National Infrastructure Development Act of 1988

Summary

National Infrastructure Development Act of 1988 - Title I: State Infrastructure Revolving Funds - Directs the Secretary of Transportation (the Secretary) to pay to the appropriate Program Account of any State Infrastructure Revolving Fund (SIRF) certain allocated funds for: (1) the Federal-aid secondary system; (2) the Federal-aid urban system; (3) bridge rehabilitation; and (4) airports and airways. Prescribes the guidelines under which each participating State shall enter into an agreement with the Secretary regarding the SIRF. Requires in each SIRF a General Infrastructure Account (GIA) to receive loan repayments. Provides that States which do not participate in the SIRF program shall continue to receive Federal grants in the conventional manner. Sets forth the options which must be elected by a city receiving direct pass-through grants from the Urban Mass Transportation Administration, the Federal Highway Administration, or the Federal Aviation Administration. Requires each participating State to establish a General Infrastructure Account Priority List that takes into account the priorities established in the several Program Account Priority Lists for projects that have not been funded from the Program Accounts. Mandates that any loans from the GIA be made according to the GIA Priority List. Sets forth criteria for projects on such List. Requires the Governor of each participating State to transmit an annual report of SIRF activities to the Secretary. Prescribes a reallotments and payments withholding schedule for non-obligation of funds or non-compliance with the prescribed agreement. Title II: National Infrastructure Corporation - National Infrastructure Corporation Act of 1988 - Establishes the National Infrastructure Corporation. Vests the powers of the Corporation in its Board of Directors, who shall be appointed by the President, with the advice and consent of the Senate. Requires the Board to submit to the President and the Congress an annual operations and expenditures report. Requires the Board to establish a National Infrastructure Revolving Fund providing low-cost financing to major infrastructure projects. Sets forth loan conditions. Authorizes the Corporation to: (1) provide technical assistance to qualified concerns; and (2) develop a technical innovation, research, and development program as it pertains to infrastructure. Mandates that the Corporation pay into the SIRF of each participating State a certain percentage of the share of Federal grants deposited into the State's SIRF during the preceding year ("bonus payments"). Directs the Board to establish infrastructure criteria and a national priority list. Amends the Internal Revenue Code to make interest from the National Infrastructure Revolving Fund available to implement the capital stock subscription of the National Infrastructure Corporation. Title III: Effective Date - Sets forth the effective date of this Act.

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1 official file

• Introduced in Senate

  summary · EN · 24 February 1988

  Open at official source

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