In this chapter:
((1)) ** Administrator** The term “Administrator” means the Administrator of the Environmental Protection Agency.
((2)) ** Community water system** The term “community water system” has the meaning given the term in .section 300f of title 42
((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 ( et seq.)).15 U.S.C. 77a
((B)) ** Inclusions** The term “lender” includes—
((i)) a qualified retirement plan (as defined in ) that is a qualified institutional buyer; and
((ii)) a governmental plan (as defined in ) 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** The term “obligor” means an eligible entity that is primarily liable for payment of the principal of, or interest on, a Federal credit instrument.
((8)) ** Project obligation**
((A)) ** In general** The term “project obligation” means any note, bond, debenture, or other debt obligation issued by an obligor in connection with the financing of a project.
((B)) ** Exclusion** The term “project obligation” does not include 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 ( et. seq.) or .33 U.S.C. 13811section 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 ( et seq.).2 U.S.C. 661
((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