Sec. 301. Rural infrastructure financing flexibility
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Section 603(b) of title 23, United States Code, is amended— in paragraph (2)— in subparagraph (A), by striking subparagraph
(B)and inserting subparagraphs
(B)and
(C); and by adding at the end the following: In the case of a rural infrastructure project, the amount of a secured loan under this section shall not exceed the lesser of— an amount equal to 67 percent of the reasonably anticipated eligible project costs; and if the secured loan does not receive an investment-grade rating, the amount of the senior project obligations of the project. ; and in paragraph (5)— in subparagraph (A), in the matter preceding clause (i), by striking subparagraph
(B)and inserting subparagraphs
(B)and
(C); and by adding at the end the following: In the case of a rural infrastructure project, the final maturity date of the secured loan shall be the earlier of— 40 years after the date of substantial completion of the rural infrastructure project; and if the useful life of the rural infrastructure project is less than 40 years, the useful life of the rural infrastructure project. . Section 5022 of the Water Infrastructure Finance and Innovation Act of 2014 ( 33 U.S.C. 3901 ) is amended— by redesignating paragraphs
(10)through
(15)as paragraphs
(11)through (16), respectively; and by inserting after paragraph
(9)the following: The term rural project means a project receiving financial assistance under this subtitle in an area that is rural (as defined in section 3 of the Reforming, Expanding, and Simplifying Investment for Local Infrastructure to Enhance our Neighborhoods and Towns Act ). . Section 5029(b) of the Water Infrastructure Finance and Innovation Act of 2014 ( 33 U.S.C. 3908(b) ) is amended— in paragraph (2)— by redesignating subparagraphs
(A)and
(B)as clauses
(i)and (ii), respectively, and indenting appropriately; in the matter preceding clause
(i)(as so redesignated), by striking The amount and inserting the following: Except as provided in subparagraph (B), the amount ; and by adding at the end the following: In the case of a rural project, the amount of a secured loan under this section shall not exceed the lesser of— an amount equal to 67 percent of the reasonably anticipated eligible project costs; and if the secured loan does not receive an investment-grade rating, the amount of the senior project obligations of the project. ; in paragraph (5)— in subparagraph (A), in the matter preceding clause (i), by striking The final and inserting Except as provided in subparagraphs
(B)and (C), the final ; and by adding at the end the following: In the case of a rural project, the final maturity date of a secured loan under this section shall be the earlier of— the date that is 40 years after the date of substantial completion of the relevant project (as determined by the Secretary or the Administrator, as applicable); and if the useful life of the project (as determined by the Secretary or Administrator, as applicable) is less than 40 years, the useful life the project. ; and in paragraph (7)— in subparagraph (A), by striking subparagraph
(B)and inserting subparagraphs
(B)and
(C); and by adding at the end the following: On request of an eligible entity, the Secretary or the Administrator, as applicable, may waive the application fee for— a small community water infrastructure project described in section 5028(a)(2)(B); and a rural project. . The Water Infrastructure Finance and Innovation Act of 2014 ( 33 U.S.C. 3901 et seq.) is amended by adding at the end the following: Not later than 180 days after the date of enactment of this section, the Administrator, in coordination with the Secretary of Agriculture, shall develop an outreach campaign to promote financial assistance under this subtitle to small communities described in section 5028(a)(2)(B) and communities in areas that are rural (as defined in section 3 of the Reforming, Expanding, and Simplifying Investment for Local Infrastructure to Enhance our Neighborhoods and Towns Act ). Not later than 180 days after the date of enactment of this section, the Administrator, in coordination with the Secretary of Agriculture, shall develop a coordinated strategy to ensure that, to the maximum extent practicable, financial assistance under this subtitle complements rural development assistance provided by the Secretary of Agriculture. Not later than 1 year after the date of enactment of this section, the Administrator and the Secretary of Agriculture shall submit to Congress a report that includes— a description of the coordinated strategy developed under paragraph (1); a description of any steps taken to implement that coordinated strategy; and any recommendations for legislative changes to further improve coordination between this subtitle and rural development assistance provided by the Secretary of Agriculture. . The table of contents for the Water Resources Reform and Development Act of 2014 ( Public Law 113–121 ; 128 Stat. 1195) is amended— by striking the item relating to section 5034 and inserting the following: Sec. 5034. Reports on program implementation. ; and by inserting after the item relating to section 5035 the following: Sec. 5036. Outreach and coordination. .
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Sec. 301
Rural infrastructure financing flexibility
Stat.128 Stat. 1195
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