Sec. 207. Powers and limitations of the Board
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In order to carry out the purposes of the Bank as described in this Act, the Board shall be responsible for the approval and monitoring of infrastructure projects, and shall have the following powers: To make senior and subordinated direct loans on such terms as the Board may determine to be appropriate to assist in the financing or refinancing of an infrastructure project. Subject to the availability of funding, to develop specialized loan programs, such as a disadvantaged communities loan program, or a community cooperative startup, that provide project financing on flexible repayment terms.
To make loan guarantees on such terms as the Board may determine to be appropriate to assist in the financing or refinancing of an infrastructure project. To issue bonds to provide financing for infrastructure projects from amounts made available from the issuance of those bonds. To make agreements and contracts with any entity in furtherance of the business of the Bank. To approve infrastructure loans financed in whole or in part by the Bank after receiving recommendations from the Executive Committee.
To monitor infrastructure projects financed in whole or in part by the Bank after receiving assessments from the Executive Committee. To sue and be sued in the Bank’s corporate 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 members of the Board and officers of the Bank for liabilities arising out of the actions of the Board and officers of the Bank 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 Congress, the executive branch, and State and local governments, and to represent the interests of the Bank. To exercise all other lawful powers that are necessary or appropriate to carry out, and are consistent with, the purposes of the Bank. The provision of financial assistance by the Board pursuant to this Act shall not— limit the right of any State or political subdivision or other instrumentality of a State to approve or regulate rates of return on private equity invested in an infrastructure project; or otherwise supersede any State law or regulation applicable to an infrastructure project.
The Board may request the detail, on a reimbursable basis, of personnel from other Federal agencies with specific expertise not available from within the Bank, including personnel with experience in the selection process for competitive awards from— the Corps of Engineers; the Department of Transportation; the Department of Labor; the Department of Housing and Urban Development; the Environmental Protection Agency; the Department of the Treasury; the Department of Commerce; and other relevant Federal agencies.
The head of any Federal agency— may detail, on a reimbursable basis, any personnel of the agency requested by the Board; and shall not withhold unreasonably the detail of any personnel requested by the Board.