2012 US Code
Title 23 - Highways
Chapter 6 - INFRASTRUCTURE FINANCE (§§ 601 - 610)
Section 610 - State infrastructure bank program
Publication Title | United States Code, 2012 Edition, Title 23 - HIGHWAYS |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 23 - HIGHWAYS CHAPTER 6 - INFRASTRUCTURE FINANCE Sec. 610 - State infrastructure bank program |
Contains | section 610 |
Date | 2012 |
Laws in Effect as of Date | January 15, 2013 |
Positive Law | Yes |
Disposition | standard |
Source Credit | Added Pub. L. 109-59, title I, §1602(a), Aug. 10, 2005, 119 Stat. 1243, §190; renumbered §610, Pub. L. 109-59, title I, §1602(d), Aug. 10, 2005, 119 Stat. 1247, as amended Pub. L. 110-244, title I, §101(f), June 6, 2008, 122 Stat. 1574; Pub. L. 112-141, div. A, title I, §1519(c)(12), July 6, 2012, 126 Stat. 577. |
Statutes at Large References | 119 Stat. 1243, 1247 122 Stat. 1574 126 Stat. 577, 427, 442 |
Public Law References | Public Law 109-59, Public Law 110-244, Public Law 112-141 |
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(a)
(1)
(2)
(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)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(b)
(c)
(1)
(2)
(d)
(1)
(A) 10 percent of the funds apportioned to the State for each of fiscal years 2005 through 2009 under each of sections 104(b)(1), 104(b)(3), 104(b)(4),1 and 144; 1 and
(B) 10 percent of the funds allocated to the State for each of such fiscal years.
(2)
(3)
(4)
(A)
(B)
(C)
(5)
(6)
(e)
(f)
(g)
(1) deposit in cash, at a minimum, into 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 deposited into such account; except that, if the deposit is into the highway account of the bank and the State has a non-Federal share under section 120(b) that is less than 25 percent, the percentage to be deposited from non-Federal sources shall be the lower percentage of such grant;
(2) ensure that the bank maintains on a continuing basis an investment grade rating on its debt, or has a sufficient level of bond or debt financing instrument insurance, to maintain the viability of the bank;
(3) ensure that investment income derived from funds deposited to an account of the bank are—
(A) credited to the account;
(B) available for use in providing loans and other forms of credit 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) 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;
(5) ensure that repayment of any 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;
(6) ensure that the term for repaying any loan will not exceed 30 years after the date of the first payment on the loan; and
(7) require the bank to make an annual report to the Secretary on its status no later than September 30 of each year and such other reports as the Secretary may require under guidelines issued to carry out this section.
(h)
(1)
(A) funds made available under this title or such title and contributed to an infrastructure bank established under this section, including the non-Federal contribution required under subsection (g); 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 this title and section 5333 of title 49) is not consistent with the objectives of this section.
(2)
(i)
(j)
(k)
(Added Pub. L. 109–59, title I, §1602(a), Aug. 10, 2005, 119 Stat. 1243, §190; renumbered §610, Pub. L. 109–59, title I, §1602(d), Aug. 10, 2005, 119 Stat. 1247, as amended Pub. L. 110–244, title I, §101(f), June 6, 2008, 122 Stat. 1574; Pub. L. 112–141, div. A, title I, §1519(c)(12), July 6, 2012, 126 Stat. 577.)
References in TextSections 104 and 144, referred to in subsec. (d)(1)(A), were amended generally by Pub. L. 112–141, div. A, title I, §§1105(a), 1111(a), July 6, 2012, 126 Stat. 427, 445.
Subsec. (d) of section 133, referred to in subsec. (d)(5), was struck out and a new subsec. (d) enacted by Pub. L. 112–141, div. A, title I, §1108(c), July 6, 2012, 126 Stat. 442.
Amendments2012—Subsec. (d)(1)(B). Pub. L. 112–141 struck out “under section 105” before period at end.
2008—Pub. L. 110–244 amended Pub. L. 109–59, §1602(d). See 2005 Amendment note below.
2005—Pub. L. 109–59, as amended by Pub. L. 110–244, renumbered section 190 of this title as this section.
Effective Date of 2012 AmendmentAmendment by Pub. L. 112–141 effective Oct. 1, 2012, see section 3(a) of Pub. L. 112–141, set out as an Effective and Termination Dates of 2012 Amendment note under section 101 of this title.
Effective Date of 2008 AmendmentAmendment by Pub. L. 110–244 effective as of the date of enactment of Pub. L. 109–59 (Aug. 10, 2005) and to be treated as included in Pub. L. 109–59 as of that date, and provisions of Pub. L. 109–59, as in effect on the day before June 6, 2008, that are amended by Pub. L. 110–244 to be treated as not enacted, see section 121(b) of Pub. L. 110–244, set out as a note under section 101 of this title.
1 See References in Text note below.
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