Statements On Introduced Bills And Joint Resolutions
Mr. President, I rise today to introduce the Clean Water Infrastructure Financing Act of 2003, legislation which will reauthorize the highly successful, but undercapitalized, Clean Water State Revolving Loan Fund, SRF, Program administered…
Mr. President, I rise today to introduce the Clean Water Infrastructure Financing Act of 2003, legislation which will reauthorize the highly successful, but undercapitalized, Clean Water State Revolving Loan Fund, SRF, Program administered by the U.S. Environmental Protection Agency, EPA. As many of my colleagues know, the Clean Water SRF Program is an effective and immensely popular source of funding for wastewater collection and treatment projects. Congress created the SRF in 1987 to replace the direct grants program that was enacted as part of the landmark 1972 Federal Water Pollution Control Act, or, as it is also known, the Clean Water Act. State and local governments have used the Federal Clean Water SRF to help meet critical environmental infrastructure financing needs. The program operates much like a community bank, where each State determines which projects are built.
The performance of the Clean Water SRF Program has been spectacular. Total Federal capitalization grants have been nearly doubled by non- Federal funding sources, including State contributions, leveraged bonds, and principal and interest payments. Communities of all sizes are participating in the program, and approximately 11,000 low-interest loans totaling more than $34.3 billion have been approved to date. As in many States, Ohio has needs for public wastewater system improvements which greatly exceed typical Clean Water SRF funding levels. For instance, in fiscal year 2002, a level of $1.35 billion was appropriated for the Clean Water [SRF program nationwide. However, according to the EPA's 1996 Clean Water] Needs Survey, Ohio's 20-year capital investment needs for publicly owned wastewater treatment facilities are $7.4 billion. Of that amount,
over $4 billion of improvements have been identified as necessary to address combined serve overflow, CSO, problems in over 100 communities in Ohio. The city of Akron, for example, has proposed to spend $377 million over 30 years to fix the city's CSO problems.
Due to the CSO problem, many Ohio communities face millions of dollars worth of wastewater infrastructure improvements and the likelihood of increased sewer rates without receiving outside funding. In recent years, Ohio cities and villages also have been spending more on maintaining and operating their systems in order to postpone the inevitable upgrades. Nevertheless, their systems are aging and will soon need to be replaced.
While the Clean Water SRF Program's track record is excellent, the condition of our Nation's overall environmental infrastructure remains alarming. A 20-year needs survey conducted by the EPA in 1996 documented $139 billion worth of wastewater capital needs nationwide. In 1999, the national assessment was revised upward to nearly $200 billion, in order to more accurately account for expected sanitary sewer needs. Private studies demonstrate that total needs exceed $300 billion, when anticipated replacement costs are considered. EPA's most recent Clean Water Gap Analysis projected a $6 billion per year capital payments gap for clean water over the next two decades.
Authorization for the Clean Water SRF expired at the end of fiscal year 1994, and the failure of Congress to reauthorize the program sends an implicit message that wastewater collection and treatment is not a national priority. The longer we wait to re-authorize this program, the longer it creates uncertainty about the program's future in the eyes of borrowers, which could delay or in some cases prevent project financing. In order to allow any kind of substantial increase in spending, reauthorization of the Clean Water SRF program is necessary.
The bill that I am introducing today will authorize a total of $15 billion over the next five years for the Clean Water SRF. Not only would this authorization help bridge the enormous infrastructure funding gap, the investment also would pay for itself in perpetuity by protecting our environment, enhancing public health, creating jobs and increasing numerous tax bases across the country. Additionally, the bill will provide technical and planning assistance for small systems, expand the types of projects eligible for loan assistance, and offer financially-distressed communities extended loan repayment periods and principal subsidies. The bill also will allow states to give priority consideration to financially-distressed communities when making loans.
The health and well-being of the American public depends on the condition of our nation's wastewater collection and treatment systems. Unfortunately, the facilities that comprise these systems are often taken for granted absent a crisis. Let me emphasize to my colleagues that the costs of poor environmental infrastructure cannot be ignored. Last year marked the 30th Anniversary of the Clean Water Act. We have come a long way since the Clean Water Act's implementation in 1972. Yet, we still have a long way to go. After 30 years since the passage of the Clean Water Act approximately 45 percent of U.S. waters are still not clean enough for fishing or swimming. The 30th Anniversary of the Clean Water Act is cause for celebration of our accomplishments. It is also an opportunity to recommit ourselves to achieving the goals of the Clean Water Act. The Federal Government must maintain a strong partnership with States and local communities and share in the financial burden of sustaining hard-won water quality gains and making additional improvements to the quality of the Nation's waters.
In just over a decade, the Clean Water SRF Program has helped thousands of communities meet their wastewater treatment needs. My bill will help ensure that the Clean Water SRF Program remains a viable component in the overall development of our Nation's infrastructure for years to come. I urge my colleagues to join me in cosponsoring this legislation, and I urge its speedy consideration by the Senate.
I ask unanimous consent that the text of the bill be printed in the Record.