Sec. 6. Powers and limitations of the Board
501 words·~2 min read·
/bill/113/hr/2553/ih/section-6A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In order to carry out the purposes of the Bank as set forth in this Act, the Board shall be responsible for monitoring and overseeing infrastructure projects and have the following powers: To make senior and subordinated direct loans on such terms as the Board may determine, in the Board’s discretion, to be appropriate to assist in the financing or refinancing of an infrastructure project. To make loan guarantees on such terms as the Board may determine, in the Board’s discretion, to be appropriate to assist in the financing or refinancing of an infrastructure project.
To issue Public Benefit Bonds, to provide financing to infrastructure projects from amounts made available from the issuance of such bonds. To pay an interest subsidy on American Infrastructure Bonds to the issuer of such bonds. To make agreements and contracts with any entity in furtherance of the business of the Bank. To monitor and oversee infrastructure projects financed, in whole or in part, by the Bank. To sue and be sued in the Bank’s corporate capacity in any court of competent jurisdiction, except that no attachment, injunction, or similar process, may be issued against the property of the Bank or against the Bank with respect to such property.
To indemnify the directors and officers of the Bank for liabilities arising out of the actions of the directors and officers in such capacity, in accordance with, and subject to the limitations contained in, this Act. To serve as the primary liaison between the Bank and the Congress, the executive branch, and State and local governments, and to represent the Bank’s interests. To exercise all other lawful powers which are necessary or appropriate to carry out, and are consistent with, the purposes of the Bank.
The Board may not issue any Public Benefit Bond without the prior consent of the Secretary. Prior to providing any financial assistance for an infrastructure project involving reconstruction, rehabilitation, replacement or expansion that may impact current employees on the project site, the interests of employees affected by the financial assistance shall be protected under arrangements the Secretary of Labor concludes are fair and equitable in accordance with section 5333(b)(2) of title 49.
The Board shall conduct its business in a manner consistent with the requirements of this section. The provision of financial assistance by the Board pursuant to this Act shall not be construed as— limiting the right of any State or political subdivision or other instrumentality of a State to approve or regulate rates of return on private equity invested in a project; or otherwise superseding any State law or regulation applicable to a project. The Board shall have the power to request the detail, on a reimbursable basis, of personnel from other Federal agencies with specific expertise not available from within the Bank or elsewhere.
The head of any Federal agency may detail, on a reimbursable basis, any personnel of such agency requested by the Board and shall not withhold unreasonably the detail of any personnel requested by the Board.