To amend the Water Infrastructure Finance and Innovation Act of 2014 to establish payment and performance security requirements for projects, and for other purposes.

This bill establishes bonding requirements for the recipient of a water infrastructure construction loan under the Water Infrastructure Finance and Innovation Act. A borrower must secure the financed project with payment and performance bonds in minimum amounts set out in the bill.

Bill 118 hr 1740, also known as the Water Infrastructure Finance and Innovation Act (WIFIA) Amendments Act of 2021, aims to make changes to the original WIFIA Act of 2014. The main focus of this bill is to establish payment and performance security requirements for projects funded through the WIFIA program.

The WIFIA program provides low-interest loans for water infrastructure projects, such as drinking water and wastewater treatment facilities. The goal of the program is to help communities improve their water infrastructure and ensure clean and safe drinking water for all residents.

The proposed amendments in Bill 118 hr 1740 would require project sponsors to provide payment and performance security to ensure that the projects are completed on time and within budget. This security could take the form of a bond, letter of credit, or other financial instrument that guarantees the project will be completed as planned. In addition to the payment and performance security requirements, the bill also includes provisions for technical assistance and training for project sponsors, as well as reporting requirements to ensure transparency and accountability in the use of WIFIA funds. Overall, the WIFIA Amendments Act of 2021 aims to strengthen the WIFIA program and ensure that taxpayer dollars are being used effectively to improve water infrastructure across the country.