Page:United States Statutes at Large Volume 112 Part 1.djvu/279

 PUBLIC LAW 105-178-JUNE 9, 1998 112 STAT. 253 Code), or for any other project related to surface transportation that the Secretary determines to be appropriate. (2) INTERSTATE FUNDS. —Funds contributed to an infrastructure bank from funds apportioned to a State under section 104(b)(4) of title 23, United States Code, may be used only to provide assistance with respect to projects eligible for assistance under such paragraph. (3) RAIL PROGRAM FUNDS. —Funds contributed to an infrastructure bank from funds made available to a State under subtitle V of title 49, United States Code, shall be used in a manner consistent with any project description specified under the law making the funds available to the State. (f) INFRASTRUCTURE BANK REQUIREMENTS. — (1) IN GENERAL.— Subject to paragraph (2), in order to establish an infrastructure bank under this section, each State establishing such a bank shall— (A) contribute, at a minimum, to 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 under subsection (c), except that if the State has a higher Federal share payable under section 120(b) of title 23, United States Code, the State shall be required to contribute only an amount commensurate with the higher Federal share; (B) ensure that the bank maintains on a continuing basis an investment grade rating on its debt issuances and its ability to pay claims under credit enhancement programs of the bank; (C) ensure that investment income generated by funds contributed to the bank will be— (i) credited to the bank; (ii) available for use in providing loans and other assistance to projects eligible for assistance from the bank; and (iii) 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; (D) ensure that any loan from the bank will bear interest at or below market rates, as determined by the State, to make the project that is the subject of the loan feasible; (E) ensure that repayment of the loan from the bank will commence not later than 5 years after the project has been completed or, in the case of a highway project, the facility has opened to traffic, whichever is later; (F) ensure that the term for repaying any loan will not exceed the lesser of— (i) 35 years after the date of the first payment on the loan under subparagraph (E); or (ii) the useful life of the investment; and (G) require the bank to make a biennial report to the Secretary and to make such other reports as the Secretary may require in guidelines. (2) WAIVERS BY THE SECRETARY. —The Secretary may waive a requirement of any of subparagraphs (C) through (G) of paragraph (1) with respect to an infrastructure bank if the

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