Agenda 06/26/2012 Item #16C 5H. 6
EXECUTIVE SUMIyIAR -1'
Recommendation to approve the communication of support from the Collier County
Water -Sewer District by letter, under the signature of the Chair of the Board of
County Commissioners, Ex- Officio the Governing Board of the Collier County
Water -Sewer District, for the Water Infrastructure Financing Innovation Act, to
our Federal House and Senate representatives, and to encourage them to sign on as
original co- sponsors of the legislation.
OBJECTIVE: To communicate the support of the Collier County Water -Sewer District
for the Water Infrastructure Financing Innovation Act ( WIFIA) to our Federal House and
Senate representatives, and to encourage them to sign on as original co- sponsors of the
legislation, as the WIFIA concept was approved by the Finance Committee in the June 5,
2012 meeting.
CONSIDERATION: Congressman Bob Gibbs, chair of the House Subcommittee on
Water Resources and Environment, is actively addressing water infrastructure finance
issues. He held a hearing on February 28, 2012, to review innovative finance tools, and is
now preparing to introduce the WIFIA. The WIFIA would create a finance mechanism
modeled after the Transportation Infrastructure Finance and Innovations Authority
(commonly called TIFIA), and provide access to lower -cost capital for investments in
water infrastructure.
WIFIA would access funds from the U.S. Treasury at Treasury rates, and use those funds
to support loans and other credit mechanisms for water projects at or near Treasury rates.
Although interest rates fluctuate, such rates are currently significantly better than
municipal bond rates. The benefit to local communities of lower interest rates can be
significant.
The WIFIA would —
• Increase the availability of federal loans for large -scale (over $20 million) water
infrastructure investments that may not be suitable for assistance through the
existing Drinking Water and Clean Water State Revolving Fund (SRF) programs.
• Reduce the cost of financing large water infrastructure projects by reducing the
cost of borrowing to Treasury rates.
• Reduce the cost of leveraging for SRF programs by lending to them directly. A
federal water infrastructure finance authority could lend to those SRFs wishing to
leverage their capitalization grants at the lowest possible interest rates.
• Be available for potable water, wastewater, and stormwater capital investment
programs.
Packet Page -1183-
The Count, Finance Committee unanimously approved the concept of in: VIIF1 ir: IE
meeting on June �, 2012. Staff will continue to monitor progress of this legislation.
Staff has prepared four letters requesting Senator Bill Nelson, Senator Marco Rubio,
Congressman David Rivera, and Congressman Connie Mack to sign on as original co-
sponsors of the WIFIA legislation drafted by Congressman Bob Gibbs.
FISCAL IMPACT: While there is no immediate fiscal impact associated with this item,
there is potential for a positive fiscal impact by lowering borrowing costs associated with
large water and wastewater capital projects. Although the Public Utilities Division has
been adhering to the pay -as -you go approach, this could provide a vehicle to finance
future capital projects, if the need arises. This program can also be a financial resource
for stormwater projects.
GROWTH MANAGEMENT IMPACT: There is no growth management impact
associated with this item.
LEGAL CONSIDERATIONS: This item has been reviewed and approved by the
County Attorney's Office, is legally sufficient for Board action and only requires a
majority vote for approval —SRT.
RECOMMENDATION: Approve the communication of support from the Collier
County Water -Sewer District by letter, under the signature of the Chair of the Board of
County Commissioners, Ex- Officio the Governing Board of the Collier County Water -
Sewer District, for the Water Infrastructure Financing Innovation Act, to Federal House
and Senate representatives, and to encourage them to sign on as original co- sponsors of
the legislation.
Prepared by: Laura Zautcke, Senior Management & Budget Analyst, Public Utilities
Operations Support
Attachments: WIFIA Issue Paper
Discussion Draft of WIFIA
Letters to Senator Nelson, Senator Rubio, Congressman Rivera and
Congressman Mack.
Packet Page -1184-
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.C.5.
Item Summary: Recommendation to approve the communication of support from the
Collier County Water -Sewer District by letter, under the signature of the Chair of the Board of
County Commissioners, Ex- Officio the Governing Board of the Collier County Water -Sewer
District, for the Water Infrastructure Financing Innovation Act to our Federal House and Senate
representatives, and to encourage them to sign on as original co- sponsors of the legislation.
Meeting Date: 6/26/2012
Prepared By
Name: ZautckeLaura
Title: Management Analyst, Senior, Utility Finance Ops.
6/8/2012 10:22:11 AM
Submitted by
Title: Management Analyst, Senior, Utility Finance Ops.
Name: ZautckeLaura
6/8/2012 10:22:13 AM
Approved By
Name: HapkeMargie
Title: Operations Analyst, Public Utilities
Date: 6/8/2012 10:41:50 AM
Name: HapkeMargie
Title: Operations Analyst, Public Utilities
Date: 6/8/2012 11:02:34 AM
Name: WidesTom
Title: Director - Operations Support - PUD,Utilities Fina
Date: 6/11/2012 1:25:56 PM
Name: MarcellaJeanne
Title: Executive Secretary,Transportation Planning
Packet Page -1185-
Date: 6/13/2012 8:32:26 AM
Name: TeachScott
Title: Deputy County Attorney,County Attorney
Date: 6/13/2012 9:18:22 AM
Name: YilmazGeorge
Title: Administrator, Public Utilities
Date: 6/13/2012 10:20:44 AM
Name: GreenwaldRandy
Title: Management/Budget Analyst,Office of Management & B
Date: 6/14/2012 9:55:54 AM
Name: KlatzkowJeff
Title: County Attorney
Date: 6/15/2012 11:31:53 AM
Name: OchsLeo
Title: County Manager
Date: 6/17/2012 8:14:52 AM
Packet Page -1186-
nment
r
,ople®
A Water Infrastructure Financing Innovation Act (WIFIA) and
Other Infrastructure Financing Tools
Action Requested:
• From House members, contact Congressman Bob Gibbs, chair of the House Subcommittee
on Water Resources and Environment, and tell him you want to be an original cosponsor of
his Water Infrastructure Finance Innovation Act.
• From senators, contact your respective leadership and leadership of the Committee on
Environment and Public Works and let them know you would like to see WIFIA legislation
introduced and passed in the Senate.
• From both House and Senate, support funding of the drinking water and clean water state
revolving loan fund (SRF) program, at least at the previous year's appropriated levels. The
SRF is a vital tool in the toolbox of water infrastructure finance, particularly for small to
medium -sized systems.
Background: High - quality drinking water and wastewater systems are essential to public health,
business, and quality of life in the United States. The American Water Works Association (AWWA),
Water Environment Federation (WEF) and others have documented that our water and wastewater
infrastructure is aging and that many communities must begin to increase their levels of investment
in the repair and rehabilitation of water infrastructure in order to protect public health and safety and
to maintain environmental standards.
In addition, having a reliable water supply and a means of treating wastewater before returning it to
the environment are necessary to economic development. Rehabilitating and replacing that
infrastructure produces jobs. The U.S. Department of Commerce has estimated that every dollar
spent on water infrastructure generates $2.62 in the private economy. For every job added to the
water workforce, abut 3.68 jobs are added nationally.
In February 2012, AWWA released its latest report on drinking water infrastructure needs, "Buried
No Longer: Confronting America's Water Infrastructure Challenge." This report reveals that the
country will need to spend $1 trillion over the next 25 years to maintain our current level of water
service. This figure does not count above - ground infrastructure, such as tanks or improvements to
water treatment necessary to meet new standards. Nor does it include wastewater infrastructure
needs, which have been shown to be as large as drinking water needs.
Financing Water Infrastructure: AWWA and WEF have long believed that Americans are best
served by water and wastewater systems that are self sustaining through rates and other local
charges. However, we recognize that at present, some communities need assistance due to
hardship or special economic circumstances. In addition, the need to replace or upgrade existing
infrastructure may require access to a large amount of capital in a relatively short time frame, placing
great stress on local rates and charges.
Packet Page -1187-
Although 95 percent of spending on water and wastewater has beer fro,:, local sources the feaeaa.
government can play an important role by lowering the cost of capital for water and wastewater
investments. Almost 70 percent of American communities use bonds to finance local infrastructure.
They pay billions of dollars in interest costs each year. Lowering the cost of borrowing for water and
wastewater infrastructure is an important way to leverage local funding and help America rebuild and
rehabilitate our aging water infrastructure.
A Novel Approach: The Water Infrastructure Finance Innovation Act
Congressman Bob Gibbs, chair of the House Subcommittee on Water Resources and Environment,
is actively addressing water infrastructure finance issues. He held a hearing on February 28 to look
at innovative finance tools, and is now preparing to introduce a Water Infrastructure Finance and
Innovation Act. The act would create a finance mechanism modeled after the successful
Transportation Infrastructure Finance and Innovations Authority (commonly called TIFIA) and
provide access to lower -cost capital for investments in water infrastructure. This mechanism would
have no or little long -term effect on the federal budget deficit. As in TIFIA, WIFIA would, under the
Federal Credit Reform Act, only require appropriated funding sufficient to cover the subsidy cost, or
risk, of loans. Fitch Ratings, a top credit rating agency, calculates that the historical default rate on
water bonds is 0.04 percent. Indeed, water service providers are among the most fiscally
responsible borrowers in the United States. Moreover, those states that leverage their SRF
programs all have AAA or AA bond ratings and no history of defaults, placing them among the
strongest credits in the country.
WIFIA would access funds from the U.S. Treasury at Treasury rates and use those funds to support
loans and other credit mechanisms for water projects at or near Treasury rates. Although interest
fluctuates, such rates are currently significantly better than municipal bond rates. The benefit to local
communities of lower interest rates is significant. Lowering the cost of borrowing by 2.5 percent on a
30 -year loan reduces the lifetime project cost by almost 26 percent, the same result as a 26- percent
grant. WIFIA loans would be repaid to the Authority — and thence to the Treasury — with interest.
Consequently, WIFIA — because it would involve loans that are repaid — would involve minimal risks
and minimal long -term costs to the federal government.
The Water Infrastructure Finance Innovations Act would create a mechanism to:
• Offer loans, loan guarantees, and other credit support for large water infrastructure projects and
those with national or regional importance. These projects often find it difficult or impossible to
access loans from the existing SRF program, due in part to inadequate capitalization of the
SRFs.
Reduce the cost of leveraging for SRF programs by lending to them directly. A federal water
infrastructure finance authority could lend to those SRFs wishing to leverage their capitalization
grants at the lowest possible interest rates. This would allow SRFs to make more loans and
would increase their ability to offer special assistance to hardship communities if they chose to
do so. Currently, 31 states leverage their SRF programs on the bond markets. WIFIA loans to
an SRF would offer an additional option to accomplish the same goal and, by lowering the cost
of capital, make such a practice more attractive to additional states.
America faces the need to begin a significant and sustained increase in its investment in water and
waste water infrastructure, or risk deteriorating water and waste water services. The tenets outlined
in this paper provide a path towards truly sustainable water infrastructure for all Americans. A more
detailed description of WIFIA and a copy of AWWA's report, "Buried No Longer" are included in this
packet.
AWWA
1300 Eye St. NW WEF
Suite 701W 601 Wythe St.
Washington, DC 20005 Alexandria, VA 22314
202 628 -8303 800 666 -0206
www.awwa.oro Packet Page - 1188 -2
How W.. IFIA Workj
Wotw I husWarhm At cv mW I= --ad n Avdwft
US Thmoury
Si aft P&vWng
Loan Finds
Packet Page -1189-
[DISCUSSION DRAFT]
112m CONGRESS
2D SESSION H. R.
To provide financing assistance for qualified water infrastructure projects,
and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
M_. introduced the following bill; which was referred to the
Committee on
0
A BILL
To provide financing assistance for qualified water
infrastructure projects, and for other purposes.
1 Be it enacted by the Senate and 1:16use of Representa-
2 tines of the United States of America in Congress assembled,
3 SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
4 (a) SHORT TITLE. —This Act may be cited as the
S "Water Infrastructure Finance and Innovation Act of
6 2012 ".
7 (b) TABLE OF CONTENTS. —The table of contents of
8 this Act is as follows:
See. 1. Short title; table of contents.
See. 2. Findings.
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TITLE WATER INFRASTRUCTURE FINed\TCE ANT` INNOVATION
Sec. 101. Definitions.
Sec. 102. Authority to provide assistance.
Sec. 103, Application.
Sec. 104. Entities eligible for assistance.
Sec. 105. Projects eligible for assistance.
Sec. 106. Activities eligible for assistance,
Sec. 107. Selection among eligible projects.
Sec. 108. Credit evaluation.
Sec. 109. Terms and conditions.
Sec. 110. Program administration.
Sec. 111. Technical assistance.
Sec. 112. Threshold for assistance.
Sec. 113. Funding.
TITLE II— PRIVATE ACTIVITY BONDS
Sec. 201. Exempt - facility bonds for sewage and water supply facilities.
1 SEC. 2. FINDINGS.
2 Congress finds the following:
3 (1) It is in the national interest to encourage
4 the timely and cost effective rehabilitation and re-
5 placement of aging water and sewer infrastructure.
6 (2) The Environmental Protection Agency re-
7 nnrf z-
8 (A) , $334,000,000,000 is needed to invest
9 in infrastructure improvements over 20 years to
10 ensure the provision of safe water; and
11 (E) $202,500,0007000 is needed for pub -
12 liely owned wastewater systems- related infra -
13 structure needs over 20 years.
14 (3) Customer rates and local charges are and
15 will remain the primary means of paying for water
16 service and infrastructure.
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v
(4) The municipal bone marker an State Rc-
2
volving Fund programs are the primary long -term
3
means for financing water infrastructure projects,
4
but upfront investment needs are simply too high to
5
be met with these traditional means alone.
6
(5) Financing constraints make it particularly
7
difficult for State Revolving Funds to support large
8
water infrastructure projects of regional and na-
9
tional significance.
10
(6) Current financing mechanisms do not suffi-
11
ciently catalyze private sector investment, while the
12
capital markets, including pension funds, and other
13
investors have a growing interest in infrastructure
14
investment.
15
(7) This Act will substantially benefit the Na-
16
tion's drinking water and wastewater systems by-
17
(A) addressing the gap in funding for
18
large, regionally, and nationally significant
19
projects by making available direct loans and
20
loan guarantees to reduce borrowing costs and
21
accelerate water infrastructure investment;
22
(B) enhancing the capacity of State Re-
23
volving Fund programs to assist other projects;
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(C) tacintatmg private Sector 1nvestmeni. in
2 drinking water and wastewater infrastructure;
3 and
4 (D) promoting compliance with the Federal
5 Water Pollution Control Act and the Safe
6 Drinking Water Act.
7 (8) As the historical default rate on water and
8 sewer bonds is 0.04 percent, the risk of default on
9 Federal assistance provided under this Act is mini -
10 mal.
11 (9) Because loans, loan. guarantees, and other
12 credit instruments only incur long -term costs if sub -
13 sidized or in the event of default, this Act can help
14 to meet the Nation's water infrastructure needs at
15 minimal long -term cost to the Federal Government.
16 TITLE I- -WATER INFRASTRUC-
17 TUBE FINANCE AND INNOVA-
18 TION
19 SEC. 101. DEFINITIONS.
20 In this title, the following definitions apply:
21 (1) ADMINISTRATOR. —The term "Adminis-
22 trator" means the Administrator of the Environ-
23 mental Protection Agency.
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(2) BopmowEP�. —Tine. term "borrower" mean.:
2 an eligible entity that owes payments of interest or
3 principal on a credit instrument.
4 (3) COMMUNITY WATER SYSTEM. —The term
5 "community water system" has the meaning given
6 such term in section 1401 of. the Safe Drinking
7 Water Act (42 U.S.C. 300(f)).
8 (4) COST OF A DIRECT LOAN; COST OF A LOAN
9 GUARANTEE. —The terms "cost of a direct loan" and
10 "cost of a loan guarantee" mean the "cost of a di-
11 reet loan" and "cost of a loan guarantee ", respec-
12 tively, as those terms are used in section 502(5) of
13 the Federal Credit Deform Act of 1990 (2 U.S.C.
14 661.a(5)).
15 (5) CREDIT INSTRUMENT. —The term "credit
16 instrument" means a direct loan made under this
17 title or a loan or other debt obligation that is subject
18 to a loan guarantee under this title.
19 (6) DIRECT LOAN. —The term "direct loan" -
20 (A) means a "direct loan ", as such term is
21 defined under section 502(l) of the Federal
22 Credit Reform Act of 1990 (2 U.S.C. 661a(1));
23 and
24 (B) includes a Government purchase of a
25 bond.
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1
(7) LOAN GUARI0\TTEE. —Tile terin "ioari gua- -
2
antee" has the meaning given such term under sec -
3
tion 502(3) of the Federal Credit Reform Act of
4
1990 (2 U.S.C. 661a(3)).
5
(8) STATE INFRASTRUCTURE FINANCING AU-
6
THORITY. —The term "State infrastructure financing
7
authority" means the State entity established or des -
8
ignated by the Governor of a State to receive a cap -
9
italization grant provided by, or otherwise carry out
10
the requirements of, title VI of the Federal Water
11
Pollution Control Act (33 U.S.C. 1381 et seq.) or
12
section 1452 of the Safe Drinking Water Act (42
13
U.S.C. 300j-12).
14
(9) TREATMENT vvomm. —The term "treatment
15
works" has the meaning given such term under sec -
16
tion 212 of Federal Water Pollution Control Act (33
17
U.S.C. 1292).
18
SEC. 102. AUTHORITY TO PROVIDE ASSISTANCE.
19
The Administrator may make a direct loan (including
20
a subordinated loan) or a loan guarantee to an eligible
21
entity for eligible activities associated with an eligible
22
project, in accordance with this title.
23
SEC. 103. APPLICATION.
24
(a) IN GENERAL. —To receive assistance under this
25
title, an eligible entity shall submit to the Administrator
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'2-
00-
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r
1.
an application, at such time, in such manner, and con -
2
taining such information as the Administrator may re-
3
quire.
4
(b) COMBINED PROJECTS. —In the case of a project
5
eligible for assistance under section 105(8), the Adminis-
6
trator shall require from the eligible entity a single appli-
7
cation for the combined group of projects.
8
SEC.. 104. ENTITIES ELIGIBLE FOR ASSISTANCE.
9
(a) INT GENERAL. —For the purposes of this title, the
10
following are eligible entities:
11
(1) An entity (other than a State or local high -
12
way or road department or agency) that owns or op-
13
erates a treatment works that serves the general
14
public, including a municipal or regional separate
15
storm sewer system management agency.
16
(2) An entity that owns or operates a commu-
17
nity water system.
18
(3) Any grouping or combination of the above
19
that may be cooperating on an eligible project.
20
(4) A State infrastructure financing authority,
21
for the purposes of providing assistance to an eligi-
22
ble project under section 105(8).
23
(b) PUBLIC - PRIVATE PARTNERSHIPS. —In the case of
24
an entity that is a public- private partnership, a public en-
25
tity -owned or investor -owned utility shall be the entity eli- Aaw
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1 glblc; for assistant+:, under ti1.1 title, and no': tnE prl'trat
2 financing or development partner.
3 SEC. 105. PROJECTS ELIGIBLE FOR ASSISTANCE.
4 For the purposes of this title, the following are eligi-
5 ble projects:
6 (1) A capital project to construct, replace, or
7 rehabilitate a treatment works or a community
8 water system.
9 (2) A capital project to increase the security of
10 a treatment works or a community water system.
11 (3) A capital project to reduce the energy con -
12 sumption needs of a treatment works or a commu-
13 nity water system, including the implementation of
14 energy efficient or. renewable generation tech -
15 nol.ogies.
16 (4) A capital project to increase water effi-
17 ciency, reduce the demand for water, or reduce the
18 demand for treatment works or community water
19 system capacity.
20 (5) A capital project to manage or control
21 stormwater.
22 (6) A capital project to reuse municipal waste -
23 water or stormwater.
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1 (7) A capital project for the consolidation o-"
2 two or more treatment works or community water
3 systems.
4 (8) A group of projects described in any of
5 paragraphs (1) through (7) that are combined for
6 purposes of receiving a single direct loan or loan
7 guarantee.
8 SEC. 106. ACTIVITIES ELIGIBLE FOR ASSISTANCE.
9 For the purposes of this title, eligible activities with
10 respect to an eligible project include the following:
11 (1) Development phase activities, including
12 planning, feasibility analysis, revenue forecasting,
13 environmental review, permitting, and other
14 preconstruction engineering and design work.
15 (2) Construction, reconstruction, rehabilitation.,
16 and replacement required for the project.
17 (3) Acquisition of real property (including inter -
18 ests in real property), environmental mitigation, con -
19 struction contingencies, and acquisition of equip -
20 ment.
21 (4) Funding mechanisms necessary to meet
22 market or affordability requirements, reasonably re-
23 quired reserve funds, capitalized interest issuance
24 expenses, and other carrying costs during construc-
25 tion of the project.
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1
(5) Refinancing of interini. consTruCti0n nnanc-
2
ing, long term project obligations, or direct loans or
3
loan guarantees made under this title.
4.
SEC. 107. SELECTION AMONG ELIGIBLE PROJECTS.
5
(a) IN GENERAL. —The Administrator shall select eli-
6
Bible projects to receive assistance under this title based
7
on the following criteria:
8
(1) The significance of the infrastructure needs
9
addressed by the project, including the economic, en-
10
vironmental, and public health benefits of the
11
project.
12
(2) The creditworthiness of the project under
13
consideration, including the terms, conditions, finan-
14
vial structure, and security features malting up, the
15
proposed financing, and the financial assumptions
16
upon which the project is based.
17
(3) The need for Federal assistance, including
18
the likelihood that the provision of assistance by the
19-
Administrator under this title will cause the project
20
to proceed more promptly and with lower costs for
21
financing than would be the case without such as-
22
sistance.
23
(4) The degree to which the project financing
24
plan includes public and private financing in addi-
25
tion to assistance under this title.
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i
1 (5) The cost of the direct loan or loan guar-
2 antee to the Government for the project.
3 (6) The extent to which the project is nationally
4 or regionally significant.
5 (b) SPECIAL RULE FOR COMBINED PROJECTS. —In
6 the case of a project eligible for assistance under section
7 105(8), the Admimstrator shall consider only the criteria
8 described in paragraphs (1), (2), (3), and (5) of subsection
9 (a).
10 (e) REASONABLE ASSURANCE OF PAYMENT.- The
11 Administrator may select an eligible project for assistance
12 only if the Administrator rinds that there is a reasonable
13 assurance that all payments will be made on the credit
14 instrument.
15 SEC. 108. CREDIT EVALUATION.
16 (a) IN GENERAL. —The Administrator shall develop
17 and implement a credit evaluation process before pro-
18 viding any assistance under this title.
19 (b) PRELIMINARY RATING OPINION LETTER. —For
20 purposes of determining creditworthiness under section
21 107(a)(2), the Administrator may require an eligible enti-
22 ty to provide a preliminary rating opinion letter from at
23 least one rating agency, or may use an alternative (includ-
24 ing an internal) credit rating process.
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(c) RULE FOIE, OFmn COMBINED 'ROJEC`S. —xs
2
the case of an eligible project under section 105(8) for
3
which a State infrastructure financing authority is the eli-
4
Bible entity, in addition to the creditworthiness consider-
5
ation under section 107(x)(2), the Administrator shall
6
evaluate the creditworthiness of each entity represented by
7
the State infrastructure financing authority that will be
8
carrying out any project described under paragraphs (1 )
9
through (7) of section 105 that will be part of such eligible
10
project.
11
SEC. 109. TERMS AND CONDITIONS.
12
(a) IN GENERAL.— Direct loans and loan guarantees
13
made under this title shall be on such terms and condi-
14
tions and contain such. covenants, representations, warran-
15
ties, and requirements (including requirements for audits)
16
as the Administrator may prescribe.
17
(b) INTEREST RATE. -
18
(1) IN GENERAL. —The interest rate applicable
19
to a credit instrument shall be the rate that is set
20
by reference to a benchmark interest rate on mar -
21
ketable Treasury securities with a similar maturity
22
to such credit instrument, as of the date of execu-
23
tion of the agreement.
24
(2) HIGHER INTEREST RATES. —The Adminis-
25
trator may charge a higher interest rate on a direct
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I
loar, if the Administrator determines the: risk profile
2
of the project indicates a higher interest rate is nee -
3
essary to protect the interests of the United States.
4
(c) TERM of LOAN. —The Administrator may provide
5
assistance under this title only with respect to a credit
6
instrument the final maturity date of which is not later
7
than 35 years after the date on which funds are disbursed.
8
(d) SEcuRiTY FEATURES. —The Administrator'shall
9
require a borrower receiving assistance under this title to
10
use a rate covenant, coverage requirement, or similar secu-
11
city feature supporting the project obligations to ensure
12
repayment.
13
(e) DIr.ECT LOAN REPAYMENTS.- -
14
(1) SCHEDULE. —The Administrator shall es-
15
tablish a repayment schedule for each direct loan
16
under this title based on the projected cash flow
17
from project repayment sources.
18
(2) COMMENCEMENT.— Scheduled repayments
19
of principal or interest on a direct loan made under
20
this title shall commence not later than the earlier
21
of-
22
(A) 5 years after the date of substantial
23
completion of the project, as determined by the
24
Administrator in a manner set forth at the time
25
the direct loan is made; or
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February 22, 2012 (9:16 a.m.) Packet Page -1203-
: \i;1l L1M221iAI�IDI\rlitAl�l�I:1�\ 'Il ir:_OJ �t szs�zor Draft'
(P; [— years after the d aye on which the.
2
direct loan is made.
3
(3) DEFERRAL OF PA'i'1VIENTS.-
4
(A) IN GENERAL. —If the Administrator
5
determines that a borrower lacks the resources
6
to make scheduled payments on a direct loan
7
made under this title based on circumstances
8
not foreseeable at the time the direct loan is
9
made, the Administrator may allow for the de-
10
ferral of such payments.
11
(B) INTERESTS. —Any payment deferred
12
under subparagraph (A) shall-
13
(i) continue to accrue interest until
14
fully repaid; and
15
(ii) be scheduled to be amortized over
16
the remaining term of the direct loan.
17
(C) CRITERIA. Any payment deferral
18
under subparagraph (A) shall be contingent on
19
the project meeting criteria established by the
20
Administrator, which shall include standards
21
for reasonable assurance of repayment,
22
(4) PREPAYMENT. --- Payments on the direct
23
loan may be made in advance with no penalty.
24
(f) SPECIAL RULES FOR LOAN GUARANTEES.—
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1�
T
;1) TERMS. —The terms o' a credit instrument;
2
that is the subject of a loan guarantee under this
3
title shall be consistent with the terms set forth in
4
this title for a direct loan, except that the interest
5
rate and any pre - payment features on such credit in-
6
strument shall be negotiated between the borrower
7
and the lender, with the consent of the Adm.inis-
8
trator.
9
(2) INTEREST RATE. —The Administrator may
10
make a loan guarantee under this title only if the
11
Administrator determines that the interest rate on
12
the credit instrument that is subject to such loan
13
guarantee is appropriate, taking into account the
14
prevailing rate of interest in the private sector for
15
similar obligations.
16
(3) ELIGIBLE LENDER. —The Administrator
17
may not make a loan guarantee under this title un-
18
less the lender of the loan or purchaser of the debt
19
security that will be the subject of the loan guar -
20
antee is a non - Federal qualified institutional buyer
21
(as defined in section 230.144A(a) of title 17, Code
22
of Federal Regulations (or any successor regula-
23
tion)), including -
24
(A) a qualified retirement plan (as defined
25
in section 4974(c) of the Internal Revenue Code
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�: �Ii�, �U�i?.'; �t�NZ�r�i�� ,��Tcz1�c��Tz>✓z�_uo��i.,s�v�: ����;
1e
i of 19 5 6) that is a. non-Federal qualizzee_ instiv,! -
2 tional buyer; and
3 (B) a governmental plan (as defined in
4 section 414(d) of the Internal Revenue Code of
5 1986) that is a non - Federal qualified institu-
6 tional buyer.
7 (4) ADEQUATE SERVICING PROVISIONS RE-
8 QUIRED. —No loan guarantee may be made under
9 this title for a loan unless the Administrator deter -
10 mines that the lender with respect to such loan is re-
11 sponsible and that adequate servicing provisions
12 have been made for the loans that are the subject
13 of such loan guarantee that are reasonable and pro-
14, tect the financial interest of the United States.
15 SEC. 110. PROGRAM ADMINISTRATION.
16 (a) IN GENERAL.-The Administrator shall establish
17 a uniform system to service the direct loans and loan guar -
18 antees made under this title.
19 (b) AsszsTANCE FROM ExPERT FIRMS. —The Ad-
20 mirdstrator may retain the services of expert firms, includ-
21 ing counsel, in the field of municipal and project finance
22 to assist in the underwriting and servicing of direct loans
23 and loan guarantees made under this title.
24 (c) FEES FOR ADMIMSTP,ATIVE ExPENTSES.—
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February 22, 2012 (9:18 a.m.) Packet Page -1205-
18 SEC. 111. TECHNICAL ASSISTANCE.
19 The Administrator may use funds appropriated under
20 this title to provide technical assistance to applicants and
21 prospective applicants in constructing financing packages
22 that leverage a mix of public and private funding sources.
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1r
IN GFNFr,AL. —Ir:. providing assistance- -
2
under this title, the Administrator may collect fees
3
for .administrative expenses, including premiums for
4
loan guarantees, at a level that is sufficient to cover
5
the costs of services of expert firms and all or a por-
6
tion of the costs to the Federal Government of serv-
7
icing the direct loans and loan guarantees made
8
under this title and, as provided in advance in ap-
9
propriations acts, use such amounts to cover such
10
expenses.
11
(2) LEVEL OF FEES. —The Administrator shall
12
set such fees at a level that will minimize the cost
13
to the Federal Government and maximize the assist; 10
14
an.ce that can be provided under this title, while pro -
15
viding competitive credit terms to eligible projects, in
16
order to lower borrowing costs and accelerate water
17
infrastructure investment.
18 SEC. 111. TECHNICAL ASSISTANCE.
19 The Administrator may use funds appropriated under
20 this title to provide technical assistance to applicants and
21 prospective applicants in constructing financing packages
22 that leverage a mix of public and private funding sources.
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fAVHLC\022212\022212.001_xml (515445119)
February 22, 2012 (9 :16 a.m.) Packet Page -1207-
F :1I�ML \Ci21i'/.IJI�I� 1�T�IN�r1vtLF1�_c�OiCxsskt>r D'r'aft)
1
SEC. 1-12. THRESHOLD FOP. ASSISTANCE.
2
The Administrator may provide assistance under this
3
title only with respect to a credit instrument in an amount
4
of $20,000,000 or more.
5
SEC. 113. FUNDING.
6
(a) AUTHORIZATION OF AI.'PROPRIATIONS.-
7
(1) DIRECT LOANS AND LOAN GUARANTEES.-
8
There are authorized to be appropriated for the cost
9
of providing direct loans and loan guarantees under
10
this title -
11
(A) [$ ] for fiscal year
12
2013;
13
(B) [$ ] for fiscal year
14
2014;
15
(C) [$ ] for fiscal year
16
2015; and
17
(D) [$ ] for fiscal year
18
2016, and each fiscal year thereafter.
19
(2) ADMINISTRATIVE EXPENSES. —There are
20
authorized to be appropriated amounts equal to any
21
fees collected under section 110, and in addition
22
there are authorized to be appropriated for adminis-
23
trative expenses under this title -
24
(A) [$ . ] for fiscal year
25
2013;
fAVHLC\022212\022212.001_xml (515445119)
February 22, 2012 (9 :16 a.m.) Packet Page -1207-
r:\ i> 1vI�1i�: 2\?' ANJi��INt :N�?I�IG\WI�E:_0{3�i�Fe:issian Ltra t
;C
I (B) U 1 for fiscal year
2 2014;
3 (C) [$ ] for fiscal year
4 2015; and
5 (D) such sums as may be necessary for fis-
6 cal year 2016, and each fiscal year thereafter.
7 (b) PAYMENT OF SUBSIDY COST. —A borrower may
8 pay for the cost of a direct loan or loan guarantee under
9 this title, along with the appropriate amount of related
10 administrative expenses, and the Administrator may use
11 such payment, as provided in advance in appropriations
12 Acts, instead of using funds authorized under subsection
13 (a), to make such direct loan or loan guarantee to the bor-
14 rower.
15 TITLE II-- PRIVATE ACTIVITY
16 BONDS
17 SEC. 201. EXEMPT - FACILITY BONDS FOR SEWAGE AND
18 WATER SUPPLY FACILITIES.
19 (a) BONDS FOR WATER AND SEWAGE FACILITIES
20 EXEMPT FROM VOLUME CAP ON PRIVATE ACTIVITY
21 BoNDs. Paragraph (3) of section 146(8) of the Internal
22 Revenue Code of 1986 is amended by inserting "(4), (5),"
23 after "(2), ".
24 (b) CONFORMING CHANGE.— Paragraphs (2) and
25 (3)(B) of section 146(k) of the Internal Revenue Code of
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lap
Draft,
2C,
1. 1980' are both aniendec_.� lb�- strikill!:1 "(4,. anC_.
2 inserting "(6)"
3 (c) EFFECTrvE DATE.—The amendments made by
4 this section shall apply to obligations issued after the date
5 of the enactment of this Act.
fAVHLC\022212\022212.001.xm1 (515445119)
February 22, 2012 (9:16 a.m.) Packet Page -1209-
a.
M, ...
Board of Collier County Commissioners
Donna Fiala Georgia A. Hiller, Esq. Tom Henning
District 1 District 2 District 3
June 14, 2012
Senator Bill Nelson
716 Senate Hart Office Building
Washington, DC 20510
Re: Water Infrastructure Finance and Innovation Act
Dear Senator Nelson:
Fred W. Coyle Jim Coletta
District 4 District 5
While 95 percent of spending on water and wastewater has been from local sources, the federal
government can play an important role by lowering the cost of capital for water and wastewater
investments. The need to replace or upgrade existing infrastructure requires access to a large amount
of capital in a relatively short time frame, placing great stress on local rates and charges. Almost 70
percent of American communities use bonds to finance local infrastructure. Collectively, we pay billions
of dollars in interest costs each year. Lowering the cost of borrowing for water and wastewater
infrastructure is critical to Collier County as we search for ways to leverage local funding for such
projects as the Immokalee Stormwater project, the Orange Tree Public Works expansion, and our
Regional Water Interconnections.
The House Subcommittee on Water Resources and Environment is actively addressing water
infrastructure finance issues and is now preparing to introduce a Water Infrastructure Finance and
Innovation Act ( WIFIA). The act would create a finance mechanism modeled after the successful
Transportation Infrastructure Finance and Innovations Authority and would provide access to lower -cost
capital for investments in water infrastructure. This mechanism would have little to no long -term effect
on the federal budget deficit. As in TIFIA, WIFIA would, under the Federal Credit Reform Act, only
require appropriated funding sufficient to cover the subsidy cost, or risk, of loans.
WIFIA would increase the availability of federal loans for large -scale (over $20m) water infrastructure
investments that may not be suitable for assistance through the existing Drinking Water and Clean
Water State Revolving Fund (SRF) programs. The legislation would reduce the cost of financing large
water infrastructure projects by reducing the cost of borrowing to Treasury rates, as well as leveraging
limited federal funding, which would have the effect of substantially increasing the amount of available
3299 Tamiami Trail East, Suite 303 • packet Page -1210- 239- 252 -6097 • FAX 239 - 252 -3602
financing to be made available to communities and the State Revolving Funas. The benefit tc local
communities of lower interest rates is significant. Lowering the cost of borrowing by 2.5 percent on a
30 -year loan reduces the lifetime project cost by almost 26 percent, the some result as a 26- percent
grant. WIFIA loans would be repaid to the Authority — and then to the Treasury — with interest.
Accordingly, WIFIA — because it would involve loans that are repaid — would involve minimal risks and
minimal long -term costs to the federal government.
America faces the need to begin a significant and sustained increase in its investment in water and
waste water infrastructure, or risk deteriorating water and waste water services. Please sign on as an
original co- sponsor of the WIFIA legislation that Rep. Gibbs has drafted. We believe the more original
co- sponsors this legislation can attract, the more momentum the bill will have in Congress.
cc: Senator Marco Rubio
Sincerely,
Fred W. Coyle, Chairman
Ex- Officio, the Board of the Collier County Water -Sewer District
Packet Page -1211-
Board of Collier County Commissioners
Donna Fiala Georgia A. Hiller, Esq. Tom Henning
District 1 District 2 District 3
June 14, 2012
Senator Marco Rubio
317 Senate Hart Office Building
Washington, DC 20510
Re: Water Infrastructure Finance and Innovation Act
Dear Senator Rubio:
Fred W. Coyle Jim Coletta
District 4 District 5
While 95 percent of spending on water and wastewater has been from local sources, the federal
government can play an important role by lowering the cost of capital for water and wastewater
investments. The need to replace or upgrade existing infrastructure requires access to a large amount
of capital in a relatively short time frame, placing great stress on local rates and charges. Almost 70
percent of American communities use bonds to finance local infrastructure. Collectively, we pay billions
of dollars in interest costs each year. Lowering the cost of borrowing for water and wastewater
infrastructure is critical to Collier County as we search for ways to leverage local funding for such
projects as the Immokalee Stormwater project, the Orange Tree Public Works expansion, and our
Regional Water Interconnections.
The House Subcommittee on Water Resources and Environment is actively addressing water
infrastructure finance issues and is now preparing to introduce a Water Infrastructure Finance and
Innovation Act ( WIFIA). The act would create a finance mechanism modeled after the successful
Transportation Infrastructure Finance and Innovations Authority and would provide access to lower -cost
capital for investments in water infrastructure. This mechanism would have little to no long -term effect
on the federal budget deficit. As in TIFIA, WIFIA would, under the Federal Credit Reform Act, only
require appropriated funding sufficient to cover the subsidy cost, or risk, of loans.
WIFIA would increase the availability of federal loans for large -scale (over $20m) water infrastructure
investments that may not be suitable for assistance through the existing Drinking Water and Clean
Water State Revolving Fund (SRF) programs. The legislation would reduce the cost of financing large
water infrastructure projects by reducing the cost of borrowing to Treasury rates, as well as leveraging
limited federal funding, which would have the effect of substantially increasing the amount of available
financing to be made available to communities and the State Revolving Funds. The benefit to local
3299 Tamiami Trail East, Suite 303 • packet Page -1212- 239- 252 -8097 • FAX 239 - 252 -3602
communities of iower interest rates is significant. Lowering the cost of borrowing by 25 percent on a
30 -year loan reduces the lifetime project cost by almost 26 percent, the same result as a 26- percent
grant. WIFIA loans would be repaid to the Authority — and then to the Treasury — with interest.
Accordingly, WIFIA — because it would involve loans that are repaid — would involve minimal risks and
minimal long -term costs to the federal government.
America faces the need to begin a significant and sustained increase in its investment in water and
waste water infrastructure, or risk deteriorating water and waste water services. Please sign on as an
original co- sponsor of the WIFIA legislation that Rep. Gibbs has drafted. We believe the more original
co- sponsors this legislation can attract, the more momentum the bill will have in Congress.
cc: Senator Bill Nelson
Sincerely,
Fred W. Coyle, Chairman
Ex- Officio, the Board of the Collier County Water -Sewer District
Packet Page -1213-
Board of Collier County Commissioners
Donna Fiala Georgia A. Hiller, Esq. Tom Henning
District 1 District 2 District 3
June 14, 2012
Congressman David Rivera
U. S. House of Representatives
417 Cannon House Office Bldg.
Washington, DC 20515
Re: Water Infrastructure Finance and Innovation Act
Dear Congressman Rivera :
Fred W. Coyle Jim Coletta
District 4 District 5
While 95 percent of spending on water and wastewater has been from local sources, the federal
government can play an important role by lowering the cost of capital for water and wastewater
investments. The need to replace or upgrade existing infrastructure requires access to a large amount
of capital in a relatively short time frame, placing great stress on local rates and charges. Almost 70
percent of American communities use bonds to finance local infrastructure. Collectively, we pay billions
of dollars in interest costs each year. Lowering the cost of borrowing for water and wastewater
infrastructure is critical to Collier County as we search for ways to leverage local funding for such
projects as the Immokalee Stormwater project, the Orange Tree Public Works expansion, and our
Regional Water Interconnections.
The House Subcommittee on Water Resources and Environment is actively addressing water
infrastructure finance issues and is now preparing to introduce a Water Infrastructure Finance and
Innovation Act ( WIFIA). The act would create a finance mechanism modeled after the successful
Transportation Infrastructure Finance and Innovations Authority and would provide access to lower -cost
capital for investments in water infrastructure. This mechanism would have little to no long -term effect
on the federal budget deficit. As in TIFIA, WIFIA would, under the Federal Credit Reform Act, only
require appropriated funding sufficient to cover the subsidy cost, or risk, of loans.
WIFIA would increase the availability of federal loans for large -scale (over $20m) water infrastructure
investments that may not be suitable for assistance through the existing Drinking Water and Clean
Water State Revolving Fund (SRF) programs. The legislation would reduce the cost of financing large
water infrastructure projects by reducing the cost of borrowing to Treasury rates, as well as leveraging
3299 Tamiami Trail East, Suite 303 • packet Page -1214- 239-252 -8097 - FAX 239 - 252 -3602
limited Tederal funding, which would have the effect of suostantially increasing the amount of avahabie
financing to be made available to communities and the State Revolving Funds. The benefit to local
communities of lower interest rates is significant. Lowering the cost of borrowing by 2.5 percent on a
30 -year loan reduces the lifetime project cost by almost 26 percent, the same result as a 26- percent
grant. WIFIA loans would be repaid to the Authority and then to the Treasury — with interest.
Accordingly, WIFIA — because it would involve loans that are repaid — would involve minimal risks and
minimal long -term costs to the federal government.
America faces the need to begin a significant and sustained increase in its investment in water and
waste water infrastructure, or risk deteriorating water and waste water services. Please sign on as an
original co- sponsor of the WIFIA legislation that Rep. Gibbs has drafted. We believe the more original
co- sponsors this legislation can attract, the more momentum the bill will have in Congress.
cc: Congressman Connie Mack
Sincerely,
Fred W. Coyle, Chairman
Ex- Officio, the Board of the Collier County Water -Sewer District
Packet Page -1215-
Donna Fiala
District 1
Board of Collier County Commissioners
Georgia A. Hiller, Esq. Tom Henning
District 2 District 3
June 14, 2012
Congressman Connie Mack
U. S. House of Representatives
115 Cannon House Office Bldg.
Washington, DC 20515
Re: Water Infrastructure Finance and Innovation Act
Dear Congressman Mack:
Fred W. Coyle Jim Coletta
District 4 District 5
While 95 percent of spending on water and wastewater has been from local sources, the federal
government can play an important role by lowering the cost of capital for water and wastewater
investments. The need to replace or upgrade existing infrastructure requires access to a large amount
of capital in a relatively short time frame, placing great stress on local rates and charges. Almost 70
percent of American communities use bonds to finance local infrastructure. Collectively, we pay billions
of dollars in interest costs each year. Lowering the cost of borrowing for water and wastewater
infrastructure is critical to Collier County as we search for ways to leverage local funding for such
projects as the Immokalee Stormwater project, the Orange Tree Public Works expansion, and our
Regional Water Interconnections.
The House Subcommittee on Water Resources and Environment is actively addressing water
infrastructure finance issues and is now preparing to introduce a Water Infrastructure Finance and
Innovation Act ( WIFIA). The act would create a finance mechanism modeled after the successful
Transportation Infrastructure Finance and Innovations Authority and would provide access to lower -cost
capital for investments in water infrastructure. This mechanism would have little to no long -term effect
on the federal budget deficit. As in TIFIA, WIFIA would, under the Federal Credit Reform Act, only
require appropriated funding sufficient to cover the subsidy cost, or risk, of loans.
WIFIA would increase the availability of federal loans for large -scale (over $20m) water infrastructure
investments that may not be suitable for assistance through the existing Drinking Water and Clean
Water State Revolving Fund (SRF) programs. The legislation would reduce the cost of financing large
water infrastructure projects by reducing the cost of borrowing to Treasury rates, as well as leveraging
3299 Tamiami Trail East, Suite 303 - packet Page -1216- 239- 252 -8097 • FAX 239 - 252 -3602
limited federal funding, which would have the effect of substantiahy increasing the amour_ o� avaiiabi
financing to be made available to communities and the State Revolving Funds. The benefit to local
communities of lower interest rates is significant. Lowering the cost of borrowing by 2.5 percent on a
30 -year loan reduces the lifetime project cost by almost 26 percent, the same result as a 26- percent
grant. WIFIA loans would be repaid to the Authority — and then to the Treasury — with interest.
Accordingly, WIFIA — because it would involve loans that are repaid — would involve minimal risks and
minimal long -term costs to the federal government.
America faces the need to begin a significant and sustained increase in its investment in water and
waste water infrastructure, or risk deteriorating water and waste water services. Please sign on as an
original co- sponsor of the WIFIA legislation that Rep. Gibbs has drafted. We believe the more original
co- sponsors this legislation can attract, the more momentum the bill will have in Congress.
cc: Congressman David Rivera
Sincerely,
Fred W. Coyle, Chairman
Ex- Officio, the Board of the Collier County Water -Sewer District
Packet Page -1217-