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H.R. 3716 (ih) To amend the Public Health Service Act to extend the program of research on breast cancer. ...

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  2d Session
                                H. R. 3715

  To facilitate efficient investments and financing of infrastructure 
 projects and new job creation through the establishment of a National 
    Infrastructure Development Corporation, and for other purposes.



                            January 21, 2004

  Ms. DeLauro (for herself, Mr. Frost, and Mr. Owens) introduced the 
 following bill; which was referred to the Committee on Transportation 
  and Infrastructure, and in addition to the Committees on Financial 
     Services, and Ways and Means, for a period to be subsequently 
   determined by the Speaker, in each case for consideration of such 
 provisions as fall within the jurisdiction of the committee concerned


                                 A BILL

  To facilitate efficient investments and financing of infrastructure 
 projects and new job creation through the establishment of a National 
    Infrastructure Development Corporation, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,


    This Act may be cited as the ``National Infrastructure Development 
Act of 2004''.


    Congress hereby finds the following:
            (1) According to the American Society of Civil Engineers, 
        the condition of our nation's roads, bridges, drinking water 
        systems, and other public works are facing a shortfall of 
        $1,600,000,000,000 investment to bring conditions to acceptable 
            (2) Highway vehicle miles traveled increased 
        600,000,000,000 over the past decade from 2,150,000,000,000 to 
        2,750,000,000,000. According to the American Association of 
        State Highway and Transportation Officials, highway vehicle 
        miles traveled is expected to grow by another 600,000,000,000 
        over the next 10 years, an annual highway vehicle miles 
        traveled growth rate of 2.2 percent.
            (3) According to the American Public Transit Association, 
        public transportation ridership has increased 22 percent since 
        1998--the highest level in 40 years.
            (4) Airport capacity had increased only 1 percent from 1991 
        to 2001, yet air traffic had increased 35 percent during that 
        same time period.
            (5) As of 2000, 27.5 percent of the nation's bridges 
        (162,000 bridges) were structurally deficient or functionally 
            (6) According to recent estimates by the Environmental 
        Protection Agency, as much as $390,000,000,000 will be needed 
        over the next 2 decades to rebuild, repair, and upgrade the 
        Nation's wastewater treatment plants.
            (7) According to the Federal Highway Administration's 
        ``2003 Conditions and Performance Report'', traffic congestion 
        costs the economy $67,500,000,000 annually in lost productivity 
        and wasted fuel.
            (8) Every billion dollars of Federal highway investment 
        generates 47,500 jobs; for every billion dollars in transit 
        investment, job generation is virtually the same.
            (9) 11.3 million Americans--one in 11--are employed in 
        transportation occupations.
            (10) As expressed in Executive Order No. 12893 of January 
        26, 1994, which sets out guiding principles for Federal 
        infrastructure investments, a well functioning infrastructure 
        is vital to sustained economic growth, to the quality of life 
        of our communities, and to the protection of our environment 
        and natural resources.
            (11) Although grant programs of the Federal Government must 
        continue to play a central role in financing the infrastructure 
        needs of the Nation, current and foreseeable demands on 
        existing Federal, State, and local funding for infrastructure 
        expansion and replacement exceed the resources to support these 
        programs by margins wide enough to prompt serious concerns 
        about the Nation's ability to sustain long-term economic 
        development, productivity, and international competitiveness.
            (12) The private capital markets, including the trillions 
        in capital held by institutional investors, such as pension 
        funds, have a growing interest in public-private infrastructure 
        investment opportunities that can produce competitive risk-
        adjusted rates of return.


    The purposes of this Act are as follows:
            (1) To establish the National Infrastructure Development 
        Corporation for the purpose of making new sources of financing 
        available for the development of infrastructure facilities, and 
        to facilitate the use and issuance of public benefit bonds.
            (2) To establish a subsidiary of the Corporation, the 
        National Infrastructure Insurance Corporation, to issue 
        insurance, reinsurance and related undertakings in respect of 
        the issuance of obligations related to the development of 
        infrastructure facilities.
            (3) To establish a category of financial instrument to be 
        known as ``public benefit bonds'' designed to help facilitate 
        pension plan investment in the development of infrastructure 


    The following definitions shall apply for purposes of this Act 
unless the context requires otherwise:
            (1) Corporation.--The term ``Corporation'' means the 
        National Infrastructure Development Corporation established 
        under section 5(a).
            (2) Development.--The terms ``development'' and ``develop'' 
        mean, with respect to an infrastructure facility, any--
                    (A) preconstruction planning, feasibility review, 
                permitting and design work and other preconstruction 
                    (B) construction, reconstruction, rehabilitation, 
                replacement, or expansion; and
                    (C) operation and maintenance.
            (3) Entity.--The term ``entity'' means an individual, 
        corporation, partnership, joint venture, trust or governmental 
        entity or instrumentality.
            (4) Infrastructure facility.--The term ``infrastructure 
        facility'' means a road, highway, bridge, tunnel, airport, mass 
        transportation vehicle or system, passenger or freight rail 
        vehicle or system, intermodal transportation facility, 
        waterway, commercial port, drinking or waste water treatment 
        facility, solid waste disposal facility, pollution control 
        system, hazardous waste facility, federally designated national 
        information highway facility, school, and any ancillary 
        facility which forms a part of any such facility or is 
        reasonably related to such facility, whether owned, leased or 
        operated by a public entity or a private entity or by a 
        combination of such entities, and the financing or refinancing 
        of the development of which is, or will be, supported in whole 
        or in part by user fees or other dedicated revenue sources.
            (5) Insurance corporation.--The term ``Insurance 
        Corporation'' means the National Infrastructure Insurance 
        Corporation established pursuant to section 5(b).
            (6) NIC.--The term ``NIC'' means the Corporation and all 
        subsidiaries of the Corporation.
            (7) Pension plan.--The term ``pension plan'' means a 
        pension plan as defined in section 3(2) of the Employee 
        Retirement Income Security Act of 1974 (29 U.S.C. 1001 et 
        seq.), including any public pension plan.
            (8) Public benefit bond.--The term ``public benefit bond'' 
        means a bond or other indebtedness meeting the requirements of 
        section 72(w) of the Internal Revenue Code of 1986.
            (9) Public-private partnership.--The term ``public-private 
        partnership'' means any entity--
                    (A) which is undertaking the development of all or 
                part of any infrastructure facility--
                            (i) pursuant to requirements established in 
                        1 or more contracts between such entity and a 
                        State or an instrumentality of a State; or
                            (ii) the activities of which with respect 
                        to such facility are subject to regulation by a 
                        State or any instrumentality of a State; and
                    (B) which owns, leases, or operates, or will own, 
                lease, or operate, such infrastructure facility in 
                whole or in part, and at least 1 of the participants in 
                such entity is a nongovernmental entity.
            (10) Revolving fund.--The term ``revolving fund'' means a 
        fund or program established by a State or a political 
        subdivision or instrumentality of a State, the principal 
        activity of which is to make loans, commitments, or other 
        financial accommodation available for the development of 1 or 
        more categories of infrastructure facilities.
            (11) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury or the designee of the Secretary.
            (12) State.--The term ``State'' includes the District of 
        Columbia, Puerto Rico, Guam, American Samoa, the Trust 
        Territories of the Pacific Islands, the Virgin Islands, the 
        Northern Mariana Islands, and any territory of the United 
            (13) Transition date.--The term ``transition date'' means 
        the date on which the voting common stock of the Corporation 
        owned by the Secretary is fully repurchased or converted in 
        accordance with section 13 and the transition of the 
        Corporation to a government-sponsored enterprise in accordance 
        with such section is completed.


    (a) Establishment of National Infrastructure Development 
Corporation.--The National Infrastructure Development Corporation is 
hereby established as a wholly owned Government corporation subject to 
chapter 91 of title 31, United States Code (commonly referred to as the 
``Government Corporation Control Act''), except as otherwise provided 
in this Act.
    (b) Establishment of National Infrastructure Insurance 
Corporation.--The National Infrastructure Insurance Corporation is 
hereby established as a subsidiary of the Corporation and as a wholly 
owned Government corporation subject to chapter 91 of title 31, United 
States Code, except as otherwise provided in this Act.
    (c) Self-Supporting Entities.--The Corporation and the Insurance 
Corporation shall each conduct their respective businesses as self-
supporting entities.


    (a) General Powers.--In order to carry out the purposes of the 
Corporation as set forth in this Act, the Corporation shall have the 
following powers:
            (1) To make senior and subordinated loans and purchase 
        senior and subordinated debt securities (both taxable and tax 
        exempt) and equity securities, and enter into a binding 
        commitment to make any such loan or purchase any such security, 
        on such terms as the Corporation may determine, in the 
        Corporation's discretion, to be appropriate, the proceeds of 
        which are to be used to finance or refinance the development of 
        1 or more infrastructure facilities, and subject to the 
        provisions of paragraph (8) of subsection (b), provide 
        preconstruction phase assistance in accordance with section 
            (2) To issue and sell debt securities and voting and 
        nonvoting equity securities of the Corporation on such terms as 
        the board of directors of the Corporation may determine, 
        subject to the provisions of paragraphs (2), (3), and (4) of 
        subsection (b), to be appropriate and to pay such dividends on 
        any outstanding stock as the board of directors shall determine 
        from time to time.
            (3) To make the determinations with respect to public 
        benefit bonds pursuant to section 72(w) of the Internal Revenue 
        Code of 1986.
            (4) To make agreements and contracts with any entity in 
        furtherance of the business of the Corporation.
            (5) To make use of the services, facilities, and property 
        of any Federal agency or instrumentality, with the approval of 
        such agency or instrumentality and on a reimbursable basis, in 
        carrying out the purposes of this Act.
            (6) To acquire, lease, pledge, exchange, and dispose of 
        real and personal property and otherwise exercise all the usual 
        incidents of ownership of property to the extent the exercise 
        of such powers are appropriate to and consistent with the 
        purposes of the Corporation.
            (7) To sue and be sued in the Corporation's corporate 
        capacity in any court of competent jurisdiction, except that no 
        attachment, injunction, or similar process, mesne or final, may 
        be issued against the property of the Corporation or against 
        the Corporation with respect to such property.
            (8) To indemnify the directors and officers of the 
        Corporation 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, the bylaws of the 
            (9) To exercise all other lawful powers which are necessary 
        or appropriate to carry out, and are consistent with, the 
        purposes of the Corporation, including the powers conferred 
        upon a corporation by the District of Columbia Business 
        Corporation Act.
    (b) Limitations on the Corporation.--
            (1) Actions consistent with self-supporting entity 
        status.--The Corporation shall conduct its business in a manner 
        consistent with the requirement of section 5(c).
            (2) Condition on debt issuance.--The Corporation shall not 
        issue any debt security under subsection (a)(2) unless, at the 
        time of the issuance thereof, such security is rated by a 
        nationally recognized statistical rating organization at 1 of 
        the 3 highest ratings of such organization.
            (3) Limitation and condition on issuance of debt and 
        nonvoting equity securities.--
                    (A) In general.--Before the transition date, the 
                Corporation shall not issue any debt security or 
                nonvoting equity security under subsection (a)(2) 
                without the prior consent of the Secretary.
                    (B) Approval of secretary for debt security after 
                transition date.--On and after the transition date, the 
                Corporation shall not issue any debt security under 
                subsection (a)(2) without the prior consent of the 
            (4) Condition on voting equity issuance.--Before the 
        transition date, the Corporation shall not issue any voting 
        security to any entity other than the Secretary, and, on and 
        after the transition date, the issuance of any such security 
        shall be subject to the provisions of section 13.
            (5) Sale of voting securities of the insurance 
        corporation.--Before the transition date, voting securities of 
        the Insurance Corporation purchased by the Corporation may not 
        be sold or otherwise transferred by the Corporation.
            (6) Investments consistent with purposes of corporation.--
        In order to achieve the Corporation's purpose of effectively 
        leveraging limited Federal resources with other public and 

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