§ 3901. Definitions

In this chapter:

• (1) The term “Administrator” means the Administrator of the Environmental Protection Agency.
• (2) The term “community water system” has the meaning given the term in section 300f of title 42 .
• (3) 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) 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)
  • (A) 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 et seq.)).
  • (B) The term “lender” includes—
    • (i) a qualified retirement plan (as defined in section 4974(c) of title 26 ) that is a qualified institutional buyer; and
    • (ii) a governmental plan (as defined in section 414(d) of title 26 ) that is a qualified institutional buyer.
• (6) The term “loan guarantee” means any guarantee or other pledge by the Secretary or the Administrator to pay all or part of the principal of, and interest on, a loan or other debt obligation issued by an obligor and funded by a lender.
• (7) The term “obligor” means an eligible entity that is primarily liable for payment of the principal of, or interest on, a Federal credit instrument.
• (8)
  • (A) The term “project obligation” means any note, bond, debenture, or other debt obligation issued by an obligor in connection with the financing of a project.
  • (B) The term “project obligation” does not include a Federal credit instrument.
• (9) The term “rating agency” means a credit rating agency registered with the Securities and Exchange Commission as a nationally recognized statistical rating organization (as defined in section 78c(a) of title 15 ).
• (10) The term “secured loan” means a direct loan or other debt obligation issued by an obligor and funded by the Secretary or Administrator, as applicable, in connection with the financing of a project under section 3908 of this title .
• (11) The term “State” means—
  • (A) a State;
  • (B) the District of Columbia;
  • (C) the Commonwealth of Puerto Rico; and
  • (D) any other territory or possession of the United States.
• (12) The term “State infrastructure financing authority” means the State entity established or designated by the Governor of a State to receive a capitalization grant provided by, or otherwise carry out the requirements of, title VI of the Federal Water Pollution Control Act ( 33 U.S.C. 1381 et. 1 1 So in original. The period probably should not appear. seq.) or section 300j–12 of title 42 .
• (13) The term “subsidy amount” means the amount of budget authority sufficient to cover the estimated long-term cost to the Federal Government of a Federal credit instrument, as calculated on a net present value basis, excluding administrative costs and any incidental effects on governmental receipts or outlays in accordance with the Federal Credit Reform Act of 1990 ( 2 U.S.C. 661 et seq.).
• (14) The term “substantial completion”, with respect to a project, means the earliest date on which a project is considered to perform the functions for which the project is designed.
• (15) The term “treatment works” has the meaning given the term in section 212 of the Federal Water Pollution Control Act ( 33 U.S.C. 1292 ).