I 117TH CONGRESS 1ST SESSION H. R. 2979 To amend the Water Infrastructure Finance and Innovation Act of 2014 with respect to the final maturity date of certain loans, and for other purposes. IN THE HOUSE OF REPRESENTATIVES MAY 4, 2021 Mr. GARAMENDI (for himself and Mr. NEWHOUSE) introduced the following bill; which was referred to the Committee on Transportation and Infra- structure, 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 with respect to the final maturity date of certain loans, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. MATURITY DATE. 3 Section 5029(b)(5) of the Water Infrastructure Fi- 4 nance and Innovation Act of 2014 (33 U.S.C. 3908(b)(5)) 5 is amended— 6 VerDate Sep 11 2014 22:54 Jun 09, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H2979.IH H2979 pamtmann on DSKBC07HB2PROD with BILLS 2 •HR 2979 IH (1) in subparagraph (B), by striking ‘‘The final 1 maturity date’’ and inserting ‘‘Notwithstanding sub- 2 paragraphs (A) and (B), the final maturity date’’; 3 (2) by redesignating subparagraph (B) as sub- 4 paragraph (C); and 5 (3) by inserting after subparagraph (A) the fol- 6 lowing: 7 ‘‘(B) PROJECTS WITH A USEFUL LIFE OF 8 MORE THAN 35 YEARS.— 9 ‘‘(i) IN GENERAL.—Notwithstanding 10 subparagraph (A), for a covered project 11 with a useful life of more than 35 years 12 (as determined by the Secretary or the Ad- 13 ministrator, as applicable), the final matu- 14 rity date of a secured loan under this sec- 15 tion shall be not later than the earlier of— 16 ‘‘(I) the date that is 55 years 17 after the date of substantial comple- 18 tion of the relevant project (as deter- 19 mined by the Secretary or the Admin- 20 istrator, as applicable); and 21 ‘‘(II) if the useful life of the 22 project is less than 55 years, the use- 23 ful life of the project. 24 VerDate Sep 11 2014 22:54 Jun 09, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H2979.IH H2979 pamtmann on DSKBC07HB2PROD with BILLS 3 •HR 2979 IH ‘‘(ii) COVERED PROJECTS.—In this 1 subparagraph, the term ‘covered project’ 2 means a project with respect to which— 3 ‘‘(I) an application for assistance 4 under this subtitle has not been sub- 5 mitted before the date of enactment of 6 this clause; and 7 ‘‘(II) an agreement is entered 8 into under this section on or after 9 such date of enactment for a project 10 carried out using funds specifically 11 provided for such purposes in advance 12 in subsequent appropriations Acts.’’. 13 Æ VerDate Sep 11 2014 22:54 Jun 09, 2021 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H2979.IH H2979 pamtmann on DSKBC07HB2PROD with BILLS