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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5515 Introduced in House (IH)]
<DOC>
118th CONGRESS
1st Session
H. R. 5515
To authorize the Director of the National Geospatial-Intelligence
Agency to issue direct loans to certain small businesses, and for other
purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 14, 2023
Mr. Stewart introduced the following bill; which was referred to the
Permanent Select Committee on Intelligence
_______________________________________________________________________
A BILL
To authorize the Director of the National Geospatial-Intelligence
Agency to issue direct loans to certain small businesses, 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. SHORT TITLE.
This Act may be cited as the ``Commercial Geostationary Remote
Sensing Act of 2023''.
SEC. 2. AUTHORITY FOR DIRECTOR OF THE NATIONAL GEOSPATIAL-INTELLIGENCE
AGENCY TO ISSUE DIRECT LOANS TO CERTAIN SMALL BUSINESSES.
(a) Purpose.--The purpose of this Act is to improve the opportunity
of small businesses to participate in the satellite imaging
capabilities that may be used for national security purposes, including
the acquisition of geospatial intelligence in furtherance of the
national security of the United States.
(b) Authority To Issue Direct Loans.--
(1) In general.--Subject to the Federal Credit Reform Act
of 1990 (2 U.S.C. 661 et seq.), the Director of the National
Geospatial-Intelligence Agency may issue a direct loan under
this Act to an eligible entity for the purpose of financing the
covered costs of an eligible project of the eligible entity.
(2) Maximum amount of direct loans authorized.--The
aggregate principal amount of direct loans issued under this
Act, including all capitalized interest, may not exceed
$2,500,000,000.
(c) Applications.--
(1) In general.--To receive a direct loan under this Act,
an eligible entity shall submit to the Director an application
therefor at such time, in such manner, and containing such
information as the Director may require.
(2) Demonstration of prospects of repayment.--An
application for a direct loan submitted under paragraph (1)
shall include information demonstrating that the applicant has
a reasonable ability to repay the loan without using the
proceeds of sales to the Federal Government, in accordance with
subsection (e)(2)(B).
(3) Complete application.--
(A) Timing on notification as to completeness.--Not
later than 30 business days after receiving an
application pursuant to paragraph (1), the Director
shall notify the applicant as to whether the
application received constitutes a complete
application.
(B) Submission date for a complete application.--
Except as provided in subparagraph (D), a complete
application shall be treated as submitted on the date
originally submitted to the Director.
(C) Notification of incompleteness.--If the
Director determines that an application submitted
pursuant to paragraph (1) is incomplete, the Director
shall notify the applicant and provide for a reasonable
opportunity, as determined by the Director, for the
applicant to submit the additional information
necessary to complete the application.
(D) Submission date for a previously incomplete
application.--In a case in which an application is
completed pursuant to subparagraph (C), the completed
application shall be treated as submitted on the date
on which the additional information necessary to
complete the application is submitted to the Director
pursuant to such subparagraph.
(4) Notice to applicants.--Not later than 180 days after
the date on which the Director receives from an eligible entity
a complete application under this subsection, the Director
shall provide to the eligible entity written notice--
(A) approving the application; or
(B) denying the application and providing guidance
on why the application was so denied.
(5) Solicitations.--Not later than 1 year after the date of
the enactment of this Act, the Director shall solicit
applications under this subsection.
(d) Creditworthiness.--
(1) In general.--No direct loan for an eligible project may
be issued to an eligible entity under this Act unless the
Director determines that--
(A) the project has the potential to enable the
National Geospatial-Intelligence Agency to meet
mission-critical needs of the Agency;
(B) the eligible entity is creditworthy; and
(C) there is a reasonable assurance of repayment of
the principal of, and any interest on, the proposed
direct loan by the eligible entity without the eligible
entity using the proceeds of sales to the Federal
Government, in accordance with subsection (e)(2)(B).
(2) Considerations.--In making the determinations under
paragraph (1), the Director shall take into consideration
relevant factors, including the following:
(A) The terms, conditions, financial structure, and
security features of the proposed direct loan.
(B) The dedicated revenue sources proposed to
secure or fund the repayment of the proposed direct
loan.
(C) The financial assumptions upon which the
proposed eligible project is based.
(D) The financial soundness and credit history of
the eligible entity.
(e) Direct Loans.--
(1) Agreements.--
(A) In general.--Subject to paragraph (2), the
Director may enter into an agreement with an eligible
entity the application of which is approved pursuant to
subsection (c)(4)(A) to issue a direct loan to such
eligible entity for the purpose of financing the
covered costs of the eligible project specified in such
application.
(B) Credit subsidy fee.--Prior to entering into an
agreement under this subsection with respect to a
proposed direct loan, the Director--
(i) in consultation with the Director of
the Office of Management and Budget, shall
determine the cost (as defined in section 502
of the Federal Credit Reform Act of 1990 (2
U.S.C. 661a)) to the Federal Government of
issuing the proposed direct loan; and
(ii) shall charge and collect from the
eligible entity, as a credit subsidy fee, a
payment equal to the amount determined under
clause (i) to cover the cost of the proposed
direct loan.
(2) Terms and limitations.--
(A) In general.--A direct loan issued under this
Act shall be subject to such terms and conditions, and
contain such covenants, representations, warranties,
and requirements, including requirements for audits, as
the Director determines appropriate.
(B) Repayment.--No direct loan issued under this
Act, including any part of the principal of, or
interest on, such a direct loan, may be repaid with the
proceeds of a sale to the Federal Government.
(C) Interest rate.--The interest rate on a direct
loan issued under this Act shall be not less than the
average market yield on outstanding marketable United
States Treasury securities having maturities comparable
to the maturity of the direct loan on the date of
execution of the loan agreement.
(D) Maturity date.--The final maturity date of a
direct loan issued under this Act shall be the earlier
of--
(i) the date that is 25 years after the
date of substantial completion of the relevant
project; or
(ii) if the useful life of the project, as
determined by the Director, is less than 35
years, the end of the useful life of the
project.
(E) Nonsubordination.--A direct loan made under
this Act shall not be subordinate to any other
financing in the event of bankruptcy, insolvency, or
liquidation of the obligor.
(F) Administrative expenses.--In addition to the
charging and collection of credit subsidy fees under
paragraph (1)(B), the Director may charge, collect, and
spend fees at a level sufficient to cover all or a
portion of the expense of administering this section.
Such administrative expenses may include the costs of
services obtained or retained pursuant to subsection
(f) with respect to the administration of this section
or a particular direct loan issued under this section.
(3) Repayment.--
(A) In general.--The term of any direct loan
obligation under this section shall require full
repayment of the principal of, and any interest on, the
direct loan by not later than the maturity date set
forth by paragraph (2)(D) with respect to that direct
loan.
(B) Commencement.--Scheduled loan repayments of the
principal of, and any interest on, a direct loan issued
under this section shall commence by not later than--
(i) the date that is 4 years after the date
of substantial completion of the relevant
project; or
(ii) the date that is 8 years after the
disbursement date of such direct loan.
(C) Capitalized interest.--Interest on the
outstanding principal of a direct loan issued under
this section shall accrue during the period before the
first scheduled repayment date under the repayment
schedule for the loan and shall be amortized for
payment over the remaining term of the loan.
(f) Assistance Services.--In carrying out this section, the
Director may--
(1) retain the services of persons, including counsel and
consultants, with expertise in such fields as the Director
considers necessary or helpful for purposes of this section;
and
(2) enter into contracts, including contracts for services
authorized by section 3109 of title 5, United States Code.
(g) Report to Congress.--
(1) Submission.--Not later than 3 years after the date of
the enactment of this Act, the Director shall submit to the
congressional intelligence committees a report summarizing the
projects for which the Director has issued direct loans under
this section.
(2) Matters.--The report under paragraph (1) shall include
a description of the following:
(A) The applications received for direct loans
under this section.
(B) The projects selected for direct loans under
this section, including a description of the projects
and the basis for the selection of those projects with
respect to the requirements of this section.
(C) The amount of the direct loan provided for each
project selected under this section, respectively.
(D) The financial performance of each project
selected under this section, including an evaluation of
whether the purpose under subsection (a) is being
furthered by the project.
(E) The benefits and effects of the implementation
of this section, including the benefit to national
security and other public benefits provided by the
projects selected under this Act.
(h) Funding.--
(1) Use of funds.--Obligations incurred by the Director
under this Act shall be subject to the availability of funds
provided in advance specifically for the purpose of direct
loans authorized under this Act. Such loans are subject to the
requirements of the Federal Credit Reform Act of 1990 (2 U.S.C.
661 et seq.).
(2) Administrative expenses.--Administrative expense fees
collected pursuant to subsection (e)(2)(F) shall be deposited
into the appropriation account for administrative expenses of
the direct loan program under this Act and shall be--
(A) in addition to the amount of funds appropriated
to be expended for administrative expenses; and
(B) available until expended for administrative
expenses, including ongoing expenses, of the direct
loan program under this section.
(3) Credit subsidy fees.--Credit subsidy fees collected
pursuant to subsection (e)(1)(B)(ii) shall be deposited into
the financing account for the direct loan program established
pursuant to the Federal Credit Reform Act of 1990 (2 U.S.C. 661
et seq.).
(i) Termination.--The authority to issue new direct loans under
this section shall terminate on the date that is 5 years after the date
of the enactment of this Act.
(j) Definitions.--In this section, except as otherwise provided:
(1) Congressional intelligence committees.--The term
``congressional intelligence committees'' has the meaning given
that term in section 3 of the National Security Act of 1947 (50
U.S.C. 3003).
(2) Covered costs.--The term ``covered costs'' means, with
respect to an eligible project--
(A) the cost of--
(i) startup-phase activities, including
planning, feasibility analysis (including any
related analysis necessary to carry out an
eligible project), revenue forecasting,
environmental review, permitting, preliminary
engineering and design work, and other
preconstruction activities;
(ii) satellites, satellite launches, and
related expenses;
(iii) the acquisition and improvement of
real property or an interest in real property;
(iv) the acquisition or manufacturing of
equipment and components of such equipment; and
(v) capitalized interest necessary to meet
market requirements, reasonably required
reserve funds, cost contingencies, capital
issuance expenses, and other carrying costs
during construction; and
(B) any other cost with respect to the project that
the Director determines the financing of which is
necessary to promote participation by a small business
in satellite imaging capabilities that can be used for
national security purposes, including the acquisition
of geospatial intelligence in furtherance of the
national security of the United States.
(3) Director.--The term ``Director'' means the Director of
the National Geospatial-Intelligence Agency.
(4) Direct loan.--The term ``direct loan'' means a
disbursement of funds by the Government to a non-Federal
borrower under a contract that requires the repayment of such
funds with or without interest. The term includes the purchase
of, or participation in, a loan made by another lender and
financing arrangements that defer payment for more than 90
days, including the sale of a Government asset on credit terms.
The term does not include the acquisition of a federally
guaranteed loan in satisfaction of default claims.
(5) Eligible entity.--The term ``eligible entity'' means a
small business concern (as defined under section 3 of the Small
Business Act (15 U.S.C. 632)) that produces or supplies--
(A) a technology listed in the most up-to-date
version of the list of critical and emerging
technologies published by the White House or the
integrated priority list published by the Administrator
of the Defense Technical Information Center; or
(B) any other technology that the President
determines is necessary to the national security of the
United States.
(6) Eligible project.--The term ``eligible project'' means
a project that uses geostationary orbit satellites to acquire
immediate and continuous imagery of the Earth.
(7) Obligor.--The term ``obligor'' means an eligible entity
that is primarily liable for payment of the principal of, and
any interest on, a direct loan made under this section.
(8) Substantial completion.--The term ``substantial
completion'' means, with respect to an eligible project, the
date on which a project is considered by the Director to
achieve full operational capability.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Intelligence (Permanent Select).
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