109 STAT. 620
PUBLIC LAW 104-59—NOV. 28, 1995
of a State with an urbanized population of over 200,000 under
section 133(d)(3) of such title may be used to provide assistance
with respect to a project only if the metropolitan planning
organization designated for such area concurs, in writing, with
the provision of such assistance.
(c) FORMS OF ASSISTANCE FROM INFRASTRUCTURE BANKS. —An
infrastructure bank established under this section may make loans
or provide other assistance to a public or private entity in an
amount equal to all or part of the cost of carrying out a project
eligible for assistance under this section. The amount of any loan
or other assistance provided for such project may be subordinated
to any other debt financing for the project. Initial assistance provided with respect to a project from Federal funds contributed
to an infrastructure bank under this section may not be made
in the form of a grant.
(d) QUALIFYING PROJECTS. —Federal funds in the highway
account of an infrastructure bank established under this section
may be used only to provide assistance with respect to construction
of Federal-aid highways. Federal funds in the transit account of
such bank may be used only to provide assistance with respect
to capital projects.
(e) INFRASTRUCTURE BANK REQUIREMENTS. —In order to establish an infrastructure bank under this section, each State establishing the bank shall—
(1) contribute, at a minimum, in each account of the bank
from non-Federal sources an amount equal to 25 percent of
the amount of each capitalization grant made to the State
and contributed to the bank; except that if the contribution
is into the highway account of the bank and the State has
a lower non-Federal share under section 120(b) of title 23,
United States Code, such percentage shall be adjusted by the
Secretary to correspond with such lower non-Federal share;
(2) ensure that the bank maintains on a continuing basis
an investment grade rating on its debt issuances or has a
sufficient level of bond or debt financing instrument insurance
to maintain the viability of the bank;
(3) ensure that investment income generated by funds
contributed to an account of the bank will be—
(A) credited to the account;
(B) available for use in providing loans and other
assistance to projects eligible for assistance from the
account; and
(C) invested in United States Treasury securities, bank
deposits, or such other financing instruments as the Secretary may approve to earn interest to enhance the
leveraging of projects assisted by the bank;
(4) provide that the repayment of a loan or other assistance
from an account of the bank under this section shall be consistent with the repayment provisions of section 129(a)(7) of title
23, United States Code, except to the extent the Secretary
determines that such provisions are not consistent with this
section;
(5) ensure that any loan from the bank will bear interest
at or below market interest rates, as determined by the State,
to make the project that is the subject of the loan feasible;
(6) ensure that repayment of any loan from the bank will
commence not later than 5 years after the project has been
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