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H.R. 7325 (115th): Border Bonds for America Act of 2018

The text of the bill below is as of Dec 17, 2018 (Introduced).


I

115th CONGRESS

2d Session

H. R. 7325

IN THE HOUSE OF REPRESENTATIVES

December 17, 2018

introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Homeland Security, 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 provide for the issuance of revenue bonds to fund construction of a physical border barrier and related technology, roads, and lighting along the United States border with Mexico.

1.

Short title

This Act may be cited as the Border Bonds for America Act of 2018.

2.

Border bonds

(a)

Issuance

The Secretary of the Treasury shall, pursuant to subchapter I of chapter 31 of title 31, United States Code, issue bonds, to be known as Border Bonds.

(b)

Transfer of revenue

Proceeds from the issuance of Border Bonds shall be transferred to the Border Trust Fund (as defined in section 9512 of the Internal Revenue Code of 1986).

(c)

Terms and conditions

(1)

Term

A bond issued under subsection (a) shall have a term of 30 years.

(2)

Face amount limitation

The face amount of bonds issued under subsection (a) in any fiscal year shall not exceed $5,000,000,000.

(3)

Sunset

No bonds may be issued under subsection (a) later than 30 years after the date of the enactment of this Act.

3.

Border Bonds Trust Fund

Chapter 98 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section:

9512.

Border Bonds Trust Fund

(a)

Creation of trust fund

There is established in the Treasury of the United States a trust fund to be known as the Border Bonds Trust Fund, consisting of such amounts as may be apportioned or credited to such Trust Fund as provided in this section or section 9602(b).

(b)

Transfers to trust fund

There are hereby appropriated to the Trust Fund amounts equivalent to revenue from the issuance of Border Bonds under section 2 of the Border Bonds for America Act of 2018.

(c)

Expenditures from trust fund

Amounts in the Trust Fund shall be available, without further appropriation, to construct reinforced fencing and provide for the installation of additional physical barriers, roads, lighting, cameras, and sensors to gain operational control of the southwest border under section 102 of the Illegal Immigration Reform and Immigrant Responsibility Act of 1996 (8 U.S.C. 1103 note).

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