{"identifier":"/us/usc/t33/s3901","title":33,"num":"\u00a7\u202f3901.","heading":"Definitions","text":"\u00a7\u202f3901.\nDefinitions\nIn this chapter:\n(1)\nAdministrator\nThe term \u201cAdministrator\u201d means the Administrator of the Environmental Protection Agency.\n(2)\nCommunity water system\nThe term \u201ccommunity water system\u201d has the meaning given the term in\nsection 300f of title 42\n(3)\nFederal credit instrument\nThe term \u201cFederal credit instrument\u201d means a secured loan or loan guarantee authorized to be made available under this chapter with respect to a project.\n(4)\nInvestment-grade rating\nThe term \u201cinvestment-grade rating\u201d means a rating of BBB minus, Baa3, bbb minus, BBB (low), or higher assigned by a rating agency to project obligations.\n(5)\nLender\n(A)\nIn general\nThe term \u201clender\u201d 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 (\n15 U.S.C. 77a\n(B)\nInclusions\nThe term \u201clender\u201d includes\u2014\n(i) a qualified retirement plan (as defined in\nsection 4974(c) of title 26\n(ii) a governmental plan (as defined in\nsection 414(d) of title 26\n(6)\nLoan guarantee\nThe term \u201cloan guarantee\u201d 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.\n(7)\nObligor\nThe term \u201cobligor\u201d means an eligible entity that is primarily liable for payment of the principal of, or interest on, a Federal credit instrument.\n(8)\nProject obligation\n(A)\nIn general\nThe term \u201cproject obligation\u201d means any note, bond, debenture, or other debt obligation issued by an obligor in connection with the financing of a project.\n(B)\nExclusion\nThe term \u201cproject obligation\u201d does not include a Federal credit instrument.\n(9)\nRating agency\nThe term \u201crating agency\u201d means a credit rating agency registered with the Securities and Exchange Commission as a nationally recognized statistical rating organization (as defined in\nsection 78c(a) of title 15\n(10)\nSecured loan\nThe term \u201csecured loan\u201d 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\nsection 3908 of this title\n(11)\nState\nThe term \u201cState\u201d means\u2014\n(A) a State;\n(B) the District of Columbia;\n(C) the Commonwealth of Puerto Rico; and\n(D) any other territory or possession of the United States.\n(12)\nState infrastructure financing authority\nThe term \u201cState infrastructure financing authority\u201d 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 (\n33 U.S.C. 1381\n1\n1 So in original. The period probably should not appear.\nsection 300j\u201312 of title 42\n(13)\nSubsidy amount\nThe term \u201csubsidy amount\u201d 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 (\n2 U.S.C. 661\n(14)\nSubstantial completion\nThe term \u201csubstantial completion\u201d, 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.\n(15)\nTreatment works\nThe term \u201ctreatment works\u201d has the meaning given the term in section 212 of the Federal Water Pollution Control Act (\n33 U.S.C. 1292","url":"https://projectusc.org/usc/t33/s3901.html","content":[{"t":"sec","id":"/us/usc/t33/s3901","children":[{"t":"num","text":"\u00a7\u202f3901."},{"t":"heading","text":"Definitions","tail":"\n"},{"t":"chapeau","text":"In this chapter:"},{"t":"para","id":"/us/usc/t33/s3901/1","children":[{"t":"num","text":"(1)"},{"t":"heading","text":"Administrator"},{"t":"content","children":[{"t":"p","text":"The term \u201cAdministrator\u201d means the Administrator of the Environmental Protection Agency.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t33/s3901/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"Community water system"},{"t":"content","children":[{"t":"p","text":"The term \u201ccommunity water system\u201d has the meaning given the term in ","children":[{"t":"ref","text":"section 300f of title 42","href":"/us/usc/t42/s300f","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t33/s3901/3","children":[{"t":"num","text":"(3)"},{"t":"heading","text":"Federal credit instrument"},{"t":"content","children":[{"t":"p","text":"The term \u201cFederal credit instrument\u201d means a secured loan or loan guarantee authorized to be made available under this chapter with respect to a project.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t33/s3901/4","children":[{"t":"num","text":"(4)"},{"t":"heading","text":"Investment-grade rating"},{"t":"content","children":[{"t":"p","text":"The term \u201cinvestment-grade rating\u201d means a rating of BBB minus, Baa3, bbb minus, BBB (low), or higher assigned by a rating agency to project obligations.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t33/s3901/5","children":[{"t":"num","text":"(5)"},{"t":"heading","text":"Lender"},{"t":"subpara","id":"/us/usc/t33/s3901/5/A","children":[{"t":"num","text":"(A)"},{"t":"heading","text":"In general"},{"t":"content","children":[{"t":"p","text":"The term \u201clender\u201d 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 (","children":[{"t":"ref","text":"15 U.S.C. 77a","href":"/us/usc/t15/s77a","tail":" et seq.))."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t33/s3901/5/B","children":[{"t":"num","text":"(B)"},{"t":"heading","text":"Inclusions"},{"t":"chapeau","text":"The term \u201clender\u201d includes\u2014"},{"t":"clause","id":"/us/usc/t33/s3901/5/B/i","children":[{"t":"num","text":"(i)"},{"t":"content","text":" a qualified retirement plan (as defined in ","children":[{"t":"ref","text":"section 4974(c) of title 26","href":"/us/usc/t26/s4974/c","tail":") that is a qualified institutional buyer; and"}],"tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t33/s3901/5/B/ii","children":[{"t":"num","text":"(ii)"},{"t":"content","text":" a governmental plan (as defined in ","children":[{"t":"ref","text":"section 414(d) of title 26","href":"/us/usc/t26/s414/d","tail":") that is a qualified institutional buyer."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t33/s3901/6","children":[{"t":"num","text":"(6)"},{"t":"heading","text":"Loan guarantee"},{"t":"content","children":[{"t":"p","text":"The term \u201cloan guarantee\u201d 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.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t33/s3901/7","children":[{"t":"num","text":"(7)"},{"t":"heading","text":"Obligor"},{"t":"content","children":[{"t":"p","text":"The term \u201cobligor\u201d means an eligible entity that is primarily liable for payment of the principal of, or interest on, a Federal credit instrument.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t33/s3901/8","children":[{"t":"num","text":"(8)"},{"t":"heading","text":"Project obligation"},{"t":"subpara","id":"/us/usc/t33/s3901/8/A","children":[{"t":"num","text":"(A)"},{"t":"heading","text":"In general"},{"t":"content","children":[{"t":"p","text":"The term \u201cproject obligation\u201d means any note, bond, debenture, or other debt obligation issued by an obligor in connection with the financing of a project.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t33/s3901/8/B","children":[{"t":"num","text":"(B)"},{"t":"heading","text":"Exclusion"},{"t":"content","children":[{"t":"p","text":"The term \u201cproject obligation\u201d does not include a Federal credit instrument.","tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t33/s3901/9","children":[{"t":"num","text":"(9)"},{"t":"heading","text":"Rating agency"},{"t":"content","children":[{"t":"p","text":"The term \u201crating agency\u201d means a credit rating agency registered with the Securities and Exchange Commission as a nationally recognized statistical rating organization (as defined in ","children":[{"t":"ref","text":"section 78c(a) of title 15","href":"/us/usc/t15/s78c/a","tail":")."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t33/s3901/10","children":[{"t":"num","text":"(10)"},{"t":"heading","text":"Secured loan"},{"t":"content","children":[{"t":"p","text":"The term \u201csecured loan\u201d 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 ","children":[{"t":"ref","text":"section 3908 of this title","href":"/us/usc/t33/s3908","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t33/s3901/11","children":[{"t":"num","text":"(11)"},{"t":"heading","text":"State"},{"t":"chapeau","text":"The term \u201cState\u201d means\u2014"},{"t":"subpara","id":"/us/usc/t33/s3901/11/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" a State;","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t33/s3901/11/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" the District of Columbia;","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t33/s3901/11/C","children":[{"t":"num","text":"(C)"},{"t":"content","text":" the Commonwealth of Puerto Rico; and","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t33/s3901/11/D","children":[{"t":"num","text":"(D)"},{"t":"content","text":" any other territory or possession of the United States.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t33/s3901/12","children":[{"t":"num","text":"(12)"},{"t":"heading","text":"State infrastructure financing authority"},{"t":"content","children":[{"t":"p","text":"The term \u201cState infrastructure financing authority\u201d 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 (","children":[{"t":"ref","text":"33 U.S.C. 1381","href":"/us/usc/t33/s1381","tail":" et."},{"t":"ref","text":"1"},{"t":"num","text":"1","tail":"\u202fSo in original. The period probably should not appear."},{"t":"text","text":"\u202fSo in original. The period probably should not appear.","tail":" seq.) or "},{"t":"ref","text":"section 300j\u201312 of title 42","href":"/us/usc/t42/s300j\u201312","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t33/s3901/13","children":[{"t":"num","text":"(13)"},{"t":"heading","text":"Subsidy amount"},{"t":"content","children":[{"t":"p","text":"The term \u201csubsidy amount\u201d 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 (","children":[{"t":"ref","text":"2 U.S.C. 661","href":"/us/usc/t2/s661","tail":" et seq.)."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t33/s3901/14","children":[{"t":"num","text":"(14)"},{"t":"heading","text":"Substantial completion"},{"t":"content","children":[{"t":"p","text":"The term \u201csubstantial completion\u201d, 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.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t33/s3901/15","children":[{"t":"num","text":"(15)"},{"t":"heading","text":"Treatment works"},{"t":"content","children":[{"t":"p","text":"The term \u201ctreatment works\u201d has the meaning given the term in section 212 of the Federal Water Pollution Control Act (","children":[{"t":"ref","text":"33 U.S.C. 1292","href":"/us/usc/t33/s1292","tail":")."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}