article: SECTION 1. SHORT TITLE. This Act may be cited as the ``Infrastructure Reinvestment and Economic Revitalization Act of 1993''. SEC. 2. FINDINGS AND PURPOSES. (a) Findings.--Congress finds that-- (1) the quality of our Nation's transportation infrastructure and the efficient movement of people and goods are directly linked to our Nation's economic productivity and competitiveness; (2) our Nation's trading partners, with whom we compete in the global economy, have invested substantial amounts of their resources into capital infrastructure investment and currently enjoy productivity growth rates that are more than triple the United States growth rate; (3) to compete in the global marketplace of the 1990's, the United States must substantially increase its level of infrastructure investment as soon as possible; (4) by allowing infrastructure investment to drop from 2.4 percent of the gross national product in the late 1960's to less than 0.3 percent in the 1980's, our Nation has neglected the foundation of economic growth; and (5) without a substantial influx of new capital, infrastructure investment will not be able to keep pace with the rapid rate of infrastructure decay that will result in crumbling roads, increasing traffic congestion, higher costs, and inadequate transit systems. (b) Purposes.--The purposes of this Act are as follows: (1) Issuance of bonds to finance massive capital infrastructure reinvestment immediately. (2) Creation of thousands of productive new jobs by initiating new rehabilitation and construction projects. (3) Stimulation of the economy and creation of economic growth by increasing the efficiency of our Nation's infrastructure and investment in its long-term maintenance. (4) Complementing the purposes of the Intermodal Surface Transportation Efficiency Act of 1991 by creating a new financing mechanism to provide a more immediate source of funds. SEC. 3. INFRASTRUCTURE REINVESTMENT FUND. (a) Revenues From Highway Trust Fund.--Subsection (c) of section 9503 of the Internal Revenue Code of 1986 (relating to Highway Trust Fund) is amended by adding at the end thereof the following new paragraph: ``(7) Infrastructure reinvestment fund.--The Secretary shall pay from time to time from the Highway Trust Fund into the Infrastructure Reinvestment Fund amounts (as determined by him) equivalent to 2.5 cents per gallon of the taxes imposed by sections 4041(a) and 4081 which are received after September 30, 1994, and before October 1, 2024.''. (b) Infrastructure Reinvestment Fund.-- (1) In general.--Subchapter A of chapter 98 of such Code (relating to trust fund code) is amended by adding at the end thereof the following new section: ``SEC. 9512. INFRASTRUCTURE REINVESTMENT FUND. ``(a) Creation of Fund.--There is established in the Treasury of the United States a trust fund to be known as the `Infrastructure Reinvestment Fund', consisting of such amounts as may be appropriated or credited to such Fund as provided in this section, section 9503(c)(7), or section 9602(b). ``(b) Transfers to Fund.--In addition to the amounts transferred under section 9503(c)(7), there are hereby appropriated to the Infrastructure Reinvestment Fund amounts equivalent to 2.5 cents per gallon of the taxes imposed by sections 4041(a) and 4081 which are received after September 30, 1994, and before October 1, 2024. ``(c) Expenditures From Fund.--Amounts in the Infrastructure Reinvestment Fund shall be available, as provided in appropriation Acts, only for purposes of carrying out section 5 of the Infrastructure Reinvestment and Economic Revitalization Act of 1993. ``(d) Infrastructure Bonds.-- ``(1) In general.--There are authorized to be appropriated to the Infrastructure Reinvestment Fund, as repayable advances, the maximum amount (less an appropriate reserve) which the Secretary estimates may be fully amortized before October 1, 2024-- ``(A) based on an amortization schedule comparable to a 30-year bond issued as part of the public debt, and ``(B) using only amounts appropriated to such Fund under subsection (b) (and interest thereon) with respect to infrastructure reinvestment taxes received in the Treasury before such date. ``(2) Repayment of advances.--Advances made to the Infrastructure Reinvestment Fund shall be repaid, and interest on such advances shall be paid, under such terms and conditions as the Secretary shall prescribe. ``(3) Final repayment.--No advance shall be made to the Infrastructure Reinvestment Fund after September 30, 2024, and all advances made to such Fund shall be repaid on or before such date. ``(4) Rate of interest.--Interest on advances made pursuant to this subsection shall be determined in accordance with section 9509(d)(3)(C).''. (2) Clerical amendment.--The table of sections for such subchapter A is amended by adding at the end thereof the following new item: ``Sec. 9512. Infrastructure Reinvestment Fund.''. SEC. 4. OFF-BUDGET STATUS OF FUND. Notwithstanding any other provision of law, the receipts and disbursements of the Infrastructure Reinvestment Fund shall not be counted as new budget authority, outlays, receipts, or deficit or surplus for purposes of-- (1) the budget of the United States Government as submitted by the President, (2) the congressional budget, or (3) the Balanced Budget and Emergency Deficit Control Act of 1985. SEC. 5. INFRASTRUCTURE REINVESTMENT PROGRAM. (a) Authorization of Appropriations.--There shall be available, out of the Infrastructure Reinvestment Fund, for fiscal year 1995 to the Secretary for carrying out surface transportation programs an amount equal to the aggregate amount advanced to such Fund under section 9512(d) of the Internal Revenue Code of 1986 plus interest thereon. Such sums shall remain available until expended. (b) Allocation of Funds Among Programs.--From the funds made available by subsection (a), the Secretary shall make available to carry out a surface transportation program an amount determined by multiplying-- (1) the amount of funds made available by subsection (a), and (2) the quotient of the amount of funds made available for such program for fiscal year 1993 divided by the aggregate of all funds made available for all such programs for fiscal year 1993. (c) Applicability of Apportionment Formulas and Other Provisions.-- (1) In general.--Except as otherwise provided by this Act, funds made available to a surface transportation program under subsection (b) shall be subject to apportionment, Federal share, planning, design, period of availability, and other requirements in the same manner and to the same extent as if such funds were made available, out of the Highway Trust Fund, for such program. (2) Obligation limitation.--Funds made available by subsection (a) shall not be subject to any obligation limitation. (d) Contract Authority.--Approval by the Secretary of a grant, project, or contract with funds made available by subsection (a) shall be deemed a contractual obligation of the United States for payment of the Federal share of the cost of the grant, project, or contract. SEC. 6. DEFINITIONS. In this Act, the following definitions apply: (1) Secretary.--The term ``Secretary'' means the Secretary of Transportation. (2) Surface transportation program.--The term ``surface transportation program'' means any program or project for which funds are made available for fiscal year 1993 by or under the Intermodal Surface Transportation Efficiency Act of 1991 and any Act amended by the Intermodal Surface Transportation Efficiency Act of 1991, including title 23, United States Code, the Federal Transit Act, and the Surface Transportation Assistance Act of 1982. Such term shall not include-- (A) any project described in section 1103, 1104, 1105, 1106, 1107, or 1108 of the Intermodal Surface Transportation Efficiency Act of 1991; and (B) the national recreation trails funding program under part B of title I of such Act.
summary: Infrastructure Reinvestment and Economic Revitalization Act of 1993 - Amends the Internal Revenue Code to require the Secretary of the Treasury to pay from time to time from the Highway Trust Fund into the Infrastructure Reinvestment Fund Reinvestment Fund amounts equivalent to 2.5 cents per gallon of the taxes imposed on diesel and special motor fuels and on the removal, entry, or sale of gasoline between September 30, 1994, and October 1, 2024. Establishes the Infrastructure Reinvestment Fund. Makes the Fund off-budget. Authorizes appropriations from such Fund for surface transportation programs.