Sec. 10009. Determination of eligibility and project selection
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/bill/113/s/601/rs/section-10009·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
To be eligible to receive financial assistance under this title, a project shall meet the following criteria, as determined by the Secretary or Administrator, as applicable: Subject to subparagraph (B), the project shall be creditworthy, which shall be determined by the Secretary or the Administrator, as applicable, who shall ensure that any financing for the project has appropriate security features, such as a rate covenant, to ensure repayment. The Secretary or the Administrator, as applicable, shall require each project applicant to provide a preliminary rating opinion letter from at least 1 rating agency indicating that the senior obligations of the project (which may be the Federal credit instrument) have the potential to achieve an investment-grade rating.
The Administrator shall develop a credit evaluation process for a Federal credit instrument provided to a State infrastructure financing authority for a project under section 10007(8) or an entity for a project under section 10007(9), which may include requiring the provision of a preliminary rating opinion letter from at least 1 rating agency. The eligible project costs of a project shall be reasonably anticipated to be not less than $20,000,000. The Federal credit instrument for the project shall be repayable, in whole or in part, from dedicated revenue sources that also secure the project obligations.
In the case of a project carried out by an entity that is not a State or local government or an agency or instrumentality of a State or local government, the project shall be publicly sponsored. The Secretary or the Administrator, as applicable, shall establish criteria for the selection of projects that meet the eligibility requirements of subsection (a), in accordance with paragraph (2). The selection criteria shall include the following: The extent to which the project is nationally or regionally significant, with respect to the generation of economic and public benefits, such as— the reduction of flood risk; the improvement of water quality; the protection of drinking water; and the support of international commerce.
The extent to which the project financing plan includes public or private financing in addition to assistance under this title. The likelihood that assistance under this title would enable the project to proceed at an earlier date than the project would otherwise be able to proceed. The extent to which the project uses new or innovative approaches. The amount of budget authority required to fund the Federal credit instrument made available under this title. The extent to which the project— protects against extreme weather events, such as floods or hurricanes; or helps maintain or protect the environment.
The extent to which a project serves regions with significant energy exploration, development, or production areas. The extent to which a project serves regions with significant water resource challenges, including the need to address— water quality concerns in areas of regional, national, or international significance; water quantity concerns related to groundwater, surface water, or other water sources; significant flood risk; water resource challenges identified in existing regional, State, or multistate agreements; or water resources with exceptional recreational value or ecological importance.
The extent to which assistance under this title reduces the contribution of Federal assistance to the project. For a project described in section 10007(8), the Administrator shall only consider the criteria described in subparagraphs
(B)through
(I)of paragraph (2). Nothing in this section supersedes the applicability of other requirements of Federal law (including regulations).