Sec. 31321. Definitions
1,042 words·~5 min read·
/bill/116/hr/2/rds/section-31321A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In this chapter: The term BIFIA program means the broadband infrastructure finance and innovation program established under this chapter. The term broadband service — means broadband internet access service that is a mass-market retail service, or a service provided to an entity described in paragraph (11)(B)(ii), by wire or radio that provides the capability to transmit data to and receive data from all or substantially all internet endpoints, including any capabilities that are incidental to and enable the operation of the communications service; includes any service that is a functional equivalent of the service described in subparagraph (A); and does not include dial-up internet access service.
The term eligible project costs means amounts substantially all of which are paid by, or for the account of, an obligor in connection with a project, including the cost of— development phase activities, including planning, feasibility analysis, revenue forecasting, environmental review, historic preservation review, permitting, preliminary engineering and design work, and other preconstruction activities; construction and deployment phase activities, including— construction, reconstruction, rehabilitation, replacement, and acquisition of real property (including land relating to the project and improvements to land), equipment, instrumentation, networking capability, hardware and software, and digital network technology; environmental mitigation; and construction contingencies; and capitalized interest necessary to meet market requirements, reasonably required reserve funds, capital issuance expenses, and other carrying costs during construction and deployment.
The term Federal credit instrument means a secured loan, loan guarantee, or line of credit authorized to be made available under the BIFIA program 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 any 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.)), including— 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 letter of interest means a letter submitted by a potential applicant prior to an application for credit assistance in a format prescribed by the Assistant Secretary on the website of the BIFIA program that— describes the project and the location, purpose, and cost of the project; outlines the proposed financial plan, including the requested credit assistance and the proposed obligor; provides a status of environmental review; and provides information regarding satisfaction of other eligibility requirements of the BIFIA program.
The term line of credit means an agreement entered into by the Assistant Secretary with an obligor under section 31324 to provide a direct loan at a future date upon the occurrence of certain events. The term loan guarantee means any guarantee or other pledge by the Assistant Secretary 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 a party that— is primarily liable for payment of the principal of or interest on a Federal credit instrument; and may be a corporation, company, partnership, joint venture, trust, or governmental entity, agency, or instrumentality.
The term project means a project— to construct and deploy infrastructure for the provision of broadband service; and that the Assistant Secretary determines will— provide access or improved access to broadband service to consumers residing in areas of the United States that have no access to broadband service or do not have access to broadband service offered— with a download speed of at least 100 megabits per second; with an upload speed of at least 20 megabits per second; and with latency that is sufficiently low to allow real-time, interactive applications; or provide access or improved access to broadband service to— schools, libraries, medical and healthcare providers, community colleges and other institutions of higher education, museums, religious organizations, and other community support organizations and entities to facilitate greater use of broadband service by or through such organizations; organizations and agencies that provide outreach, access, equipment, and support services to facilitate greater use of broadband service by low-income, unemployed, aged, and otherwise vulnerable populations; job-creating strategic facilities located within a State-designated economic zone, Economic Development District designated by the Department of Commerce, Empowerment Zone designated by the Department of Housing and Urban Development, or Enterprise Community designated by the Department of Agriculture; or public safety agencies.
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, other than a Federal credit instrument. The term public authority means a Federal, State, county, town, or township, Indian Tribe, municipal or other local government or instrumentality with authority to finance, build, operate, or maintain infrastructure for the provision of broadband service. 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 secured loan means a direct loan or other debt obligation issued by an obligor and funded by the Assistant Secretary in connection with the financing of a project under section 31323. The term small project means a project having eligible project costs that are reasonably anticipated not to equal or exceed $20,000,000. 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— calculated on a net present value basis; and 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 means, with respect to a project receiving credit assistance under the BIFIA program— the commencement of the provision of broadband service using the infrastructure being financed; or a comparable event, as determined by the Assistant Secretary and specified in the credit agreement.
Connectionstraces to 3
Traces to 3 documents
Citation graph
cites case law
Cites 3Cited by 0 across 0 sources