Sec. 2. Findings
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Congress finds that— it is in the national interest to encourage the timely and cost-effective rehabilitation and replacement of aging water and sewer infrastructure and to support investments in innovative, cost-effective, and sustainable infrastructure approaches to protect public health and clean water; the Environmental Protection Agency reports that, in the 20-year period following the date of enactment of this Act— $334,800,000,000 is needed to invest in infrastructure improvements to ensure the provision of safe water; and $298,100,000,000 is needed for publicly owned wastewater systems-related infrastructure; customer rates and local charges are and will remain the primary means of paying for water service and infrastructure in the United States; the municipal bond market and State revolving fund programs are the primary long-term means for financing water infrastructure projects, but upfront investment needs are too high to be met with those traditional means alone; financing constraints make it particularly difficult for State revolving funds to support large water infrastructure projects of regional and national significance; the growing funding gap demonstrates the need to invest in innovative and cost-effective approaches such as green infrastructure, water efficiency, and source water protection to obtain the greatest environmental and public health benefits per dollar invested; this Act will substantially benefit the drinking water and wastewater systems of the United States by— addressing the gap in funding for large, regionally and nationally significant projects by making available direct loans and loan guarantees to reduce borrowing costs and accelerate water infrastructure investment; enhancing the capacity of State revolving fund programs to assist other projects; and promoting clean and safe water through compliance with the Federal Water Pollution Control Act (33 U.S.C. 1251 et seq.) and the Safe Drinking Water Act ( 42 U.S.C. 300f et seq. ); since the historical default rate on water and sewer bonds is 0.04 percent, the risk of default on Federal assistance provided under this Act is minimal; keeping the risk of default on water and sewer bonds low requires the alignment of infrastructure investment with environmental sustainability; and because loans, loan guarantees, and other credit instruments only incur long-term costs if subsidized or in the event of default, this Act can help to meet the water infrastructure needs of the United States at minimal long-term cost to the Federal Government.
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