United States 115th Congress Status: Died 1 R cosponsors

HR 4492 — Water Infrastructure Finance and Innovation Reauthorization Act of 2017

Last action — Referred to the Subcommittee on Environment.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 115th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Water Infrastructure Finance and Innovation Reauthorization Act of 2017 This bill amends the Water Infrastructure Finance and Innovation Act of 2014 to: (1) exclude the U.S. Army Corps of Engineers from specified activities that it currently carries out in conjunction with the the Environmental Protection Agency (EPA), and (2) increase and extend funding through FY2024. The Corps shall approve specified water infrastructure projects and issue guidance on information required to be included in applications for projects requiring its approval. The EPA (currently, the Corps and the EPA): may enter into agreements to make secured loans, and shall establish a uniform system to service the federal credit instruments made available; may collect and spend fees, subject to specified limitations, and may appoint a financial entity to assist in servicing the federal credit instruments; shall set aside for each fiscal year at least 15% of the amounts made available for that fiscal year for small community water infrastructure projects; and shall publish pilot program implementation reports on a public Internet site. The bill modifies the date of the Government Accountability Office report to Congress on projects receiving assistance under the Act.

Bill Text

Sections of law this bill changes

7 sections in 1 law

From the bill's own amending language, matched to the official United States Code (current through Public Law 119-124).

Water infrastructure finance and innovation · 33 U.S.C. ch. 52 7 sections
  • § 3902 Authority to provide assistance Amends

    33 U.S.C. § 3902

    The law today

    (a) In general The Secretary and the Administrator may provide financial assistance under this chapter to carry out projects, which shall be selected to ensure a diversity of project types and geographical locations. (b) Responsibility (1) Secretary The Secretary shall provide financial assistance to carry out all projects under this chapter that are eligible projects under section 3905(1) of this title. (2) Administrator The Administrator shall provide financial assistance to carry out all projects under this chapter that are eligible projects under paragraphs (2), (3), (4), (5), (6), (7), and (9) of section 3905 of this title. (3) Other projects The Secretary or the Administrator, as applicable, may carry out eligible projects under paragraph (8) or (10) of section 3905 of this title.

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  • § 3903 Applications Amends

    33 U.S.C. § 3903

    The law today

    (a) In general To receive assistance under this chapter, an eligible entity shall submit to the Secretary or the Administrator, as applicable, an application at such time, in such manner, and containing such information as the Secretary or the Administrator may require. (b) Combined projects In the case of an eligible project described in paragraph (9) or (10) of section 3905 of this title, the Secretary or the Administrator, as applicable, shall require the eligible entity to submit a single application for the combined group of projects.

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  • § 3907 Determination of eligibility and project selection Amends

    33 U.S.C. § 3907

    The law today

    (a) Eligibility requirements To be eligible to receive financial assistance under this chapter, a project shall meet the following criteria, as determined by the Secretary or Administrator, as applicable: (1) Creditworthiness (A) In general The project and obligor shall be creditworthy, which shall be determined by the Secretary or the Administrator, as applicable. (B) Considerations In determining the creditworthiness of a project and obligor, the Secretary or the Administrator, as applicable, shall take into consideration relevant factors, including— (i) the terms, conditions, financial structure, and security features of the proposed financing; (ii) the dedicated revenue sources that will secure or fund the project obligations; (iii) the financial assumptions upon which the project is based; and (iv) the financial soundness and credit history of the obligor. (C) Security features The Secretary or the Administrator, as applicable, shall ensure that any financing for the project has appropriate security features, such as a rate covenant, supporting the project obligations to ensure repayment. (D) Rating opinion letters (i) Preliminary rating opinion letter The Secretary or the Administrator, as applicable, shall require each project applicant to provide, at the time of application, a preliminary rating opinion letter from at least 1 rating agency indicating that the senior obligations of the project (which may be the Federal credit instrument) have the potential to achieve an investment-grade rating. (ii) Final rating opinion letters The Secretary or the Administrator, as applicable, shall require each project applicant to provide, prior to final acceptance and financing of the project, a final rating opinion letter from at least 1 rating agency indicating that the senior obligations of the project have an investment-grade rating. (E) Special rule for certain combined projects The Administrator shall develop a credit evaluation process for a Federal credit instrument provided to— (i) a State infrastructure financing authority for a project under section 3905(9) of this title, which may include requiring the provision of a final rating opinion letter from at least one rating agency; or (ii) an entity for a project under section 3905(10) of this title, which may include requiring the provision of a final rating opinion letter from at least two rating agencies. (2) Eligible project costs (A) In general Subject to subparagraph (B), the eligible project costs of a project shall be reasonably anticipated to be not less than $20,000,000. (B) Small community water infrastructure projects For a project described in paragraph (2) or (3) of section 3905 of this title that serves a community of not more than 25,000 individuals, the eligible project costs of a project shall be reasonably anticipated to be not less than $5,000,000. (3) Dedicated revenue sources The Federal credit instrument for the project shall be repayable, in whole or in part, from dedicated revenue sources that also secure the project obligations. (4) Public sponsorship of private entities (A) In general If an eligible project is carried out by an entity that is not a State or local government or an agency or instrumentality of a State or local government or a tribal government or consortium of tribal governments, the project shall be publicly sponsored. (B) Public sponsorship For purposes of this chapter, a project shall be considered to be publicly sponsored if the obligor can demonstrate, to the satisfaction of the Secretary or the Administrator, as appropriate, that the project applicant has consulted with the affected State, local, or tribal government in which the project is located, or is otherwise affected by the project, and that such government supports the proposed project. (5) Use of existing financing mechanisms (A) Notification For each eligible project for which the Administrator has authority under paragraph (2) or (3) of section 3902(b) of this titl...

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  • § 3908 Secured loans Amends

    33 U.S.C. § 3908

    The law today

    (a) Agreements (1) In general Subject to paragraphs (2) and (3), the Secretary or the Administrator, as applicable, may enter into agreements with 1 or more obligors to make secured loans, the proceeds of which shall be used to finance eligible project costs of any project selected under section 3907 of this title. (2) Financial risk assessment Before entering into an agreement under this subsection for a secured loan, the Secretary or the Administrator, as applicable, in consultation with the Director of the Office of Management and Budget and each rating agency providing a rating opinion letter under section 3907(a)(1)(D) of this title, shall determine an appropriate capital reserve subsidy amount for the secured loan, taking into account each such rating opinion letter. (3) Investment-grade rating requirement The execution of a secured loan under this section shall be contingent on receipt by the senior obligations of the project of an investment-grade rating. (b) Terms and limitations (1) In general A secured loan provided for a project under this section shall be subject to such terms and conditions, and contain such covenants, representations, warranties, and requirements (including requirements for audits), as the Secretary or the Administrator, as applicable, determines to be appropriate. (2) Maximum amount The amount of a secured loan under this section shall not exceed the lesser of— (A) an amount equal to 49 percent of the reasonably anticipated eligible project costs; and (B) if the secured loan does not receive an investment-grade rating, the amount of the senior project obligations of the project. (3) Payment A secured loan under this section— (A) shall be payable, in whole or in part, from State or local taxes, user fees, or other dedicated revenue sources that also secure the senior project obligations of the relevant project; (B) shall include a rate covenant, coverage requirement, or similar security feature supporting the project obligations; and (C) may have a lien on revenues described in subparagraph (A), subject to any lien securing project obligations. (4) Interest rate The interest rate on a secured loan under this section shall be not less than the yield on United States Treasury securities of a similar maturity to the maturity of the secured loan on the date of execution of the loan agreement. (5) Maturity date (A) In general The final maturity date of a secured loan under this section shall be the earlier of— (i) the date that is 35 years after the date of substantial completion of the relevant project (as determined by the Secretary or the Administrator, as applicable); and (ii) if the useful life of the project (as determined by the Secretary or Administrator, as applicable) is less than 35 years, the useful life the project. (B) Special rule for State infrastructure financing authorities The final maturity date of a secured loan to a State infrastructure financing authority under this section shall be not later than 35 years after the date on which amounts are first disbursed. (6) Nonsubordination A secured loan under this section shall not be subordinated to the claims of any holder of project obligations in the event of bankruptcy, insolvency, or liquidation of the obligor of the project. (7) Fees (A) In general Except as provided in subparagraph (B), the Secretary or the Administrator, as applicable, may establish fees at a level sufficient to cover all or a portion of the costs to the Federal Government of making a secured loan under this section. (B) Financing fees On request of an eligible entity, the Secretary or the Administrator, as applicable, shall allow the fees under subparagraph (A) to be financed as part of the loan. (8) Non-Federal share The proceeds of a secured loan under this section may be used to pay any non-Federal share of project costs required if the loan is repayable from non-Federal funds. (9) Maximum Federal involvement (A) In general Except as provided in subparagr...

    7 other bills also change this section · Follow it → Official text at uscode.house.gov ↗

  • § 3909 Program administration Amends

    33 U.S.C. § 3909

    The law today

    (a) Requirement The Secretary or the Administrator, as applicable, shall establish a uniform system to service the Federal credit instruments made available under this chapter. (b) Fees (1) In general The Secretary or the Administrator, as applicable, may collect and spend fees, contingent on authority being provided in appropriations Acts, at a level that is sufficient to cover— (A) the costs of services of expert firms retained pursuant to subsection (d); and (B) all or a portion of the costs to the Federal Government of servicing the Federal credit instruments provided under this chapter. (2) Prohibition on pass through fees The Administrator, in the case where a State infrastructure financing authority obtains financial assistance under section 3912(e) of this title, shall require as a condition of obtaining such assistance, that the State infrastructure financing authority is prohibited from passing any portion of the fees required under section 3908(b)(7) of this title to any party that utilizes any portion of such assistance for a project funded by such authority. (c) Servicer (1) In general The Secretary or the Administrator, as applicable, may appoint a financial entity to assist the Secretary or the Administrator in servicing the Federal credit instruments provided under this chapter. (2) Duties A servicer appointed under paragraph (1) shall act as the agent for the Secretary or the Administrator, as applicable. (3) Fee A servicer appointed under paragraph (1) shall receive a servicing fee, subject to approval by the Secretary or the Administrator, as applicable. (d) Assistance from experts The Secretary or the Administrator, as applicable, may retain the services, including counsel, of organizations and entities with expertise in the field of municipal and project finance to assist in the underwriting and servicing of Federal credit instruments provided under this chapter. (e) Special rule for State reviews of projects for State infrastructure financing authorities (1) In general A project described in section 3905(9) of this title for which funding is provided under this title shall comply with any applicable State environmental or engineering review requirements pursuant to, as applicable— (A) title VI of the Federal Water Pollution Control Act (33 U.S.C. 1381 et seq.); and (B) section 300j–12 of title 42. (2) No new reviews required Nothing in this title requires any additional or new environmental or engineering review for a project described in section 3905(9) of this title for which funding is provided, other than any requirement otherwise applicable to the project. (f) Special rule for expedited review of applications from State infrastructure financing authorities Not later than 180 days after the date on which the Administrator receives a complete application from a State infrastructure financing authority for a project under section 3905(9) of this title, the Administrator shall, through a written notice to the State infrastructure financing authority— (1) approve the application; or (2) provide detailed guidance and an explanation of any changes to the application necessary for approval of the application. (g) Agreements (1) In general Subject to paragraphs (3) and (4), the Administrator may enter into an agreement with another relevant Federal agency to provide assistance in administering and servicing Federal credit instruments that such agency is authorized to make available. (2) Duties The Administrator may act as an agent for the head of another Federal agency under paragraph (1), subject to the terms of any agreement entered into by the Administrator and the head of such other agency under such clause. (3) Transfer of funds The authority of the Administrator to provide assistance under paragraph (1) is subject to— (A) the availability of funds appropriated to the other Federal agency that may be transferred to the Administrator to carry out an agreement entered into under paragraph (1); and (B) t...

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  • § 3912 Funding Amends

    33 U.S.C. § 3912

    The law today

    (a) In general (1) Fiscal years 2015 through 2019 There are authorized to be appropriated to each of the Secretary and the Administrator to carry out this chapter, to remain available until expended— (A) $20,000,000 for fiscal year 2015; (B) $25,000,000 for fiscal year 2016; (C) $35,000,000 for fiscal year 2017; (D) $45,000,000 for fiscal year 2018; and (E) $50,000,000 for fiscal year 2019. (2) Fiscal years 2020 and 2021 There is authorized to be appropriated to the Administrator to carry out this chapter $50,000,000 for each of fiscal years 2020 and 2021, to remain available until expended. (3) Fiscal years 2022 through 2026 There is authorized to be appropriated to the Administrator to carry out this chapter $50,000,000 for each of fiscal years 2022 through 2026, to remain available until expended. (b) Administrative costs (1) Fiscal years 2015 through 2019 Of the funds made available to carry out this chapter, the Secretary or the Administrator, as applicable, may use for the administration of this chapter, including for the provision of technical assistance to aid project sponsors in obtaining the necessary approvals for the project, not more than $2,200,000 for each of fiscal years 2015 through 2019. (2) Fiscal years after 2019 Of the funds made available to carry out this chapter, the Administrator may use for the administration of this chapter, including for the provision of technical assistance to aid project sponsors in obtaining the necessary approvals for the project, not more than $5,000,000 for each of fiscal years 2022 through 2026. (c) Small community water infrastructure projects (1) In general For each fiscal year, the Secretary or the Administrator, as applicable, shall set aside not less than 15 percent of the amounts made available for that fiscal year under this section for small community water infrastructure projects described in section 3907(a)(2)(B) of this title. (2) Administration Any amounts set aside under paragraph (1) that remain unobligated on June 1 of the fiscal year for which the amounts are set aside shall be available for obligation by the Secretary or the Administrator, as applicable, for projects other than small community water infrastructure projects. (d) Additional funding Notwithstanding section 3908(b)(2) of this title, the Secretary or the Administrator, as applicable, may make available up to 25 percent of the amounts made available for each fiscal year under this section for loans in excess of 49 percent of the total project costs. (e) Assistance for State infrastructure financing authorities (1) In general With respect to fiscal years 2022 through 2026, if the Administrator has available for obligation in a fiscal year at least $50,000,000, there is authorized to be appropriated to the Administrator $5,000,000 for that fiscal year to provide financial assistance for projects described in section 3905(9) of this title to State infrastructure financing authorities. (2) No impact on other Federal funding No funds shall be made available in a fiscal year to the Administrator for purposes of this subsection if— (A) the total amount appropriated for the fiscal year for State loan funds under section 300j–12 of title 42 is less than either the amount made available for such purpose in fiscal year 2018, or 105 percent of the previous fiscal year’s appropriation for such purpose, whichever is greater; and (B) the total amount appropriated for the fiscal year for water pollution control revolving funds under title VI of the Federal Water Pollution Control Act [33 U.S.C. 1381 et seq.] is less than either the amount made available for such purpose for fiscal year 2018, or 105 percent of the previous fiscal year’s appropriation for such purpose, whichever is greater. (3) Inclusion in agreement If the Administrator provides financial assistance to a State infrastructure financing authority under section 3908 of this title using funds made available pursuant to this subsection, the Administr...

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  • § 3913 Reports on program implementation Amends

    33 U.S.C. § 3913

    The law today

    (a) Agency reporting As soon as practicable after each fiscal year for which amounts are made available to carry out this chapter, the Secretary and the Administrator shall publish on a dedicated, publicly accessible Internet site— (1) each application received for assistance under this chapter; and (2) a list of the projects selected for assistance under this chapter, including— (A) a description of each project; (B) the amount of financial assistance provided for each project; and (C) the basis for the selection of each project with respect to the requirements of this chapter. (b) Reports to Congress (1) In general Not later than 3 years after October 23, 2018, the Comptroller General of the United States shall submit to the Committee on Environment and Public Works of the Senate and the Committee on Transportation and Infrastructure of the House of Representatives a report summarizing for the projects that are receiving, or have received, assistance under this chapter— (A) the applications received for assistance under this chapter; (B) the projects selected for assistance under this chapter, including a description of the projects and the basis for the selection of those projects with respect to the requirements of this chapter; (C) the type and amount of financial assistance provided for each project selected for assistance under this chapter; (D) the financial performance of each project selected for assistance under this chapter, including an evaluation of whether the objectives of this chapter are being met; (E) the benefits and impacts of implementation of this chapter, including the public benefit provided by the projects selected for assistance under this chapter, including, as applicable, water quality and water quantity improvement, the protection of drinking water, and the reduction of flood risk; and (F) an evaluation of the feasibility of attracting non-Federal public or private financing for water infrastructure projects as a result of the implementation of this chapter. (2) Recommendations The report under paragraph (1) shall include— (A) an evaluation of the impacts (if any) of the limitation under section 3907(a)(5) 1 of this title on the ability of eligible entities to finance water infrastructure projects under this chapter; (B) a recommendation as to whether the objectives of this chapter would be best served— (i) by continuing the authority of the Secretary or the Administrator, as applicable, to provide assistance under this chapter; (ii) by establishing a Government corporation or Government-sponsored enterprise to provide assistance in accordance with this chapter; or (iii) by terminating the authority of the Secretary and the Administrator under this chapter and relying on the capital markets to fund the types of infrastructure investments assisted by this chapter without Federal participation; and (C) any proposed changes to improve the efficiency and effectiveness of this chapter in providing financing for water infrastructure projects, taking into consideration the recommendations made under subparagraphs (A) and (B).

    8 other bills also change this section · Follow it → Official text at uscode.house.gov ↗

How this bill changes current law

14 changes Share ↗

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill modifies the Water Infrastructure Finance and Innovation Act to streamline project approval and application processes by reducing the roles of the Secretary and clarifying responsibilities to the Administrator.

  • 33 U.S.C. 3902

    Secretary and the

    Removes the Secretary's role in the preliminary approval of certain projects.

  • 33 U.S.C. 3902

    Secretary or the Administrator, as applicable → Administrator, and the Secretary, if applicable

    Changes the application submission process to primarily involve the Administrator.

  • 33 U.S.C. 3902

    The Secretary shall approve projects under this subtitle that are eligible under section 5026(1) or, as appropriate, section 5026(8).

    Introduces a new requirement for project approval by the Secretary under specific conditions.

  • 33 U.S.C. 3903

    Secretary or the Administrator, as applicable → Administrator, and the Secretary, if applicable

    Clarifies that the Administrator will primarily handle applications with the Secretary's involvement only when necessary.

  • 33 U.S.C. 3907

    Secretary or the Administrator, as applicable. → Administrator.

    Assigns the responsibility for determining eligibility solely to the Administrator.

  • 33 U.S.C. 3907

    the Secretary or the Administrator, as applicable → Administrator

    Simplifies the process for project selection by consolidating authority to the Administrator.

  • 33 U.S.C. 3907

    The Administrator, and the Secretary, if applicable, shall determine whether an applicant for assistance under this subtitle has developed, and identified adequate revenues to implement, a plan for operating, maintaining, and repairing the project over the useful life of the project.

    Establishes clearer guidelines for operation and maintenance plans for projects.

  • 33 U.S.C. 3908

    Secretary or the Administrator, as applicable → Administrator

    Limits loan agreement authority to the Administrator.

  • 33 U.S.C. 3908

    Secretary or the Administrator, as applicable → Administrator

    Standardizes the role for managing secured loans under the act.

  • 33 U.S.C. 3909

    Secretary or the Administrator, as applicable → Administrator

    Consolidates program administration responsibilities to the Administrator.

  • 33 U.S.C. 3912

    each of the Secretary and

    Reduces administrative complexity by eliminating references to both Secretary and Administrator.

  • 33 U.S.C. 3912

    Secretary or the Administrator, as applicable → Administrator

    Clarifies that the Administrator will oversee funding allocations.

  • 33 U.S.C. 3913

    the Secretary and

    Reduces the Secretary's reporting obligations, allowing for Administrator oversight.

  • 33 U.S.C. 3913

    4 years after the date of enactment of this Act → 2 years after the date of enactment of the Water Infrastructure Finance and Innovation Reauthorization Act of 2017

    Shortens the timeline for implementing pilot program reports.

Action History

  1. Referred to the Subcommittee on Water Resources and Environment.

  2. Referred to the Subcommittee on Environment.

  3. Introduced in House

  4. Introduced in House

  5. Referred to the Committee on Transportation and Infrastructure, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

  6. Referred to the Committee on Transportation and Infrastructure, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

environment transportation
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Frequently asked questions

What does HR 4492 do?
Water Infrastructure Finance and Innovation Reauthorization Act of 2017 This bill amends the Water Infrastructure Finance and Innovation Act of 2014 to: (1) exclude the U.S. Army Corps of Engineers from specified activities that it currently carries out in conjunction with the the Environmental Protection Agency (EPA), and (2) increase and extend funding through FY2024. The Corps shall approve specified water infrastructure projects and issue guidance on information required to be included in applications for projects requiring its approval. The EPA (currently, the Corps and the EPA): may enter into agreements to make secured loans, and shall establish a uniform system to service the federal credit instruments made available; may collect and spend fees, subject to specified limitations, and may appoint a financial entity to assist in servicing the federal credit instruments; shall set aside for each fiscal year at least 15% of the amounts made available for that fiscal year for small community water infrastructure projects; and shall publish pilot program implementation reports on a public Internet site. The bill modifies the date of the Government Accountability Office report to Congress on projects receiving assistance under the Act.
Who sponsors HR 4492?
HR 4492 is sponsored by Mast, Brian J. (Republican).
What is the current status of HR 4492?
This bill died with 115th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 4492?
Track HR 4492 free on One Click Politics — get push/email alerts when it moves.

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