Sec. 10003. Definitions

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In this title: The term Administrator means the Administrator of the Environmental Protection Agency. The term community water system has the meaning given the term in section 1401 of the Safe Drinking Water Act ( 42 U.S.C. 300f ). The term Federal credit instrument means a secured loan or loan guarantee authorized to be made available under this title with respect to a project. The term investment-grade rating means a rating of BBB minus, Baa3, bbb minus, BBB (low), or higher assigned by a rating agency to project obligations.

The term lender means any non-Federal qualified institutional buyer (as defined in section 230.144A(a) of title 17, Code of Federal Regulations (or a successor regulation), known as Rule 144A(a) of the Securities and Exchange Commission and issued under the Securities Act of 1933 ( 15 U.S.C. 77a et seq. )). The term lender includes— a qualified retirement plan (as defined in section 4974(c) of the Internal Revenue Code of 1986) that is a qualified institutional buyer; and a governmental plan (as defined in section 414(d) of the Internal Revenue Code of 1986) that is a qualified institutional buyer.

The term loan guarantee means any guarantee or other pledge by the Secretary or the Administrator to pay all or part of the principal of, and interest on, a loan or other debt obligation issued by an obligor and funded by a lender. The term obligor means an eligible entity that is primarily liable for payment of the principal of, or interest on, a Federal credit instrument. The term project obligation means any note, bond, debenture, or other debt obligation issued by an obligor in connection with the financing of a project.

The term project obligation does not include a Federal credit instrument. The term rating agency means a credit rating agency registered with the Securities and Exchange Commission as a nationally recognized statistical rating organization (as defined in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) )). The term “rural water infrastructure project” means a project that— is described in section 10007; and is located in a water system that serves not more than 25,000 individuals.

The term secured loan means a direct loan or other debt obligation issued by an obligor and funded by the Secretary in connection with the financing of a project under section 10010. The term State means— a State; the District of Columbia; the Commonwealth of Puerto Rico; and any other territory or possession of the United States. The term State infrastructure financing authority means the State entity established or designated by the Governor of a State to receive a capitalization grant provided by, or otherwise carry out the requirements of, title VI of the Federal Water Pollution Control Act (33 U.S.C. 1381 et. seq.) or section 1452 of the Safe Drinking Water Act ( 42 U.S.C. 300j–12 ).

The term subsidy amount means the amount of budget authority sufficient to cover the estimated long-term cost to the Federal Government of a Federal credit instrument, as calculated on a net present value basis, excluding administrative costs and any incidental effects on governmental receipts or outlays in accordance with the Federal Credit Reform Act of 1990 (2 U.S.C. 661 et seq.). The term substantial completion , with respect to a project, means the earliest date on which a project is considered to perform the functions for which the project is designed.

The term treatment works has the meaning given the term in section 212 of the Federal Water Pollution Control Act ( 33 U.S.C. 1292 ).

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