Page:United States Statutes at Large Volume 120.djvu/3388

 PUBLIC LAW 109–451—DEC. 22, 2006

120 STAT. 3357

(B) a clean renewable energy bond lender (as defined in section 54(j)(2) of the Internal Revenue Code of 1986 (as in effect on the date of enactment of this Act)). (3) LOAN GUARANTEE.—The term ‘‘loan guarantee’’ has the meaning given the term ‘‘loan guarantee’’ in section 502 of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a). (4) NON-FEDERAL BORROWER.—The term ‘‘non-Federal borrower’’ means— (A) a State (including a department, agency, or political subdivision of a State); or (B) a conservancy district, irrigation district, canal company, water users’ association, Indian tribe, an agency created by interstate compact, or any other entity that has the capacity to contract with the United States under Federal reclamation law. (5) OBLIGATION.—The term ‘‘obligation’’ means a loan or other debt obligation that is guaranteed under this section. (6) PROJECT.—The term ‘‘project’’ means— (A) a rural water supply project (as defined in section 102(9)); (B) an extraordinary operation and maintenance activity for, or the rehabilitation or replacement of, a facility— (i) that is authorized by Federal reclamation law and constructed by the United States under such law; or (ii) in connection with which there is a repayment or water service contract executed by the United States under Federal reclamation law; or (C) an improvement to water infrastructure directly associated with a reclamation project that, based on a determination of the Secretary— (i) improves water management; and (ii) fulfills other Federal goals. (7) SECRETARY.—The term ‘‘Secretary’’ means the Secretary of the Interior. SEC. 203. PROJECT ELIGIBILITY.

43 USC 2422.

(a) ELIGIBILITY CRITERIA.— (1) IN GENERAL.—The Secretary shall develop and publish in the Federal Register criteria for determining the eligibility of a project for financial assistance under section 204. (2) INCLUSIONS.—Eligibility criteria shall include— (A) submission of an application by the lender to the Secretary; (B) demonstration of the creditworthiness of the project, including a determination by the Secretary that any financing for the project has appropriate security features to ensure repayment; (C) demonstration by the non-Federal borrower, to the satisfaction of the Secretary, of the ability of the nonFederal borrower to repay the project financing from user fees or other dedicated revenue sources; (D) demonstration by the non-Federal borrower, to the satisfaction of the Secretary, of the ability of the nonFederal borrower to pay all operations, maintenance, and replacement costs of the project facilities; and

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