Re-Build America Bond Act of 2009

Re-Build America Bond Act of 2009 - Establishes the Re-Build America Trust Fund.

Directs the Secretary of the Treasury to issue Re-Build America Bonds.

Makes appropriations to the Trust Fund of amounts equivalent to all revenues derived from proceeds from the sale and issuance of such bonds, in order to make expenditures for rail, transit, water, highway, bridge, or road infrastructure projects.

[Congressional Bills 111th Congress]
[From the U.S. Government Printing Office]
[H.R. 852 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 852

 To authorize the Secretary of the Treasury to issue Re-Build America 
          Bonds to finance essential infrastructure projects.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 4, 2009

 Ms. Loretta Sanchez of California (for herself, Mr. Hill, Mr. Shuler, 
  Mr. Ellsworth, Mr. Costa, and Mr. Barrow) introduced the following 
  bill; which was referred to the Committee on Ways and Means, and in 
 addition to the Committee on Transportation and Infrastructure, 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

_______________________________________________________________________

                                 A BILL


 
 To authorize the Secretary of the Treasury to issue Re-Build America 
          Bonds to finance essential infrastructure projects.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Re-Build America Bond Act of 2009''.

SEC. 2. RE-BUILD AMERICA BONDS.

    Section 3105 of title 31, United States Code, is amended by adding 
at the end the following new subsection:
    ``(f) Re-Build America Bonds.--
            ``(1) In general.--The Secretary shall issue bonds under 
        this section, to be known as `Re-Build America Bonds'.
            ``(2) Form.--The bonds authorized by paragraph (1) shall be 
        in such a form and denominations, and shall be subject to such 
        terms and conditions of issue, conversion, redemption, 
        maturation, payment, and rate of interest as the Secretary may 
        prescribe.
            ``(3) Marketing.--The Secretary shall carry out a program 
        to encourage sales of Re-Build America Bonds, including 
        activities to facilitate the purchase of such bonds.''.

SEC. 3. RE-BUILD AMERICA TRUST FUND.

    (a) Creation of Trust Fund.--There is established in the Treasury 
of the United States a trust fund to be known as the ``Re-Build America 
Trust Fund'', consisting of such amounts as may be appropriated, 
credited, or transferred to such Trust fund as provided in this section 
or other provision of law.
    (b) Transfers to Trust Fund.--There are hereby appropriated to the 
Re-Build America Trust Fund amounts equivalent to all revenues derived 
from the sale and issuance of Re-Build America Bonds issued under 
section 3102(f) of title 31, United States Code.
    (c) Expenditures.--
            (1) In general.--Amounts in the Re-Build America Trust Fund 
        shall be available, as provided in appropriation Acts, only for 
        purposes of making expenditures for rail, transit, water, 
        highway, bridge, or road infrastructure projects of any 
        governmental unit.
            (2) Exception.--Such amounts shall not be available for the 
        cost of operations or maintenance of projects described in 
        paragraph (1).
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