PUBLIC LAW 109–59—AUG. 10, 2005
119 STAT. 1243
(i) CLERICAL AMENDMENT.—The analysis for chapter 1 of such title is amended by striking the item relating to section 185 and inserting the following: ‘‘185. Program administration.’’. SEC. 1602. STATE INFRASTRUCTURE BANKS.
(a) IN GENERAL.—Subchapter II of chapter 1 of title 23, United States Code, is amended by adding at the end the following: ‘‘§ 190. State infrastructure bank program ‘‘(a) DEFINITIONS.—In this section, the following definitions apply: ‘‘(1) CAPITAL PROJECT.—The term ‘capital project’ has the meaning such term has under section 5302 of title 49. ‘‘(2) OTHER FORMS OF CREDIT ASSISTANCE.—The term ‘other forms of credit assistance’ includes any use of funds in an infrastructure bank— ‘‘(A) to provide credit enhancements; ‘‘(B) to serve as a capital reserve for bond or debt instrument financing; ‘‘(C) to subsidize interest rates; ‘‘(D) to insure or guarantee letters of credit and credit instruments against credit risk of loss; ‘‘(E) to finance purchase and lease agreements with respect to transit projects; ‘‘(F) to provide bond or debt financing instrument security; and ‘‘(G) to provide other forms of debt financing and methods of leveraging funds that are approved by the Secretary and that relate to the project with respect to which such assistance is being provided. ‘‘(3) STATE.—The term ‘State’ has the meaning such term has under section 401. ‘‘(4) CAPITALIZATION.—The term ‘capitalization’ means the process used for depositing funds as initial capital into a State infrastructure bank to establish the infrastructure bank. ‘‘(5) COOPERATIVE AGREEMENT.—The term ‘cooperative agreement’ means written consent between a State and the Secretary which sets forth the manner in which the infrastructure bank established by the State in accordance with this section will be administered. ‘‘(6) LOAN.—The term ‘loan’ means any form of direct financial assistance from a State infrastructure bank that is required to be repaid over a period of time and that is provided to a project sponsor for all or part of the costs of the project. ‘‘(7) GUARANTEE.—The term ‘guarantee’ means a contract entered into by a State infrastructure bank in which the bank agrees to take responsibility for all or a portion of a project sponsor’s financial obligations for a project under specified conditions. ‘‘(8) INITIAL ASSISTANCE.—The term ‘initial assistance’ means the first round of funds that are loaned or used for credit enhancement by a State infrastructure bank for projects eligible for assistance under this section. ‘‘(9) LEVERAGE.—The term ‘leverage’ means a financial structure used to increase funds in a State infrastructure bank through the issuance of debt instruments.
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