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33 U.S.C. § 3908 — Secured loans
Federal law — U.S. Code and appendices · legal_authorities
**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title33-section3907&num=0&edition=prelim).
(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title33-section3907/a/1/D&num=0&edition=prelim), 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 d
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Source location: Title 33, Chapter 52, § 3908; chapter-052-water-infrastructure-finance-and-innovation.md
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**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title33-section3907&num=0&edition=prelim).
(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title33-section3907/a/1/D&num=0&edition=prelim), 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 subparagraph (B), for each project for which assistance is provided under this chapter, the total amount of Federal assistance shall not exceed 80 percent of the total project cost.
(B) *Exceptions* — Subparagraph (A) shall not apply to any rural water project—
(i) that is authorized to be carried out by the Secretary of the Interior;
(ii) that includes among its beneficiaries a federally recognized Indian tribe; and
(iii) for which the authorized Federal share of the total project costs is greater than the amount described in subparagraph (A).
(C) *Exception for projects funded by a State infrastructure financing authority* — Notwithstanding subparagraph (A), a State infrastructure financing authority may finance up to 100 percent of the costs of a project using the proceeds of financial assistance authorized under [section 3912(e) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title33-section3912/e&num=0&edition=prelim), provided that, in the event of a default with respect to any such assistance, the State infrastructure financing authority is solely responsible for immediate repayment of such costs.
(10) **Credit** — Any eligible project costs incurred and the value of any integral in-kind contributions made before receipt of assistance under this chapter shall be credited toward the 51 percent of project costs to be provided by sources of funding other than a secured loan under this chapter (as described in paragraph (2)(A)).
**(c) Repayment**
(1) **Schedule** — The Secretary or the Administrator, as applicable, shall establish a repayment schedule for each secured loan provided under this section, based on the projected cash flow from project revenues and other repayment sources.
(2) **Commencement**
(A) *In general* — Scheduled loan repayments of principal or interest on a secured loan under this section shall commence not later than 5 years after the date of substantial completion of the project (as determined by the Secretary or Administrator, as applicable).
(B) *Special rule for State infrastructure financing authorities*
(i) *Timing of scheduled loan repayments* — Scheduled loan repayments of principal or interest on a secured loan to a State infrastructure financing authority under this chapter shall commence not later than 5 years after the date on which amounts are first disbursed.
(ii) *Repayments* — None of the funds for repayment of a secured loan under this title from a State infrastructure financing authority may come from funds provided to a State revolving loan fund under title VI of the Federal Water Pollution Control Act ([33 U.S.C. 1381](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title33-section1381&num=0&edition=prelim) et seq.) or [section 300j–12 of title 42](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section300j–12&num=0&edition=prelim).
(3) **Deferred payments**
(A) *Authorization* — If, at any time after the date of substantial completion of a project for which a secured loan is provided under this section, the project is unable to generate sufficient revenues to pay the scheduled loan repayments of principal and interest on the secured loan, the Secretary or the Administrator, as applicable, subject to subparagraph (C), may allow the obligor to add unpaid principal and interest to the outstanding balance of the secured loan.
(B) *Interest* — Any payment deferred under subparagraph (A) shall—
(i) continue to accrue interest in accordance with subsection (b)(4) until fully repaid; and
(ii) be scheduled to be amortized over the remaining term of the secured loan.
(C) *Criteria*
(i) *In general* — Any payment deferral under subparagraph (A) shall be contingent on the project meeting such criteria as the Secretary or the Administrator, as applicable, may establish.
(ii) *Repayment standards* — The criteria established under clause (i) shall include standards for reasonable assurance of repayment.
(4) **Prepayment**
(A) *Use of excess revenues* — Any excess revenues that remain after satisfying scheduled debt service requirements on the project obligations and secured loan and all deposit requirements under the terms of any trust agreement, bond resolution, or similar agreement securing project obligations may be applied annually to prepay a secured loan under this section without penalty.
(B) *Use of proceeds of refinancing* — A secured loan under this section may be prepaid at any time without penalty from the proceeds of refinancing from non-Federal funding sources.
**(d) Sale of secured loans**
(1) **In general** — Subject to paragraph (2), as soon as practicable after the date of substantial completion of a project and after providing a notice to the obligor, the Secretary or the Administrator, as applicable, may sell to another entity or reoffer into the capital markets a secured loan for a project under this section, if the Secretary or the Administrator, as applicable, determines that the sale or reoffering can be made on favorable terms.
(2) **Consent of obligor** — In making a sale or reoffering under paragraph (1), the Secretary or the Administrator, as applicable, may not change the original terms and conditions of the secured loan without the written consent of the obligor.
**(e) Loan guarantees**
(1) **In general** — The Secretary or the Administrator, as applicable, may provide a loan guarantee to a lender in lieu of making a secured loan under this section, if the Secretary or the Administrator, as applicable, determines that the budgetary cost of the loan guarantee is substantially the same as that of a secured loan.
(2) **Terms** — The terms of a loan guarantee provided under this subsection shall be consistent with the terms established in this section for a secured loan, except that the rate on the guaranteed loan and any prepayment features shall be negotiated between the obligor and the lender, with the consent of the Secretary or the Administrator, as applicable.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Restoration and maintenance of chemical, physical and biological integrity of Nation’s waters; national goals for achievement of objective** The objective of this chapter is to restore and maintain the chemical, physical, and biological integrity of the Nation’s waters. In order to achieve this objective it is hereby declared that, consistent with the provisions of this chapter—
(1) it is the national goal that the discharge of pollutants into the navigable waters be eliminated by 1985;
(2) it is the national goal that wherever attainable, an interim goal of water quality which provides for the protection and propagation of fish, shellfish, and wildlife and provides for recreation in and on the water be achieved by July 1, 1983;
(3) it is the national policy that the discharge of toxic pollutants in toxic amounts be prohibited;
(4) it is the national policy that Federal financial assistance be provided to construct publicly owned waste treatment works;
(5) it is the national policy that areawide waste treatment management planning processes be developed and implemented to assure adequate control of sources of pollutants in each State;
(6) it is the national policy that a major research and demonstration effort be made to develop technology necessary to eliminate the discharge of pollutants into the navigable waters, waters of the contiguous zone, and the oceans; and
(7) it is the national policy that programs for the control of nonpoint sources of pollution be developed and implemented in an expeditious manner so as to enable the goals of this chapter to be met through the control of both point and nonpoint sources of pollution.
**(b) Congressional recognition, preservation, and protection of primary responsibilities and rights of States** It is the policy
Source: Supplied U.S. Code snapshot — release unconfirmed · 33 U.S.C. § 1251
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Federal law — U.S. Code and appendices · legal_authorities
**(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 ra
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General authority**
(1) **Grants to States to establish State loan funds**
(A) *In general* — The Administrator shall offer to enter into agreements with eligible States to make capitalization grants, including letters of credit, to the States under this subsection to further the health protection objectives of this subchapter, promote the efficient use of fund resources, and for other purposes as are specified in this subchapter.
(B) *Establishment of fund* — To be eligible to receive a capitalization grant under this section, a State shall establish a drinking water treatment revolving loan fund (referred to in this section as a “State loan fund”) and comply with the other requirements of this section. Each grant to a State under this section shall be deposited in the State loan fund established by the State, except as otherwise provided in this section and in other provisions of this subchapter. No funds authorized by other provisions of this subchapter to be used for other purposes specified in this subchapter shall be deposited in any State loan fund.
(C) *Extended period* — The grant to a State shall be available to the State for obligation during the fiscal year for which the funds are authorized and during the following fiscal year, except that grants made available from funds provided prior to fiscal year 1997 shall be available for obligation during each of the fiscal years 1997 and 1998.
(D) *Allotment formula* — Except as otherwise provided in this section, funds made available to carry out this section shall be allotted to States that have entered into an agreement pursuant to this section (other than the District of Columbia) in accordance with—
(i) for each of fiscal years 1995 through 1997, a formula that is the same as the formul
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 300j–12
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Federal law — U.S. Code and appendices · legal_authorities
In any case in which a project under the jurisdiction of the Secretary is budgeted under a different business line than the business line under which the project was originally authorized, the Secretary shall ensure that the project is carried out in accordance with any requirements that apply to the business line under which the project was originally authorized.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General authority** Subject to the provisions of this subchapter, the Administrator shall make capitalization grants to each State for the purpose of establishing a water pollution control revolving fund to accomplish the objectives, goals, and policies of this chapter by providing assistance for projects and activities identified in [section 1383(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title33-section1383/c&num=0&edition=prelim).
**(b) Schedule of grant payments** The Administrator and each State shall jointly establish a schedule of payments under which the Administrator will pay to the State the amount of each grant to be made to the State under this subchapter. Such schedule shall be based on the State’s intended use plan under [section 1386(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title33-section1386/c&num=0&edition=prelim), except that—
(1) such payments shall be made in quarterly installments, and
(2) such payments shall be made as expeditiously as possible, but in no event later than the earlier of—
(A) 8 quarters after the date such funds were obligated by the State, or
(B) 12 quarters after the date such funds were allotted to the State.
Source: Supplied U.S. Code snapshot — release unconfirmed · 33 U.S.C. § 1381
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Federal law — U.S. Code and appendices · legal_authorities
In this chapter:
(1) **Administrator** — The term “Administrator” means the Administrator of the Environmental Protection Agency.
(2) **Community water system** — The term “community water system” has the meaning given the term in [section 300f of title 42](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section300f&num=0&edition=prelim).
(3) **Federal credit instrument** — The term “Federal credit instrument” means a secured loan or loan guarantee authorized to be made available under this chapter with respect to a project.
(4) **Investment-grade rating** — The term “investment-grade rating” means a rating of BBB minus, Baa3, bbb minus, BBB (low), or higher assigned by a rating agency to project obligations.
(5) **Lender**
(A) *In general* — The term “lender” means any non-Federal qualified institutional buyer (as defined in section 230.144A(a) of title 17, Code of Federal Regulations (or a successor regulation), known as Rule 144A(a) of the Securities and Exchange Commission and issued under the Securities Act of 1933 ([15 U.S.C. 77a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77a&num=0&edition=prelim) et seq.)).
(B) *Inclusions* — The term “lender” includes—
(i) a qualified retirement plan (as defined in [section 4974(c) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section4974/c&num=0&edition=prelim)) that is a qualified institutional buyer; and
(ii) a governmental plan (as defined in [section 414(d) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section414/d&num=0&edition=prelim)) that is a qualified institutional buyer.
(6) **Loan guarantee** — The term “loan guarantee” means any guarantee or other pledge by the Secreta
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Federal law — U.S. Code and appendices · legal_authorities
**(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 no
Source: Supplied U.S. Code snapshot — release unconfirmed · 33 U.S.C. § 3912
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Federal law — U.S. Code and appendices · legal_authorities
Page 597
TITLE 33—NAVIGATION AND NAVIGABLE WATERS
§ 1381
out at end ‘‘Sums reserved under this subsection shall
be available only for grants for the development of
waste treatment management plans and for the con-
struction of sewage treatment works to serve Indian
tribes, as defined in subsection (h) and former Indian
reservations in Oklahoma (as determined by the Sec-
retary of the Interior) and Alaska Native Villages as
defined in Public Law 92–203.’’
2000—Subsec. (e). Pub. L. 106–284 substituted ‘‘1344,
and 1346 of this title’’ for ‘‘and 1344 of this title’’ in in-
troductory provisions.
1988—Subsec. (c). Pub. L. 100–581 inserted ‘‘, as de-
fined in subsection (h) and former Indian reservations
in Oklahoma (as determined by the Secretary of the In-
terior) and Alaska Native Villages as defined in Public
Law 92–203’’ before period at end.
Statutory Notes and Related Subsidiaries
GRANTS FOR CONSTRUCTION OF WATER FACILITIES AND
FOR WATER QUALITY PROTECTION
Pub. L. 109–54, title II, Aug. 2, 2005, 119 Stat. 530, pro-
vided in part: ‘‘That, notwithstanding this or any other
appropriations Act, heretofore and hereafter, after con-
sultation with the House and Senate Committees on
Appropriations and for the purpose of making technical
corrections, the Administrator is authorized to award
grants under this heading [State and Tribal Assistance
Grants] to entities and for purposes other than those
listed in the joint explanatory statements of the man-
agers accompanying the Agency’s appropriations Acts
for the construction of drinking water, wastewater and
stormwater infrastructure and for water quality pro-
tection.’’
GRANTS TO INDIAN TRIBES
Provisions stating that for fiscal year 2006 and not-
withstanding section 1377(f) of this title, the Adminis-
trat
Source: Supplied 2024 U.S. Code historical extraction · 33 U.S.C. § 1381
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Federal law — U.S. Code and appendices · legal_authorities
Page 1016
TITLE 33—NAVIGATION AND NAVIGABLE WATERS
§ 3908
(c) Federal requirements
Nothing in this section supersedes the applica-
bility of other requirements of Federal law (in-
cluding regulations).
(Pub. L. 113–121, title V, § 5028, June 10, 2014, 128
Stat. 1335; Pub. L. 114–94, div. A, title I, § 1445,
Dec. 4, 2015, 129 Stat. 1437; Pub. L. 114–322, title
IV, § 5008(b)(2)(D), Dec. 16, 2016, 130 Stat. 1897;
Pub. L. 115–270, title IV, § 4201(a)(2), Oct. 23, 2018,
132 Stat. 3877; Pub. L. 117–58, div. E, title II,
§ 50214, Nov. 15, 2021, 135 Stat. 1173.)
Editorial Notes
AMENDMENTS
2021—Subsec. (a)(1)(D)(ii). Pub. L. 117–58 substituted
‘‘a final rating opinion letter from at least 1 rating
agency’’ for ‘‘final rating opinion letters from at least
2 rating agencies’’.
2018—Subsec. (a)(1)(E). Pub. L. 115–270 amended sub-
par. (E) generally. Prior to amendment, text read as
follows: ‘‘The Administrator shall develop a credit
evaluation process for a Federal credit instrument pro-
vided to a State infrastructure financing authority for
a project under section 3905(9) of this title or 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 2 rating agencies.’’
2016—Subsec.
(a)(1)(E).
Pub.
L.
114–322,
§ 5008(b)(2)(D)(i), substituted ‘‘section 3905(9)’’ for ‘‘sec-
tion 3905(8)’’ and ‘‘section 3905(10)’’ for ‘‘section 3905(9)’’.
Subsec. (b)(3). Pub. L. 114–322, § 5008(b)(2)(D)(ii), sub-
stituted ‘‘section 3905(9)’’ for ‘‘section 3905(8)’’.
2015—Subsec. (a)(5) to (7). Pub. L. 114–94 redesignated
pars. (6) and (7) as (5) and (6), respectively, and struck
out former par. (5). Prior to amendment, text of par. (5)
read as follows: ‘‘No project receiving Federal
Source: Supplied 2024 U.S. Code historical extraction · 33 U.S.C. § 3908
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