i7 ,9 g5]al ,any paym5t def]ral "u subp>agraph 7,a7 %all be cont+5t on ! project meet+ su* crit]ia z ! ,secret>y may e/abli%4 7ii7 ,repaym5t /&>ds ,! crit]ia e/abli%$ "u clause 7i7 %all include /&>ds = reasonable assurance ( repaym5t4 7#d7 ,prepaym5t 7,a7 ,use ( excess rev5ues ,any excess rev5ues t rema9 aft] satisfy+ s*$ul$ debt s]vice requirem5ts on ! project obligations & secur$ loan & all deposit requirem5ts "u ! t]ms ( any tru/ agreem5t1 bond resolution1 or simil> agreem5t secur+ project obligations may be appli$ annually to prepay a secur$ loan "u ?is section )\t p5alty4 7,b7 ,use ( proce$s ( ref9anc+ ,a secur$ loan "u ?is section may be prepaid at any "t )\t p5alty f ! proce$s ( ref9anc+ f non-,f$]al fund+ s\rces4 7d7 ,sale ( secur$ loans 7#a7 ,9 g5]al ,subject to p>agraph 7#b71 z soon z practicable aft] ! date ( sub/antial completion ( a project & aft] provid+ a notice to ! obligor1 ! ,secret>y may sell to ano!r entity or re(f] into ! capital m>kets a secur$ loan = a project "u ?is section1 if ! ,secret>y det]m9es t ! sale or re(f]+ c be made on favorable t]ms4 7#b7 ,cons5t ( obligor ,9 mak+ a sale or re(f]+ "u p>agraph 7#a71 ! ,secret>y may n *ange ! orig9al t]ms & conditions ( ! secur$ loan )\t ! writt5 cons5t ( ! obligor4 7e7 ,loan gu>antees 7#a7 ,9 g5]al ,! ,secret>y may provide a loan gu>antee to a l5d] 9 lieu ( mak+ a secur$ loan "u ?is section1 if ! ,secret>y det]m9es t ! budget>y co/ ( ! loan gu>antee is sub/antially ! same z t ( a secur$ loan4 7#b7 ,t]ms ,! t]ms ( a loan gu>antee provid$ "u ?is subsection %all be consi/5t ) ! t]ms requir$ "u ?is section = a secur$ loan1 except t ! rate on ! gu>ante$ loan & any prepaym5t features %all be negotiat$ betwe5 ! obligor & ! l5d]1 ) ! cons5t ( ! ,secret>y4 #i4 ,program adm9i/ration 7a7 ,requirem5t ,! ,secret>y %all e/abli% a uni=m sy/em to s]vice ! ,f$]al cr$it in/rum5ts made available "u ?is ,act4 7b7 ,s]vic] 7#a7 ,9 g5]al ,! ,secret>y may appo9t a f9ancial entity to assi/ ! ,secret>y 9 s]vic+ ! ,f$]al cr$it in/rum5ts provid$ "u ?is ,act4 7#b7 ,duties2 fee ,a s]vic] appo9t$ "u p>agraph 7#a7 %all-- 7,a7 act z ! ag5t = ! ,secret>y2 & 7,b7 receive a s]vic+ fee1 subject to approval by ! ,secret>y4 7c7 ,assi/ance f exp]ts ,! ,secret>y may reta9 ! s]vices1 includ+ c\nsel1 ( any organization or entity ) exp]tise 9 ! field ( municipal & project f9ance to assi/ 9 ! und]writ+ & s]vic+ ( ,f$]al cr$it in/rum5ts provid$ "u ?is ,act4 #aj4 ,/ate1 tribal1 & local p]mits ,! provision ( f9ancial assi/ance = a project "u ?is ,act %all n-- 7#a7 relieve any recipi5t ( ! assi/ance ( any obligation to obta9 any requir$ ,/ate1 local1 or tribal p]mit or approval ) respect to ! project2 7#b7 limit ! "r ( any unit ( ,/ate1 local1 or tribal gov]nm5t to approve or regulate any rate ( return on private equity inve/$ 9 ! project2 or 7#c7 o!rwise sup]s$e any ,/ate1 local1 or tribal law 7includ+ any regulation7 applicable to ! con/ruction or op]ation ( ! project4 #aa4 ,regulations ,! ,secret>y may promulgate su* regulations z ! ,secret>y det]m9es to be appropriate to c>ry out ?is ,act4 #ab4 ,fund+ 7a7 ,9 g5]al ,!re is au?oriz$ to be appropriat$ to ea* ( ! ,secret>y & ! ,adm9i/rator to c>ry out ?is ,act1 to rema9 available until exp5d$-- 7#a7 #bj1jjj1jjj = fiscal ye> #bjah2 7#b7 #be1jjj1jjj = fiscal ye> #bjai2 7#c7 #ce1jjj1jjj = fiscal ye> #bjbj2 7#d7 #de1jjj1jjj = fiscal ye> #bjba2 & 7#e7 #ej1jjj1jjj = fiscal ye> #bjbb4 7b7 ,adm9i/rative co/s ,( ! funds made available to c>ry out ?is ,act1 ! ,secret>y may use = ! adm9i/ration ( ?is ,act n m ?an #b1bjj1jjj = ea* ( fiscal ye>s #bjah ?r\gh #bjbb4 #ac4 ,report to ,congress on pilot project implem5tation ,n lat] ?an #b ye>s aft] ! date ( enactm5t ( ?is ,act1 & e #b ye>s !reaft]1 ! ,secret>y %all submit to ! ,committee on ,en]gy & ,natural ,res\rces ( ! ,s5ate & ! ,committee on ,natural ,res\rces ( ! ,h\se ( ,repres5tatives a report summ>iz+ ! f9ancial p]=mance ( ! projects t are receiv+1 or h receiv$1 assi/ance "u ?is ,act1 includ+ an assessm5t ( :e!r ! objectives ( ?is ,act are be+ met4 #ad4 ,def9itions ,9 ?is ,act3 7#a7 ,eligible entity ,! t]m eligible entity means-- 7,a7 a corporation2 7,b7 a p>tn]%ip2 7,c7 a jo9t v5ture2 7,d7 a tru/2 7,e7 a ,/ate1 local or non-,f$]al gov]nm5tal entity1 ag5cy1 or in/rum5tality2 & 7,f7 a cons]vancy di/rict1 irrigation di/rict1 canal company1 mutual wat] company1 wat] us]s' association1 ,indian tribe1 ag5cy creat$ by int]/ate compact1 or any o!r entity t has ! capacity to contract ) ! ,unit$ ,/ates "u ,f$]al reclamation law4 7#b7 ,eligible project co/s ,! t]m eligible project co/s means ! total co/ ( activities deem$ eligible = assi/ance 9 section #f7;b7 ( ?is ,act4 7#c7 ,f$]al cr$it in/rum5t ,! t]m ,f$]al cr$it in/rum5t means a secur$ loan or loan gu>antee au?oriz$ to be made available "u ?is ,act ) respect to a project4 7#d7 ,inve/m5t-grade rat+ ,! t]m inve/m5t-grade rat+ means a rat+ ( ,,bbb m9us1 ,baa#c1 bbb m9us1 ,,bbb 7l[71 or high] z assign$ by a rat+ ag5cy to project obligations4 7#e7 ,l5d] 7,a7 ,9 g5]al ,! t]m l5d] means any non-,f$]al qualifi$ in/itutional buy] 7z def9$ 9 section #bcj4add;,a7a7 ( title #ag1 ,code ( ,f$]al ,regulations 7or a successor regulation7 7commonly kn[n z ,rule #add;,a7a7 ( ! ,securities & ,ex*ange ,commission & issu$ "u ! ,securities ,act ( #aicc 7#ae ,u4,s4,c4 #gg;a et seq47774 7,b7 ,inclusions ,! t]m l5d] includes-- 7i7 a qualifi$ retirem5t plan 7z def9$ 9 section #digd ( ! ,int]nal ,rev5ue ,code ( #aihf7 t is a qualifi$ in/itutional buy]2 & 7ii7 a gov]nm5tal plan 7z def9$ 9 section #dad ( ! ,int]nal ,rev5ue ,code ( #aihf7 t is a qualifi$ in/itutional buy]4 7#f7 ,loan gu>antee ,! t]m loan gu>antee means any gu>antee or o!r pl$ge by ! ,secret>y to pay all or "p ( ! pr9cipal (1 & int]e/ on1 a loan or o!r debt obligation issu$ by an obligor & fund$ by a l5d]4 7#g7 ,ma/] cr$it agreem5t ,! t]m ma/] cr$it agreem5t means an ,agreem5t to ext5d cr$it assi/ance = "o or m projects secur$ by a common security pl$ge 7:i* %all receive an inve/m5t-grade rat+ f a rat+ ag5cy71 or = a s+le project t w\ld-- 7,a7 make cont+5t commitm5ts ( "o or m secur$ loans or o!r ,f$]al cr$it in/rum5ts at future dates1 subject to ! availability ( future funds be+ made available to c>ry out ?is ,act2 7,b7 e/abli% ! maximum am\nts & g5]al t]ms & conditions ( ! secur$ loans or o!r ,f$]al cr$it in/rum5ts2 7,c7 id5tify ! "o or m d$icat$ non-,f$]al rev5ue s\rces t w secure ! repaym5t ( ! secur$ loans or secur$ ,f$]al cr$it in/rum5ts2 7,d7 provide = ! obligation ( funds = ! secur$ loans or secur$ ,f$]al cr$it in/rum5ts aft] all requirem5ts h be5 met = ! projects subject to ! ma/] cr$it agreem5t1 includ+-- 7i7 completion ( an environm5tal impact /atem5t or simil> analysis requir$ "u ! ,national ,environm5tal ,policy ,act ( #aifi 7#db ,u4,s4,c4 #dcba et seq472 7ii7 compliance ) su* o!r requirem5ts z are specifi$ 9 ?is ,act2 & 7iii7 ! availability ( funds to c>ry out ?is ,act2 & 7,e7 require t cont+5t commitm5ts result 9 a f9ancial close & obligation ( cr$it assi/ance n lat] ?an #c ye>s aft] ! date ( entry into ! ma/] cr$it agreem5t1 or release ( ! commitm5t1 unless o!rwise ext5d$ by ! ,secret>y4 7#h7 ,obligor ,! t]m obligor means an eligible entity t is prim>ily liable = paym5t ( ! pr9cipal (1 or int]e/ on1 a ,f$]al cr$it in/rum5t4 7#i7 ,project obligation 7,a7 ,9 g5]al ,! t]m project obligation means any note1 bond1 deb5ture1 or o!r debt obligation issu$ by an obligor 9 connection ) ! f9anc+ ( a project4 7,b7 ,exclusion ,! t]m project obligation does n include a ,f$]al cr$it in/rum5t4 7#aj7 ,rat+ ag5cy ,! t]m rat+ ag5cy means a cr$it rat+ ag5cy regi/]$ ) ! ,securities & ,ex*ange ,commission z a nationally recogniz$ /ati/ical rat+ organization 7z def9$ 9 section #c7;a7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a7774 7#aa7 ,reclamation /ate ,! t]m ,reclamation ,/ate means any ( ! foll[+ ,/ates3 7,a7 ,arizona2 7,b7 ,cali=nia2 7,c7 ,colorado2 7,d7 ,idaho2 7,e7 ,kansas2 7,f7 ,montana2 7,g7 ,nebraska2 7,h7 ,nevada2 7,i7 ,new ,mexico2 7,j7 ,nor? ,dakota2 7,k7 ,oklahoma2 7,l7 ,oregon2 7,m7 ,s\? ,dakota2 7,n7 ,texas2 7,o7 ,utah2 7,p7 ,wa%+ton2 & 7,q7 ,wyom+4 7#ab7 ,secret>y ,! t]m ,secret>y means ! ,secret>y ( ! ,int]ior4 7#ac7 ,secur$ loan ,! t]m secur$ loan means a direct loan or o!r debt obligation issu$ by an obligor & fund$ by ! ,secret>y 9 connection ) ! f9anc+ ( a project "u ?is ,act4 7#ad7 ,subsidy am\nt ,! t]m subsidy am\nt means ! am\nt ( budget au?ority suffici5t to cov] ! e/imat$ long-t]m co/ to ! ,f$]al ,gov]nm5t ( a ,f$]al cr$it in/rum5t1 z calculat$ on a net pres5t value basis1 exclud+ adm9i/rative co/s & any incid5tal effects on gov]nm5tal receipts or outlays 9 accordance ) ! ,f$]al ,cr$it ,re=m ,act ( #aiij 7#b ,u4,s4,c4 #ffa et seq474 7#ae7 ,sub/antial completion ,! t]m sub/antial completion1 ) respect to a project1 means-- 7,a7 ! initial op]ation ( a project 7aft] completion ( any />tup te/s71 result+ 9 produc+1 /orage1 deliv]y1 receiv+1 or cons]v+ wat]2 or 7,b7 a comp>able ev5t1 z det]m9$ by ! ,secret>y & specifi$ 9 ! ma/] cr$it agreem5t4