Page:United States Statutes at Large Volume 112 Part 1.djvu/280

 112 STAT. 254 PUBLIC LAW 105-178—JUNE 9, 1998 Secretary determines that the waiver is consistent with the objectives of this section. (g) LIMITATION ON REPAYMENTS. — Notwithstanding any other provision of law, the repayment of a loan or other assistance provided from an infrastructure bank under this section may not be credited toward the non-Federal share of the cost of any project. (h) SECRETARIAL REQUIREMENTS. —In administering this section, the Secretary shall— (1) ensure that Federal disbursements shall be at an annual rate of not more than 20 percent of the amount designated by the State for State infrastructure bank capitalization under subsection (c)(1), except that the Secretary may disburse funds to a State in an amount needed to finance a specific project; and (2) revise cooperative agreements entered into with States under section 350 of the National Highway System Designation Act of 1995 (Public Law 104—59) to comply with this section. (i) APPLICABILITY OF FEDERAL LAW.— (1) IN GENERAL. — The requirements of titles 23 and 49, United States Code, that would otherwise apply to funds made available under such title and projects assisted with those funds shall apply to— (A) funds made available under such title and contributed to an infrastructure bank established under this section, including the non-Federal contribution required under subsection (f); and (B) projects assisted by the bank through the use of the funds; except to the extent that the Secretary determines that any requirement of such title (other than sections 113 and 114 of title 23 and section 5333 of title 49), is not consistent with the objectives of this section. (2) REPAYMENTS. —The requirements of titles 23 and 49, United States Code, shall apply to repayments from non-Federal sources to an infrastructure bank from projects assisted by the bank. Such a repayment shall be considered to be Federal funds. (j) UNITED STATES NOT OBLIGATED.— (1) IN GENERAL. — The contribution of Federal funds to an infrastructure bank established under this section shall not be construed as a commitment, guarantee, or obligation on the part of the United States to any third party. No third party shall have any right against the United States for pay- ment solely by virtue of the contribution. (2) STATEMENT.— Any security or debt financing instrument issued by the infrastructure bank shall expressly state that the security or instrument does not constitute a commitment, guarantee, or obligation of the United States. (k) MANAGEMENT OF FEDERAL FUNDS.— Sections 3335 and 6503 of title 31, United States Code, shall not apply to funds contributed under this section. (1) PROGRAM ADMINISTRATION.— (1) IN GENERAL.— A State may expend not to exceed 2 percent of the Federal funds contributed to an infrastructure bank established by the State under this section to pay the reasonable costs of administering the bank.

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