Executive Order 12803Tue Jan 9, 2007 09:16
George H.W. Bush ordered the sale of U.S. infrastructure assets.
“infrastructure asset” means any asset financed in whole or in part by the Federal Government and needed for the functioning of the economy. Examples of such assets include, but are not limited to: roads, tunnels, bridges, electricity supply facilities. mass transit, rail transportation, airports, ports. waterways, water supply facilities, recycling and wastewater treatment facilities, solid waste disposal facilities, housing, schools, prisons, and hospitals.
Sec. 3. Privatization initiative. To the extent permitted by law, the head of each executive department and agency shall undertake the following actions: (a) Review those procedures affecting the management and disposition of federally financed infrastructure assets owned by State and local governments and modify those procedures to encourage appropriate privatization of such assets consistent: with this order;
(b) Assist State and Local governments in their efforts to advance the objectives of this order; and
(c) Approve State and local governments’ requests to Privatize infrastructure assets, consistent with the criteria in section 4 of this order and, where necessary, grant exceptions to the disposition requirements of the “Uniform Administration Requirements for Grants and Cooperative Agreements to State and Local Governments” common rule, or other relevant rules or regulations for infrastructure assets; provided that the transfer price shall be distributed, as paid, in the following manner: (i) State and local governments shall first recoup in full the unadjusted dollar amount of their portion of total project costs (including any transaction and fix-up costs they incur) associated with the infrastructure assets involved; (ii) if proceeds remain, then the Federal Government shall recoup in full the amount of Federal grant awards, associated with the infrastructure assets, less the applicable share of accumulated depreciation on such asset (calculating using the Internal Revenue Service accelerated depreciation schedule far the categories of assets in question); and (iii) finally, the State and local governments shall keep any remaining proceeds,
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