§3901 Definitions

Summary

Defines the key words used in this chapter. Administrator means the head of the Environmental Protection Agency. Community water system means the same as in 42 U.S.C. 300f. Federal credit instrument means a secured loan or a loan guarantee the chapter allows for a project. Investment-grade rating means a credit score of BBB minus, Baa3, bbb minus, BBB (low), or higher given to project debt. Lender means a non-Federal qualified institutional buyer under SEC Rule 144A(a) (17 C.F.R. 230.144A(a)); it also includes qualified retirement plans and governmental plans that meet that test. Loan guarantee means the Secretary or the Administrator promising to pay part or all of a loan’s principal or interest. Obligor means the eligible entity mainly responsible for paying a Federal credit instrument. Project obligation means a note, bond, debenture, or other debt used to finance a project, but not a Federal credit instrument. Rating agency means an SEC-registered nationally recognized statistical rating organization (15 U.S.C. 78c(a)). Secured loan means a direct loan funded by the Secretary or Administrator under section 3908. State lists States, the District of Columbia, Puerto Rico, and other U.S. territories or possessions. State infrastructure financing authority means the State body the Governor picks to handle certain water grants (see Clean Water Act title VI, 33 U.S.C. 1381 et seq., or 42 U.S.C. 300j–12). Subsidy amount means the budget authority needed to cover the long-term federal cost of a credit instrument, figured on a net present value basis under the Federal Credit Reform Act of 1990 (2 U.S.C. 661 et seq.), excluding administrative costs and incidental budget effects. Substantial completion means the earliest date the project can do the work it was built for. Treatment works has the meaning in 33 U.S.C. 1292.