A bill to permit State and local governments to transfer - by sale or lease - Federal-aid facilities to the private sector without repayment of Federal grants, provided the facility continues to be used for its original purpose, and for other purposes.
Federal-aid Facility Privatization Act of 1995 - Requires executive agency heads to: (1) assist State and local governments in privatization efforts regarding federally financed infrastructure assets needed for a functioning economy; and (2) approve governmental asset privatization requests and waive or modify any grant assurance in accordance with specified criteria. Lists among such infrastructure assets roads, bridges, electricity supply facilities, airports, water supply and delivery facilities, recycling and wastewater treatment facilities, housing, schools, prisons, and hospitals, as well as other specified facilities.
Declares that no State or local government shall be obligated to repay Federal grant monies received in connection with assets being privatized.
Authorizes State and local governments to: (1) use asset privatization proceeds as permitted under grant assurances; and (2) recover capital investment, an amount equal to unreimbursed asset operating expenses in any infrastructure asset, and a reasonable rate of return.
Subcommittee Consideration and Mark-up Session Held.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S10501)
Read twice and referred to the Committee on Governmental Affairs.
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