Sec. 5. Arctic Port Infrastructure Development Fund
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There is established in the Treasury of the United States a trust fund to be known as the Arctic Port Infrastructure Development Fund , consisting of such amounts as may be appropriated or credited to such Fund, as provided in this section. There may be deposited into the Arctic Port Infrastructure Development Fund— amounts from Federal, non-Federal, and private entities received by the Secretary under section 4(3); and such amounts as may be appropriated or transferred to the Fund under this section.
Amounts in the Arctic Port Infrastructure Development Fund shall be available to the Secretary— to administer and carry out Arctic deepwater port development projects; to make refunds related to Arctic deepwater port development projects that will not be completed; and to make loan guarantees as described in subsection (d). The Secretary may enter into agreements with developers to issue Federal guarantee instruments with respect to loans and other debt obligations for Arctic deepwater ports.
The authority of the Secretary to issue Federal guarantee instruments under this section for Arctic deepwater ports shall expire on the date that is 30 years from the date of enactment of this Act. The Secretary may issue a Federal guarantee instrument under this section for Arctic deepwater ports only if the loan or other debt obligation guaranteed by the instrument has been issued by an eligible lender. The amount of loans and other debt obligations guaranteed under this section for Arctic deepwater ports shall not exceed 75 percent of the total capital costs of the project, including interest during construction.
The principal amount of loans and other debt obligations guaranteed under this section shall not exceed, in the aggregate, $3,000,000,000, which amount shall be indexed for United States dollar inflation from the date of the enactment of this Act, as measured by the Consumer Price Index. The Secretary may issue Federal guarantee instruments under this section that take into account repayment profiles and grace periods justified by project cash flows and project-specific considerations.
The term of any loan guaranteed under this section shall not exceed 30 years. An eligible lender may assess and collect from the borrower such other fees and costs associated with the application and origination of the loan or other debt obligation as are reasonable and customary for a project finance transaction in the transportation infrastructure sector. The Secretary may issue regulations to carry out this subsection. There are authorized to be appropriated to the Arctic Port Infrastructure Development Fund such sums as may be necessary to carry out paragraphs
(1)and
(2)of subsection (c). There are authorized to be appropriated such sums as may be necessary to cover the cost of loan guarantees under this section, as defined by section 502(5) of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a(5)). Amounts appropriated or otherwise made available for any fiscal year for an Arctic deepwater port facility may be transferred, at the option of the recipient of such amounts, to the Arctic Port Infrastructure Development Fund and administered by the Secretary as a component of an Arctic deepwater port development project. Amounts appropriated pursuant to an authorization of appropriations in this subsection and other amounts in the Arctic Port Infrastructure Fund shall remain available until expended.
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Sec. 5
Arctic Port Infrastructure Development Fund
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