Sec. 253. Eligibility criteria for assistance from AIFA and terms and limitations of loans
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/bill/113/hr/2821/ih/section-253A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any project whose use or purpose is private and for which no public benefit is created shall not be eligible for financial assistance from AIFA under this Act. Financial assistance under this Act shall only be made available if the applicant for such assistance has demonstrated to the satisfaction of the Board of Directors that the infrastructure project for which such assistance is being sought— is not for the refinancing of an existing infrastructure project; and meets— any pertinent requirements set forth in this Act; any criteria established by the Board of Directors or chief executive officer in accordance with this Act; and the definition of a transportation infrastructure project, water infrastructure project, or energy infrastructure project.
The criteria established by the Board of Directors pursuant to this Act shall provide adequate consideration of— the economic, financial, technical, environmental, and public benefits and costs of each infrastructure project under consideration for financial assistance under this Act, prioritizing infrastructure projects that— contribute to regional or national economic growth; offer value for money to the Government; demonstrate a clear and significant public benefit; lead to job creation; and mitigate environmental concerns; the means by which development of the infrastructure project under consideration is being financed, including— the terms, conditions, and structure of the proposed financing; the credit worthiness and standing of the project sponsors, providers of equity, and cofinanciers; the financial assumptions and projections on which the infrastructure project is based; and whether there is sufficient State or municipal political support for the successful completion of the infrastructure project; the likelihood that the provision of assistance by AIFA will cause such development to proceed more promptly and with lower costs than would be the case without such assistance; the extent to which the provision of assistance by AIFA maximizes the level of private investment in the infrastructure project or supports a public-private partnership, while providing a significant public benefit; the extent to which the provision of assistance by AIFA can mobilize the participation of other financing partners in the infrastructure project; the technical and operational viability of the infrastructure project; the proportion of financial assistance from AIFA; the geographic location of the project in an effort to have geographic diversity of projects funded by AIFA; the size of the project and its impact on the resources of AIFA; the infrastructure sector of the project, in an effort to have projects from more than one sector funded by AIFA; and Encourages use of innovative procurement, asset management, or financing to minimize the all-in-life-cycle cost, and improve the cost-effectiveness of a project.
Any eligible entity seeking assistance from AIFA under this Act for an eligible infrastructure project shall submit an application to AIFA at such time, in such manner, and containing such information as the Board of Directors or the chief executive officer may require. AIFA shall review applications for assistance under this Act on an ongoing basis. The chief executive officer, working with the senior management, shall prepare eligible infrastructure projects for review and approval by the Board of Directors.
The Federal credit instrument shall be repayable, in whole or in part, from tolls, user fees, or other dedicated revenue sources that also secure the infrastructure project obligations. Except as provided in paragraph (2), to be eligible for assistance under this Act, an infrastructure project shall have project costs that are reasonably anticipated to equal or exceed $100,000,000. To be eligible for assistance under this Act a rural infrastructure project shall have project costs that are reasonably anticipated to equal or exceed $25,000,000.
The amount of a direct loan or loan guarantee under this Act shall not exceed the lesser of 50 percent of the reasonably anticipated eligible infrastructure project costs or, if the direct loan or loan guarantee does not receive an investment grade rating, the amount of the senior project obligations. The aggregate amount of direct loans and loan guarantees made by AIFA in any single fiscal year may not exceed— during the first 2 fiscal years of the operations of AIFA, $10,000,000,000; during fiscal years 3 through 9 of the operations of AIFA, $20,000,000,000; or during any fiscal year thereafter, $50,000,000,000.
The provision of assistance by the Board of Directors pursuant to this Act shall not be deemed to relieve any recipient of such assistance, or the related infrastructure project, of any obligation to obtain required State and local permits and approvals. As a condition for the provision of financial assistance by the Board of Directors pursuant to this Act, 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, United States Code.