§3901 Definitions

Summary

Defines key words used in the chapter. Administrator means the head of the Environmental Protection Agency. Community water system has the meaning given in 42 U.S.C. 300f. Federal credit instrument means a secured loan or a loan guarantee made under this chapter for a project. Investment-grade rating means BBB minus, Baa3, bbb minus, BBB (low), or higher. Lender means a non-Federal qualified institutional buyer under 17 CFR 230.144A(a) and includes a qualified retirement plan (26 U.S.C. 4974(c)) or a governmental plan (26 U.S.C. 414(d)) if they qualify. Loan guarantee means a promise by the Secretary or the Administrator to pay all or part of a loan’s principal and interest. Obligor means the eligible entity mainly responsible for paying a Federal credit instrument. Project obligation means a note, bond, debenture, or similar debt issued by an obligor to finance a project and does not include a Federal credit instrument. Rating agency means a credit rater registered with the SEC as a nationally recognized statistical rating organization (15 U.S.C. 78c(a)). Secured loan means a direct loan or debt issued by an obligor and funded by the Secretary or Administrator under 33 U.S.C. 3908. State includes a State, the District of Columbia, Puerto Rico, and other U.S. territories or possessions. State infrastructure financing authority means the State entity set up by a Governor to get capitalization grants under title VI of the Clean Water Act (33 U.S.C. 1381 et seq.) or under 42 U.S.C. 300j–12. Subsidy amount means the budget authority needed to cover the long-term cost of a Federal credit instrument, calculated on a net present value basis under the Federal Credit Reform Act of 1990 (2 U.S.C. 661 et seq.). Substantial completion means the earliest date a project can do the work it was built to do. Treatment works has the meaning given in 33 U.S.C. 1292.