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Title 33, Navigation and Navigable WatersRelease 119-110

§3901 Definitions

Title 33 › CHAPTER 52 — WATER INFRASTRUCTURE FINANCE AND INNOVATION › § 3901

Last updated Sep 23, 2026|Official source

Summary

Defines key words used in the chapter. Administrator — the head of the Environmental Protection Agency. Community water system — the same term used in Title 42, section 300f. Federal credit instrument — a secured loan or loan guarantee the chapter can provide for a project. Investment-grade rating — a credit score of BBB−, Baa3, bbb−, or BBB (low) or better. Lender — a non-Federal qualified institutional buyer under SEC Rule 144A; this can include certain qualified retirement and governmental plans. Loan guarantee — a promise by the Secretary or the Administrator to pay all or part of a loan’s principal and interest. Obligor — the eligible borrower mainly responsible for paying a Federal credit instrument. Project obligation — a note, bond, or other debt issued by an obligor to finance a project (but not a Federal credit instrument). Rating agency — an SEC-registered national rating agency (NRSRO). Secured loan — a direct loan made or funded by the Secretary or Administrator under section 3908. State — a State, the District of Columbia, Puerto Rico, or any U.S. territory or possession. State infrastructure financing authority — the State entity a Governor sets up or names to handle certain federal water grants. Subsidy amount — the budget authority needed to cover a loan’s long-term cost on a net present value basis, calculated under the Federal Credit Reform Act of 1990 (2 U.S.C. 661 et seq.), excluding administrative costs and incidental effects. Substantial completion — the earliest date a project can perform the functions it was built for. Treatment works — the same term used in section 212 of the Federal Water Pollution Control Act (33 U.S.C. 1292).

Full Legal Text

Title 33, §3901

Navigation and Navigable Waters, Source: USLM XML via OLRC

In this chapter:
(1)Administrator (2) Community water system
The term “Administrator” means the Administrator of the Environmental Protection Agency.
(3)Federal credit instrument
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)Investment-grade rating
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)Lender
(A)In general
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)Inclusions
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)Loan guarantee
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)Obligor (8) Project obligation
The term “obligor” means an eligible entity that is primarily liable for payment of the principal of, or interest on, a Federal credit instrument.
(9)Rating agency
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)Secured loan
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)State
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)State infrastructure financing authority
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. seq.) or section 300j–12 of title 42.
(13)Subsidy amount
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)Substantial completion
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)Treatment works
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).

Legislative History

Notes & Related Subsidiaries

Editorial Notes

References in Text

The Securities Act of 1933, referred to in par. (5)(A), is title I of act
May 27, 1933, ch. 38, 48 Stat. 74, which is classified generally to subchapter I (§ 77a et seq.) of chapter 2A of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 77a of Title 15 and Tables. The Federal Water Pollution Control Act, referred to in par. (12), is act
June 30, 1948, ch. 758, as amended generally by Pub. L. 92–500, § 2, Oct. 18, 1972, 86 Stat. 816, which is classified generally to chapter 26 (§ 1251 et seq.) of this title. Title VI of the Act is classified generally to subchapter VI (§ 1381 et seq.) of chapter 26 of this title. For complete classification of this Act to the Code, see

Short Title

note set out under section 1251 of this title and Tables. The Federal Credit Reform Act of 1990, referred to in par. (13), is title V of Pub. L. 93–344, as added by Pub. L. 101–508, title XIII, § 13201(a), Nov. 5, 1990, 104 Stat. 1388–609, which is classified generally to subchapter III (§ 661 et seq.) of chapter 17A of Title 2, The Congress. For complete classification of this Act to the Code, see

Short Title

note set out under section 621 of Title 2 and Tables.

Statutory Notes and Related Subsidiaries

Short Title

Pub. L. 113–121, title V, § 5021, June 10, 2014, 128 Stat. 1332, provided that: “This subtitle [subtitle C (§§ 5021–5035) of title V of Pub. L. 113–121, enacting this chapter] may be cited as the ‘Water Infrastructure Finance and Innovation Act of 2014’.” “Secretary” Defined Secretary means the Secretary of the Army, see section 2 of Pub. L. 113–121, set out as a note under section 2201 of this title.

Reference

Citations & Metadata

Citation

33 U.S.C. § 3901

Title 33, Navigation and Navigable Waters

Last Updated

Sep 23, 2026

Release point: 119-110