,i #aaf? ,,congress #a/ ,session ,h4 ,r4 #dije ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,octob] #bi1 #bjai,mrs4 ,bu/os introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,transportation & ,infra/ructure ,a ,,bill ,to direct ! ,secret>y ( ,transportation to c>ry out a program to provide secur$ loans to private entities to c>ry out projects = ! transportation ( an?ropog5ic c>bon dioxide1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,inve/+ 9 ,en]gy ,sy/ems = ! ,transport ( ,,co#b ,act ( #bjai4 #b4 ,s5se ( ,congress ,x is ! s5se ( ,congress t ea* ,/ate %\ld consid]-- 7#a7 qualify+ all an?ropog5ic c>bon dioxide pipel9es z pollution control devices "u ! laws & regulations ( su* ,/ate2 & 7#b7 ! e/abli%m5t ( a m9imum ( a #aj-ye> waiv] ( ad valorem & prop]ty taxes = su* pipel9es4 #c4 ,c>bon transport infra/ructure f9anc+ program 7a7 ,9 g5]al ,! ,secret>y ( ,transportation %all c>ry out a program to provide ,f$]al cr$it in/rum5ts to private entities to c>ry out projects = ! con/ruction ( common c>ri] pipel9es = ! transportation ( an?ropog5ic c>bon dioxide z a sup]critical fluid4 7b7 ,applications ,to be eligible to receive assi/ance "u ?is section1 an entity %all submit to ! ,secret>y an application at su* "t1 9 su* mann]1 & conta9+ su* in=mation z ! ,secret>y may require4 7c7 ,projects eligible = assi/ance ,! foll[+ projects may be c>ri$ out ) am\nts made available "u ?is section3 7#a7 ,a project to con/ruct1 or increase ! diamet] (1 a common c>ri] trunk pipel9e = ! transportation ( an?ropog5ic c>bon dioxide z a sup]critical fluid betwe5 "o or m-- 7,a7 c>bon dioxide capture or production facilities2 7,b7 c>bon dioxide pipel9es2 7,c7 c>bon dioxide /orage facilities2 or 7,d7 c>bon dioxide utilization facilities4 7#b7 ,a project to con/ruct common c>ri] fe$] pipel9es = ! transportation ( an?ropog5ic c>bon dioxide z a sup]critical fluid betwe5 capture1 production1 ref9+1 or manufactur+ facilities or qualifi$ facilities & a trunk pipel9e describ$ 9 p>agraph 7#a74 7d7 ,det]m9ation ( eligibility & project selection ,to be eligible to receive f9ancial assi/ance "u ?is section1 an entity %all meet ! foll[+ crit]ia1 z det]m9$ by ! ,secret>y3 7#a7 ,cr$it wor?9ess 7,a7 ,9 g5]al ,! entity %all be cr$itwor?y1 z det]m9$ by ! ,secret>y4 7,b7 ,consid]ations ,9 det]m9+ ! cr$itwor?9ess ( an entity1 ! ,secret>y %all take into consid]ation relevant factors1 includ+-- 7i7 ! t]ms1 conditions1 f9ancial /ructure1 & security features ( ! propos$ f9anc+2 7ii7 ! d$icat$ rev5ue s\rces t w secure or fund ! project obligations2 7iii7 ! f9ancial assumptions ^u :i* ! project is bas$2 & 7iv7 ! f9ancial s\ndness & cr$it hi/ory ( ! entity4 7,c7 ,security features ,! ,secret>y %all ensure t any f9anc+ = ! project has appropriate security features1 su* z a rate cov5ant1 support+ ! project obligations to ensure repaym5t4 7,d7 ,rat+ op9ion lett]s 7i7 ,prelim9>y rat+ op9ion lett] ,! ,secret>y %all require ea* entity to provide1 at ! "t ( application1 a prelim9>y rat+ op9ion lett] f at lea/ #a 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] ,! ,secret>y %all require ea* entity to provide1 prior to f9al acceptance & f9anc+ ( ! project1 f9al rat+ op9ion lett]s f at lea/ #b rat+ ag5cies indicat+ t ! s5ior obligations ( ! project h an inve/m5t-grade rat+4 7#b7 ,propos$ project ,! ,secret>y %all ensure t any common c>ri] trunk pipel9e con/ruct$ or increas$ "u ?is section has1 or is increas$ to1 an ext]nal diamet] ( n less ?an #cj in*es4 7e7 ,selection ( projects 7#a7 ,9 g5]al ,9 c>ry+ out ! program "u subsection 7a71 ! ,secret>y may n provide a secur$ loan to f9ance m ?an "o common c>ri] trunk pipel9e project ! majority ( ! pipel9e l5g? ( :i* w be con/ruct$ 9 a s+le c5sus region4 7#b7 ,c5sus region def9$ ,= purposes ( ?is section1 ! t]m c5sus region means #a ( ! #d c5sus regions 7nor!a/1 s\?1 midwe/1 & we/7 t are designat$ z c5sus regions by ! ,bureau ( ! ,c5sus z ( ! date ( enactm5t ( ?is ,act4 7#c7 ,priority ,9 c>ry+ out ! program "u subsection 7a7 = projects describ$ 9 7c77#a71 ! ,secret>y %all give priority to applications t propose con/ruction ( a common c>ri] trunk pipel9e project 9 an area :]e pipel9es or o!r l9e> infra/ructure already exi/4 7f7 ,secur$ loans 7#a7 ,agreem5ts 7,a7 ,9 g5]al ,subject to p>agraphs 7#b7 & 7#c71 ! ,secret>y may ent] into agreem5ts ) #a or m entities to make secur$ loans1 ! proce$s ( :i* %all be us$ to f9ance project co/s ( any project select$ "u ?is section4 7,b7 ,f9ancial risk assessm5t ,be=e ent]+ into an agreem5t "u ?is subsection = a secur$ loan1 ! ,secret>y1 9 consultation ) ! ,director ( ! ,(fice ( ,managem5t & ,budget & ea* rat+ ag5cy provid+ a rat+ op9ion lett] "u ?is section1 %all det]m9e an appropriate capital res]ve subsidy am\nt = ! secur$ loan1 tak+ into acc\nt ea* su* rat+ op9ion lett]4 7,c7 ,inve/m5t-grade rat+ requirem5t ,! execution ( a secur$ loan "u ?is section %all be cont+5t on receipt by ! s5ior obligations ( ! project ( an inve/m5t-grade rat+4 7#b7 ,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$ #hj p]c5t ( ! reasonably anticipat$ project co/s4 7,c7 ,paym5t ,a secur$ loan "u ?is section-- 7i7 %all be payable1 9 :ole or 9 "p1 f us] fees or o!r d$icat$ rev5ue s\rces t also secure ! s5ior project obligations ( ! relevant project2 7ii7 %all include a rate cov5ant1 cov]age requirem5t1 or simil> security feature support+ ! project obligations2 & 7iii7 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 be n less ?an ! 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 ! e>li] (-- 7i7 ! date t is #ce ye>s aft] ! date ( sub/antial completion ( ! relevant project 7z det]m9$ by ! ,secret>y72 or 7ii7 if ! useful life ( ! project 7z det]m9$ by ! ,secret>y7 is less ?an #ce ye>s1 ! useful life ! project4 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 ( ! entity c>ry+ out ! project4 7,g7 ,f9anc+ fees ,on reque/ ( an entity1 any fees to be paid by ! entity "u ?is section %all be f9anc$ z "p ( ! loan4 7#c7 ,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 rev5ues & o!r repaym5t s\rces4 7,b7 ,comm5cem5t ,s*$ul$ loan repaym5ts ( pr9cipal or int]e/ on a secur$ loan "u ?is section %all comm5ce n lat] ?an #e ye>s aft] ! date ( sub/antial completion ( ! project 7z det]m9$ by ! ,secret>y74 7,c7 ,def]r$ paym5ts 7i7 ,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 subject to clause 7iii71 may all[ ! entity to add unpaid pr9cipal & int]e/ to ! out/&+ balance ( ! secur$ loan4 7ii7 ,int]e/ ,any paym5t def]r$ "u clause 7i7 %all-- 7,i7 cont9ue to accrue int]e/ 9 accordance ) p>agraph 7#b77;,d7 until fully repaid2 & 7,,ii7 be s*$ul$ to be amortiz$ ov] ! rema9+ t]m ( ! secur$ loan4 7iii7 ,crit]ia 7,i7 ,9 g5]al ,any paym5t def]ral "u clause 7i7 %all be cont+5t on ! project meet+ su* crit]ia z ! ,secret>y may e/abli%4 7,,ii7 ,repaym5t /&>ds ,! crit]ia e/abli%$ "u subclause 7,i7 %all include /&>ds = reasonable assurance ( repaym5t4 7iv7 ,prepaym5t 7,i7 ,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,,ii7 ,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 7#d7 ,sale ( secur$ loans 7,a7 ,9 g5]al ,subject to subp>agraph 7,b71 z soon z practicable aft] ! date ( sub/antial completion ( a project & aft] provid+ a notice to ! entity1 ! ,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 ( entity ,9 mak+ a sale or re(f]+ "u subp>agraph 7,a71 ! ,secret>y may n *ange ! orig9al t]ms & conditions ( ! secur$ loan )\t ! writt5 cons5t ( ! entity4 7#e7 ,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 p>agraph %all be consi/5t ) ! t]ms e/abli%$ 9 ?is section = a secur$ loan1 except t ! rate on ! gu>ante$ loan & any prepaym5t features %all be negotiat$ betwe5 ! entity & ! l5d]1 ) ! cons5t ( ! ,secret>y4 7#f7 ,limitation ,no project receiv+ ,f$]al cr$it assi/ance "u ?is section may be f9anc$ 7directly or indirectly71 9 :ole or 9 "p1 ) proce$s ( any obligation-- 7,a7 ! int]e/ on :i* is exempt f ! tax impos$ "u *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf2 or 7,b7 ) respect to :i* cr$it is all[able "u subp>t ,i or ,j ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( su* ,code4 7g7 ,program adm9i/ration 7#a7 ,requirem5t ,! ,secret>y %all e/abli% a uni=m sy/em to s]vice ! ,f$]al cr$it in/rum5ts made available "u ?is section4 7#b7 ,fees ,! ,secret>y may collect & sp5d fees1 cont+5t on au?ority be+ provid$ 9 appropriations ,acts1 at a level t is suffici5t to cov]-- 7,a7 ! co/s ( exp]t firms reta9$ "u p>agraph 7#d72 & 7,b7 all or a portion ( ! co/s to ! ,f$]al ,gov]nm5t ( s]vic+ ! ,f$]al cr$it in/rum5ts provid$ "u ?is section4 7#c7 ,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 section4 7,b7 ,duties ,a s]vic] appo9t$ "u subp>agraph 7,a7 %all act z ! ag5t = ! ,secret>y4 7,c7 ,fee ,a s]vic] appo9t$ "u subp>agraph 7,a7 %all receive a s]vic+ fee1 subject to approval by ! ,secret>y4 7#d7 ,assi/ance f exp]ts ,! ,secret>y may reta9 ! s]vices1 includ+ c\nsel1 ( organizations & entities ) exp]tise 9 ! field ( project f9ance to assi/ 9 ! und]writ+ & s]vic+ ( ,f$]al cr$it in/rum5ts provid$ "u ?is section4 7h7 ,/atutory con/ruction ,no?+ 9 ?is section %all be con/ru$ to-- 7#a7 sup]s$e ! applicability ( o!r requirem5ts ( ,f$]al law 7includ+ regulations72 7#b7 relieve any recipi5t ( f9ancial assi/ance "u ?is section ( any obligation to obta9 any requir$ ,/ate1 local1 or tribal p]mit or approval ) respect to ! project2 7#c7 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#d7 o!rwise sup]s$e any ,/ate1 local1 or tribal law 7includ+ any regulation7 applicable to ! con/ruction or op]ation ( ! project4 7i7 ,prevail+ rate ( wage 7#a7 ,9 g5]al ,! ,secret>y %all ensure t labor]s & me*anics employ$ by contractors & subcontractors on a project f9anc$ 9 :ole or 9 "p by a ,f$]al cr$it in/rum5t made available "u ?is section w be paid wages at rates n less ?an ^? prevail+ on simil> con/ruction 9 ! locality1 z det]m9$ by ! ,secret>y ( ,labor "u sub*apt] ,,iv ( *apt] #ca ( title #dj4 7#b7 ,au?ority ( ,secret>y ( ,labor ,) respect to ! labor /&>ds specifi$ 9 p>agraph 7#a71 ! ,secret>y ( ,labor %all h1 ) respect to ! labor /&>ds specifi$ 9 ?is subsection1 ! au?ority & functions set =? 9 ,reorganization ,plan ,numb]$ #ad ( #aiej 7#ae ,f4,r4 #cagf7 & section #cade ( title #dj1 ,unit$ ,/ates ,code4 7j7 ,regulations ,! ,secret>y may issue su* regulations z ! ,secret>y det]m9es appropriate to c>ry out ?is section4 7k7 ,use ( ,am]ican iron1 /eel1 & manufactur$ goods 7#a7 ,9 g5]al ,except z provid$ by p>agraph 7#b71 ! ,secret>y %all make available a ,f$]al cr$it in/rum5t = a project "u ?is section only if all ( ! iron1 /eel1 & manufactur$ goods us$ 9 ! project are produc$ 9 ! ,unit$ ,/ates4 7#b7 ,exception ,^u ! submission ( a reque/ = a waiv] ( ! requirem5ts "u p>agraph 7#a7 by an entity1 ! ,secret>y may waive p>agraph 7#a7 if ! ,secret>y f9ds t-- 7,a7 apply+ p>agraph 7#a7 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 7#c7 ,writt5 waiv] det]m9ation & annual report 7,a7 ,9 g5]al ,if ! ,secret>y receives a reque/ = a waiv] "u ?is subsection1 ! ,secret>y %all-- 7i7 make available to ! public on an in=mal basis a copy ( ! reque/ & in=mation available to ! ,secret>y conc]n+ ! reque/2 & 7ii7 all[ = in=mal public input on ! reque/ = at lea/ #ae days prior to mak+ a f9d+ bas$ on ! reque/4 7,b7 ,requirem5t ,! ,secret>y %all make ! reque/ & accompany+ in=mation requir$ "u subp>agraph 7,a7 available by electronic means1 includ+ on website ( ! ,dep>tm5t ( ,en]gy4 7#d7 ,consi/5t ) obligations ,?is subsection %all be appli$ 9 a mann] consi/5t ) ! ,unit$ ,/ates obligations "u int]national agreem5ts4 7l7 ,def9itions ,9 ?is section3 7#a7 ,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 section ) respect to a project4 7#b7 ,qualifi$ facility ,! t]m qualifi$ facility has ! mean+ giv5 ! t]m 9 section #de,q ( ! ,int]nal ,rev5ue ,code ( #aihf 7#bf ,u4,s4,c4 #de,q74 7#c7 ,inve/m5t-grade rat+ ,! t]m inve/m5t-grade rat+ means a rat+ ( ,,bbb m9us1 ,baa#c1 bbb m9us1 ,,bbb 7l[7 or high] assign$ by a rat+ ag5cy to project obligations4 7#d7 ,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$]al ,regulations 7or a successor regulation71 kn[n z ,rule #add;,a7a7 ( ! ,securities & ,ex*ange ,commission & issu$ "u ! ,securities ,act ( #aicc 7#ae ,u4,s4,c4 #gg;a et seq4774 7,b7 ,inclusion ,! t]m l5d] includes-- 7i7 a qualifi$ retirem5t plan 7z def9$ 9 section #digd7;c7 ( ! ,int]nal ,rev5ue ,code ( #aihf 7#bf ,u4,s4,c4 #digd7;c777 t is a qualifi$ in/itutional buy]2 & 7ii7 a gov]nm5tal plan 7z def9$ 9 section #dad7;d7 ( ! ,int]nal ,rev5ue ,code ( #aihf 7#bf ,u4,s4,c4 #dad7;d777 t is a qualifi$ in/itutional buy]4 7#e7 ,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 entity & fund$ by a l5d]4 7#f7 ,produc$ 9 ! ,unit$ ,/ates ,! t]m produc$ 9 ! ,unit$ ,/ates means1 9 ! case ( iron or /eel1 t all manufactur+ processes1 includ+ ! application ( a coat+1 mu/ occur 9 ! ,unit$ ,/ates4 7#g7 ,project obligation 7,a7 ,9 g5]al ,! t]m project obligation means any note1 bond1 deb5ture1 or o!r debt obligation issu$ by an entity 9 connection ) ! f9anc+ ( a project4 7,b7 ,exclusion ,su* t]m does n include a ,f$]al cr$it in/rum5t4 7#h7 ,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#i7 ,secur$ loan ,! t]m secur$ loan means a direct loan or o!r debt obligation issu$ by an entity & fund$ by ! ,secret>y 9 connection ) ! f9anc+ ( a project "u ?is section4 7#aj7 ,/ate ,! t]m ,/ate means-- 7,a7 a ,/ate2 7,b7 ! ,di/rict ( ,columbia2 7,c7 ! ,commonweal? ( ,pu]to ,rico2 & 7,d7 any o!r t]ritory or possession ( ! ,unit$ ,/ates4 7#aa7 ,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#ab7 ,sub/antial completion ,! t]m sub/antial completion1 ) respect to a project1 means ! e>lie/ date on :i* a project is consid]$ to p]=m ! functions = :i* ! project is design$4 7m7 ,au?orization ( appropriations 7#a7 ,9 g5]al ,!re are au?oriz$ to be appropriat$-- 7,a7 #djj1jjj1jjj to c>ry out projects describ$ 9 subsection 7c77#a72 & 7,b7 #ajj1jjj1jjj to c>ry out projects describ$ 9 subsection 7c77#b74 7#b7 ,available until exp5d$ ,any funds appropriat$ pursuant to p>agraph 7#a7 are au?oriz$ to rema9 available until exp5d$4 7#c7 ,adm9i/rative co/s ,( ! funds made available to c>ry out ?is section1 ! ,secret>y may use = ! adm9i/ration ( ?is section1 includ+ = ! provision ( te*nical assi/ance to aid project sponsors 9 obta9+ ! necess>y approvals = ! project1 n m ?an #b1jjj1jjj = ea* fiscal ye>4