Sec. 5. Powers and limitations of the Board
485 words·~2 min read·
/bill/117/hr/4413/ih/section-5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In order to carry out the purposes of the Bank as set forth in this Act, the Board shall be responsible for monitoring and overseeing infrastructure projects and have the following powers: To review infrastructure projects recommended by the officers of the Bank and select infrastructure projects using a cost-benefit analysis. To make senior and subordinated direct loans on such terms as the Board may determine, in the Board’s discretion, to be appropriate to assist in the financing or refinancing of an infrastructure project.
To make loan guarantees on such terms as the Board may determine, in the Board’s discretion, to be appropriate to assist in the financing or refinancing of an infrastructure project. To make agreements and contracts with any entity in furtherance of the business of the Bank. To monitor and oversee infrastructure projects financed, in whole or in part, by the Bank. To sue and be sued in the Bank’s capacity in any court of competent jurisdiction, except that no attachment, injunction, or similar process, may be issued against the property of the Bank or against the Bank with respect to such property.
To indemnify the directors and officers of the Bank for liabilities arising out of the actions of the directors and officers in such capacity, in accordance with, and subject to the limitations contained in, this Act. To serve as the primary liaison between the Bank and the Congress, the executive branch, and State and local governments, and to represent the Bank’s interests. To exercise all other lawful powers which are necessary or appropriate to carry out, and are consistent with, the purposes of the Bank.
Prior to providing any financial assistance for an infrastructure project involving reconstruction, rehabilitation, replacement or expansion that may impact current workers and mechanics on the project site, the interests of workers and mechanics affected by the financial assistance shall be protected, including the following interests: The preservation of rights, privileges, and benefits, including continuation of pension rights and benefits, under existing collective bargaining agreements or otherwise.
The continuation of collective bargaining rights. The retention of paid training or retraining programs. The protection of workers and mechanics against a worsening of their positions with respect to employment. Protection from displacement if an ongoing project receives partial or full funding from the Bank, excepting any preexisting contractual agreements about performance related displacement. The provision of financial assistance by the Board pursuant to this Act shall not be construed as otherwise superseding any State law or regulation applicable to a project.
The Board shall have the power to request the detail, on a reimbursable basis, of personnel from other Federal agencies with specific expertise not available from within the Bank or elsewhere. The head of any Federal agency may detail, on a reimbursable basis, any personnel of such agency requested by the Board and shall not withhold unreasonably the detail of any personnel requested by the Board.