[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5515 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 5515

   To authorize the Director of the National Geospatial-Intelligence 
Agency to issue direct loans to certain small businesses, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 14, 2023

 Mr. Stewart introduced the following bill; which was referred to the 
               Permanent Select Committee on Intelligence

_______________________________________________________________________

                                 A BILL


 
   To authorize the Director of the National Geospatial-Intelligence 
Agency to issue direct loans to certain small businesses, 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.

    This Act may be cited as the ``Commercial Geostationary Remote 
Sensing Act of 2023''.

SEC. 2. AUTHORITY FOR DIRECTOR OF THE NATIONAL GEOSPATIAL-INTELLIGENCE 
              AGENCY TO ISSUE DIRECT LOANS TO CERTAIN SMALL BUSINESSES.

    (a) Purpose.--The purpose of this Act is to improve the opportunity 
of small businesses to participate in the satellite imaging 
capabilities that may be used for national security purposes, including 
the acquisition of geospatial intelligence in furtherance of the 
national security of the United States.
    (b) Authority To Issue Direct Loans.--
            (1) In general.--Subject to the Federal Credit Reform Act 
        of 1990 (2 U.S.C. 661 et seq.), the Director of the National 
        Geospatial-Intelligence Agency may issue a direct loan under 
        this Act to an eligible entity for the purpose of financing the 
        covered costs of an eligible project of the eligible entity.
            (2) Maximum amount of direct loans authorized.--The 
        aggregate principal amount of direct loans issued under this 
        Act, including all capitalized interest, may not exceed 
        $2,500,000,000.
    (c) Applications.--
            (1) In general.--To receive a direct loan under this Act, 
        an eligible entity shall submit to the Director an application 
        therefor at such time, in such manner, and containing such 
        information as the Director may require.
            (2) Demonstration of prospects of repayment.--An 
        application for a direct loan submitted under paragraph (1) 
        shall include information demonstrating that the applicant has 
        a reasonable ability to repay the loan without using the 
        proceeds of sales to the Federal Government, in accordance with 
        subsection (e)(2)(B).
            (3) Complete application.--
                    (A) Timing on notification as to completeness.--Not 
                later than 30 business days after receiving an 
                application pursuant to paragraph (1), the Director 
                shall notify the applicant as to whether the 
                application received constitutes a complete 
                application.
                    (B) Submission date for a complete application.--
                Except as provided in subparagraph (D), a complete 
                application shall be treated as submitted on the date 
                originally submitted to the Director.
                    (C) Notification of incompleteness.--If the 
                Director determines that an application submitted 
                pursuant to paragraph (1) is incomplete, the Director 
                shall notify the applicant and provide for a reasonable 
                opportunity, as determined by the Director, for the 
                applicant to submit the additional information 
                necessary to complete the application.
                    (D) Submission date for a previously incomplete 
                application.--In a case in which an application is 
                completed pursuant to subparagraph (C), the completed 
                application shall be treated as submitted on the date 
                on which the additional information necessary to 
                complete the application is submitted to the Director 
                pursuant to such subparagraph.
            (4) Notice to applicants.--Not later than 180 days after 
        the date on which the Director receives from an eligible entity 
        a complete application under this subsection, the Director 
        shall provide to the eligible entity written notice--
                    (A) approving the application; or
                    (B) denying the application and providing guidance 
                on why the application was so denied.
            (5) Solicitations.--Not later than 1 year after the date of 
        the enactment of this Act, the Director shall solicit 
        applications under this subsection.
    (d) Creditworthiness.--
            (1) In general.--No direct loan for an eligible project may 
        be issued to an eligible entity under this Act unless the 
        Director determines that--
                    (A) the project has the potential to enable the 
                National Geospatial-Intelligence Agency to meet 
                mission-critical needs of the Agency;
                    (B) the eligible entity is creditworthy; and
                    (C) there is a reasonable assurance of repayment of 
                the principal of, and any interest on, the proposed 
                direct loan by the eligible entity without the eligible 
                entity using the proceeds of sales to the Federal 
                Government, in accordance with subsection (e)(2)(B).
            (2) Considerations.--In making the determinations under 
        paragraph (1), the Director shall take into consideration 
        relevant factors, including the following:
                    (A) The terms, conditions, financial structure, and 
                security features of the proposed direct loan.
                    (B) The dedicated revenue sources proposed to 
                secure or fund the repayment of the proposed direct 
                loan.
                    (C) The financial assumptions upon which the 
                proposed eligible project is based.
                    (D) The financial soundness and credit history of 
                the eligible entity.
    (e) Direct Loans.--
            (1) Agreements.--
                    (A) In general.--Subject to paragraph (2), the 
                Director may enter into an agreement with an eligible 
                entity the application of which is approved pursuant to 
                subsection (c)(4)(A) to issue a direct loan to such 
                eligible entity for the purpose of financing the 
                covered costs of the eligible project specified in such 
                application.
                    (B) Credit subsidy fee.--Prior to entering into an 
                agreement under this subsection with respect to a 
                proposed direct loan, the Director--
                            (i) in consultation with the Director of 
                        the Office of Management and Budget, shall 
                        determine the cost (as defined in section 502 
                        of the Federal Credit Reform Act of 1990 (2 
                        U.S.C. 661a)) to the Federal Government of 
                        issuing the proposed direct loan; and
                            (ii) shall charge and collect from the 
                        eligible entity, as a credit subsidy fee, a 
                        payment equal to the amount determined under 
                        clause (i) to cover the cost of the proposed 
                        direct loan.
            (2) Terms and limitations.--
                    (A) In general.--A direct loan issued under this 
                Act shall be subject to such terms and conditions, and 
                contain such covenants, representations, warranties, 
                and requirements, including requirements for audits, as 
                the Director determines appropriate.
                    (B) Repayment.--No direct loan issued under this 
                Act, including any part of the principal of, or 
                interest on, such a direct loan, may be repaid with the 
                proceeds of a sale to the Federal Government.
                    (C) Interest rate.--The interest rate on a direct 
                loan issued under this Act shall be not less than the 
                average market yield on outstanding marketable United 
                States Treasury securities having maturities comparable 
                to the maturity of the direct loan on the date of 
                execution of the loan agreement.
                    (D) Maturity date.--The final maturity date of a 
                direct loan issued under this Act shall be the earlier 
                of--
                            (i) the date that is 25 years after the 
                        date of substantial completion of the relevant 
                        project; or
                            (ii) if the useful life of the project, as 
                        determined by the Director, is less than 35 
                        years, the end of the useful life of the 
                        project.
                    (E) Nonsubordination.--A direct loan made under 
                this Act shall not be subordinate to any other 
                financing in the event of bankruptcy, insolvency, or 
                liquidation of the obligor.
                    (F) Administrative expenses.--In addition to the 
                charging and collection of credit subsidy fees under 
                paragraph (1)(B), the Director may charge, collect, and 
                spend fees at a level sufficient to cover all or a 
                portion of the expense of administering this section. 
                Such administrative expenses may include the costs of 
                services obtained or retained pursuant to subsection 
                (f) with respect to the administration of this section 
                or a particular direct loan issued under this section.
            (3) Repayment.--
                    (A) In general.--The term of any direct loan 
                obligation under this section shall require full 
                repayment of the principal of, and any interest on, the 
                direct loan by not later than the maturity date set 
                forth by paragraph (2)(D) with respect to that direct 
                loan.
                    (B) Commencement.--Scheduled loan repayments of the 
                principal of, and any interest on, a direct loan issued 
                under this section shall commence by not later than--
                            (i) the date that is 4 years after the date 
                        of substantial completion of the relevant 
                        project; or
                            (ii) the date that is 8 years after the 
                        disbursement date of such direct loan.
                    (C) Capitalized interest.--Interest on the 
                outstanding principal of a direct loan issued under 
                this section shall accrue during the period before the 
                first scheduled repayment date under the repayment 
                schedule for the loan and shall be amortized for 
                payment over the remaining term of the loan.
    (f) Assistance Services.--In carrying out this section, the 
Director may--
            (1) retain the services of persons, including counsel and 
        consultants, with expertise in such fields as the Director 
        considers necessary or helpful for purposes of this section; 
        and
            (2) enter into contracts, including contracts for services 
        authorized by section 3109 of title 5, United States Code.
    (g) Report to Congress.--
            (1) Submission.--Not later than 3 years after the date of 
        the enactment of this Act, the Director shall submit to the 
        congressional intelligence committees a report summarizing the 
        projects for which the Director has issued direct loans under 
        this section.
            (2) Matters.--The report under paragraph (1) shall include 
        a description of the following:
                    (A) The applications received for direct loans 
                under this section.
                    (B) The projects selected for direct loans under 
                this section, including a description of the projects 
                and the basis for the selection of those projects with 
                respect to the requirements of this section.
                    (C) The amount of the direct loan provided for each 
                project selected under this section, respectively.
                    (D) The financial performance of each project 
                selected under this section, including an evaluation of 
                whether the purpose under subsection (a) is being 
                furthered by the project.
                    (E) The benefits and effects of the implementation 
                of this section, including the benefit to national 
                security and other public benefits provided by the 
                projects selected under this Act.
    (h) Funding.--
            (1) Use of funds.--Obligations incurred by the Director 
        under this Act shall be subject to the availability of funds 
        provided in advance specifically for the purpose of direct 
        loans authorized under this Act. Such loans are subject to the 
        requirements of the Federal Credit Reform Act of 1990 (2 U.S.C. 
        661 et seq.).
            (2) Administrative expenses.--Administrative expense fees 
        collected pursuant to subsection (e)(2)(F) shall be deposited 
        into the appropriation account for administrative expenses of 
        the direct loan program under this Act and shall be--
                    (A) in addition to the amount of funds appropriated 
                to be expended for administrative expenses; and
                    (B) available until expended for administrative 
                expenses, including ongoing expenses, of the direct 
                loan program under this section.
            (3) Credit subsidy fees.--Credit subsidy fees collected 
        pursuant to subsection (e)(1)(B)(ii) shall be deposited into 
        the financing account for the direct loan program established 
        pursuant to the Federal Credit Reform Act of 1990 (2 U.S.C. 661 
        et seq.).
    (i) Termination.--The authority to issue new direct loans under 
this section shall terminate on the date that is 5 years after the date 
of the enactment of this Act.
    (j) Definitions.--In this section, except as otherwise provided:
            (1) Congressional intelligence committees.--The term 
        ``congressional intelligence committees'' has the meaning given 
        that term in section 3 of the National Security Act of 1947 (50 
        U.S.C. 3003).
            (2) Covered costs.--The term ``covered costs'' means, with 
        respect to an eligible project--
                    (A) the cost of--
                            (i) startup-phase activities, including 
                        planning, feasibility analysis (including any 
                        related analysis necessary to carry out an 
                        eligible project), revenue forecasting, 
                        environmental review, permitting, preliminary 
                        engineering and design work, and other 
                        preconstruction activities;
                            (ii) satellites, satellite launches, and 
                        related expenses;
                            (iii) the acquisition and improvement of 
                        real property or an interest in real property;
                            (iv) the acquisition or manufacturing of 
                        equipment and components of such equipment; and
                            (v) capitalized interest necessary to meet 
                        market requirements, reasonably required 
                        reserve funds, cost contingencies, capital 
                        issuance expenses, and other carrying costs 
                        during construction; and
                    (B) any other cost with respect to the project that 
                the Director determines the financing of which is 
                necessary to promote participation by a small business 
                in satellite imaging capabilities that can be used for 
                national security purposes, including the acquisition 
                of geospatial intelligence in furtherance of the 
                national security of the United States.
            (3) Director.--The term ``Director'' means the Director of 
        the National Geospatial-Intelligence Agency.
            (4) Direct loan.--The term ``direct loan'' means a 
        disbursement of funds by the Government to a non-Federal 
        borrower under a contract that requires the repayment of such 
        funds with or without interest. The term includes the purchase 
        of, or participation in, a loan made by another lender and 
        financing arrangements that defer payment for more than 90 
        days, including the sale of a Government asset on credit terms. 
        The term does not include the acquisition of a federally 
        guaranteed loan in satisfaction of default claims.
            (5) Eligible entity.--The term ``eligible entity'' means a 
        small business concern (as defined under section 3 of the Small 
        Business Act (15 U.S.C. 632)) that produces or supplies--
                    (A) a technology listed in the most up-to-date 
                version of the list of critical and emerging 
                technologies published by the White House or the 
                integrated priority list published by the Administrator 
                of the Defense Technical Information Center; or
                    (B) any other technology that the President 
                determines is necessary to the national security of the 
                United States.
            (6) Eligible project.--The term ``eligible project'' means 
        a project that uses geostationary orbit satellites to acquire 
        immediate and continuous imagery of the Earth.
            (7) Obligor.--The term ``obligor'' means an eligible entity 
        that is primarily liable for payment of the principal of, and 
        any interest on, a direct loan made under this section.
            (8) Substantial completion.--The term ``substantial 
        completion'' means, with respect to an eligible project, the 
        date on which a project is considered by the Director to 
        achieve full operational capability.
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