This bill establishes bonding requirements for the recipient of a water infrastructure construction loan under the Water Infrastructure Finance and Innovation Act. A borrower must secure the financed project with payment and performance bonds in minimum amounts set out in the bill.
[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9665 Introduced in House (IH)]
<DOC>
117th CONGRESS
2d Session
H. R. 9665
To amend the Water Infrastructure Finance and Innovation Act of 2014 to
establish payment and performance security requirements for projects,
and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
December 21, 2022
Mr. Lynch (for himself and Mr. Balderson) introduced the following
bill; which was 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
_______________________________________________________________________
A BILL
To amend the Water Infrastructure Finance and Innovation Act of 2014 to
establish payment and performance security requirements for projects,
and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. FEDERAL REQUIREMENTS FOR WIFIA ELIGIBILITY AND PROJECT
SELECTION.
Section 5028(a)(1)(C) of the Water Infrastructure Finance and
Innovation Act of 2014 (33 U.S.C. 3907) is amended--
(1) by striking ``The Secretary'' and inserting the
following:
``(i) Financing security features.--The
Secretary''; and
(2) by adding at the end the following:
``(ii) Construction payment and performance
security.--
``(I) In general.--The Secretary or
the Administrator, as applicable, shall
ensure that the construction of a
project carried out with assistance
under this subtitle shall have payment
and performance security.
``(II) Use of state or local
requirements.--With respect to the
construction of a project for which
payment and performance security is
required to be furnished by applicable
State or local law, the Secretary or
the Administrator, as applicable, shall
accept such payment and performance
security requirements for purposes of
subclause (I), except that the amount
of any payment and performance security
accepted shall not be less than 50
percent of the total construction
contract amount.
``(III) Use of other
requirements.--With respect to the
construction of a project for which no
State or local payment and performance
security requirements are applicable,
the payment and performance security
described in paragraphs (1) and (2) of
section 3131(b) of title 40, United
States Code, shall be required for
purposes of subclause (I).''.
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Introduced in House
Introduced in House
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.
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.
Referred to the Subcommittee on Water Resources and Environment.
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