Page:United States Statutes at Large Volume 109 Part 1.djvu/637

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•-' ^'Z ', '•-' PUBLIC LAW 104^59—NOV. 28, 1995 109 STAT. 621 completed or, in the case of a highway project, the facility has opened to traffic, whichever is later; (7) ensure that the term for repaying any loan will not exceed 30 years after the date of the first payment on the loan under paragraph (6); and (8) require the bank to make an annual report to the Reports. Secretary on its status no later than September 30, 1996, and September 30, 1997, and to make such other reports as the Secretary may require by guidelines. (f) 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 towards the non-Federal share of the cost of any project. (g) SECRETARIAL REQUIREMENTS.—In administering this section, the Secretary shall— (1) ensure that Federal disbursements shall be at a rate consistent with historic rates for the Federal-aid highway program and the Federal transit program, respectively; (2) issue guidelines to ensure that all requirements of title Guidelines. 23, United States Code, or title 49, United States Code, that would otherwise apply to funds made available under such title and projects assisted with such funds apply to— (A) funds made available under such title and contributed to an infrastructure bank established under this section; and (B) projects assisted by the bank through the use of such funds; except to the extent that the Secretary determines that any requirement of such title is not consistent with the objectives of this section; and (3) specify procedures and guidelines for establishing, operating, and providing assistance from the bank. (h) UNITED STATES NOT OBLIGATED.— The contribution of Federal funds into 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, nor shall any third party have an}'^ right against the United States for pay- ment solely by virtue of the contribution. 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. (i) MANAGEMENT OF FEDERAL FUNDS. — Sections 3335 and 6503 of title 31, United States Code, shall not apply to funds contributed under this section. 0) PROGRAM ADMINISTRATION.—For each of fiscal years 1996 and 1997, 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. (k) SECRETARIAL REVIEW. —The Secretary shall review the Reports, financial condition of each infrastructure bank established under this section and transmit to Congress a report on the results of such review not later than March 1, 1997. In addition, the report shall contain— (1) an evaluation of the pilot program conducted under this section and the ability of such program to increase public investment and attract non-Federal capital; and