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S. 1716 (113th): BRIDGE Act

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

11/14/2013--Introduced. Building and Renewing Infrastructure for Development and Growth in Employment Act or BRIDGE Act - Establishes the Infrastructure Financing Authority (IFA) as a wholly-owned government corporation, headed by a Chief Executive Officer and managed by a Board of Directors, which shall provide direct loans and loan guarantees to facilitate the construction, consolidation, alteration, or repair of transportation, water, and energy infrastructure projects. Requires infrastructure projects assisted under this Act to have costs that are reasonably anticipated to equal or exceed $50 million ($10 million for rural infrastructure projects).

Sets forth special requirements for infrastructure projects in rural areas. Establishes an Office of Technical and Rural Assistance to provide technical assistance to state and local governments and parties in public-private partnerships in the development and financing of eligible infrastructure projects, including rural infrastructure projects.

Establishes an Office of Special Inspector General to conduct, supervise, and coordinate audits and investigations of the business activities of IFA.

Prohibits financial assistance from IFA for any private project for which no public benefit is created. Sets forth terms for loans or loan guarantees for eligible infrastructure projects and for the repayment of such loans. Requires an annual independent audit of IFA finances.

Requires the Chief Executive Officer of IFA to: (1) establish fees with respect to loans and loan guarantees that are sufficient to cover IFA's administrative costs; and (2) take actions to make IFA a self-sustaining entity, with administrative and federal credit subsidy costs fully funded by fees and risk premiums on loans and loan guarantees.