1. Active Calendar 1.I. November 1, 2021 Agenda Documents: 21 AGENDA 1101.PDF 1.II. Active Calendar November 1, 2021 Documents: ACTIVE CALENDAR NOVEMBER 1 2021.PDF 2. Supporting Legislation 2.I. Support Legislation For November 1, 2021 Meeting Of The Common Council Documents: SUPPORT LEGISLATION NOVEMBER 1, 2021.PDF 3. Minutes 4. Majority Consent (MC) 5. Supporting Document 6. Public Comment AGENDA FOR THE REGULAR MEETING OF THE ALBANY COMMON COUNCIL Monday, November 1, 2021 The Common Council meets the first and third Monday of each month at 7:00 p.m. (note: when Monday falls on a legal holiday or day of special observance, the Council meeting is ordinarily moved to the following Thursday). This meeting will be held remotely pursuant to the legislation signed on September 2, 2022 by Governor Hochul allowing municipalities to resume remote meetings until January 15, 2022. If the permitting legislation is revoked, modified or expires then the meeting will be conducted in person. It will be live-streamed on Facebook . If we experience any technical difficulties on Facebook, the video will be streamed to YouTube. For more information on how to be heard please visit our website. If you wish to speak during the meeting or provide written comments they must be received by 12noon on the day of the meeting. All comments are memorialized on our Facebook page, website, and are subject to FOIL. ORDER OF BUSINESS: Roll Call Welcome Pledge of Allegiance Moment of Silence Public Hearings Public Comment Period (30 Minutes) Approval of Minutes from Previous Meeting Consideration of Local Laws Communications from the Mayor, Department Heads and other City Officials Consideration of Vetoes Presentation of Petitions and Communications Reports of Standing Committees Reports of Ad Hoc Committees Consideration of Ordinances Consideration of Resolutions Additional Public Comment (30 minutes) Miscellaneous or Unfinished Business Adjournment The Common Council of the City of Albany is using the Zoom© platform to provide the public access to participate in committee meetings, caucuses, and common council meetings. The Common Council, its agents, nor any of its staff are responsible for the performance of Zoom© or your ability to access the content. Please make sure you visit Zoom ’s support to confirm that you have the appropriate system requirements at https://support.zoom.us/hc/en-us/articles/201 NOTICE OF PUBLIC HEARING Notice is hereby given that a Public Hearing will be held on November 1, 2021 at 7:00 p.m. This meeting will be a virtual meeting in accordance with Governor Hochul’s signed legislation that allows municipalities to resume virtual meetings. This public hearing will be held on the following matter: City of Albany’s Proposed 2022 Budget ORDINANCE 5.32.21 (As Amended 10/21/2021) AN ORDINANCE REPEALING AND REPLACING ARTICLE I (GENERAL PROVISIONS), ARTICLE II (ZONING DISTRICTS), ARTICLE III (USE REGULATIONS). ARTICLE IV (DEVELOPMENT STANDARDS), ARTICLE V (ADMINISTRATION AND ENFORCEMENT), AND ARTICLE VI (RULES OF CONSTRUCTION; DEFINITIONS) OF CHAPTER 375 (UNIFIED SUSTAINABLE DEVELOPMENT ORDINANCE OR “USDO”) OF PART II OF THE CODE OF THE CITY OF ALBANY IN RELATION TO NECESSARY AMENDMENTS, AND ARTICLE VII (APPLICATION FEES) TO CHAPTER 375 (USDO) OF PART II OF THE CODE OF THE CITY OF ALBANY This public hearing is being held pursuant to guidelines established in the Open Meetings Law and the Legislation signed by Governor Hochul. Anyone wishing to be heard can submit written comments or register for the public hearing may do so by sending an email to: cityclerk@albanyny.gov or register directly at: https://us02web.zoom.us/j/84858555036?pwd=UGtxcU5sOWdINHpweWRhU1NZZVFLQT0 9. The Public Hearing will be live-streamed to our Facebook page and in the event we have technical difficulties and are unable to you Facebook the hearing will be live-streamed to our YouTube page at: https://www.youtube.com/channel/UC-rQHp1fBLPcdk_4N6J4XbQ. We encourage all interested parties to submit written comments by 12 noon on October 29, 2021. Anyone wishing to be heard will have an opportunity to do so at the above stated time and location. Documents are available for inspection by appointment at the office of the City Clerk located at 24 Eagle Street, Room 202, Albany, NY 12207, online at www.albanyny.gov, and can be sent via email to requestors. Danielle S. Gillespie City Clerk LOCAL LAWS HELD 1. Conti LOCAL LAW F - 2019 A LOCAL LAW REPEALING CHAPTER 54 (FINANCIAL DISCLOSURE) OF THE CODE OF THE CITY OF ALBANY AND ENACTING A NEW CHAPTER 54 ENTITLED “ETHICS LAW OF THE CITY OF ALBANY” IN RELATION TO ETHICS AND FINANCIAL DISCLOSURE *Referred to Council Operations and Ethics 2. Conti LOCAL LAW A - 2021 A LOCAL LAW AMENDING SECTION 202 (CONTINUOUS TERMS) OF ARTICLE 2 (ELECTIVE OFFICERS) OF THE CHARTER OF THE CITY OF ALBANY TO PROVIDE FOR NONPARTISAN ELECTIONS *Referred to Council Operations and Ethics 3. Anane LOCAL LAW D - 2021 A LOCAL LAW AMENDING THE CHARTER OF THE CITY OF ALBANY TO PROVIDE FOR ADDITIONAL PAID SICK LEAVE * Referred to Finances, Assessment, & Taxation Committee 4. Johnson, Anane, Hoey with Support of President Ellis LOCAL LAW L – 2021 A LOCAL LAW AMENDING CHAPTER 42 (DEPARTMENTS AND COMMISSIONS) OF THE CODE OF THE CITY OF ALBANY IN RELATION TO CREATING A PUBLIC SAFETY COMMISSION *Referred to Public Safety Committee* 5. Kimbrough LOCAL LAW M- 2021 A LOCAL LAW AMENDING ARTICLE VIIB (ALBANY POLICE DEPARTMENT INTERACTIONS) OF PART I (DEPARTMENT OF POLICE) OF CHAPTER 42 (DEPARTMENTS AND COMMISSIONS) OF PART I (ADMINISTRATIVE LEGISLATION) OF THE ALBANY CITY CODE WITH REGARD TO THE USE OF CHEMICAL WEAPONS AND KINETIC ENERGY MUNITIONS ON CIVILIAN POPULATIONS ORDINANCES INTRODUCED 52.111.21 AN ORDINANCE REPEALING ORDINANCE 19.61.21, WHICH AUTHORIZED AND DIRECTED THE GRANT OF AN EASEMENT OVER A PORTION OF THE CITY RIGHT-OF-WAY ON BRIDGE STREET TO 1053 BREWING, LLC ORDINANCES HELD 1. Anane Ordinance 34.101.18 AN ORDINANCE AMENDING CHAPTER 359 (VEHICLES AND TRAFFIC OF THE CODE OF THE CITY OF ALBANY” IN RELATION TO SPECIAL EVENT PARKING *Referred to Law, Buildings and Code Enforcement 2. Conti & Anane Ordinance 2.12.19 AN ORDINANCE AMENDING ARTICLE II (TRAFFIC REGULATIONS) OF CHAPTER 359 (VEHICLE AND TRAFFIC) OF THE CODE OF THE CITY OF ALBANY IN RELATION TO MARKINGS FOR FIRE HYDRANTS *Referred to Law, Buildings and Code Enforcement 3. Flynn Ordinance 12.62.19 AN ORDINANCE AMENDING ARTICLE III (TOW-TRUCK OWNERS AND OPERATORS) OF CHAPTER 353 (VEHICLES FOR HIRE) OF THE CODE OF THE CITY OF ALBANY IN RELATION TO THE MAXIMUM TOWING CHARGE PERMITTED *Referred to Law, Buildings and Code Enforcement 4. Fahey Ordinance 1.21.20 AN ORDINANCE REPEALING CHAPTER 303 (SIDEWALK AND OUTDOOR CAFES) OF THE CODE OF THE CITY OF ALBANY *Referred to Planning, Economic Development and Land Use 5. Anane Ordinance 13.72.20 AN ORDINANCE AMENDING CHAPTER 345 (TREES AND VEGETATION) OF PART II OF THE CODE OF THE CITY OF ALBANY REGARDING PLANTING TREES IN THE CITY OF ALBANY *Referred to General Service, Health and Environment 6. Frederick Ordinance 15.81.20 AN ORDINANCE AMENDING PART II OF THE CODE OF THE CITY OF ALBANY (GENERAL LEGISLATION) BY ENACTING A NEW CHAPTER 325 TITLED SURVEILLANCE TECHNOLOGY *Referred to Public Safety 7. Conti Ordinance 43.112.20 (MC) AN ORDINANCE AMENDNING ARTICLE XLVI (GENERAL PROVISIONS) OF PART 35 (BOARD OF ZONING APPEALS) OF CHAPTER 42 (DEPARTMENTS AND COMMISSIONS) OF THE CODE OF THE CITY OF ALBANY IN RELATION TO CONFORMING THE SIZE OF THE SIZE OF THE BOARD OF ZONING APPEALS WITH THE NYS GENERAL CITY LAW) *Referred to Planning, Economic Development and Land Use Committee 8. Planning Ordinance 5.32.21 (As Amended 10/21/2021) AN ORDINANCE REPEALING AND REPLACING ARTICLE I (GENERAL PROVISIONS), ARTICLE II (ZONING DISTRICTS), ARTICLE III (USE REGULATIONS). ARTICLE IV (DEVELOPMENT STANDARDS), ARTICLE V (ADMINISTRATION AND ENFORCEMENT), AND ARTICLE VI (RULES OF CONSTRUCTION; DEFINITIONS) OF CHAPTER 375 (UNIFIED SUSTAINABLE DEVELOPMENT ORDINANCE OR “USDO”) OF PART II OF THE CODE OF THE CITY OF ALBANY IN RELATION TO NECESSARY AMENDMENTS, AND ARTICLE VII (APPLICATION FEES) TO CHAPTER 375 (USDO) OF PART II OF THE CODE OF THE CITY OF ALBANY *Referred to Planning, Economic Development and Land-use Committee* 9. Hoey Ordinance 22.72.21 AN ORDINANCE AMENDING CHAPTER 375 (UNIFIED SUSTAINABLE DEVELOPMENT) IN RELATION TO RECREATION VEHICLES AND CAMPERS AND ALLOW THEM ON DRIVEWAYS *Referred to Planning, Economic Development, and Land Use Committee* 10. Love Ordinance 29.102.21 AN ORDINANCE AUTHORIZING THE ALBANY PARKING AUTHORITY TO ACQUIRE AN ACCESS EASEMENT PURSUANT TO SECTION 1493-f(4) OF THE PUBLIC AUTHORITIES LAW OF THE STATE OF NEW YORK * Referred to Finances, Assessment, & Taxation Committee 11. Anane Ordinance 30.102.21 AN ORDINANCE AMENDING SECTION 133-78.3 (VACANT BUILDING REGISTRATION) OF CHAPTER 133 (BUILDING CONSTRUCTION) OF THE CODE OF THE CITY OF ALBANY TO REQUIRE OWNERS OF VACANT BUILDINGS TO POST CONTACT INFORMATION ON SUCH BUILDINGS* Referred to Laws, Buildings and Code Enforcement 12. Finance Ordinance 31.102.21 AN ORDINANCE ADOPTING THE BUDGET AS PRESENTED BY THE MAYOR ON OCTOBER 1, 2021, FOR FISCAL YEAR 2022* Referred to Finances, Assessment, & Taxation Committee 13. Finance Ordinance 32.102.21 AN ORDINANCE AUTHORIZING CERTAIN PURCHASES BY THE CITY OF ALBANY, NEW YORK AT A MAXIMUM ESTIMATED COST OF $1,500,000.00 AND AUTHORIZING THE LEASE FINANCING OR THE ISSUANCE OF $1,500,000.00 SERIAL BONDS OF SAID CITY TO PAY THE COST THEREOF (TRAFFIC ENGINEERING – BUILDING/FACILITY ACQUISITION) * Referred to Finances, Assessment, & Taxation Committee 14. Finance Ordinance 33.102.21 AN ORDINANCE AUTHORIZING CERTAIN PURCHASES BY THE CITY OF ALBANY, NEW YORK AT A MAXIMUM ESTIMATED COST OF $500,000.00 AND AUTHORIZING THE LEASE FINANCING OR THE ISSUANCE OF $500,000.00 SERIAL BONDS OF SAID CITY TO PAY THE COST THEREOF (TRAFFIC ENGINEERING – TRAFFIC SIGNAL IMPROVEMENT – RADIO COMMUNICATIONS UPGRADES) * Referred to Finances, Assessment, & Taxation Committee 15. Finance Ordinance 34.102.21 AN ORDINANCE AUTHORIZING CERTAIN PURCHASES BY THE CITY OF ALBANY, NEW YORK AT A MAXIMUM ESTIMATED COST OF $570,000.00 AND AUTHORIZING THE LEASE FINANCING OR THE ISSUANCE OF $570,000.00 SERIAL BONDS OF SAID CITY TO PAY THE COST THEREOF (APD – INTERVID SURVEILLANCE SYSTEM – PHASE 3 OF PROJECT INSTALLATION) * Referred to Finances, Assessment, & Taxation Committee 16. Finance Ordinance 35.102.21 AN ORDINANCE AUTHORIZING CERTAIN PURCHASES BY THE CITY OF ALBANY, NEW YORK AT A MAXIMUM ESTIMATED COST OF $3,149,574.00 AND AUTHORIZING THE LEASE FINANCING OR THE ISSUANCE OF $3,149,574.00 SERIAL BONDS OF SAID CITY TO PAY THE COST THEREOF (DGS – REPLACEMENT VEHICLES) * Referred to Finances, Assessment, & Taxation Committee 17. Finance Ordinance 36.102.21 AN ORDINANCE AUTHORIZING CERTAIN PURCHASES BY THE CITY OF ALBANY, NEW YORK AT A MAXIMUM ESTIMATED COST OF $372,062.00 AND AUTHORIZING THE LEASE FINANCING OR THE ISSUANCE OF $372,062.00 SERIAL BONDS OF SAID CITY TO PAY THE COST THEREOF (DGS – REPLACEMENT EQUIPMENT) * Referred to Finances, Assessment, & Taxation Committee 18. Finance Ordinance 37.102.21 AN ORDINANCE AUTHORIZING CERTAIN PURCHASES BY THE CITY OF ALBANY, NEW YORK AT A MAXIMUM ESTIMATED COST OF $158,100.00 AND AUTHORIZING THE LEASE FINANCING OR THE ISSUANCE OF $158,100.00 SERIAL BONDS OF SAID CITY TO PAY THE COST THEREOF (DGS – VIDEO SURVEILLANCE UPGRADES) * Referred to Finances, Assessment, & Taxation Committee 19. Finance Ordinance 38.102.21 AN ORDINANCE AUTHORIZING CERTAIN PURCHASES BY THE CITY OF ALBANY, NEW YORK AT A MAXIMUM ESTIMATED COST OF $263,500.00 AND AUTHORIZING THE LEASE FINANCING OR THE ISSUANCE OF $263,500.00 SERIAL BONDS OF SAID CITY TO PAY THE COST THEREOF (DGS – SECURITY FENCE INSTALLATIONS) * Referred to Finances, Assessment, & Taxation Committee 20. Finance Ordinance 39.102.21 AN ORDINANCE AUTHORIZING CERTAIN PURCHASES BY THE CITY OF ALBANY, NEW YORK AT A MAXIMUM ESTIMATED COST OF $219,232.00 AND AUTHORIZING THE LEASE FINANCING OR THE ISSUANCE OF $219,232.00 SERIAL BONDS OF SAID CITY TO PAY THE COST THEREOF (DGS – HIGH SPEED GARAGE DOORS) * Referred to Finances, Assessment, & Taxation Committee 21. Finance Ordinance 40.102.21 AN ORDINANCE AUTHORIZING CERTAIN PURCHASES BY THE CITY OF ALBANY, NEW YORK AT A MAXIMUM ESTIMATED COST OF $147,560.00 AND AUTHORIZING THE LEASE FINANCING OR THE ISSUANCE OF $147,560.00 SERIAL BONDS OF SAID CITY TO PAY THE COST THEREOF (DGS – PURCHASE OF FABRIC FOR CONSTRUCTION OF STEEL BUILDINGS) * Referred to Finances, Assessment, & Taxation Committee 22. Finance Ordinance 41.102.21 AN ORDINANCE AUTHORIZING CERTAIN PURCHASES BY THE CITY OF ALBANY, NEW YORK AT A MAXIMUM ESTIMATED COST OF $4,000,000.00 AND AUTHORIZING THE LEASE FINANCING OR THE ISSUANCE OF $4,000,000.00 SERIAL BONDS OF SAID CITY TO PAY THE COST THEREOF (ENGINEERING – STREET RECONSTRUCTION) * Referred to Finances, Assessment, & Taxation Committee 23. Finance Ordinance 42.102.21 AN ORDINANCE AUTHORIZING CERTAIN PURCHASES BY THE CITY OF ALBANY, NEW YORK AT A MAXIMUM ESTIMATED COST OF $600,000.00 AND AUTHORIZING THE LEASE FINANCING OR THE ISSUANCE OF $600,000.00 SERIAL BONDS OF SAID CITY TO PAY THE COST THEREOF (ENGINEERING – SIDEWALK RECONSTRUCTION) * Referred to Finances, Assessment, & Taxation Committee 24. Finance Ordinance 43.102.21 AN ORDINANCE AUTHORIZING CERTAIN PURCHASES BY THE CITY OF ALBANY, NEW YORK AT A MAXIMUM ESTIMATED COST OF $300,000.00 AND AUTHORIZING THE LEASE FINANCING OR THE ISSUANCE OF $300,000.00 SERIAL BONDS OF SAID CITY TO PAY THE COST THEREOF (ENGINEERING – ADA COMPLIANCE) * Referred to Finances, Assessment, & Taxation Committee 25. Finance Ordinance 44.102.21 AN ORDINANCE AUTHORIZING CERTAIN PURCHASES BY THE CITY OF ALBANY, NEW YORK AT A MAXIMUM ESTIMATED COST OF $1,500,000.00 AND AUTHORIZING THE LEASE FINANCING OR THE ISSUANCE OF $1,500,000.00 SERIAL BONDS OF SAID CITY TO PAY THE COST THEREOF (ENGINEERING – RENOVATIONS TO CITY BUILDINGS) * Referred to Finances, Assessment, & Taxation Committee 26. Finance Ordinance 45.102.21 AN ORDINANCE AUTHORIZING CERTAIN PURCHASES BY THE CITY OF ALBANY, NEW YORK AT A MAXIMUM ESTIMATED COST OF $1,250,000.00 AND AUTHORIZING THE LEASE FINANCING OR THE ISSUANCE OF $1,250,000.00 SERIAL BONDS OF SAID CITY TO PAY THE COST THEREOF (ENGINEERING – LINCOLN PARK PROJECT) * Referred to Finances, Assessment, & Taxation Committee 27. Finance Ordinance 46.102.21 AN ORDINANCE AUTHORIZING CERTAIN PURCHASES BY THE CITY OF ALBANY, NEW YORK AT A MAXIMUM ESTIMATED COST OF $937,500.00 AND AUTHORIZING THE LEASE FINANCING OR THE ISSUANCE OF $937,500.00 SERIAL BONDS OF SAID CITY TO PAY THE COST THEREOF (LAW – SETTLEMENT PAYMENT) * Referred to Finances, Assessment, & Taxation Committee 28. Finance Ordinance 47.102.21 AN ORDINANCE AUTHORIZING CERTAIN PURCHASES BY THE CITY OF ALBANY, NEW YORK AT A MAXIMUM ESTIMATED COST OF $850,000.00 AND AUTHORIZING THE LEASE FINANCING OR THE ISSUANCE OF $850,000.00 SERIAL BONDS OF SAID CITY TO PAY THE COST THEREOF (AFD – CARDIAC MONITOR REPLACEMENT) * Referred to Finances, Assessment, & Taxation Committee 29. Finance Ordinance 48.102.21 AN ORDINANCE AUTHORIZING CERTAIN PURCHASES BY THE CITY OF ALBANY, NEW YORK AT A MAXIMUM ESTIMATED COST OF $150,000.00 AND AUTHORIZING THE LEASE FINANCING OR THE ISSUANCE OF $150,000.00 SERIAL BONDS OF SAID CITY TO PAY THE COST THEREOF (RECREATION – MODIFICATIONS TO COLBY STREET PLAYGROUND EQUIPMENT) * Referred to Finances, Assessment, & Taxation Committee 30. Finance Ordinance 49.102.21 AN ORDINANCE AUTHORIZING CERTAIN PURCHASES BY THE CITY OF ALBANY, NEW YORK AT A MAXIMUM ESTIMATED COST OF $115,000.00 AND AUTHORIZING THE LEASE FINANCING OR THE ISSUANCE OF $115,000.00 SERIAL BONDS OF SAID CITY TO PAY THE COST THEREOF (RECREATION – MODIFICATIONS TO WASHINGTON PARK PLAYGROUND EQUIPMENT) * Referred to Finances, Assessment, & Taxation Committee 31. Hoey Ordinance 50.102.21 AN ORDINANCE AMENDING CHAPTER 375 OF THE CODE OF THE CITY OF ALBANY (UNIFIED SUSTAINABLE DEVELOPMENT ORDINANCE) CHANGING THE ZONING CLASSIFICATION OF 1148 WESTERN AVENUE FROM MU-NC (MIXED-USE NEIGHBORHOOD CENTER AND R-M (RESIDENTIAL MULTI-FAMILY) TO MU-NC (MIXED-USE NEIGHBORHOOD CENTER) * Referred to Finances, Assessment, & Taxation Committee 32. Robinson Ordinance 51.102.21 AN ORDINANCE AMENDING CHAPTER 183 (EQUITY AGENDA) OF THE CODE OF THE CITY OF ALBANY IN RELATION TO EXTENDING THE COMMISSION ON HUMAN RIGHTS’S REPORTING DEADLINE RESOLUTION INTRODUCED 83.111.21R RESOLUTION OF THE COMMON COUNCIL URGING CONGRESS TO PASS HR 3339 AND CREATE A NATIONAL INFRASTRUCTURE BANK 84.111.21R A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF ALBANY URGING ALBANY COUNTY TO BANK WITH BANKS THAT INVEST WITH THE COUNTY AND WORK TO REVERSE LONGTIME SYMPTOMS OF RACISM AND REDLINING RESOLUTIONS HELD 1. Anane Resolution 46.62.18R (MC) A RESOLUTION OF THE ALBANY COMMON COUNCIL IN SUPPORT OF THE CITY OF ALBANY WAIVING FEES AGAINST THE NEW YORK STATE POOR PEOPLE’S CAMPAIGN *Referred to Public Safety Committee 2. Anane Resolution Number 25.52.19R RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF ALBANY RECOGNIZING THE IMPORTANCE OF WALKABILITY THROUGHOUT THE CITY AND CALLING ON THE ALBANY POLICE DEPARTMENT’S TRAFFIC SAFETY DIVISION TO ADOPT A POLICY ENSURING THAT PEDESTRIAN SIGNALS ARE AUTOMATICALLY INCLUDED WHENEVER TRAFFIC SIGNALS ARE CHANGED, UPGRADED OR INSTALLED” *Referred to Planning, Economic Development and Land Use Committee 3. Love Resolution Number 42.62.19R RESOLUTION OF THE COMMON COUNCIL RECOGNIZING THE NEED FOR A GREATER EMPHASIS ON SENIOR SERVICES THROUGHOUT THE CITY OF ALBANY 4. Anane Resolution Number 95.102.20R RESOLUTION IN SUPPORT OF THE CITY OF ALBANY MAKING ELECTION DAY A PAID HOLIDAY *Referred to Finance, Assessment and Taxation Committee 5. Finance Resolution Number 25.31.21R A RESOLUTION OF THE COMMON COUNCIL CONSENTING TO THE ELIMINATION OF ONE FULL TIME POSITION AND THE CREATION OF ANOTHER, WHICH WILL AFFECT A SALARY TOTAL FOR THE 2021 BUDGET (DEPARTMENT OF RECREATION) *Referred to Finance, Assessment, & Taxation Committee 6. Finance Resolution Number 41.51.21R RESOLUTION OF THE COMMON COUNCIL CONSENTING TO ADJUSTMENT OF SALARIES FOR CERTAIN POSITIONS IN THE 2021 BUDGET (DEPARTMENT OF LAW) *Referred to Finance, Assessment, & Taxation Committee* 7. Finance Resolution Number 42.51.21R A RESOLUTION OF THE COMMON COUNCIL CONSENTING TO THE CREATION OF A POSITION, WHICH WILL AFFECT A SALARY TOTAL FOR THE 2021 BUDGET (ALBANY COMMUNITY DEVELOPMENT AGENCY) *Referred to Finance, Assessment, & Taxation Committee* 8. Fahey Resolution Number 47.52.21R RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF ALBANY REQUESTING IMMEDIATE ACTION BY OUT STATE AND FEDERAL OFFICIALS TO UNDERTAKE A THOROUGH AND COMPLETE EVALUATION OF THE USE OF CHEMICAL GAS ON INDIVIDUALS BY LAW ENFORCEMENT AND DETERMINE WHETHER TO BAN ITS USE *Referred to Public Safety Committee* 9. Finance Resolution 81.102.21 RESOLUTION OF THE COMMON COUNCIL OUTLINING ITS ACTIONS AND EXPRESSING ITS FINDINGS AND INTENT CONCERNING THE CITY OF ALBANY 2022 BUDGET AS PROPOSED IN ORDINANCE 31.102.21 *Referred to Finance, Assessment & Taxation Committee* Page 1 of 1 Albany Common Council Active Calendar Meeting of Monday, November 1, 2021 (NOTE: The Active Calendar is meant to indicate items which are anticipated to come up for action at the indicated Common Council meeting. Items on a committee agenda prior to the indicated Council meeting are included subject to committee action and recommendation. New items on the agenda for introduction, but which will not be acted upon on the evening of introduction is not included on the Active Calendar. This Calendar does not preclude the addition of items for action by Majority Consent of the Council. Items added by Majority Consent are those which were not available for the agenda within the required deadline but which cannot wait for the subsequent Council meeting for introduction and/or action.) Section Number Agenda Sponsor Subject Number Ordinances Held 51.102.21 32 Robinson AN ORDINANCE AMENDING CHAPTER 183 (EQUITY AGENDA) OF THE CODE OF THE CITY OF ALBANY IN RELATION TO EXTENDING THE COMMISSION ON HUMAN RIGHTS’S REPORTING DEADLINE Resolutions Introduced (a) 83.111.21R Love RESOLUTION OF THE COMMON COUNCIL URGING CONGRESS TO PASS HR 3339 AND CREATE A NATIONAL INFRASTRUCTURE BANK Resolutions Introduced (a) 84.111.21R Anane A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF ALBANY URGING ALBANY COUNTY TO BANK WITH BANKS THAT INVEST WITH THE COUNTY AND WORK TO REVERSE LONGTIME SYMPTOMS OF RACISM AND REDLINING (a) Pending Discussions at Caucus on Wednesday, October 27, 2021 @5:30pm VIA ZOOM (10/22/2021) COMMON COUNCIL OF THE CITY OF ALBANY SUPPORT LEGISLATION NOVEMBER 1, 2021 ORDINANCES 52.111.21 AN ORDINANCE REPEALING ORDINANCE 19.61.21, WHICH AUTHORIZED AND DIRECTED THE GRANT OF AN EASEMENT OVER A PORTION OF THE CITY RIGHT-OF-WAY ON BRIDGE STREET TO 1053 BREWING, LLC RESOLUTIONS 83.111.21R RESOLUTION OF THE COMMON COUNCIL URGING CONGRESS TO PASS HR 3339 AND CREATE A NATIONAL INFRASTRUCTURE BANK 84.111.21R A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF ALBANY URGING ALBANY COUNTY TO BANK WITH BANKS THAT INVEST WITH THE COUNTY AND WORK TO REVERSE LONGTIME SYMPTOMS OF RACISM AND REDLINING Matter in strikethrough to be deleted. Matter underlined is new material. Council Member Kimbrough introduced the following: ORDINANCE 52.111.21 AN ORDINANCE REPEALING ORDINANCE 19.61.21, WHICH AUTHORIZED AND DIRECTED THE GRANT OF AN EASEMENT OVER A PORTION OF THE CITY RIGHT-OF-WAY OF BRIDGE STREET TO 1053 BREWING, LLC The City of Albany, in Common Council convened, does hereby ordain and enact: Section 1. Ordinance 19.61.21, approved by this Council on July 8, 2021, is hereby repealed. Section 2. This ordinance shall take effect immediately. APPROVED AS TO FORM THIS 21ST DAY OF OCTOBER, 2021 ________________________________ Corporation Counsel Matter in strikethrough to be deleted. Matter underlined is new material. To: Danielle Gillespie, City Clerk From: Brett Williams, Esq., Sr. Assistant Corporation Counsel Re: Request for Common Council Legislation Supporting Memorandum Date: October 21, 2021 Sponsor: Council Member Kimbrough ORDINANCE 52.111.21 TITLE AN ORDINANCE REPEALING ORDINANCE 19.61.21, WHICH AUTHORIZED AND DIRECTED THE GRANT OF AN EASEMENT OVER A PORTION OF THE CITY RIGHT- OF-WAY OF BRIDGE STREET TO 1053 BREWING, LLC GENERAL PURPOSE OF LEGISLATION This ordinance repeals ordinance 19.61.21, which authorized and directed the Mayor to grant an easement over the City right-of-way of Bridge to 1053 Brewing, LLC, an entity associated with Druthers Brewing Company. Druthers had requested the easement in order to build a deck to facilitate a new deck and ADA-compliant ramp for additional seating at their brewpub. Although no easement has yet been granted to Druthers as authorized by ordinance 19.61.21, the ordinance is being repealed because administration and Corporation Counsel’s office became aware of certain issues with the ordinance as it was originally passed. Druthers may seek a new ordinance granting a substantially similar easement in the future. NECESSITY FOR LEGISLATION AND CHANGES TO EXISTING LAW Ordinance 19.61.21 is being repealed because of issues with the ordinance as originally passed. FISCAL IMPACT(S) None. Council Member Love introduced the following: RESOLUTION NUMBER 83.111.21 RESOLUTION OF THE COMMON COUNCIL URGING CONGRESS TO PASS HR 3339 AND CREATE A NATIONAL INFRASTRUCTURE BANK WHEREAS, The American Society of Civil Engineers (ASCE) 2021 report card gave the United States a grade of C- regarding the current state of infrastructure, and they said that over six trillion dollars would be needed to restore the nation’s infrastructure to a state of good repair. Over two and a half-trillion dollars is currently not funded and the remainder is inadequately funded. New, 21st Century projects are unfunded; and WHEREAS, the ASCE in New York State reports that 424 dams are considered to be high-hazard potential, 7,292 miles of highway and 1,702 bridges require repairs (9.9% of bridges are rated structurally deficient; The state’s schools have an estimated capital expenditure gap of $2.91 billion. To repair, replace, and update New York State’s wastewater infrastructure would cost $36.2 billion over 20 years; and WHEREAS, 11% of trains and other transit vehicles in the state are past their useful life; 1.7 million renters pay more than 30% of their income in rent due to shortages in affordable housing units; New York needs $22.8 billion in modernization costs to ensure safe drinking water; 64% of families have few or no childcare options in their communities, preventing parents from joining the workforce; and WHEREAS, broadband access is still woefully lacking in New York; 38% of all New York households earning $25,000 or less have no high-speed home internet connection; 20% of households in New York City metro areas, serving 750,000 students, do not have high-speed internet; 32% of households in Syracuse have no broadband connection; 20% in Rochester, 19% in Buffalo. The Capital region has relatively high internet connectivity but 27% of homes lack high-speed internet, and many counties in the Capital Region have little or no high-speed service (Albany Times Union 1/15/21); and WHEREAS, Congress introduced HR 3339, The National Infrastructure Bank Act, to create a new National Infrastructure Bank (NIB). This legislation creates a $5 trillion bank, authorized to invest in infrastructure projects only. It would require no new federal spending and no new federal taxes; as it would be capitalized by repurposing existing U.S. Treasury debt, as was done previously in U.S. history; and WHEREAS, the NIB is modeled on previous banks which helped build much of our infrastructure under Presidents George Washington (designed by Alexander Hamilton!), James Madison, Abraham Lincoln, and Franklin D. Roosevelt. The last such bank, President Franklin Roosevelt’s Reconstruction Finance Corporation, helped end the Great Depression and win WWII; and WHEREAS, a new National Infrastructure Bank (NIB) will help finance the infrastructure needs of New York State and Albany and cover all projects not included in the federal budget, such as passenger and high-speed rail, lead service line replacement, broadband coverage everywhere, and massive construction of affordable housing. It is mandated to build infrastructure and create jobs in all communities and bring to an end the endemic poverty gripping much of the nation. It will hire and train the people who have lost their jobs before and during the COVID pandemic; and WHEREAS, the new National Infrastructure Bank will create twenty-five million new jobs, pay Davis-Bacon wages, and include Buy American provisions. Disadvantaged Business Enterprises will receive significant disbursements, large-scale minority hiring is mandated, and the NIB will heavily invest in poor communities. According to experts, the Bank will grow the economy by 5% or more annually; and WHEREAS, Twenty-one state legislatures have filed or passed resolutions of support for this policy. City and county councils have also introduced or passed resolutions, including the Albany County Legislature, New York State Association of Counties (NYSAC), Peekskill Common Council, Westchester County Board of Legislators, and the New York City Council. Other city council endorsements include Cleveland, Chicago, Philadelphia, Toledo, Pittsburgh, Providence RI, and many others. Trade union support of the NIB is large and includes the Westchester-Putnam Counties Central Labor Board AFL-CIO, the Hudson Valley NY Building and Construction Trades Council, and Local One of the Elevator Constructors (NY-NJ); United Association of Plumbers and Pipefitters International Union; and more. Organizations endorsing the NIB include: the National Association of Minority Contractors, National Latino Farmers and Ranchers, American Sustainable Business Council, National Congress of Black Women, the Public Banking Institute, and the US High-Speed Rail Association; NOW, THEREFORE BE IT RESOLVED, that the Albany Common Council calls upon the U.S. Congress to pass HR 3339 and create a National Infrastructure Bank; and BE IT FURTHER RESOLVED that copies of this resolution be sent to the entire congressional delegation of New York State, the Lieutenant Governor and Governor of the State of New York, and the President of the United States. To: Danielle Gillespie, City Clerk From: John-Raphael Pichardo, Esq., Research Counsel Re: Common Council Legislation Supporting Memorandum Date: October 19, 2021 SPONSOR Council Member Love RESOLUTION NUMBER 83.111.21 TITLE RESOLUTION OF THE COMMON COUNCIL URGING CONGRESS TO PASS HR 3339 AND CREATE A NATIONAL INFASTRUCTURE BANK GENERAL PURPOSE OF LEGISLATION Urges Congress to pass HR 3339 and create a National Infrastructure Bank FISCAL IMPACT(S) None. 117TH CONGRESS 1ST SESSION H. R. 3339 To facilitate efficient investments and financing of infrastructure projects and new job creation throug h the establishment of a National Infrastructure Bank, and for other purposes. IN THE HOUSE OF REPRESENTATIVES MAY 19, 2021 Mr. DANNY K. DAVIS of Illinois introduced the following bill; which was referred to the Committee o n Energy and Commerce, and in addition to the Committees on Ways and Means, Transportation and Infrastructure, Financial Services, Education and Labor, Natural Resources, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of suc h provisions as fall within the jurisdiction of the committee concerned A BILL To facilitate efficient investments and financing of infrastructure projects and new job creation throug h the establishment of a National Infrastructure Bank, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE; TABLE OF CONTENTS. (a) I N G E N E R A L .—This Act may be cited as the “National Infrastructure Bank Act of 202 1”. (b) T A B L E O F C O N T E N T S .—The table of contents of this Act is as follows: Sec. 1. Short title; table of contents. Sec. 2. Findings. TITLE I—REVENUE PROVISIONS Sec. 101. Treatment of National Infrastructure Bank as a Government corporation exempt from tax. Sec. 102. Treatment of contributions to the National Infrastructure Bank as charitable contributions. Sec. 103. Temporary rule to allow a deduction for cash contributions to the National Infrastructure Bank by certain taxpa yers who do not elect to itemize deductions. Sec. 104. Preferred dividends of National Infrastructure Bank excludible from gross income. TITLE II—ESTABLISHMENT OF NATIONAL INFRASTRUCTURE BANK Sec. 201. Definitions. Sec. 202. Establishment of National Infrastructure Bank. Sec. 203. Purposes and authorizations. Sec. 204. Formation of regional economic accelerator planning groups. Sec. 205. Eligibility criteria for assistance from the bank. Sec. 206. Board of Directors. Sec. 207. Powers and limitations of the Board. Sec. 208. Executive committee. Sec. 209. Risk management committee. Sec. 210. Audit committee. Sec. 211. Personnel. Sec. 212. Special Inspector General for the National Infrastructure Bank. Sec. 213. Status and applicability of certain Federal and State laws. Sec. 214. Exemption from certain laws. Sec. 215. Audits; reports to President and Congress. Sec. 216. Budgetary effects. Sec. 217. Authorization of appropriations. SEC. 2. FINDINGS. Congress finds the following: (1) Throughout our Nation’s history, national banks have played a crucial role in financing most of our Nation’s public infrastructure. The largest banks included: The First (1791–1811) an d Second (1816–1836) Banks of the United States, President Lincoln’s national banking system, and President Franklin Delano Roosevelt’s Reconstruction Finance Corporation (1932–1957). (2) These national banks were enacted with broad bi- partisan support, and financed the construction of: roads, turnpikes, bridges, and canals; the Tran scontinental Railroad; the Hoover Dam; rural electrification; manufacturing start- ups; and rail, school, and farm improvements in every corner of our country. Investments created the conditions for improved productivity, economic growth, and job creation; helped lift us out o f the Great Depression; and contributed to our victory in World War II. (3) The American Society of Civil Engineers (hereinafter referred to as “ASCE”), in its 202 1 Report Card and Failure to Act Series, estimates that $6,109,000,000,000 is needed over the ne xt ten years (2020–2029) to meet all of our country’s infrastructure needs. Of that amount, $3,48 3,000,000,000 is expected to be financed by: the Federal government through its normal budget a ppropriations process; and by States, counties, cities, utilities, and port and airport authorities thr ough their general revenues, special taxes, user fees, and borrowing. Even with this spending, ho wever, a financing gap of $2,626,000,000,000 remains. To close this gap, our nation will need to increase investment, by all levels of government, from 2.5 percent to 3.5 percent of GDP by 202 5. (4) ASCE estimates that the added $2,626,000,000,000 needed over a ten year period to brin g systems up to a state of good repair is as follows (amounts in parentheses): (A) Roads, bridges, and transit ($1,035,000,000,000). (B) Drinking water, wastewater, and stormwater systems ($801,000,000,000). (C) Schools ($250,000,000,000). (D) Electricity generation, transmission, distribution ($197,000,000,000). (E) Aviation ($111,000,000,000). (F) Dams, levees, inland waterways, and ports ($109,000,000,000). (G) Passenger rail ($45,000,000,000). (H) Public parks and recreation ($78,000,000,000). (5) Expanded investment of at least $2,374,000,000,000 is needed for— (A) new affordable housing; a 9,000 mile high speed rail network; (B) affordable and complete broadband access; (C) major water projects; (D) science and technology drivers; (E) to accommodate population growth and save on energy use; and (F) improvements in rural, urban, and low- income areas that the private sector is not currently serving. (6) Although Federal grant programs, along with matching State and local funding, should c ontinue to play a coordinating role in financing infrastructure in the United States, current and fo reseeable demands on existing Federal, State, and local budgets exceed the resources to support t hese programs by a wide margin. In addition, a severe economic downturn in 2020, resulting in s ignificant unemployment, business losses, and public budget deficits, has placed further limits on infrastructure spending. (7) The establishment of a United States public deposit money bank would provide direct lo ans and other financing of up to $5,000,000,000,000 for qualifying infrastructure projects withou t requiring additional Federal taxes or deficits. Such funding would be adequate to finance all of t he United States’ unfunded infrastructure needs, in all parts of the country, according to well- developed strategic plans. At the same time, it would return the United States to its most recent “ golden age” when a National Infrastructure Bank was in place (1933–1957), during which time t otal factor productivity advanced by 3.5 percent per year, the economy grew on average 5.5 perc ent per year, income inequality fell by one- third, and Federal and State tax receipts rose dramatically. TITLE I—REVENUE PROVISIONS SEC. 101. TREATMENT OF NATIONAL INFRASTRUCTURE BANK AS A GOVERNMEN T CORPORATION EXEMPT FROM TAX. (a) I N G E N E R A L .—Section 501(l) of the Internal Revenue Code of 1986 is amended by ad ding at the end the following new paragraph: “(5) The National Infrastructure Bank established under title II of the National Infrastructur e Bank Act of 2021”..”. (b) E F F E C T I V E D A T E .—The amendment made by this section shall apply to taxable years ending after the date of the enactment of this Act. SEC. 102. TREATMENT OF CONTRIBUTIONS TO THE NATIONAL INFRASTRUCTURE BANK AS CHARITABLE CONTRIBUTIONS. (a) I N G E N E R A L .—Section 170(c) of the Internal Revenue Code of 1986 is amended by in serting after paragraph (5) the following new paragraph: “(6) The National Infrastructure Bank established under title II of the National Infrastructur e Bank Act of 2021.”. (b) A P P L I C A T I O N O F P E R C E N T A G E L I M I T A T I O N .—Section 170(b)(1)(A) of such Cod e is amended by striking “or” at the end of clause (viii), by inserting “or” at the end of clause (ix) , and by inserting after clause (ix) the following new clause: “(x) the National Infrastructure Bank referred to in subsection (c)(6),”. (c) E F F E C T I V E D A T E .—The amendments made by this section shall apply to taxable year s ending after the date of the enactment of this Act. SEC. 103. TEMPORARY RULE TO ALLOW A DEDUCTION FOR CASH CONTRIBUTION S TO THE NATIONAL INFRASTRUCTURE BANK BY CERTAIN TAXPAYERS WHO DO NOT ELECT TO ITEMIZE DEDUCTIONS. (a) I N G E N E R A L .—Section 170(p) of the Internal Revenue Code of 1986 is amended by ad ding at the end the following flush sentence: “The $300 or $600 dollar limitation otherwise in effect under the preceding sentence with respect to any taxpayer for any taxable year shall be increased by the amount of contributions made in c ash by such taxpayer during such taxable year (determined without regard to subsections (b)(1)( G)(ii) and (d)(1)) to the National Infrastructure Bank referred to in subsection (c)(6).”. (b) E F F E C T I V E D A T E .—The amendments made by this section shall apply to taxable year s ending after the date of the enactment of this Act. SEC. 104. PREFERRED DIVIDENDS OF NATIONAL INFRASTRUCTURE BANK EXCLUD IBLE FROM GROSS INCOME. (a) I N G E N E R A L .—Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1 986 is amended by inserting after section 139I the following new section: “SEC. 139J. PREFERRED DIVIDENDS OF NATIONAL INFRASTRUCTURE BANK. “Gross income shall not include any amount received as a dividend on preferred stock of the Nati onal Infrastructure Bank pursuant to section 203(c) of the National Infrastructure Bank Act of 20 21 (as in effect on the date of the enactment of this section).”. (b) C L E R I C A L A M E D M E N T .— The table of sections of such part is amended by inserting after the item relating to section 1 39I the following new item: “Sec. 139J. Preferred dividends of National Infrastructure Bank.”. (c) E F F E C T I V E D A T E .—The amendments made by this section shall apply to taxable year s ending after the date of the enactment of this Act. TITLE II—ESTABLISHMENT OF NATIONAL INFRAST RUCTURE BANK SEC. 201. DEFINITIONS. For purposes of this title, the following definitions apply unless otherwise specified in this title: (1) BANK.—The term “Bank” means the National Infrastructure Bank established under se ction 202(a). (2) BLENDED FINANCING.—The term “blended financing” means financing provided th rough any combination of loans or bond financing, in cooperation with private lenders or State re volving funds, that is integrated into a single agreement with a single set of financial terms. (3) BOARD.—The term “Board” means the National Infrastructure Bank Board. (4) BOND.—The terms “Bond” means any bond issued in accordance with this Act if— (A) the proceeds from the sale of the bond are to be used for expenditures incurred after the date of issuance with respect to any infrastructure project or other purpose, subject to such rules as the Bank may provide; (B) the bond is issued in registered form; (C) the bond has such terms, and carries interest in such an amount, as determined by the Ba nk; and (D) payments of interest and principal with respect to the bond is the obligation of the Bank, and is backed by the full faith and credit of the United States. (5) CHIEF ASSET AND LIABILITY MANAGEMENT OFFICER.—The term “chief asset and liability management officer” means the chief individual responsible for coordinating the m anagement of assets and liabilities of the Bank. (6) CHIEF COMPLIANCE OFFICER.—The terms “chief compliance officer” and “CCO” mean the chief individual responsible for overseeing and managing the compliance and regulator y affairs of the Bank. (7) CHIEF EXECUTIVE OFFICER.—The terms “chief executive officer” and “CEO” mea n the individual serving as the executive director of the Bank. (8) CHIEF FINANCIAL OFFICER.—The terms “chief financial officer” and “CFO” mean the chief individual responsible for managing the financial risks, planning, and reporting of the B ank. (9) CHIEF LOAN ORIGINATION OFFICER.—The term “chief loan origination officer” means the chief individual responsible for managing the processing of new loans provided by the Bank. (10) CHIEF OPERATIONS OFFICER.—The terms “chief operations officer” and “COO” mean the chief individual responsible for the retail operations of the Bank and its branches, inclu ding its administrative, human resource, and information technology systems. (11) CHIEF RISK OFFICER.—The terms “chief risk officer” and “CRO” mean the chief in dividual responsible for managing operational and compliance-related risks of the Bank. (12) CHIEF TREASURY OFFICER.—The term “chief treasury officer” means the chief in dividual responsible for managing the Bank’s treasury operations. (13) COMMUNITY DEVELOPMENT INFRASTRUCTURE PROJECT.—The term “com munity development infrastructure project” means any project for the development of affordable housing, schools, public parks and recreation, libraries, or public facilities that train workers and build labor skills. (14) CONNECTIVITY.—The term “connectivity” means the linkages in transportation, ene rgy, communications, and community development infrastructure, as well as manufacturing and data centers, that tie geographic areas together into economic units, including networks of comm uter routes, railways, shipping lanes, and internet cables, and are best expressed in map form. (15) COST BENEFIT ANALYSIS.—The term “cost benefit analysis” means the compariso n of the stream of costs for a potential project over its useful lifetime, to its public benefits over t hat time, with cost and benefit flows expressed on a common basis in terms of net present value. (16) DEVELOPMENT.—The terms “development” and “develop” mean, with respect to an infrastructure project, any— (A) preconstruction planning, feasibility review for stand- alone projects or for bundled projects, permitting, design work, life- cycle maintenance planning, and other preconstruction activities; and (B) construction, reconstruction, rehabilitation, replacement, or expansion. (17) DIRECT LOAN.—The term “direct loan” has the meaning given the term in section 5 02 of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a). (18) DISADVANTAGED COMMUNITY.—The term “disadvantaged community” means a county, city, or partial census tract area, with any of the following characteristics: (A) A median household income below 80 percent of the State nonmetropolitan median hou sehold income. (B) Persistent rural poverty, in which 20 percent or more of the population has been living b elow the poverty line for the last 30 years. (19) ENERGY INFRASTRUCTURE PROJECT.—The term “energy infrastructure project” means any project for energy transmission and distribution, energy generation as needed, energy efficiency enhancement for buildings, and energy storage. (20) ENTITY.—The term “entity” means— (A) a State, municipality, or other governmental agency (including a political subdivision or any other instrumentality of a State or a revolving fund); (B) a publicly owned utility; (C) a public authority, corporation, or Federal agency; (D) a partnership (including a public-private partnership); (E) a joint venture; or (F) a trust. (21) ENVIRONMENTAL INFRASTRUCTURE PROJECT.—The term “environmental inf rastructure project” means any project for the establishment, deferred maintenance, or enhancem ent, including security enhancement, of any drinking water and wastewater treatment facility, sto rm water management system, flood gate, dam, levee, dredging, wetland restoration or other ope n space conservation, infill development, solid waste disposal facility, hazardous waste facility, o r industrial site cleanup or remediation project. (22) GENERAL COUNSEL.—The term “general counsel” means the individual who serve s as the chief lawyer for the Bank. (23) GREENHOUSE GASES.—The term “greenhouse gases” means any man- made gas designated as a greenhouse gas by the Administrator of the Environmental Protection Agency. (24) INFRASTRUCTURE PROJECT.—The term “infrastructure project” means any transp ortation, energy, environmental, telecommunications, community development, or other infrastru cture project for which a development plan is presented to the Bank for financing. It shall exclud e military infrastructure. (25) LOAN GUARANTEE.—The term “loan guarantee” has the same meaning as in sectio n 502 of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a). (26) PRODUCTIVITY.—The term “productivity” means the improved efficiency in the ec onomy associated with investments in public and private infrastructure. It is calculated as the cha nge in the value of total production, minus the change in the value of inputs going into productio n. (27) PUBLIC BENEFIT.—The term “public benefit” means the clear and measurable benef it to society resulting from the public’s use of the infrastructure with respect to which a project is carried out, or the improvement such infrastructure provides in— (A) economic growth and productivity; (B) air and water quality; (C) energy savings; (D) high-wage jobs; (E) poverty reduction; or (F) increased Federal, State, and local revenues. (28) PUBLIC-PRIVATE PARTNERSHIP.—The term “public- private partnership” means any entity— (A) (i) which is undertaking the development of all or part of an infrastructure project, whic h will have a public benefit, pursuant to requirements established in one or more contracts betwe en the entity and a State or an instrumentality of a State; or (ii) the activities of which, with respect to such an infrastructure project, are subject to regul ation by a State or any instrumentality of a State; and (B) which owns, leases, or operates, or will own, lease, or operate, the project in whole or in part, and at least one of the participants in the entity is a nongovernmental entity. (29) REVOLVING FUND.—The term “revolving fund” means a fund or program establish ed by a State or a political subdivision or other instrumentality of a State, the principal activity of which is to make loans, commitments, or other financial accommodation available for the devel opment of one or more categories of infrastructure projects. (30) SECRETARY.—The term “Secretary” means the Secretary of the Treasury. (31) SMART GRID.—The term “smart grid” means a system that provides for any of the s mart grid functions set forth in section 1306(d) of the Energy Independence and Security Act of 2007 (42 U.S.C. 17386(d)). (32) STATE.—The term “State” means any of the several States, the District of Columbia, Puerto Rico, Guam, American Samoa, the Virgin Islands, the Commonwealth of Northern Maria na Islands, and any other territory of the United States. (33) TELECOMMUNICATIONS INFRASTRUCTURE PROJECT.—The term “telecomm unications infrastructure project” means any project involving infrastructure required to provide communications by wire, fiber optic cable, satellite, or radio, including broadband, or to enhance security for such infrastructure. (34) TRANSPORTATION INFRASTRUCTURE PROJECT.—The term “transportation inf rastructure project” means any project for the construction, deferred maintenance, or enhanceme nt, including security enhancement, of highways, roads, bridges, transit and intermodal systems, i nland waterways, commercial ports, airports, high speed rail, and rail track systems. (35) TRUST FUND.—The term “Trust Fund” means a delineated account in the books of t he Bank, set up to receive and disburse grant money to fully or partially subsidize project loans t o entities operating in disadvantaged communities. Trust fund receipts shall include those left ov er from net operations of the Bank, Federal grant disbursements, and philanthropic and other gift s from individuals and corporations as they become available. SEC. 202. ESTABLISHMENT OF NATIONAL INFRASTRUCTURE BANK. (a) E S T A B L I S H M E N T O F N A T I O N A L I N F R A S T R U C T U R E B A N K .—The National Infras tructure Bank is established as a Government corporation subject to chapter 91 of title 31, United States Code (commonly known as the “Government Corporation Control Act”), except as other wise provided in this Act. (b) C O N F O R M I N G A M E N D M E N T .—Section 9101(3) of title 31, United States Code, is am ended by adding at the end the following: “(Q) the National Infrastructure Bank.”. (c) R E S P O N S I B I L I T Y O F T H E S E C R E T A R Y .—The Secretary shall take such action as m ay be necessary to assist in implementing the establishment of the Bank in accordance with this Act, including obtaining a national bank charter. SEC. 203. PURPOSES AND AUTHORIZATIONS. (a) P U R P O S E .—The purpose of National Infrastructure Bank shall be to facilitate efficient, long- term financing of infrastructure projects, business and economic growth, and new job creation in the United States. (b) C A P I T A L I Z A T I O N .— (1) IN GENERAL.—The National Infrastructure Bank shall raise capital stock, in an amoun t approved by the Board, but not to exceed to $500,000,000,000, to be held in the form of Treasu ry securities. (2) SUBSCRIPTION.—The capital stock shall be subscribed by— (A) public holders of outstanding Treasury securities of 3 years or greater maturity, or outst anding municipal bonds of States or municipalities of 5 years or greater maturity, who transfer su ch securities or bonds to the Bank in exchange for the capital stock; (B) paid-in share capital, paid in cash; and (C) the United States Treasury, as “on- call” subscriber to the Bank, in an amount up to $100,000,000,000 in 30- year United States Treasury Bonds. (3) CAPITAL ADEQUACY RATIO.—The Bank shall maintain risk- based capital of no less than 10.0 percent. (4) LIMITATION.—The Bank shall not purchase public debt of the United States, as newly issued, except for the purpose of rolling over the existing Treasury holdings of the Bank or to co nvert the proceeds of cash purchases of the Bank’s preferred stock into Treasury securities. (c) P R E F E R R E D S T O C K .— (1) IN GENERAL.—All subscribed capital shall be exchanged for an equivalent in preferre d stock, or shares, in the Bank, callable only by the Bank at the current market value of the share s during a period of 20 years following finalization of a stock purchase agreement. Notwithstandi ng any other provision of law, a guarantee of redemption at the then current market price of the s hares shall be included in the stock purchase agreement along with a contractual obligation by th e United States Treasury to fund the redemption. Preferred shareholders shall have no voting righ ts in the Bank. (2) DIVIDENDS ON PREFERRED STOCK.—The Bank shall pay dividends on its preferr ed stock semiannually at the following rates: (A) For stock acquired in exchange for Treasury securities by an individual, by an entity tha t is not exempt from tax under section 501 of the Internal Revenue Code of 1986, or by the Unite d States Treasury, the same annual rate as the Treasury security exchanged for the stock. (B) For stock acquired in exchange for securities by an organization that is exempt from tax under section 501 of the Internal Revenue Code of 1986, the same annual rate as the Treasury se curity exchanged for the stock plus one half of one percent (0.5%). (C) For stock purchased in exchange for cash by an individual or an entity that is not exemp t from tax under section 501 of the Internal Revenue Code of 1986, the same annual rate payable on Treasury bonds with a 30- year maturity purchased from the Treasury on the day the stock purchase agreement is finalized. (D) For stock purchased in exchange for cash by an organization that is exempt from tax un der section 501 of the Internal Revenue Code of 1986, the same annual rate payable on Treasury bonds with a 30- year maturity on the day the stock purchase agreement is finalized plus one half of one percent (0 .5%). (3) ACQUISITIONS FOR OTHER THAN CASH OR TREASURY SECURITIES TREAT ED AS ACQUISITIONS FOR CASH.—For stock acquired in exchange for non- cash assets other than Treasury securities, the assets shall be liquidated by the Bank and the proc eeds treated as a cash purchase of stock. (4) AUTHORITY TO MODIFY RATES.—If the dividends provided for in paragraph (2) g enerate either more or less investment in the Bank’s preferred stock than is needed to achieve an d maintain the Bank’s desired capitalization, the Directors may reduce or increase the dividends provided for new acquisitions of preferred stock in one or more of subparagraphs (A) through (D ) of paragraph (2) for such periods of time as the Directors determine appropriate. (5) PRIORITY AND GUARANTEE OF DIVIDEND PAYMENTS.—Dividend payments o n the Bank’s preferred stock shall have priority over other uses of interest payments received by t he Bank on its capital stock holdings of Treasury securities, and any such dividends owed in exc ess of the amount covered by these interest payments shall be guaranteed by the United States in the stock purchase agreement. (d) B O R R O W E D C A P I T A L .—The Bank is further authorized to raise borrowed capital for projects needs, or to meet its cash flow (liquidity) needs, by— (1) issuing Bonds, with a fixed 5 to 10 year maturity; and (2) maintaining a permanent, revolving discount line of credit account with the Board of Go vernors of the Federal Reserve System. (e) D E P O S I T S .—Once chartered as a national bank, the Bank shall accept deposits from ind ividuals, corporations, or public entities, into transaction deposit accounts on its books, and pay i nterest on those deposits, in an amount deemed appropriate by the Board. (f) L O A N S .— (1) IN GENERAL.—The Bank shall provide loans, in accordance with this Act, to entities, or enter into blended financing credit, for the financing, development, or operation of infrastructu re projects. (2) LOAN MATURITY.—The maturity of loans should match, to the extent possible, the m aturity periods of anticipated profitability, economic stimulus, and projected useful life of project s financed by such loans. (3) LOAN LIMIT.—Total loans contracted by the Bank shall not exceed $5,000,000,000,00 0. (4) INTEREST CHARGES ON LOANS AND OTHER FEES.—The Bank— (A) shall charge fixed-rate- interest, fees, premiums, or discounts based on the risk associated with a loan made by the Bank, taking into consideration— (i) the price of Treasury obligations of a similar maturity or 1.6 percent per annum, whichev er is greater; (ii) the credit rating of the borrowing entity if expressly published, or an assessment of the o verall finances of the borrowing entity indicating an ability to service the loan; (iii) current and expected future economic conditions, including expected improvements in t he economy and the borrowing entity’s finances resulting from the Bank’s overall lending operat ions; and (iv) whether or not the borrowing entity qualifies as a disadvantaged community, and an int erest rate subsidy, subject to availability of funds; (B) may, in connection with a loan extended by the Bank, issue guarantees, insurance, coins urance, and reinsurance to borrowing entities, insurance companies, financial institutions, or othe rs, or groups thereof, and charge fees based on a similar risk analysis; and (C) may charge for the review of any project proposal in such amount as may be approved b y the Board to cover the costs of such review. (5) REFINANCING.—Subject to a full audit of the project and borrower, and subject to Bo ard review, the Bank may extend the time limit for repayment of a loan, through renewal, substit ution of new obligations, or otherwise, with the maximum time for such renewal to be approved by the Board. The Bank may make such further loans as necessary for project completion, or to a ssure loan repayment. (6) LIMITATIONS ON LOANS.—The Bank may not— (A) provide loans to consumers or provide any other loans not described under this Act; or (B) engage in investment banking activities such as underwriting securities or trust manage ment for customers. (g) C A P I T A L F O R L O A N D I S B U R S E M E N T S .—Once chartered as a deposit- taking bank, the Bank is authorized to create funds in a deposit account in a borrowers name, in a ccordance with the loan agreement, as each scheduled loan disbursement as it is made. The Bank shall draw up an Aggregate Loan Disbursement Plan, for the information of the Comptroller of t he Currency and the Board of Governors of the Federal Reserve System. (h) N E T E A R N I N G S .—After meeting current obligations, the Bank is authorized to use its earnings, and all moneys which have been or may hereafter be allocated to or borrowed by it, in t he exercise of its functions. From those monies, the Bank shall set aside loan loss provisions equ al to a proportion of loan book value, as determined appropriate by the Board. Net earnings of th e Bank, after setting aside loan loss provisions and estimated forward cash flow needs, shall be u sed for the payment of dividends to the United States Treasury, in an annual amount to be determ ined by the Board. Any residual net earnings shall be deposited into a Trust Fund to subsidize loa ns for disadvantaged communities that are not able to repay infrastructure loans on normal loan t erms, in a manner to be determined by the Board. Any direct Federal contributions from the budg et for the purpose of subsidizing disadvantaged communities may also be added and utilized via t he Trust Fund. (i) G U A R A N T E E S A N D L O A N L O S S P R O V I S I O N S .—In the event of any losses, as deter mined by the Board, incurred on loans, guarantees, and insurance extended under this Act, they s hall be borne by the Bank out of its loan loss provisions. Any losses in excess thereof shall be bo rne by the Secretary of the Treasury. That excess shall be considered a contingent obligation bac ked by the full faith and credit of the Government of the United States of America. (j) R E S E R V E S .—The Bank shall maintain reserves against the Bank’s transaction accounts in such amount as the Board may determine appropriate, but not greater than 14 percent of the B ank’s total transaction accounts in excess of $25,000,000. (k) B R A N C H E S .—The Bank shall establish an office of lending and deposit in each city tha t has a Federal reserve bank, via the internet, and in any other location where the Board determin es it appropriate. SEC. 204. FORMATION OF REGIONAL ECONOMIC ACCELERATOR PLANNING GROU PS. (a) I N G E N E R A L .—The Bank, through its branch offices, shall facilitate the organization o f at least 7 Regional Economic Accelerator Planning Groups, to be defined by common economi c, demographic, and infrastructure linkages. (b) D U T I E S .—The Regional Economic Accelerator Planning Groups may— (1) organize themselves by, and be composed of, State and local public sector officials, incl uding through multijurisdictional or multistate agreements among agencies; (2) identify economic mega- regions, defined as hub cities, related towns and suburbs, manufacturing production corridors, an d rural areas woven together into the communities where people of the United States live, work, and provide goods or services for movement within the region, and to other regions; (3) identify infrastructure needs and priorities for mega- regions, with input from the American Society of Civil Engineers, and other trade, business, and industrial associations; (4) develop regional economic accelerator plans, and a pipeline of infrastructure projects, an d their strategic placement, needed to improve supply chains, land use, and productivity within e ach mega-region, while seeking to include all communities; (5) define how such projects will create energy savings, environment improvements, jobs an d wage improvements, regional economic growth, and growth in regional tax income; (6) identify where multijurisdictional agreements should be enacted or strengthened to impr ove the development of infrastructure projects that cross jurisdictional lines (examples are transp ortation improvements along the northeast corridor, flood mitigation in midwestern States along t he Missouri River, or development of a national high-speed rail grid); (7) identify where Federal, State, or local laws and regulations should be streamlined to red uce infrastructure project approval times, while maintaining environmental and safety objectives, and work towards streamlining those laws and regulations; (8) seek public input on the broad outlines of each regional infrastructure development plan; (9) provide such plans to the Bank, to inform the Bank on its selection of infrastructure proj ects for financing; and (10) assist entities formulating and submitting projects for consideration of Bank financing on the definition, scope, selection criteria, and others factors under section 205 that will be consi dered in the approval process. SEC. 205. ELIGIBILITY CRITERIA FOR ASSISTANCE FROM THE BANK. (a) I N G E N E R A L .—Financial assistance shall be available from the Bank when the entity a pplying for such assistance has demonstrated to the satisfaction of the Board that the project for which such assistance is being sought meets the requirements of this Act. Any entity proposing a project for which the use or purpose is private, and without public benefit, shall not be eligible f or financial assistance from the Bank under this Act. (b) A P P L I C A N T S .—The Bank shall accept applications for infrastructure projects for the de signation of those projects that may receive financial assistance under this section for any infrastr ucture project having— (1) a public sponsor; and (2) local, regional, or national significance. (c) G U I D E L I N E S F O R I N F R A S T R U C T U R E P R O J E C T S .—The Executive Committee and t he Board shall establish standard operating procedures, and develop online application procedure s, to assist applications of infrastructure projects under this section to develop applications for fin ancial assistance under this section. (d) C R I T E R I A .— (1) IN GENERAL.—In making a determination as to whether to provide an infrastructure p roject with financial assistance, the Board shall evaluate and rate each applicant based on the fact ors appropriate for the type of the proposed infrastructure project, including— (A) consistency of the project with a regional infrastructure development plan that builds ec onomic connectivity in the project area and beyond, so that maximum growth is achieved while l eaving no community behind; (B) a life cycle projection of the benefits, as compared to costs, of the project, that incorpora tes the factors in subparagraphs (C) through (N) of this paragraph; (C) promotion of economic growth, including private sector- led growth associated with the project; (D) job creation, including fair and responsible employment practices, and a workforce deve lopment to train workers in new skills, including by union apprentice programs to train new hires ; (E) a preference for projects in areas of high unemployment, or disadvantaged communities, including a workforce development plan to train workers in new skills; (F) environmental and public health benefits including the reduction in greenhouse gases, a nd water and air pollution, and the removal of lead and other hazardous materials; (G) a demonstrated ability to contract for design, construction, operation, and maintenance of the infrastructure project throughout its estimated useful life, including by defining project obj ectives and utilizing performance-based monitoring; (H) an understanding of the strategic importance of bundling of projects, correctly sizing pr ojects, and adopting value design and procurement procedures, so as to realize long- run cost savings from “dig, build, expand, or improve only once”; (I) an understanding of the importance of innovative and state-of-the- art technologies that achieve project reliability, efficiency, resiliency, sustainability, security, and public safety; (J) in cases where infrastructure is publicly or privately owned, a preference for projects tha t leverage Federal, State, local, and private financing, including public- private partnerships, or where companies can show that the additional capital could not be obtain ed from commercial sources; (K) a consideration of the costs and benefits of preserving and repurposing existing infrastru cture, in particular to mitigate against unemployment and bolster manufacturing in the United Sta tes; (L) integration of other qualified projects that may or should be done concurrently; (M) a categorical benefit; and (N) any other criteria as determined by the Board, with approval by the Board. (2) CATEGORICAL BENEFIT.—In this subsection, the term “categorical benefit” means t he following: (A) For any transportation infrastructure project: (i) A reduction in surface and air traffic congestion, by road, transit, passenger rail, freight r ail, port or inland water travel, or air travel, as measured by reductions in transit, boarding, and to tal trip times. (ii) An anticipated increase in capacity for existing and expected new ridership or transport use, including by high-speed rail. (iii) A reduction in risks from maintenance decline, or structural failure, over the service life of the project. (iv) The coordination of improvements in commuter passenger operations, freight transport, and new community design, with the demographics of population, economic production, and tra de hubs according to a regional infrastructure plan. (v) An overall decline in greenhouse gas emissions from surface and air transportation proje cts financed by the Bank. (vi) An increase in access to affordable transportation options, including by low- income populations and the disabled. (vii) Improvements in safety for users, passengers, and operators, as measured by a reductio n in fatalities and serious injuries. (B) For any environmental infrastructure project: (i) Increased coastal and inland flood mitigation and protection. (ii) Improvements in drinking water, wastewater, or stormwater systems, through the repair, expansion or replacement of such systems. (iii) A reduction in risk to any public infrastructure from structural failure, or damage, due t o weather-related events or catastrophic wildfires. (iv) Environmental improvements from the removal of hazardous wastes. (C) For any energy infrastructure project: (i) Development of a smart grid, with modern security and resiliency systems. (ii) Expanded use of clean energy. (iii) Energy efficient buildings, including clean energy designated retrofits. (iv) Development of localized power generation, and its integration into the grid. (D) For any telecommunications project: (i) Completion or improvement in broadband and wireless access and affordability in rural a nd disadvantaged communities that private companies do not serve. (ii) Improvement of the global telecommunication satellite network. (E) For any community development infrastructure project: (i) Modernization of local land use policies, including those that promote transit- oriented development and location efficiency. (ii) Expansion in the provision of public housing, or publicly assisted affordable housing, to provide long- term affordability in targeted, disadvantaged communities, for families and persons with incomes equivalent to those currently assisted, and improvement in the physical condition of such housin g. (iii) Replacement of schools that have reached their service lifetime; or expansion of school facilities with growing populations, or to house new programs for workforce development. (iv) Improvements in National, State, and local parks and recreation facilities and related op en space land management. (e) E M E R G E N C Y P R O C E D U R E S .—During the Bank’s first year of operation, or until the Bank has provided a total of $500,000,000,000 in loans, the Board may relax its selection criteria and procedures in favor of lending quickly for projects— (1) that reduce unemployment; (2) that address the backlog of critical, shovel- ready projects for which preliminary engineering or permitting is already completed; or (3) where there is a critical safety or other public need. SEC. 206. BOARD OF DIRECTORS. (a) I N G E N E R A L .—The Bank shall have a Board of Directors consisting of 25 members ap pointed by the President by and with the advice and consent of the Senate. (b) Q U A L I F I C A T I O N S .—The directors of the Board shall include individuals representing different regions of the United States and— (1) 12 of the directors shall have at least 15 years of industrial and engineering experience; (2) 1 director shall be from the AFL–CIO; (3) 2 of the directors shall be from North America’s Building Trades Unions; (4) 2 of the directors shall be from the United States Army Corp of Engineers; (5) 2 of the directors shall have State and local public sector experience; (6) 2 of the directors shall have finance experience; (7) 2 of the directors shall have economic development experience; and (8) 2 director shall represent minority communities or disadvantaged communities. (c) C H A I R P E R S O N A N D V I C E C H A I R P E R S O N .—As designated at the time of appointme nt, one of the directors of the Board shall be designated chairperson of the Board by the President and one shall be designated as vice chairperson of the Board by the President. (d) T E R M S .— (1) IN GENERAL.—Except as provided in paragraph (2), each director shall be appointed f or a term of 6 years. (2) INITIAL STAGGERED TERMS.—Of the initial members of the Board— (A) the chairperson and vice chairperson shall each be appointed for terms of 6 years; (B) 12 directors shall be appointed for a term of 4 years; and (C) 11 directors shall be appointed for a term of 2 years. (e) C O N G R E S S I O N A L R E C O M M E N D A T I O N S .—Not later than 30 days after the date of en actment of this Act, the majority leader of the Senate, the minority leader of the Senate, the Spea ker of the House of Representatives, and the minority leader of the House of Representatives shal l each submit a recommendation to the President for appointment of a member of the Board of D irectors, after consultation with the appropriate committees of Congress. (f) D A T E O F I N I T I A L N O M I N A T I O N S .—The initial nominations by the President for app ointment of directors to the Board shall be made not later than 60 days after the date of enactmen t of this Act. (g) V A C A N C I E S .— (1) IN GENERAL.—A vacancy on the Board shall be filled in the manner in which the orig inal appointment was made. (2) APPOINTMENT TO REPLACE DURING TERM.—Any director appointed to fill a va cancy occurring before the expiration of the term for which the director’s predecessor was appoi nted shall be appointed only for the remainder of the term. (3) DURATION.—A director may serve after the expiration of that director’s term until a s uccessor has taken office. (h) Q U O R U M .—At the time of any Board meeting, 75 percent of the directors confirmed by Congress (rounded down to a whole number) shall constitute a quorum. (i) R E A P P O I N T M E N T .—A director of the Board appointed by the President may be reappoi nted by the President in accordance with this section. (j) P E R D I E M R E I M B U R S E M E N T .—Directors of the Board shall serve on a part- time basis and shall receive a per diem when engaged in the actual performance of Bank business , plus reasonable reimbursement for travel, subsistence, and other necessary expenses incurred in the performance of their duties. (k) L I M I T A T I O N S .—A director of the Board may not participate in any review or decision affecting a project under consideration for assistance under this Act if the director has or is affilia ted with a person who has an interest in such project. (l) R E S P O N S I B I L I T I E S .—The Board shall— (1) as soon as is practicable after the date on which the last director is appointed, establish a n Executive Committee, Risk Management Committee and Audit Committee as prescribed by thi s Act; (2) not later than 180 days after the date on which the last director is appointed develop and approve the bylaws of the Bank, and publish such bylaws in the Federal Register, including byla ws for the regulation of the affairs and conduct of the business of the Bank, consistent with the p urpose, goals, objectives, and policies set forth in this Act; (3) ensure that the Bank is at all times operated in a manner that is consistent with this Act, by— (A) monitoring and assessing the effectiveness of the Bank in achieving its strategic goals; (B) periodically reviewing internal policies submitted by the chief executive officer; (C) reviewing and approving annual business plans, annual budgets, and long- term strategies submitted by the chief executive officer; (D) reviewing and approving annual reports submitted by the chief executive officer; (E) reviewing risk management and audit practices of the Bank; and (F) reviewing and approving all changes to the organization of the Bank; and (4) establishing such other criteria, requirements, or procedures as the Board may consider t o be appropriate in carrying out this Act. (m) M E E T I N G S .— (1) OPEN TO THE PUBLIC; NOTICE.—All meetings of the Board held to conduct the bu siness of the Bank shall be open to the public and shall be preceded by reasonable notice. (2) INITIAL MEETING.—The Board shall meet not later than 90 days after the date on wh ich the last director is appointed and otherwise at the call of the Chairperson. (3) EXCEPTION FOR CLOSED MEETINGS.—Pursuant to such rules as the Board may e stablish through their bylaws, the directors may close a meeting of the Board if, at the meeting, t here is likely to be disclosed information which could adversely affect or lead to speculation relat ing to an infrastructure project under consideration for assistance under this Act or in financial or securities or commodities markets or institutions, utilities, or real estate. The determination to cl ose any meeting of the Board shall be made in a meeting of the Board, open to the public, and pr eceded by reasonable notice. The Board shall prepare minutes of any meeting which is closed to the public and make such minutes available as soon as the considerations necessitating closing su ch meeting no longer apply. SEC. 207. POWERS AND LIMITATIONS OF THE BOARD. (a) P O W E R S .—In order to carry out the purposes of the Bank as set forth in this Act, the Bo ard shall be responsible for the approval and monitoring of infrastructure projects, and have the f ollowing powers: (1) To make senior and subordinated direct loans on such terms as the Board may determine , in the Board’s discretion, to be appropriate to assist in the financing or refinancing of an infrastr ucture project. (2) Subject to the availability of funding, as determined by the Board, to develop specialized loan programs, such as a disadvantaged communities loan program, or a community cooperative startup, that provide project financing on flexible repayment terms. (3) To make loan guarantees on such terms as the Board may determine, in the Board’s disc retion, to be appropriate to assist in the financing or refinancing of an infrastructure project. (4) To issue Bonds, to provide financing to infrastructure projects from amounts made avail able from the issuance of such bonds. (5) To make agreements and contracts with any entity in furtherance of the business of the Bank. (6) To approve infrastructure loans financed in whole or in part, by the Bank, after receiving recommendations from the Executive Committee established in section 208. (7) To monitor infrastructure projects financed in whole or in part, by the Bank, after receivi ng assessments from the Executive Committee. (8) To sue and be sued in the Bank’s corporate capacity in any court of competent jurisdicti on, except that no attachment, injunction, or similar process, may be issued against the property of the Bank or against the Bank with respect to such property. (9) To indemnify the directors and officers of the Bank for liabilities arising out of the actio ns of the directors and officers in such capacity, in accordance with, and subject to the limitations contained in, this Act. (10) To serve as the primary liaison between the Bank and the Congress, the executive bran ch, and State and local governments, and to represent the Bank’s interests. (11) To exercise all other lawful powers which are necessary or appropriate to carry out, an d are consistent with, the purposes of the Bank. (b) E M P L O Y E E P R O T E C T I O N S .—Prior to providing any financial assistance for an infrast ructure project involving reconstruction, rehabilitation, replacement, or expansion that may impa ct current employees on the project site, the interests of employees affected by the financial assist ance shall comply with applicable Federal law as set out in section 215. (c) C O O R D I N A T I O N W I T H S T A T E A N D L O C A L R E G U L A T O R Y A U T H O R I T Y .—The provision of financial assistance by the Board pursuant to this Act shall not be construed as— (1) limiting the right of any State or political subdivision or other instrumentality of a State t o approve or regulate rates of return on private equity invested in a project; or (2) otherwise superseding any State law or regulation applicable to a project. (d) F E D E R A L P E R S O N N E L R E Q U E S T S .—The Board shall have the power to request the detail, on a reimbursable basis, of personnel from other Federal agencies with specific expertise not available from within the Bank or elsewhere. The head of any Federal agency may detail, on a reimbursable basis, any personnel of such agency requested by the Board and shall not withhol d unreasonably the detail of any personnel requested by the Board. SEC. 208. EXECUTIVE COMMITTEE. (a) I N G E N E R A L .—The Board shall establish an Executive Committee consisting of 9 me mbers, headed by the chief executive officer of the Bank. (b) C E O .—A majority of the Board shall have the authority to appoint and reappoint the ch ief executive officer with such executive functions, powers, and duties as may be prescribed by t his Act, the bylaws of the Bank, or the Board. (c) C E O R E S P O N S I B I L I T I E S .—The CEO shall have responsibility for the development an d implementation of the strategy of the Bank, including— (1) the development and submission to the Board of the annual business plans and budget; (2) the development and submission to the Board of a long- term strategic infrastructure development plan that is consistent with regional plans as presented to the Bank by Regional Economic Accelerator Planning Groups; and (3) the development, revision, and submission to the Board of Directors of the Bank’s other internal policies. (d) O T H E R E X E C U T I V E O F F I C E R S .—The Board shall appoint, remove, fix the compensa tion, and define duties of 8 other executive officers to serve on the Executive Committee as the — (1) chief risk officer; (2) chief operations officer; (3) chief loan origination officer; (4) chief compliance officer; (5) chief financial officer; (6) chief treasury officer; (7) chief asset and liability management officer; and (8) general counsel. (e) Q U A L I F I C A T I O N S .—The CEO, as well as other executive officers, and all loan originat ion officers, shall have extensive experience and expertise in retail banking, and in one or more o f the following: (1) Transportation infrastructure. (2) Environmental infrastructure. (3) Energy infrastructure. (4) Telecommunications infrastructure. (5) Public housing and urban or rural development. (6) Economic development. (7) Workforce development. (8) Public finance. (f) D U T I E S .—In order to carry out the purposes of the Bank as set forth in this Act, the Exe cutive Committee shall— (1) establish and submit to the Board disclosure and application procedures for entities nomi nating projects for assistance under this Act; (2) establish and submit to the Board standardized terms and conditions, fee schedules, or le gal requirements of a contract or program to carry out this Act; (3) establish and submit to the Board guidelines for the selection and approval of projects an d specific criteria for determining eligibility for project selection, subject to the general criteria p rovided in section 205; (4) accept, for consideration, project proposals relating to the development of infrastructure projects, which meet the basic criteria established by this Act and by the Executive Committee, a nd which are submitted by an entity; (5) provide recommendations to the Board and place project proposals accepted by the Exec utive Committee on a list for consideration for financial assistance from the Board; and (6) establish a plan, and build capacity within the Bank, to provide technical assistance to St ate and local governments, regional economic accelerator planning groups established under sect ion 204, joint ventures, regional economic accelerator agencies, and other borrowing entities on — (A) the Bank’s borrowing procedures and selection criteria; (B) development of a pipeline of projects suitable for financing, that meet the selection crite ria developed by the Bank; (C) development of specialized institutional structures, and cross- region planning, to help in the planning of complex projects; (D) best design, construction, and management practices, including those identified in globa l infrastructure databases; (E) contract evaluation methods, including procurement value-for-money options; and (F) institution strengthening relating to the management of projects and work contracts, incl uding through performance-based project delivery. (g) V A C A N C Y .—A vacancy in the position of CEO and other executive officers of the Exe cutive Committee shall be filled in the manner in which the original appointment was made. (h) C O M P E N S A T I O N .—The compensation of the CEO and other executive officers of the Executive Committee shall be determined by the Board. (i) R E M O V A L .—The CEO and other executive officers of the Executive Committee may be removed at the discretion of a majority of the Board. (j) T E R M .—The CEO and other executive officers of the Executive Committee shall serve a 6-year term and may be reappointed in accordance with this section. (k) L I M I T A T I O N S .—The CEO and other executive officers of the Executive Committee sh all not— (1) hold any other public office; (2) have any interest in an infrastructure project considered by the Board; (3) have any interest in an investment institution, commercial bank, or other entity seeking f inancial assistance for any infrastructure project from or investing in the Bank; and (4) have any such interest during the 2- year period beginning on the date such officer ceases to serve in such capacity. SEC. 209. RISK MANAGEMENT COMMITTEE. (a) E S T A B L I S H M E N T O F R I S K M A N A G E M E N T C O M M I T T E E .—The Board shall establ ish a risk management committee consisting of 5 members, headed by the chief risk officer, with participation from the chief loan origination officer. (b) A P P O I N T M E N T S .—A majority of the Board shall have the authority to appoint and rea ppoint the CRO of the Bank. (c) F U N C T I O N S ; D U T I E S .— (1) IN GENERAL.—The CRO shall have such functions, powers, and duties as may be pres cribed by one or more of the following: This Act, the bylaws of the Bank, and the Board. The CR O shall report directly to the Board. (2) RISK MANAGEMENT DUTIES.—In order to carry out the purposes of this Act, the ri sk management committee shall— (A) create overarching financial, credit, and operational risk management guidelines and pol icies to be adhered to by the Bank; (B) create conforming standards for loan agreements to ensure diversification of lending act ivities by— (i) geographic region, infrastructure project type, and inclusion of disadvantaged and rural c ommunities; and (ii) compliance with Federal and State laws referred to in section 213; (C) create specific plans for all financial assistance provided by the Bank, including subsidy programs for disadvantaged communities and project targeting for disadvantaged business enter prises covered by section 47113 of title 49, United States Code; (D) monitor overall financial, credit, and operational exposure of the Bank; (E) create a standing subcommittee to perform regular credit evaluations and report on large infrastructure loans extended by the Bank that monitor compliance with terms, and attainment of performance targets contained in loan agreements; and (F) provide financial recommendations to the Board for Board approval. (d) O T H E R R I S K M A N A G E M E N T O F F I C E R S .—The Board shall appoint, remove, fix the compensation, and define the duties of 4 other risk management officers to serve on the risk man agement committee. (e) Q U A L I F I C A T I O N S .—The CRO and other risk management officers shall have demonst rated experience and expertise in one or more of the following: (1) Treasury and asset and liability management. (2) Investment regulations. (3) Insurance. (4) Credit risk management and credit evaluations. (5) Infrastructure development projects. (f) V A C A N C Y .—A vacancy in the position of CRO and other risk management officers of t he risk management committee shall be filled in the manner in which the original appointment w as made. (g) C O M P E N S A T I O N .—The compensation of the CRO and other risk management officers of the risk management committee shall be determined by the Board. (h) R E M O V A L .—The CRO and other risk management officers of the risk management co mmittee may be removed at the discretion of a majority of the Board. (i) T E R M .—The CRO and other risk management officers of the risk management committ ee shall serve a 6-year term and may be reappointed in accordance with this section. (j) L I M I T A T I O N S .—The CRO and other risk management officers of the risk management committee shall not— (1) hold any other public office; (2) have any interest in an infrastructure project considered by the Board; (3) have any interest in an investment institution, commercial bank, or other entity seeking f inancial assistance for any infrastructure project from or investing in the Bank; and (4) have any such interest during the 2- year period beginning on the date such officer ceases to serve in such capacity. SEC. 210. AUDIT COMMITTEE. (a) I N G E N E R A L .—The Bank shall establish an audit committee consisting of 5 members, headed by the chief compliance officer of the Bank. (b) A P P O I N T M E N T S .—A majority of the Board shall have the authority to appoint and rea ppoint the CCO of the Bank. (c) F U N C T I O N S ; D U T I E S .—The CCO shall have such functions, powers, and duties as ma y be prescribed by this Act, the bylaws of the Bank, and the Board. The CCO shall report directl y to the Board. (d) A U D I T D U T I E S .—In order to carry out the purposes of the Bank under this Act, the au dit committee shall— (1) provide internal controls and internal auditing activities for the Bank; (2) maintain responsibility for the accounting activities of the Bank; (3) conduct internal investigations of the business activities of the Bank; (4) issue financial reports of the Bank; and (5) complete reports with outside auditors and public accountants appointed by the Board. (e) O T H E R A U D I T O F F I C E R S .—The Board shall appoint, remove, fix the compensation, and define the duties of 4 other audit officers to serve on the audit committee. (f) Q U A L I F I C A T I O N S .—The CCO and other audit officers shall have demonstrated experie nce and expertise in one or more of the following: (1) Internal auditing. (2) Internal investigations. (3) Accounting practices. (4) Financing practices. (g) V A C A N C Y .—A vacancy in the position of CCO and other audit officers of the audit co mmittee shall be filled in the manner in which the original appointment was made. (h) C O M P E N S A T I O N .—The compensation of the CCO and other audit officers of the audit committee shall be determined by the Board. (i) R E M O V A L .—The CCO and other audit officers of the audit committee may be removed at the discretion of a majority of the Board. (j) T E R M .—The CCO and other audit officers of the audit committee shall serve a 6- year term and may be reappointed in accordance with this section. (k) L I M I T A T I O N S .—The CCO and other audit officers of the audit committee shall not— (1) hold any other public office; (2) have any interest in an infrastructure project considered by the Board; (3) have any interest in an investment institution, commercial bank, or other entity seeking f inancial assistance for any infrastructure project from or investing in the Bank; and (4) have any such interest during the 2- year period beginning on the date such officer ceases to serve in such capacity. SEC. 211. PERSONNEL. (a) C O M P E N S A T I O N ; D U T I E S .—The chairperson of the Board, chief executive officer, ch ief risk officer, and chief compliance officer shall appoint, remove, fix the compensation of, and define the duties of such qualified personnel to serve under the Board, Executive Committee, risk management committee, or audit committee, as the case may be, as necessary and prescribed by this Act, the bylaws of the Bank, and the Board. (b) P A R T I C I P A T I O N B Y O T H E R A G E N C Y P E R S O N N E L .—Consideration of projects by the Executive Committee and the Board shall be conducted with personnel on detail to the Bank from United States Army Corps of Engineers, the Department of Transportation, the Department of Labor, the Department of Housing and Urban Development, the Environmental Protection Ag ency, the Department of the Treasury, the Department of Commerce, and other relevant departm ents and agencies from among individuals who are familiar with and experienced in the selection criteria for competitive projects. The Bank shall reimburse those departments and agencies for t he staff who are on detail to the Bank. SEC. 212. SPECIAL INSPECTOR GENERAL FOR THE NATIONAL INFRASTRUCTURE B ANK. (a) I N G E N E R A L .—Beginning on the date on which the President appoints a Special Inspe ctor General for the Bank (referred to in this Act as the “Special Inspector General”) under subse ction (b), there is established an Office of the Special Inspector General for the Bank. (b) A P P O I N T M E N T O F I N S P E C T O R G E N E R A L ; R E M O V A L .— (1) APPOINTMENT.—The Special Inspector General for the Bank shall be appointed by th e President, by and with the advice and consent of the Senate. (2) BASIS OF APPOINTMENT.—The appointment of the Special Inspector General shall be made on the basis of integrity and demonstrated ability in accounting, auditing, financial anal ysis, law, management analysis, public administration, or investigations. (3) TIMING OF NOMINATION.—The nomination of an individual as Special Inspector G eneral shall be made as soon as practicable after the date of enactment of this Act. (4) REMOVAL.—The Special Inspector General shall be removable from office in accorda nce with the provisions of section 3(b) of the Inspector General Act of 1978 (5 U.S.C. App.). (5) RULE OF CONSTRUCTION.—For purposes of section 7324 of title 5, United States C ode, the Special Inspector General shall not be considered an employee who determines policies to be pursued by the United States in the nationwide administration of Federal law. (6) RATE OF PAY.—The annual rate of basic pay of the Special Inspector General shall be the annual rate of basic pay for an Inspector General under section 3(e) of the Inspector General Act of 1978 (5 U.S.C. App.). (c) D U T I E S .—The Special Inspector General shall— (1) conduct, supervise, and coordinate audits and investigations of the business activities of the Bank; (2) establish, maintain, and oversee such systems, procedures, and controls as the Special In spector General considers appropriate to discharge the duty under paragraph (1); and (3) carry out any other duties and responsibilities of inspectors general under the Inspector General Act of 1978 (5 U.S.C. App.). (d) P O W E R S A N D A U T H O R I T I E S .— (1) IN GENERAL.—In carrying out the duties specified in subsection (c), the Special Inspe ctor General shall have the authorities provided in section 6 of the Inspector General Act of 1978 (5 U.S.C. App.). (2) ADDITIONAL AUTHORITY.—The Special Inspector General shall carry out the dutie s specified in subsection (c)(1) in accordance with section 4(b)(1) of the Inspector General Act of 1978 (5 U.S.C. App.). (e) P E R S O N N E L , F A C I L I T I E S , A N D O T H E R R E S O U R C E S .— (1) ADDITIONAL OFFICERS.— (A) IN GENERAL.—The Special Inspector General may select, appoint, and employ such officers and employees as may be necessary for carrying out the duties of the Special Inspector G eneral, subject to the provisions of title 5, United States Code, governing appointments in the co mpetitive service, and the provisions of chapter 51 and subchapter III of chapter 53 of such title, relating to classification and General Schedule pay rates. (B) EMPLOYMENT AND COMPENSATION.—The Special Inspector General may exerc ise the authorities of subsections (b) through (i) of section 3161 of title 5, United States Code (wi thout regard to subsection (a) of that section). (2) RETENTION OF SERVICES.—The Special Inspector General may obtain services as a uthorized by section 3109 of title 5, United States Code, at daily rates not to exceed the equivale nt rate prescribed for grade GS–15 of the General Schedule by section 5332 of such title. (3) ABILITY TO CONTRACT FOR AUDITS, STUDIES, AND OTHER SERVICES.—T he Special Inspector General may enter into contracts and other arrangements for audits, studies, analyses, and other services with public agencies and with private persons, and make such payme nts as may be necessary to carry out the duties of the Special Inspector General. (4) REQUEST FOR INFORMATION.— (A) IN GENERAL.—Upon request of the Special Inspector General for information or assis tance from any department, agency, or other entity of the Federal Government, the head of that e ntity shall, insofar as is practicable and not in contravention of any existing law, furnish the infor mation or assistance to the Special Inspector General or an authorized designee. (B) REFUSAL TO COMPLY.—If information or assistance requested by the Special Inspe ctor General is, in the judgment of the Special Inspector General, unreasonably refused or not pr ovided, the Special Inspector General shall report the circumstances to the Secretary, without del ay. (f) R E P O R T S .— (1) ANNUAL REPORT.—Not later than 1 year after the date on which the Special Inspecto r General is confirmed, and every calendar year thereafter, the Special Inspector General shall su bmit to the President and appropriate committees of Congress a report summarizing the activities of the Special Inspector General during the previous 1- year period ending on the date on which such report is required. (2) PUBLIC DISCLOSURES.—Nothing in this subsection authorizes the public disclosure of information that is— (A) specifically prohibited from disclosure by any other provision of law; (B) specifically required by Executive order to be protected from disclosure in the interest o f national defense or national security or in the conduct of foreign affairs; or (C) a part of an ongoing criminal investigation. SEC. 213. STATUS AND APPLICABILITY OF CERTAIN FEDERAL AND STATE LAWS. (a) N A T I O N A L B A N K C H A R T E R .—As soon as practicable after being established, the Ba nk shall apply for a national bank charter. (b) C O M P L I A N C E W I T H D A V I S - B A C O N A C T .—All laborers and mechanics employed by contractors and subcontractors on infr astructure projects funded directly by or assisted in whole or in part by and through the Bank pur suant to this Act shall be paid wages at rates not less than those prevailing on projects of a charac ter similar in the locality as determined by the Secretary of Labor in accordance with subchapter IV of chapter 31 of part A of title 40, United States Code. With respect to the labor standards spe cified in this section, the Secretary of Labor shall have the authority and functions set forth in Re organization Plan Numbered 14 of 1950 (64 Stat. 1267; 5 U.S.C. App.) and section 3145 of title 40, United States Code. (c) C O M P L I A N C E W I T H P R O J E C T L A B O R A G R E E M E N T S .—In States in which project labor agreements are authorized or encouraged (in which contractors enter into binding, pre- hire agreements with labor unions in the construction industry), recipients of financial assistance made available under this Act must comply with such agreements (in accordance with subsection s (e) and (f) of section 8 of the National Labor Relations Act (29 U.S.C. 158) and Executive Ord er 13502). In States in which project labor agreements are prohibited by law to be required for a project, projects financed by the Bank pursuant to the Act shall permit voluntary collective barga ining of such agreements. (d) C O M P L I A N C E W I T H C I V I L R I G H T S A C T O F 1 9 6 4 .—The Bank, along with contra ctors and subcontractors on infrastructure projects funded directly by, or assisted in whole or in p art by the Bank, shall comply with title VI of the Civil Rights Act of 1964 as to hiring and award ing contracts to build projects. (e) B U Y A M E R I C A .—None of the financing provided by the Bank may be used for an infr astructure project unless all of the iron, steel, cement, and manufactured goods used in constructi on, alteration, maintenance, repair, or equipping of the project are produced within the United St ates. During the application process for a loan under this Act, a request for a waiver to the requir ements of the preceding sentence by reason of the public interest, or on account of unavailability or unsatisfactory quality of domestically produced goods, can be considered only if there is clear demonstration that jobs in the United States would not be lost due to the waiver. (f) C O M P L I A N C E W I T H A P P L I C A B L E F E D E R A L L A W .—Projects receiving financial as sistance from the Bank shall comply with applicable provisions of Federal law and regulation, in cluding— (1) for transit, requirements that would apply to a project receiving funding under section 53 07 or 47113 of title 49, United States Code; (2) for public housing, requirements that would apply to a project receiving funding from a grant under section 24 of the United States Housing Act of 1937 (42 U.S.C. 1437v); (3) for publicly assisted affordable housing, requirements that would apply to the preservati on of such housing under other provisions of law governing such housing; (4) for roads and bridges, requirements that would apply to a project that receives funds und er section 104(b)(3) of title 23, United States Code, or section 47113 of title 49, United States Co de, and meets the goals under section 150(b) of title 23, United States Code; (5) for freight and passenger rail projects, requirements that would apply to a project that re ceives funds under subtitle V of title 49, United States Code; (6) for airport and air traffic control projects, requirements that would apply to a project that receives funds under chapters 471 and 501 of title 49, United States Code, or section 47113 of s uch title; (7) for water, requirements that would apply to a project grant or loan under— (A) section 103 of the Housing and Community Development Act of 1974 (42 U.S.C. 5303) ; (B) section 1452 of the Public Health Service Act (42 U.S.C. 300j–12); or (C) section 601 of the Federal Water Pollution Control Act (33 U.S.C. 1381), as that section applied before the beginning of fiscal year 1995; and (8) for rural development projects, requirements that would apply to a project financed by a ny of the following programs of the Department of Agriculture: (A) Rural Economic Development Loans & Grants. (B) Community Facilities Direct Loans & Grants. (C) Single- and Multi-Family Housing Repair and Rental Assistance Loans & Grants. (D) Electric Infrastructure Loans & Loan Guarantees. (E) Rural Broadband Access, and Telecommunications Infrastructure Loans & Guarantees. (F) Water & Waste Disposal Loans & Grants. (g) A U T H O R I T Y T O D E T E R M I N E F U N D I N G .—Notwithstanding any other provision of l aw, the Bank shall determine the appropriate Federal share of funds, subject to loan approval by t he Bank, and the availability of such Federal funding, for each project described in subsection (f) for purposes of this title. (h) S T A T E A N D L O C A L P E R M I T R E Q U I R E M E N T S .—The provision of assistance by the Board in accordance with this Act shall not be deemed to relieve any recipient of assistance or th e related infrastructure project of any obligation to obtain required State and local permits and ap provals. SEC. 214. EXEMPTION FROM CERTAIN LAWS. (a) N O B U D G E T A U T H O R I T Y F O R C O N T R A C T S O R L O A N S .— Section 504(b) of the Federal Credit Reform Act of 1990 (2 U.S.C. 661c(b)) requiring prior budg et authority shall not apply to any contract or loan under this Act. (b) N O P R I O R I T Y A S A F E D E R A L C L A I M .—The priority established in favor of the Un ited States by section 3713 of title 31, United States Code, shall not apply with respect to any ind ebtedness of the Bank. SEC. 215. AUDITS; REPORTS TO PRESIDENT AND CONGRESS. (a) A C C O U N T I N G .—The books of account of the Bank shall be maintained in accordance with generally accepted accounting principles as used in the United States, and shall be subject to an annual audit by independent public accountants appointed by the Board and of nationally rec ognized standing. (b) R E P O R T S .— (1) BOARD.—The Board shall submit to the President and Congress, within 90 days after t he last day of each fiscal year, a complete and detailed report with respect to the preceding fiscal year, setting forth— (A) a summary of the Bank’s operations, for such preceding fiscal year; (B) a schedule of the Bank’s obligations outstanding at the end of such preceding fiscal year , with a statement of the amounts issued and redeemed or paid during such preceding fiscal year; and (C) the status of infrastructure projects receiving funding or other assistance pursuant to this Act, including disclosure of all entities with a development, ownership, or operational interest in such projects. (2) GAO.—Not later than 5 years after the date of enactment of this Act, the Comptroller G eneral of the United States shall submit to Congress a report evaluating activities of the Bank for the fiscal years covered by the report that includes an assessment of the impact and benefits of ea ch funded infrastructure project, including a review of how effectively each project accomplishe d the goals prioritized by the Bank’s project criteria. (c) B O O K S A N D R E C O R D S .— (1) IN GENERAL.—The Bank shall maintain adequate books and records to support the fin ancial transactions of the Bank with a description of financial transactions and infrastructure proj ects receiving funding, and the amount of funding for each project maintained on a publicly acce ssible database. (2) PUBLIC COMMENT PERIOD.—The Bank shall post infrastructure financing agreeme nts on the database providing 30 days for public comments before providing final financing for t he infrastructure project. (3) AUDITS BY THE SECRETARY AND GAO.—The books and records of the Bank shal l be open to inspection by the Secretary and the Comptroller General of the United States. SEC. 216. BUDGETARY EFFECTS. The budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You- Go Act of 2010, shall be determined by reference to the latest statement titled “Budgetary Effects of PAYGO Legislation” for this Act, submitted for printing in the Congressional Record by the Chairman of the House Budget Committee, provided that such statement has been submitted prio r to the vote on passage. SEC. 217. AUTHORIZATION OF APPROPRIATIONS. There is authorized to be appropriated $50,000,000 for each of fiscal years 2021 and 2022 for the initial organization of the Bank, and its Directors and staff. Council Member Anane introduced the following: RESOLUTION NUMBER 84.111.21R A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF ALBANY URGING ALBANY COUNTY TO BANK WITH BANKS THAT INVEST WITH THE COUNTY AND WORK TO REVERSE LONGTIME SYMPTOMS OF RACISM AND REDLINING WHEREAS, City Treasurer Darius Shahinfar has issued a Request for Proposal (RFP) for the City of Albany’s banking and depositary services; and WHEREAS, the RFP includes a “community commitment” as 30% of its scoring for the selection process that asks how the banks or credit unions has invested in the city and worked to reverse longtime symptoms of racism and redlining; and WHEREAS, the RFP further requests that banks and credit unions provide a narrative with specific examples of how financial institutions have demonstrated a commitment to investment and reinvestment in Albany, including:  Addresses of retail branches staffed with people, ATM-only branches and corporate offices or other facilities in the city.  Number and total value of home loans provided by the institution within the city.  Number and total value of small business loans provided by the institution within the city  Steps the financial institution has taken to dismantle the effects of systemic racism, including remedying the effect of redlining in the city of Albany.  Community reinvestment activity within the city, as well as the institution’s reinvestment goals for Albany over the next five years; and WHEREAS, in the early 20th century, Albany's downtown areas (Arbor Hill, South End, Livingston Ave) were redlined by banks – a process by which banks would decline to issue mortgages for purchases of homes (See 1938 Home Owners Loan Corporation map); and NOW, THEREFORE, BE IT RESOLVED, that the Common Council of the City of Albany urges Albany County to bank with banks that invest with the county and work to reverse longtime symptoms of racism and redlining. To: Danielle Gillespie, City Clerk From: John-Raphael Pichardo, Esq., Research Counsel Re: Common Council Legislation Supporting Memorandum Date: October 21, 2021 SPONSOR Council Member Anane RESOLUTION NUMBER 84.111.21R TITLE A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF ALBANY URGING ALBANY COUNTY TO BANK WITH BANKS THAT INVEST WITH THE COUNTY AND WORK TO REVERSE LONGTIME SYMPTOMS OF RACISM AND REDLINING GENERAL PURPOSE OF LEGISLATION URGING ALBANY COUNTY TO BANK WITH BANKS THAT INVEST WITH THE COUNTY AND WORK TO REVERSE LONGTIME SYMPTOMS OF RACISM AND REDLINING FISCAL IMPACT(S) None.