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H.R. 3716 (ih) To amend the Public Health Service Act to extend the program of research on breast cancer. ...
108th CONGRESS 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. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES 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, SECTION 1. SHORT TITLE. This Act may be cited as the ``National Infrastructure Development Act of 2004''. SEC. 2. FINDINGS. 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 levels. (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 obsolete. (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. SEC. 3. PURPOSES. 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 facilities. SEC. 4. DEFINITIONS. 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 activities; (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 States. (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. SEC. 5. ESTABLISHMENT OF NIC. (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. SEC. 6. CORPORATION'S POWERS AND LIMITATIONS. (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 8(f). (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 Corporation. (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 Secretary. (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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