,,ii #aafth ,,congress #ast ,session ,s4 #aece ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,may #af1 #bjai ,mr4 ,warner 7for himself1 ,mr4 ,blunt1 ,mr4 ,coons1 ,mr4 ,graham1 ,ms4 ,klobuchar1 ,mr4 ,cornyn1 ,mr4 ,blumenthal1 and ,mr4 ,braun7 introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to facilitate efficient investments and financing of infrastructure projects and new1 long-term job creation through the establishment of an ,infrastructure ,financing ,authority1 and for other purposes4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,reinventing ,economic ,partnerships ,and ,infrastructure ,redevelopment ,act or the ,,repair ,act4 7b7 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4 ,sec4 #b4 ,purpose4 ,sec4 #c4 ,definitions4 ,,title ,i--,infrastructure ,financing ,authority ,sec4 #aja4 ,establishment and general authority of ,,ifa4 ,sec4 #ajb4 ,voting members of the ,board of ,directors4 ,sec4 #ajc4 ,chief ,executive ,officer4 ,sec4 #ajd4 ,powers and duties of the ,board of ,directors4 ,sec4 #aje4 ,senior management4 ,sec4 #ajf4 ,office of ,technical and ,rural ,assistance4 ,sec4 #ajg4 ,special ,inspector ,general for ,,ifa4 ,sec4 #ajh4 ,other personnel4 ,sec4 #aji4 ,compliance4 ,,title ,,ii--,terms and limitations on direct loans and loan guarantees ,sec4 #bja4 ,eligibility criteria for assistance from ,,ifa and terms and limitations of loans4 ,sec4 #bjb4 ,loan terms and repayment4 ,sec4 #bjc4 ,project ,delivery ,task ,force4 ,sec4 #bjd4 ,compliance and enforcement4 ,sec4 #bje4 ,audits2 reports to the ,president and ,congress4 ,sec4 #bjf4 ,effect on other laws4 ,,title ,,iii--,funding of ,,ifa ,sec4 #cja4 ,fees4 ,sec4 #cjb4 ,self-sufficiency of ,,ifa4 ,sec4 #cjc4 ,funding4 ,sec4 #cjd4 ,contract authority4 ,sec4 #cje4 ,limitation on authority4 ,,title ,,iv--,tax exemption requirements for ,state and local bonds ,sec4 #dja4 ,national limitation on amount of tax-exempt financing for facilities4 ,,title ,v--,budgetary effects ,sec4 #eja4 ,budgetary effects4 #b4 ,purpose ,the purpose of this ,act is to facilitate investment in1 and the long-term financing of1 economically viable eligible infrastructure projects of regional or national significance that are in the public interest in a manner that complements existing ,federal1 ,state1 local1 and private funding sources for these projects and introduces a merit-based system for financing those projects1 in order to mobilize significant private sector investment1 create long-term jobs1 and ensure ,united ,states competitiveness through a self-sustaining institution that limits the need for ongoing ,federal funding4 #c4 ,definitions ,in this ,act3 7#a7 ,blind trust ,the term blind trust means a trust in which the beneficiary has no knowledge of the specific holdings and no rights over how those holdings are managed by the fiduciary of the trust prior to the dissolution of the trust4 7#b7 ,board of ,directors ,the term ,board of ,directors means the ,board of ,directors of ,,ifa4 7#c7 ,chairperson ,the term ,chairperson means the ,chairperson of the ,board of ,directors of ,,ifa4 7#d7 ,chief executive officer ,the term ,chief ,executive ,officer means the chief executive officer of ,,ifa1 appointed under section #ajc4 7#e7 ,cost ,the term cost has the meaning given the term in section #ejb of the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa;a74 7#f7 ,direct loan ,the term direct loan has the meaning given the term in section #ejb of the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa;a74 7#g7 ,eligible entity ,the term eligible entity means-- 7,a7 an individual2 7,b7 a corporation2 7,c7 a partnership1 including a public-private partnership2 7,d7 a joint venture2 7,e7 a trust2 7,f7 a ,state or any other governmental entity1 including a political subdivision or any other instrumentality of a ,state2 or 7,g7 a revolving fund4 7#h7 ,eligible infrastructure project 7,a7 ,in general ,the term eligible infrastructure project means the construction1 consolidation1 alteration1 or repair of the following sectors3 7i7 ,intercity passenger or freight rail lines1 intercity passenger rail facilities or equipment1 and intercity freight rail facilities or equipment4 7ii7 ,intercity passenger bus facilities or equipment4 7iii7 ,public transportation facilities or equipment4 7iv7 ,highway facilities1 including bridges and tunnels4 7v7 ,airports and air traffic control systems4 7vi7 ,port or marine terminal facilities1 including approaches to marine terminal facilities or inland port facilities1 and port or marine equipment1 including fixed equipment to serve approaches to marine terminals or inland ports4 7vii7 ,transmission or distribution pipelines4 7viii7 ,inland waterways4 7ix7 ,intermodal facilities or equipment related to #b or more of the sectors described in clauses 7i7 through 7viii74 7x7 ,water treatment and solid waste disposal facilities4 7xi7 ,storm water management systems4 7xii7 ,dams and levees4 7xiii7 ,facilities or equipment for energy transmission1 distribution or storage4 7,b7 ,authority of the ,board of ,directors to modify sectors ,the ,board of ,directors may make modifications1 at the discretion of the ,board1 to any of the sectors described in subparagraph 7,a7 by a vote of not fewer than #e of the voting members of the ,board of ,directors4 7#i7 ,,ifa ,the term ,,ifa means the ,infrastructure ,financing ,authority established under section #aja4 7#aj7 ,investment-grade rating ,the term investment-grade rating means a rating of ,,bbb minus1 ,baa#c1 or higher assigned to an eligible infrastructure project by a ratings agency4 7#aa7 ,loan guarantee ,the term loan guarantee has the meaning given the term in section #ejb of the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa;a74 7#ab7 ,,otra ,the term ,,otra means the ,office of ,technical and ,rural ,assistance created pursuant to section #ajf4 7#ac7 ,public-private partnership ,the term public-private partnership means any eligible entity-- 7,a7 7i7 that is undertaking the development of all or part of an eligible infrastructure project that will have a measurable public benefit1 pursuant to requirements established in #a or more contracts between the entity and a ,state or an instrumentality of a ,state2 or 7ii7 the activities of which1 with respect to such an eligible infrastructure project1 are subject to regulation by a ,state or any instrumentality of a ,state2 7,b7 that owns1 leases1 or operates or will own1 lease1 or operate1 the project in whole or in part2 and 7,c7 the participants in which include not fewer than #a nongovernmental entity with significant investment and some control over the project or entity sponsoring the project vehicle4 7#ad7 ,rating agency ,the term rating agency means a credit rating agency registered with the ,securities and ,exchange ,commission as a nationally recognized statistical rating organization 7as defined in section #c7;a7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a7774 7#ae7 ,regional infrastructure accelerator ,the term regional infrastructure accelerator means an organization created by public sector agencies through a multijurisdictional or multistate agreement to provide technical assistance to local jurisdictions that will facilitate the implementation of innovative financing and procurement models to public infrastructure projects4 7#af7 ,rural infrastructure project ,the term rural infrastructure project-- 7,a7 has the same meaning given the term in section #fja7ae7 of title #bc1 ,united ,states ,code2 and 7,b7 includes any eligible infrastructure project sector described in clauses 7i7 through 7xvii7 of paragraph 7#h77;,a7 located in any area other than a city with a population of more than #bej1jjj inhabitants within the city limits4 7#ag7 ,secretary ,the term ,secretary means the ,secretary of the ,treasury or the designee of the ,secretary of the ,treasury4 7#ah7 ,senior management ,the term senior management means the chief financial officer1 chief risk officer1 chief compliance officer1 general counsel1 chief lending officer1 and chief operations officer of ,,ifa1 and such other officers as the ,board of ,directors may1 by majority vote1 add to senior management4 7#ai7 ,state ,the term ,state means-- 7,a7 each of the several ,states of the ,united ,states2 and 7,b7 the ,district of ,columbia4 7#bj7 ,task force ,the term ,task ,force means the ,project ,delivery ,task ,force established under section #bjc4 ,i ,infrastructure ,financing ,authority #aja4 ,establishment and general authority of ,,ifa 7a7 ,establishment of ,,ifa ,the ,infrastructure ,financing ,authority is established as a wholly owned ,government corporation4 7b7 ,general authority of ,,ifa ,,ifa shall-- 7#a7 provide direct loans and loan guarantees to facilitate eligible infrastructure projects that are economically viable1 in the public interest1 and of regional or national significance2 and 7#b7 carry out any other activities and duties authorized under this ,act4 7c7 ,incorporation 7#a7 ,in general ,the ,board of ,directors first appointed shall be deemed the incorporator of ,,ifa1 and the incorporation shall be held to have been effected from the date of the first meeting of the ,board of ,directors4 7#b7 ,corporate office ,,ifa shall-- 7,a7 maintain an office in ,washington1 ,,dc2 and 7,b7 for purposes of venue in civil actions1 be considered to be a resident of ,washington1 ,,dc4 7d7 ,responsibility of the ,secretary ,the ,secretary shall take such action as may be necessary to assist in implementing ,,ifa and in carrying out the purpose of this ,act4 7e7 ,rule of ,construction ,chapter #ia of title #ca1 ,united ,states ,code1 does not apply to ,,ifa1 unless otherwise specifically provided in this ,act4 #ajb4 ,voting members of the ,board of ,directors 7a7 ,voting membership of the board of directors 7#a7 ,in general ,,ifa shall have a ,board of ,directors consisting of #g voting members appointed by the ,president1 by and with the advice and consent of the ,senate1 not more than #d of whom shall be from the same political party4 7#b7 ,chairperson ,one of the voting members of the ,board of ,directors shall be designated by the ,president1 by and with the advice and consent of the ,senate1 to serve as ,chairperson of the ,board of ,directors4 7#c7 ,congressional recommendations ,not later than #cj days after the date of enactment of this ,act1 the majority leader of the ,senate1 the minority leader of the ,senate1 the ,speaker of the ,house of ,representatives1 and the minority leader of the ,house of ,representatives shall each submit a recommendation to the ,president for appointment of a member of the ,board of ,directors1 after consultation with the appropriate committees of ,congress4 7#d7 ,special consideration of rural interests and geographic diversity ,in making an appointment under this subsection1 the ,president shall give consideration to the geographic areas of the ,united ,states in which the members of the ,board of ,directors live and work1 particularly to ensure that the infrastructure priorities and concerns of each region of the country1 including rural areas and small communities1 are represented on the ,board of ,directors4 7b7 ,voting rights ,each voting member of the ,board of ,directors shall have an equal vote in all decisions of the ,board of ,directors4 7c7 ,qualifications of voting members ,each voting member of the ,board of ,directors shall-- 7#a7 be a citizen of the ,united ,states2 and 7#b7 have significant demonstrated expertise in-- 7,a7 the management and administration of a financial institution relevant to the operation of ,,ifa2 or 7,b7 the financing1 development1 or operation of infrastructure projects1 including in the evaluation and selection of eligible infrastructure projects based on the purposes1 goals1 and objectives of this ,act4 7d7 ,terms 7#a7 ,in general ,except as otherwise provided in this ,act1 each voting member of the ,board of ,directors shall be appointed for a term of #e years4 7#b7 ,initial staggered terms ,of the voting members first appointed to the ,board of ,directors-- 7,a7 the initial ,chairperson and #c of the other voting members shall each be appointed for a term of #e years2 and 7,b7 the remaining #c voting members shall each be appointed for a term of #b years4 7#c7 ,date of initial nominations ,the initial nominations for the appointment of all voting members of the ,board of ,directors shall be made not later than #fj days after the date of enactment of this ,act4 7#d7 ,beginning of term ,the term of each of the initial voting members appointed under this section shall commence immediately upon the date of appointment1 except that1 for purposes of calculating the term limits specified in this subsection1 the initial terms shall each be construed as beginning on ,january #bb of the year following the date of the initial appointment4 7#e7 ,vacancies 7,a7 ,in general ,a vacancy in the position of a voting member of the ,board of ,directors shall be filled by the ,president1 by and with the advice and consent of the ,senate4 7,b7 ,term ,a member appointed to fill a vacancy on the ,board of ,directors occurring before the expiration of the term for which the predecessor was appointed shall be appointed only for the remainder of that term4 7e7 ,meetings 7#a7 ,open to the public2 notice ,except as provided in paragraph 7#c71 all meetings of the ,board of ,directors shall be-- 7,a7 open to the public2 and 7,b7 preceded by reasonable public notice4 7#b7 ,frequency ,the ,board of ,directors shall meet-- 7,a7 not later than #fj days after the date on which all members of the ,board of ,directors are first appointed2 7,b7 at least quarterly after the date described in subparagraph 7,a72 and 7,c7 at the call of the ,chairperson or #c voting members of the ,board of ,directors4 7#c7 ,exception for closed meetings 7,a7 ,in general ,the voting members of the ,board of ,directors may1 by majority vote1 close a meeting to the public if1 during the meeting to be closed1 there is likely to be disclosed proprietary or sensitive information regarding an eligible infrastructure project under consideration for assistance under this ,act4 7,b7 ,availability of minutes ,the ,board of ,directors shall prepare minutes of any meeting that is closed to the public1 which minutes shall be made available as soon as practicable1 but not later than #a year after the date of the closed meeting1 with any necessary redactions to protect any proprietary or sensitive information4 7#d7 ,quorum ,for purposes of meetings of the ,board of ,directors1 #e voting members of the ,board of ,directors shall constitute a quorum4 7f7 ,compensation of members ,each voting member of the ,board of ,directors shall be compensated at a rate equal to the daily equivalent of the annual rate of basic pay prescribed for level ,,iii of the ,executive ,schedule under section #ecad of title #e1 ,united ,states ,code1 for each day 7including travel time7 during which the member is engaged in the performance of the duties of the ,board of ,directors4 7g7 ,conflicts of interest ,a voting member of the ,board of ,directors may not participate in any review or decision affecting an eligible infrastructure project under consideration for assistance under this ,act1 if the member has or is affiliated with an entity who has a financial interest in that project4 #ajc4 ,chief ,executive ,officer 7a7 ,in general ,the ,chief ,executive ,officer shall-- 7#a7 be a nonvoting member of the ,board of ,directors2 7#b7 be responsible for all activities of ,,ifa2 and 7#c7 support the ,board of ,directors in accordance with this ,act and as the ,board of ,directors determines to be necessary4 7b7 ,appointment and tenure of the ,chief ,executive ,officer 7#a7 ,in general ,the ,president shall appoint the ,chief ,executive ,officer1 by and with the advice and consent of the ,senate4 7#b7 ,term ,the ,chief ,executive ,officer shall be appointed for a term of #f years4 7#c7 ,vacancies 7,a7 ,in general ,any vacancy in the office of the ,chief ,executive ,officer shall be filled by the ,president1 by and with the advice and consent of the ,senate4 7,b7 ,term ,the person appointed to fill a vacancy in the ,chief ,executive ,officer position that occurs before the expiration of the term for which the predecessor was appointed shall be appointed only for the remainder of that term4 7c7 ,qualifications ,the ,chief ,executive ,officer-- 7#a7 shall have significant expertise in management and administration of a financial institution1 or significant expertise in the financing and development of infrastructure projects2 and 7#b7 may not-- 7,a7 hold any other public office2 7,b7 have any financial interest in an eligible infrastructure project then being considered by the ,board of ,directors1 unless that interest is placed in a blind trust2 or 7,c7 have any financial interest in an investment institution or its affiliates or any other entity seeking or likely to seek financial assistance for any eligible infrastructure project from ,,ifa1 unless any such interest is placed in a blind trust for the tenure of the service of the ,chief ,executive ,officer plus #b additional years4 7d7 ,responsibilities ,the ,chief ,executive ,officer shall have such executive functions1 powers1 and duties as may be prescribed by this ,act1 the bylaws of ,,ifa1 or the ,board of ,directors1 including-- 7#a7 responsibility for the development and implementation of the strategy of ,,ifa1 including-- 7,a7 the development and submission to the ,board of ,directors of the annual business plans and budget2 7,b7 the development and submission to the ,board of ,directors of a long-term strategic plan2 and 7,c7 the development1 revision1 and submission to the ,board of ,directors of internal policies2 and 7#b7 responsibility for the management and oversight of the daily activities1 decisions1 operations1 and personnel of ,,ifa4 7e7 ,compensation 7#a7 ,in general ,any compensation assessment or recommendation by the ,chief ,executive ,officer under this section shall be without regard to the provisions of chapter #ea or subchapter ,,iii of chapter #ec of title #e1 ,united ,states ,code4 7#b7 ,considerations ,the compensation assessment or recommendation required under this subsection shall take into account merit principles1 where applicable1 as well as the education1 experience1 level of responsibility1 geographic differences1 and retention and recruitment needs in determining compensation of personnel4 #ajd4 ,powers and duties of the ,board of ,directors ,the ,board of ,directors shall-- 7#a7 as soon as practicable after the date on which all members are appointed1 approve or disapprove senior management appointed by the ,chief ,executive ,officer2 7#b7 not later than #ahj days after the date on which all members are appointed-- 7,a7 develop and approve the bylaws of ,,ifa1 including bylaws for the regulation of the affairs and conduct of the business of ,,ifa1 consistent with the purpose1 goals1 objectives1 and policies set forth in this ,act2 7,b7 establish subcommittees1 including an audit committee that is composed solely of members of the ,board of ,directors1 other than the ,chief ,executive ,officer2 7,c7 develop and approve1 in consultation with senior management1 a conflict-of-interest policy for the ,board of ,directors and for senior management2 7,d7 approve or disapprove internal policies that the ,chief ,executive ,officer shall submit to the ,board of ,directors1 including-- 7i7 policies regarding the loan application and approval process1 including application procedures and project approval processes2 and 7ii7 operational guidelines2 and 7,e7 approve or disapprove a #a-year business plan and budget for ,,ifa2 7#c7 ensure that ,,ifa is at all times operated in a manner that is consistent with this ,act1 by-- 7,a7 monitoring and assessing the effectiveness of ,,ifa in achieving its strategic goals2 7,b7 reviewing and approving internal policies1 annual business plans1 annual budgets1 and long-term strategies submitted by the ,chief ,executive ,officer2 7,c7 reviewing and approving annual reports submitted by the ,chief ,executive ,officer2 7,d7 engaging #a or more external auditors1 as set forth in this ,act2 and 7,e7 reviewing and approving all changes to the organization of senior management2 7#d7 appoint and fix1 by a vote of not less than #e of the #g voting members of the ,board of ,directors1 and without regard to the provisions of chapter #ea or subchapter ,,iii of chapter #ec of title #e1 ,united ,states ,code1 the compensation and adjustments to compensation of all ,,ifa personnel1 provided that in appointing and fixing any compensation or adjustments to compensation under this paragraph1 the ,board shall-- 7,a7 consult with1 and seek to maintain comparability with1 other comparable ,federal personnel1 as the ,board of ,directors may determine to be appropriate2 7,b7 consult with the ,office of ,personnel ,management2 and 7,c7 carry out those duties consistent with merit principles1 where applicable1 as well as the education1 experience1 level of responsibility1 geographic differences1 comparability to private sector positions1 and retention and recruitment needs in determining compensation of personnel2 7#e7 serve as the primary liaison for ,,ifa in interactions with ,congress1 the ,secretary of ,transportation and other executive branch officials1 and ,state and local governments1 and to represent the interests of ,,ifa in those interactions and others2 7#f7 approve by a vote of not less than #e of the #g voting members of the ,board of ,directors any changes to the bylaws or internal policies of ,,ifa2 7#g7 have the authority and responsibility-- 7,a7 to oversee entering into and carrying out such contracts1 leases1 cooperative agreements1 or other transactions as are necessary to carry out this ,act2 7,b7 to approve of the acquisition1 lease1 pledge1 exchange1 and disposal of real and personal property by ,,ifa and otherwise approve the exercise by ,,ifa of all of the usual incidents of ownership of property1 to the extent that the exercise of those powers is appropriate to and consistent with the purposes of ,,ifa2 7,c7 to determine the character of1 and the necessity for1 the obligations and expenditures of ,,ifa1 and the manner in which the obligations and expenditures will be incurred1 allowed1 and paid1 subject to this ,act and other ,federal law specifically applicable to wholly owned ,federal corporations2 7,d7 to execute1 in accordance with applicable bylaws and regulations1 appropriate instruments2 7,e7 to approve other forms of credit enhancement that ,,ifa may provide to eligible projects1 as long as the forms of credit enhancements are consistent with the purposes of this ,act and terms set forth in title ,,ii2 7,f7 to exercise all other lawful powers which are necessary or appropriate to carry out1 and are consistent with1 the purposes of ,,ifa2 7,g7 to sue or be sued in the corporate capacity of ,,ifa in any court of competent jurisdiction2 7,h7 to indemnify the members of the ,board of ,directors and officers of ,,ifa for any liabilities arising out of the actions of the members and officers in that capacity1 in accordance with1 and subject to the limitations contained in this ,act2 7,i7 to review all financial assistance packages to all eligible infrastructure projects1 as submitted by the ,chief ,executive ,officer and to approve1 postpone1 or deny the same by majority vote2 7,j7 to review all restructuring proposals submitted by the ,chief ,executive ,officer1 including assignation1 pledging1 or disposal of the interest of ,,ifa in a project1 including payment or income from any interest owned or held by ,,ifa1 and to approve1 postpone1 or deny the same by majority vote2 7,k7 to enter into binding commitments1 as specified in approved financial assistance packages2 7,l7 to determine whether-- 7i7 to obtain a lien on the assets of an eligible entity that receives assistance under this ,act2 and 7ii7 to subordinate a lien under clause 7i7 to any other lien securing project obligations2 and 7,m7 to ensure a measurable public benefit in the selection of eligible infrastructure projects and to provide for reasonable public input in the selection of such projects2 7#h7 delegate to the ,chief ,executive ,officer those duties that the ,board of ,directors determines to be appropriate1 to better carry out the powers and purposes of the ,board of ,directors under this section2 and 7#i7 approve a maximum aggregate amount of principal exposure of ,,ifa at any given time4 #aje4 ,senior management 7a7 ,in general ,senior management shall support the ,chief ,executive ,officer in the discharge of the responsibilities of the ,chief ,executive ,officer4 7b7 ,appointment of senior management ,the ,chief ,executive ,officer shall appoint such senior managers as are necessary to carry out the purposes of ,,ifa1 as approved by a majority vote of the voting members of the ,board of ,directors1 including a chief compliance officer1 general counsel1 chief operating officer1 chief lending officer1 and other positions as determined to be appropriate by the ,chief ,executive ,officer and the ,board of ,directors4 7c7 ,term ,each member of senior management shall serve at the pleasure of the ,chief ,executive ,officer and the ,board of ,directors4 7d7 ,removal of senior management ,any member of senior management may be removed-- 7#a7 by a majority of the voting members of the ,board of ,directors at the request of the ,chief ,executive ,officer2 or 7#b7 by a vote of not fewer than #e voting members of the ,board of ,directors4 7e7 ,senior management 7#a7 ,in general ,each member of senior management shall report directly to the ,chief ,executive ,officer1 other than the chief risk officer1 who shall report directly to the ,board of ,directors4 7#b7 ,chief risk officer ,the chief risk officer shall be responsible for all functions of ,,ifa relating to-- 7,a7 the creation of financial1 credit1 and operational risk management guidelines and policies2 7,b7 the establishment of guidelines to ensure diversification of lending activities by region1 infrastructure project type1 and project size2 7,c7 the creation of conforming standards for infrastructure finance agreements2 7,d7 the monitoring of the financial1 credit1 and operational exposure of ,,ifa2 and 7,e7 risk management and mitigation actions1 including by reporting those actions1 or recommendations of actions to be taken1 directly to the ,board of ,directors4 7f7 ,conflicts of interest ,no individual appointed to senior management may-- 7#a7 hold any other public office2 7#b7 have any financial interest in an eligible infrastructure project then being considered by the ,board of ,directors1 unless that interest is placed in a blind trust2 or 7#c7 have any financial interest in an investment institution or its affiliates1 ,,ifa or its affiliates1 or other entity then seeking or likely to seek financial assistance for any eligible infrastructure project from ,,ifa1 unless any such interest is placed in a blind trust during the term of service of that individual in a senior management position1 and for a period of #b years thereafter4 #ajf4 ,office of ,technical and ,rural ,assistance 7a7 ,in general ,the ,chief ,executive ,officer shall create and manage1 within ,,ifa1 the ,office of ,technical and ,rural ,assistance4 7b7 ,duties ,the ,,otra shall-- 7#a7 in consultation with the ,secretary of ,transportation and the heads of other relevant ,federal agencies1 as determined by the ,chief ,executive ,officer1 provide technical assistance to ,state and local governments and parties in public-private partnerships in the development and financing of eligible infrastructure projects1 including rural infrastructure projects2 7#b7 assist the entities described in paragraph 7#a7 with coordinating loan and loan guarantee programs available through ,federal agencies1 including the ,department of ,transportation and other ,federal agencies1 as appropriate2 7#c7 work with the entities described in paragraph 7#a7 to identify and develop a pipeline of projects suitable for financing through innovative project financing and performance based project delivery1 including those projects with the potential for financing through ,,ifa2 and 7#d7 establish a regional infrastructure accelerator demonstration program to assist the entities described in paragraph 7#a7 in developing improved infrastructure priorities and financing strategies1 for the accelerated development of covered infrastructure projects1 including those projects with the potential for financing through ,,ifa4 7c7 ,designation of regional infrastructure accelerators ,in carrying out the program established pursuant to subsection 7b77#c71 the ,,otra is authorized to designate regional infrastructure accelerators that will-- 7#a7 serve a defined geographic area2 and 7#b7 act as a resource in such area to entities described in subsection 7b77#a71 in accordance with this subsection4 7d7 ,application process ,to be eligible for a designation under subsection 7c71 regional infrastructure accelerators shall submit a proposal to the ,,otra at such time1 in such form1 and containing such information as the ,,otra determines is appropriate4 7e7 ,considerations ,in evaluating proposals submitted pursuant to subsection 7d71 the ,,otra shall consider-- 7#a7 the need for geographic diversity among regional infrastructure accelerators2 and 7#b7 promoting investment in covered infrastructure projects1 which shall include a plan-- 7,a7 to evaluate and promote innovative financing methods for local projects1 including the use of ,,ifa2 7,b7 to build capacity of governments to evaluate and structure projects involving the investment of private capital2 7,c7 to provide technical assistance and information on best practices with respect to financing such projects2 7,d7 to increase transparency with respect to infrastructure project analysis and utilizing innovative financing for public infrastructure projects2 7,e7 to deploy predevelopment capital programs designed to facilitate the creation of a pipeline of infrastructure projects available for investment2 7,f7 to bundle smaller-scale and rural projects into larger proposals that may be more attractive for investment2 and 7,g7 to reduce transaction costs for public project sponsors4 7f7 ,annual report ,the ,,otra shall submit an annual report to ,congress that describes the findings and effectiveness of the infrastructure accelerator demonstration program4 #ajg4 ,special ,inspector ,general for ,,ifa 7a7 ,in general 7#a7 ,initial period ,during the #e-year period beginning on the date of the enactment of this ,act1 the ,inspector ,general of the ,department of the ,treasury shall serve as the ,special ,inspector ,general for ,,ifa in addition to the existing duties of the ,inspector ,general of the ,department of the ,treasury4 7#b7 ,office of the ,special ,inspector ,general ,beginning on the day that is #e years after the date of the enactment of this ,act1 there is established the ,office of the ,special ,inspector ,general for ,,ifa4 7b7 ,appointment of ,inspector ,general2 removal 7#a7 ,head of ,office ,the head of the ,office of the ,special ,inspector ,general for ,,ifa shall be the ,special ,inspector ,general for ,,ifa 7referred to in this ,act as the ,special ,inspector ,general71 who shall be appointed by the ,president1 by and with the advice and consent of the ,senate4 7#b7 ,basis of appointment ,the appointment of the ,special ,inspector ,general shall be made on the basis of integrity and demonstrated ability in accounting1 auditing1 financial analysis1 law1 management analysis1 public administration1 or investigations4 7#c7 ,timing of nomination ,the nomination of an individual as ,special ,inspector ,general shall be made as soon as practicable after the date of enactment of this ,act4 7#d7 ,removal ,the ,special ,inspector ,general shall be removable from office in accordance with the provisions of section #c7;b7 of the ,inspector ,general ,act of #aigh 7#e ,u4,s4,c4 ,app474 7#e7 ,rule of construction ,for purposes of section #gcbd of title #e1 ,united ,states ,code1 the ,special ,inspector ,general shall not be considered an employee who determines policies to be pursued by the ,united ,states in the nationwide administration of ,federal law4 7#f7 ,rate of pay ,the annual rate of basic pay of the ,special ,inspector ,general shall be the annual rate of basic pay for an ,inspector ,general under section #c7;e7 of the ,inspector ,general ,act of #aigh 7#e ,u4,s4,c4 ,app474 7c7 ,duties ,the ,special ,inspector ,general shall-- 7#a7 conduct1 supervise1 and coordinate audits and investigations of the business activities of ,,ifa2 7#b7 establish1 maintain1 and oversee such systems1 procedures1 and controls as the ,special ,inspector ,general considers appropriate to discharge the duty under paragraph 7#a72 and 7#c7 carry out any other duties and responsibilities of inspectors general under the ,inspector ,general ,act of #aigh 7#e ,u4,s4,c4 ,app474 7d7 ,powers and authorities 7#a7 ,in general ,in carrying out the duties specified in subsection 7c71 the ,special ,inspector ,general shall have the authorities provided in section #f of the ,inspector ,general ,act of #aigh 7#e ,u4,s4,c4 ,app474 7#b7 ,additional authority ,the ,special ,inspector ,general shall carry out the duties specified in subsection 7c77#a7 in accordance with section #d7;b77#a7 of the ,inspector ,general ,act of #aigh 7#e ,u4,s4,c4 ,app474 7e7 ,personnel1 facilities1 and other resources 7#a7 ,additional officers 7,a7 ,in general ,the ,special ,inspector ,general may select1 appoint1 and employ such officers and employees as may be necessary for carrying out the duties of the ,special ,inspector ,general1 subject to the provisions of title #e1 ,united ,states ,code1 governing appointments in the competitive service1 and the provisions of chapter #ea and subchapter ,,iii of chapter #ec of such title1 relating to classification and ,general ,schedule pay rates4 7,b7 ,employment and compensation ,the ,special ,inspector ,general may exercise the authorities of subsections 7b7 through 7i7 of section #cafa of title #e1 ,united ,states ,code 7without regard to subsection 7a7 of that section74 7#b7 ,retention of services ,the ,special ,inspector ,general may obtain services as authorized by section #caji of title #e1 ,united ,states ,code1 at daily rates not to exceed the equivalent rate prescribed for grade ,,gs-#ae of the ,general ,schedule by section #eccb of such title4 7#c7 ,ability to contract for audits1 studies1 and other services ,the ,special ,inspector ,general may enter into contracts and other arrangements for audits1 studies1 analyses1 and other services with public agencies and with private persons1 and make such payments as may be necessary to carry out the duties of the ,special ,inspector ,general4 7#d7 ,request for information 7,a7 ,in general ,upon request of the ,special ,inspector ,general for information or assistance from any department1 agency1 or other entity of the ,federal ,government1 the head of that entity shall1 insofar as is practicable and not in contravention of any existing law1 furnish the information or assistance to the ,special ,inspector ,general or an authorized designee4 7,b7 ,refusal to comply ,if information or assistance requested by the ,special ,inspector ,general is1 in the judgment of the ,special ,inspector ,general1 unreasonably refused or not provided1 the ,special ,inspector ,general shall report the circumstances to the ,secretary1 without delay4 7f7 ,reports 7#a7 ,annual report ,not later than #a year after the date on which the ,special ,inspector ,general is confirmed1 and every calendar year thereafter1 the ,special ,inspector ,general shall submit to the ,president and appropriate committees of ,congress a report summarizing the activities of the ,special ,inspector ,general during the previous #a-year period ending on the date of that report4 7#b7 ,public disclosures ,nothing in this subsection authorizes the public disclosure of information that is-- 7,a7 specifically prohibited from disclosure by any other provision of law2 7,b7 specifically required by ,executive order to be protected from disclosure in the interest of national defense or national security or in the conduct of foreign affairs2 or 7,c7 a part of an ongoing criminal investigation4 #ajh4 ,other personnel 7a7 ,appointment1 removal1 and definition of duties ,except as otherwise provided in the bylaws of ,,ifa1 the ,chief ,executive ,officer1 in consultation with the ,board of ,directors1 shall appoint1 remove1 and define the duties of such qualified personnel as are necessary to carry out the powers1 duties1 and purpose of ,,ifa1 other than senior management1 who shall be appointed in accordance with section #aje4 7b7 ,coordination in identifying qualifications and expertise ,in appointing qualified personnel pursuant to subsection 7a71 the ,chief ,executive ,officer shall coordinate with1 and seek assistance from1 the ,secretary of ,transportation in identifying the appropriate qualifications and expertise in infrastructure project finance4 #aji4 ,compliance ,the provision of assistance by ,,ifa pursuant to this ,act does not supersede any provision of ,state law or regulation otherwise applicable to an eligible infrastructure project4 ,,ii ,terms and limitations on direct loans and loan guarantees #bja4 ,eligibility criteria for assistance from ,,ifa and terms and limitations of loans 7a7 ,public benefit2 financeability ,a project is not be eligible for financial assistance from ,,ifa under this ,act if-- 7#a7 the use or purpose of such project is private or such project does not create a public benefit1 as determined by the ,board of ,directors2 or 7#b7 the applicant is unable to demonstrate1 to the satisfaction of the ,board of ,directors1 a sufficient revenue stream to finance the loan that will be used to pay for such project4 7b7 ,financial criteria ,if the project meets the requirements under subsection 7a71 an applicant for financial assistance under this ,act shall demonstrate1 to the satisfaction of the ,board of ,directors1 that-- 7#a7 for public-private partnerships1 the project has received contributed capital or commitments for contributed capital equal to not less than #aj percent of the total cost of the eligible infrastructure project for which assistance is being sought if such contributed capital includes-- 7,a7 equity2 7,b7 deeply subordinate loans or other credit and debt instruments1 which shall be junior to any ,,ifa assistance provided for the project2 7,c7 appropriated funds or grants from governmental sources other than the ,federal ,government2 or 7,d7 irrevocable private contributions of funds1 grants1 property 7including rights-of-way71 and other assets that directly reduce or offset project costs2 and 7#b7 the eligible infrastructure project for which assistance is being sought-- 7,a7 is not for the refinancing of an existing infrastructure project2 and 7,b7 meets-- 7i7 any pertinent requirements set forth in this ,act2 7ii7 any criteria established by the ,board of ,directors under subsection 7c7 or by the ,chief ,executive ,officer in accordance with this ,act2 and 7iii7 the definition of an eligible infrastructure project4 7c7 ,considerations ,the criteria established by the ,board of ,directors under this subsection shall provide adequate consideration of-- 7#a7 the economic1 financial1 technical1 environmental1 and public benefits and costs of each eligible infrastructure project under consideration for financial assistance under this ,act1 prioritizing eligible infrastructure projects that-- 7,a7 demonstrate a clear and measurable public benefit2 7,b7 offer value for money to taxpayers2 7,c7 contribute to regional or national economic growth2 7,d7 lead to long-term job creation2 and 7,e7 mitigate environmental concerns2 7#b7 the means by which development of the eligible infrastructure project under consideration is being financed1 including-- 7,a7 the terms1 conditions1 and structure of the proposed financing2 7,b7 the creditworthiness and standing of the project sponsors1 providers of equity1 and cofinanciers2 7,c7 the financial assumptions and projections on which the eligible infrastructure project is based2 and 7,d7 whether there is sufficient ,state or municipal political support for the successful completion of the eligible infrastructure project2 7#c7 the likelihood that the provision of assistance by ,,ifa will cause the development to proceed more promptly and with lower costs for financing than would be the case without ,,ifa assistance2 7#d7 the extent to which the provision of assistance by ,,ifa maximizes the level of private investment in the eligible infrastructure project or supports a public-private partnership1 while providing a significant public benefit2 7#e7 the extent to which the provision of assistance by ,,ifa can mobilize the participation of other financing partners in the eligible infrastructure project2 7#f7 the technical and operational viability of the eligible infrastructure project2 7#g7 the proportion of financial assistance from ,,ifa2 7#h7 the geographical location of the project1 prioritizing geographical diversity of projects funded by ,,ifa2 7#i7 the size of the project and the impact of the project on the resources of ,,ifa2 and 7#aj7 the infrastructure sector of the project1 prioritizing projects from more than #a sector funded by ,,ifa4 7d7 ,application 7#a7 ,in general ,any eligible entity seeking assistance from ,,ifa under this ,act for an eligible infrastructure project shall submit an application to ,,ifa at such time1 in such manner1 and containing such information as the ,board of ,directors or the ,chief ,executive ,officer may require4 7#b7 ,review of applications 7,a7 ,in general ,,ifa shall review applications for assistance under this ,act on an ongoing basis4 7,b7 ,preparation ,the ,chief ,executive ,officer1 in cooperation with the senior management1 shall prepare eligible infrastructure projects for review and approval by the ,board of ,directors4 7#c7 ,dedicated revenue sources ,the ,federal credit instrument shall be repayable1 in whole or in part1 from tolls1 user fees1 or other dedicated revenue sources derived from users or beneficiaries that also secure the eligible infrastructure project obligations4 7e7 ,eligible infrastructure project costs 7#a7 ,in general ,except as provided in paragraph 7#b71 to be eligible for assistance under this ,act1 an eligible infrastructure project shall have project costs that are reasonably anticipated to equal or exceed #ej1jjj1jjj4 7#b7 ,rural infrastructure projects ,to be eligible for assistance under this ,act a rural infrastructure project shall have project costs that are reasonably anticipated to equal or exceed #aj1jjj1jjj4 7f7 ,loan eligibility and maximum amounts 7#a7 ,in general ,the amount of a direct loan or loan guarantee under this ,act shall not exceed the lesser of-- 7,a7 #di percent of the reasonably anticipated eligible infrastructure project costs2 and 7,b7 the amount of the senior project obligations1 if the direct loan or loan guarantee does not receive an investment grade rating4 7#b7 ,maximum annual loan and loan guarantee volume ,the aggregate amount of direct loans and loan guarantees made by ,,ifa shall not exceed-- 7,a7 during the first #b fiscal years of the operations of ,,ifa1 #aj1jjj1jjj1jjj per year2 7,b7 during fiscal years #c through #i of the operations of ,,ifa1 #bj1jjj1jjj1jjj per year2 and 7,c7 during any fiscal year thereafter1 #ej1jjj1jjj1jjj4 #bjb4 ,loan terms and repayment 7a7 ,in general ,a direct loan or loan guarantee under this ,act with respect to an eligible infrastructure project shall be on such terms1 subject to such conditions1 and contain such covenants1 representations1 warranties1 and requirements 7including requirements for audits7 as the ,chief ,executive ,officer determines appropriate4 7b7 ,terms ,a direct loan or loan guarantee under this ,act-- 7#a7 shall-- 7,a7 be payable1 in whole or in part1 from tolls1 user fees1 or other dedicated revenue sources derived from users or beneficiaries2 and 7,b7 include a rate covenant1 coverage requirement1 or similar security feature supporting the project obligations2 and 7#b7 may be secured by a lien-- 7,a7 on the assets of the obligor1 including revenues described in paragraph 7#a72 and 7,b7 which may be subordinated to any other lien securing project obligations4 7c7 ,base interest rate ,the base interest rate on a direct loan under this ,act shall be not less than the yield on ,treasury obligations of a similar maturity to the maturity of the direct loan on the date of execution of the loan agreement4 7d7 ,risk assessment ,before entering into an agreement for assistance under this ,act1 the ,chief ,executive ,officer1 in consultation with the ,director of the ,office of ,management and ,budget and each rating agency providing a preliminary rating opinion letter under this section1 shall determine an appropriate ,federal credit subsidy amount for each direct loan and loan guarantee1 taking into account that preliminary rating opinion letter1 as well as any comparable market rates available for such a loan or loan guarantee1 should any exist4 7e7 ,credit fee 7#a7 ,in general ,with respect to each agreement for assistance under this ,act1 the ,chief ,executive ,officer shall charge a credit fee to the recipient of that assistance to pay for1 over time1 all or a portion of the ,federal credit subsidy determined under subsection 7d71 with the remainder paid by the account established for ,,ifa4 7#b7 ,direct loans ,in the case of a direct loan1 the credit fee described in paragraph 7#a7 shall be in addition to the base interest rate established under subsection 7c74 7f7 ,maturity date ,the final maturity date of a direct loan or loan guaranteed by ,,ifa under this ,act shall be not later than #ce years after the date of substantial completion of the eligible infrastructure project1 as determined by the ,chief ,executive ,officer4 7g7 ,preliminary rating opinion letter 7#a7 ,in general ,the ,chief ,executive ,officer shall require each applicant for assistance under this ,act to provide a preliminary rating opinion letter from at least #a rating agency1 indicating that the senior obligations of the eligible infrastructure project1 which may be the ,federal credit instrument1 have the potential to achieve an investment-grade rating4 7#b7 ,rural infrastructure projects ,with respect to a rural infrastructure project1 a rating agency opinion letter described in paragraph 7#a7 shall not be required1 except that the loan or loan guarantee shall receive an internal rating score1 using methods similar to the rating agencies generated by ,,ifa1 measuring the proposed direct loan or loan guarantee against comparable direct loans or loan guarantees of similar credit quality in a similar sector4 7h7 ,investment-,grade rating requirement 7#a7 ,loans and loan guarantees ,the execution of a direct loan or loan guarantee under this ,act shall be contingent on the senior obligations of the eligible infrastructure project receiving an investment-grade rating4 7#b7 ,rating of ,,ifa overall portfolio ,the average rating of the overall portfolio of ,,ifa shall be not less than investment grade after #e years of operation4 7i7 ,terms and ,repayment of direct loans 7#a7 ,schedule ,the ,chief ,executive ,officer shall establish a repayment schedule for each direct loan under this ,act1 based on the projected cash flow from eligible infrastructure project revenues and other repayment sources4 7#b7 ,commencement ,scheduled loan repayments of principal or interest on a direct loan under this ,act shall commence not later than #e years after the date of substantial completion of the eligible infrastructure project1 as determined by the ,chief ,executive ,officer of ,,ifa4 7#c7 ,deferred payments of direct loans 7,a7 ,authorization ,if1 at any time after the date of substantial completion of an eligible infrastructure project assisted under this ,act1 the eligible infrastructure project is unable to generate sufficient revenues to pay the scheduled loan repayments of principal and interest on the direct loan under this ,act1 the ,chief ,executive ,officer may allow the obligor to add unpaid principal and interest to the outstanding balance of the direct loan1 if the result would benefit the taxpayer4 7,b7 ,interest ,any payment deferred under subparagraph 7,a7 shall-- 7i7 continue to accrue interest1 in accordance with the terms of the obligation1 until fully repaid2 and 7ii7 be scheduled to be amortized over the remaining term of the loan4 7,c7 ,criteria 7i7 ,in general ,any payment deferral under subparagraph 7,a7 shall be contingent on the eligible infrastructure project meeting criteria established by the ,board of ,directors4 7ii7 ,repayment standards ,the criteria established under clause 7i7 shall include standards for reasonable assurance of repayment4 7#d7 ,prepayment of direct loans 7,a7 ,use of excess revenues ,any excess revenues that remain after satisfying scheduled debt service requirements on the eligible infrastructure project obligations and direct loan and all deposit requirements under the terms of any trust agreement1 bond resolution1 or similar agreement securing project obligations under this ,act may be applied annually to prepay the direct loan1 without penalty4 7,b7 ,use of proceeds of refinancing ,a direct loan under this ,act may be prepaid at any time1 without penalty1 from the proceeds of refinancing from non-,federal funding sources4 7j7 ,loan guarantees ,the terms of a loan guaranteed by ,,ifa under this ,act shall be consistent with the terms set forth in this section for a direct loan1 except that the rate on the guaranteed loan and any payment1 prepayment1 or refinancing features shall be negotiated between the obligor and the lender 7as defined in section #fja7;a7 of title #bc1 ,united ,states ,code7 with the consent of the ,chief ,executive ,officer4 7k7 ,compliance with ,federal ,credit ,reform ,act of #aiij 7#a7 ,in general ,except as provided in paragraph 7#b71 direct loans and loan guarantees authorized by this ,act shall be subject to the provisions of the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa et seq474 7#b7 ,exception ,section #ejd7;b7 of the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa;c7b77 shall not apply to a loan or loan guarantee under this ,act4 7l7 ,policy of ,congress ,it is the policy of ,congress that ,,ifa shall only make a direct loan or loan guarantee under this ,act if ,,ifa determines that ,,ifa is reasonably expected to recover the full amount of the direct loan or loan guarantee4 #bjc4 ,project ,delivery ,task ,force 7a7 ,establishment ,there is established within ,,ifa the ,project ,delivery ,task ,force1 which shall be overseen by the ,chief ,executive ,officer4 7b7 ,functions ,if an eligible infrastructure project receives financing from ,,ifa1 or the ,chief ,executive ,officer1 after reviewing an application for such financing1 determines that such a project will be approved1 the ,task ,force1 in close consultation with appropriate permitting agencies1 shall-- 7#a7 establish or update a permitting timetable for the proposed project1 which ensures that the environmental review process is completed as soon as practicable2 7#b7 coordinate concurrent permitting reviews by all necessary agencies2 and 7#c7 coordinate with relevant ,state agencies and regional infrastructure development agencies to ensure-- 7,a7 adequate participation2 and 7,b7 the timely provision of necessary documentation to allow any ,state review to proceed without delay4 7c7 ,concurrent reviews ,each agency1 to the greatest extent permitted by law1 shall-- 7#a7 carry out the obligations of the agency under other applicable law concurrently1 and in conjunction with other reviews being conducted by other participating agencies1 including environmental reviews required under the ,national ,environmental ,policy ,act 7#db ,u4,s4,c4 #dcba et seq471 unless such concurrent reviews would impair the ability of the agency to carry out its statutory obligations2 and 7#b7 formulate and implement administrative1 policy1 and procedural mechanisms to enable the agency to ensure the completion of the environmental review process in a timely1 coordinated1 and environmentally responsible manner4 #bjd4 ,compliance and enforcement 7a7 ,credit agreement ,notwithstanding any other provision of law1 each eligible entity that receives assistance under this ,act shall enter into a credit agreement that requires such entity to comply with all applicable policies and procedures of ,,ifa1 in addition to all other provisions of the loan agreement4 7b7 ,applicability of ,federal laws ,each eligible entity that receives assistance under this ,act shall provide written assurance1 in such form and manner and containing such terms as are to be prescribed by ,,ifa1 that the eligible infrastructure project will be performed in compliance with the requirements of all ,federal laws that would otherwise apply to similar projects to which the ,united ,states is a party1 or financed in whole or in part from ,federal funds or in accordance with guarantees of a ,federal agency or financed from funds obtained by pledge of any contract of a ,federal agency to make a loan1 grant1 or annual contribution 7except where a different meaning is expressly indicated74 7c7 ,,ifa authority on noncompliance ,in any case in which an eligible entity that receives assistance under this ,act is materially out of compliance with the loan agreement1 or any applicable policy or procedure of ,,ifa1 the ,board of ,directors may take action-- 7#a7 to cancel unused loan amounts2 or 7#b7 to accelerate the repayment terms of any outstanding obligation4 #bje4 ,audits2 reports to the ,president and ,congress 7a7 ,accounting ,the books of account of ,,ifa shall be-- 7#a7 maintained in accordance with generally accepted accounting principles2 and 7#b7 subject to an annual audit by independent public accountants of nationally recognized standing appointed by the ,board of ,directors4 7b7 ,reports 7#a7 ,board of ,directors ,not later than #ij days after the last day of each fiscal year1 the ,board of ,directors shall submit to the ,president and ,congress a complete and detailed report with respect to the preceding fiscal year1 setting forth-- 7,a7 a summary of the operations of ,,ifa for that fiscal year2 7,b7 a schedule of the obligations of ,,ifa and capital securities outstanding at the end of that fiscal year1 with a statement of the amounts issued and redeemed or paid during that fiscal year2 7,c7 the status of eligible infrastructure projects receiving funding or other assistance pursuant to this ,act during that fiscal year1 including-- 7i7 all nonperforming loans2 and 7ii7 disclosure of all entities with a development1 ownership1 or operational interest in those eligible infrastructure projects2 7,d7 a description of the successes and challenges encountered in lending to rural communities1 including the role of the ,office of ,technical and ,rural ,assistance established under this ,act2 and 7,e7 an assessment of the risks of the portfolio of ,,ifa1 which shall be prepared by an independent source4 7#b7 ,,gao ,not later than #e years after the date of enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall conduct an evaluation of1 and submit to the ,committee on ,commerce1 ,science1 and ,transportation of the ,senate and to the ,committees on ,transportation and ,infrastructure and ,energy and ,commerce of the ,house of ,representatives a report on the activities of ,,ifa for the fiscal years covered by the report that includes-- 7,a7 an assessment of the impact and benefits of each funded eligible infrastructure project1 including a review of how effectively each eligible infrastructure project accomplished the goals prioritized by the eligible infrastructure project criteria of ,,ifa2 and 7,b7 an evaluation of the effectiveness of1 and challenges facing1 loan programs at the ,department of ,transportation and ,department of ,energy1 and an analysis of the advisability of consolidating those programs within ,,ifa4 7c7 ,books and ,records 7#a7 ,in general ,,ifa shall maintain adequate books and records to support the financial transactions of ,,ifa1 with a description of financial transactions and eligible infrastructure projects receiving funding1 and the amount of funding for each project maintained on a publicly accessible database4 7#b7 ,audits by the ,secretary and ,,gao ,the books and records of ,,ifa shall at all times be open to inspection by the ,secretary1 the ,special ,inspector ,general1 and the ,comptroller ,general of the ,united ,states4 #bjf4 ,effect on other laws ,nothing in this ,act may be construed to affect or alter the responsibility of an eligible entity that receives assistance under this ,act to comply with applicable ,federal and ,state laws 7including regulations7 relating to an eligible infrastructure project4 ,,iii ,funding of ,,ifa #cja4 ,fees ,the ,chief ,executive ,officer shall establish fees with respect to loans and loan guarantees under this ,act that-- 7#a7 are sufficient to cover all the administrative costs to the ,federal ,government for the operations of ,,ifa2 7#b7 may be in the form of an application or transaction fee1 or interest rate adjustment2 and 7#c7 may be based on the risk premium associated with the loan or loan guarantee1 taking into consideration-- 7,a7 the price of ,treasury obligations of a similar maturity2 7,b7 prevailing market conditions2 7,c7 the ability of the eligible infrastructure project to support the loan or loan guarantee2 and 7,d7 the total amount of the loan or loan guarantee4 #cjb4 ,self-sufficiency of ,,ifa ,the ,chief ,executive ,officer shall1 to the extent practicable1 take actions consistent with this ,act to make ,,ifa a self-sustaining entity1 with administrative costs and ,federal credit subsidy costs fully funded by fees and risk premiums on loans and loan guarantees4 #cjc4 ,funding 7a7 ,authorization of appropriations 7#a7 ,in general ,there is authorized to be appropriated to ,,ifa to make direct loans and loan guarantees under this ,act #aj1jjj1jjj1jjj1 which shall remain available until expended4 7#b7 ,administrative costs ,of the amounts appropriated pursuant to paragraph 7#a71 the ,,ifa may expend1 for administrative costs1 not more than-- 7,a7 #be1jjj1jjj for each of the fiscal years #bjbj and #bjba2 and 7,b7 not more than #ej1jjj1jjj for fiscal year #bjbb4 7b7 ,interest ,the amounts made available to ,,ifa pursuant to subsection 7a7 shall be placed in interest-bearing accounts4 7c7 ,rural infrastructure projects ,of the amounts made available to ,,ifa under this section1 not less than #e percent shall be used to offset subsidy costs associated with rural infrastructure projects4 #cjd4 ,contract authority ,notwithstanding any other provision of law1 approval by the ,board of ,directors of a ,federal credit instrument that uses funds made available under this ,act shall impose upon the ,united ,states a contractual obligation to fund the ,federal credit investment4 #cje4 ,limitation on authority ,,ifa shall not have the authority to issue debt in its own name4 ,,iv ,tax exemption requirements for ,state and local bonds #dja4 ,national limitation on amount of tax-exempt financing for facilities ,section #adb7m77#b77;,a7 of the ,internal ,revenue ,code of #aihf is amended by striking #ae1jjj1jjj1jjj and inserting #af1jjj1jjj1jjj4 ,v ,budgetary effects #eja4 ,budgetary effects ,the budgetary effects of this ,act1 for the purpose of complying with the ,statutory ,pay-,as-,you-,go ,act of #bjaj1 shall be determined by reference to the latest statement titled ,budgetary ,effects of ,,paygo ,legislation for this ,act1 submitted for printing in the ,congressional ,record by the ,chairman of the ,senate ,budget ,committee1 provided that such statement has been submitted prior to the vote on passage4